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DESCRIPTION OF SPONSORING ENTITY <br />The Grand Mesa Water Conservancy District (GMWCD, "the District") is one <br />of a number of Conservancy Districts created by State of Colorado Statutes, and is <br />under the jurisdiction of the Seventh Judicial District Court, Delta, Colorado. <br />Geographically, the District is composed of nearly 500 square miles of diverse <br />agricultural land and forested slopes upon which are located about 100 reservoirs. <br />These reservoirs and streams are regulated via a complex and intricate network of <br />ditches and measurement devices which delivers water from the mountain <br />reservoirs to customers in the District <br />Four domestic water entities operate within the District; Town of Orchard City, <br />Town of Cedaredge, Upper Surface Creek Domestic Water Co., and Colby Canyon <br />Water Co. These water suppliers together serve the District's population of <br />approximately 13,000 from about 6,400 water taps. One of the District's <br />responsibilities is to use every possible means to safeguard the raw water supply <br />for these four suppliers. It does so by protecting water rights, providing stored <br />water, and augmenting stream flow for holders of well permits. <br />The District operates in accordance with Colorado State Statute, CRS 149 and <br />is authorized to set mill levies each year in accordance with the TABOR amendment <br />The current net assessed value of real property in the District is $83,560,000. which <br />yields $60,000 in tax revenue at the present mill levy of 0.643 mills. The District is in <br />full compliance with TABOR requirements and its financial documents are available <br />to the public upon request. <br />The seven - person Board of Directors meets monthly in open meeting to carry <br />out Board Policy, to be updated on the financial condition of the District, and to take <br />under advisement any comments from taxpayers. The Board formulates long -term <br />goals and implements them via the District's Enterprise Fund, established in 2003 to <br />satisfy TABOR requirements. it is this fund, administered by the District's Board of <br />Directors, which will be the recipient and place - holder for all loan funds requested <br />by the District <br />4 <br />