PROJ00146

• Contract/PO #: C150011
• Contractor Name: Consolidated Mutual Water Company, The
• Contract Type: Loan
• Water District: 7
• County: Jefferson
• Bill Number: SB 99-173
• Loan Projects - Doc Type: Feasibility Study

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Co!cr<do Water
Consc;vation Board R E S O L U T I O N
Agenda Item 4(a)
WHEREAS, The Consolidated Mutual Water Company ("Consoli-
dated") has acquired title to 224 acres (+/-) and easements
for an additional 30 acres (+/-) of land lying northwesterly
of State Highway 72 and Indiana Street for the purpose of
constructing a 9,000 acre foot raw water storage reservoir;
WHEREAS, Consolidated has obtained all the necessary permits
and approvals needed to construct said reservoir;
WHEREAS, Consolidated has completed the final design for said
reservoir and has submitted the plans and specifications to
the State Engineer's Office for review and approval;
WHEREAS, Consolidated has started construction on the first
phase of the inlet/outlet pipeline and the required grading
along Highway 72;
WHEREAS, Consolidated plans to fund the project construction
through the combination of borrowed money and funds from
Consolidated's capital reserves;
WHEREAS, the proposed project meets the criteria for funding
through the Colorado Water Conservation Board's ("CWCB")
revolving construction fund and Consolidated has submitted an
application and preliminary feasibility report requesting
funding in the amount of $10,000,000 at a proposed fixed rate
of 4.75$ for ten years;
WHEREAS, said funding, if approved by the CWCB and
appropriated by the State Legislature, would be at a lower
rate of interest than any other funding source available to
Consolidated and would save Consolidated's stockholder/users
a significant amount of interest expense; and
WHEREAS, the CWCB has advised Consolidated that its
application has been placed on the agenda for the CWCB's
Board meeting of January 27, 1999 for consideration and
conditional approval, subject to the final feasibility report
being submitted and approved by the CWCB staff;
"NOW THEREFORE BE IT RESOLVED that the Board of Directors of
The Consolidated Mutual Water Company hereby ratify the
President's action in making an application to the Colorado
Water Conservation Board to request a construction loan of
$10,000,000 under the Colorado Water Conservation Board's
revolving construction fund.