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<br /> <br /> <br />EXHIBIT B <br /> <br />EAGLE WATER SuPPLY PROJECT <br /> <br />The Eagle water supply project is fifth on our priority list. <br />Originally, the project cost would have been about $500,000. <br />$250,000 was to. be provided by the Colorado Water Conservation <br />, BOard: the remainder was to be from other sources (possibly Farmers <br />Home Administration (FmBA) or revenue bonds). However, after SB <br />5:3.1 was approved:~ the, Town of Eagle decided that it wanted to <br />curtail the size of the project to about half of the cost. <br />Reasons, according to the town, are mainly economic. According <br />to a letter written to the FmBA, "the total scope of that application <br />(previous ~pplication to FmBA) reflects a level of future indebted- <br />ness beyond which the town is currently able to incur." <br />The' amount tha~ the Colorado Water Conservation Board was to <br />participate in the project, and as approved in SB 537, is $250,000.' <br />The town has requested the total amount of the money appropriated <br />to it in the bilL,' <br />The staff of the Colorado Water Conservation Board recommends <br />that this amount be made available to the town for the following <br />reasons: <br />L The town, may have to cost-share to the extent of $50-75,000. <br />2. A. second phase to the project may follow" including pre- <br />sedimentation ponds. and possible investigations for groundwater and <br />subsequent drilling of wells. <br />3. The town's financial position would be helped if total <br />money appropriated by' SB 537 was made' available to it in FY 1979-80. <br />Since the town is ready' to, start construction in late fall or <br />winter, and since the Board is the main funding agency, your decision <br />on the mattex"at this meeting is needed. <br />