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<br />the partly constructed dual system. <br /> <br /> <br />The Ridges Metropolitan District, in May, 1980, applied <br /> <br /> <br />to the Colorado Water Conservation Board (CWCB) requesting <br /> <br /> <br />assistance for financing its project. Subsequently, the District <br /> <br /> <br />has carried out, at its own cost, a feasibility study according <br /> <br /> <br />to CWCB guidelines. The staff has evaluated the proposed project <br /> <br /> <br />based on the feasibility study. <br /> <br /> <br />PROPOSED PROJECT <br /> <br /> <br />The proposed project described in the feasibility report <br /> <br /> <br />would be constructed in two phases. <br /> <br /> <br />Phase I would include a pump station and an intake structure, <br /> <br /> <br />a dam and storage reservoir, a pump station and two 16 inch trans- <br /> <br /> <br />mission lines with necessary appurtenances from the Redlands <br /> <br /> <br />pump station to Highway 340. The cost of phase I is estimated <br /> <br /> <br />at $1,948,000. <br /> <br /> <br />Phase II of the proposed project would include a dam and <br /> <br /> <br />storage reservoir, a pump station and a 16 inch transmission <br /> <br /> <br />line from the pump station in Phase I to the reservoir in <br /> <br /> <br />Phase II. The cost of Phase II is estimated at $918,000. Total <br /> <br /> <br />estimated project cost is $2,866,000. <br /> <br /> <br />FINANCIAL ASPECTS <br /> <br /> <br />In addition to the feasibility study, a letter (Appendix A) <br /> <br /> <br />by D. Brooks Sweeney, Vice President of Coughlin and Company <br /> <br /> <br />Investment Bankers, was sent to the Director of CWCB. Mr. Sweeney <br /> <br /> <br />emphasizes the fact that: "today's high interest rates and the <br /> <br /> <br />condition of the bond markets in general preclude this District from <br /> <br /> <br />raising funds in the manner in which it has done so in the past. <br /> <br /> <br />Accordingly, we can strongly urge your approval of the District's <br /> <br />-2- <br />