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PENROSE WATER DISTRICT <br /> 340 Grant Street Penrose,CO 81240 <br /> Hollow Reservoir and to the water treatment plant. Construction is expected to commence by no <br /> later than the first quarter of 2013. <br /> Several budgetary and economic requirements set forth by CWCB in order to secure the loan are <br /> worthy of note and as follows: <br /> — the District is utilizing the Enterprise to receive and expend the loan money to build <br /> the project. <br /> — beginning in 2007,the District extracted Enterprise activities from the Penrose Water <br /> District budget and now presents enterprise activities as a budget separate from the <br /> main body of the District's budget. <br /> — to generate revenues necessary to meet the debt service on the CWCB loan, in <br /> December of 2006 the District Board passed a resolution increasing the base-rate <br /> charges for each equivalent residential unit(eru) by $3.00 per month each January of <br /> 2007,2008 and 2009. <br /> — In 2010 the District paid off the USDA-Rural Development loan and the Department <br /> of Local Affairs loan. Both of these revenue bonds were issued in 2000 as a part of <br /> the funding for the P-Street Tank&Related Pipeline Project. <br /> Additional funding for the project is by way of a $500,000.00 grant from the Department of <br /> Local Affairs awarded in 2007. <br /> In 2004 the Board adopted policy that limits the issuance of new water taps to 8 per calendar <br /> quarter. That policy was abolished by the board in 2012. In 2005, the Board established the <br /> current tap fee of$12,000.00/eru. In 2011 the District issued 1 water taps and had 1,736 taps on <br /> system at December 31St. 2011 tap sales were considerably under the historic annual average for <br /> tap sales. <br /> The base monthly-minimum, charged to each account, is set in accordance with the District's <br /> debt service and is dedicated to those payments. The base charge is billed to all accounts <br /> regardless of the account's usage activity. Water usage rates are set according to the cost to <br /> operate the system. Management reviews the revenue versus cost ratio on an annual basis to <br /> ensure rates are structured in such a manner as to maintain a balanced budget. In line with that <br /> practice,rate adjustments were made as follows: <br /> — 2005 — Base-rate increased from $15.50/month to $17/month and usage from <br /> $3.10/thousand to $3.60 <br /> — 2006—Base-rate increased to $18 per month and usage to $3.90/thousand <br /> — 2007—Base-rate increased to 21.50 per month.No usage increase <br /> — 2008 & 2009 — Base-rate increased by $3/eru/month each year. No usage increase. The <br /> increases in base charges for the years 2007 - 2009 are as referenced in discussion of the <br /> CWCB loan <br /> — 2010 —Base-rate remained at $27.50/eru/month; usage increased to $4.20/thousand with <br /> no increase of the base-rate <br /> 5 <br />