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I I I I I I I I I I I I I I I I I I I 5, Reserves The District was required by the terms of the Rehabilitation and Betterment contract to make annual deposits of $10,000 into a reserve for emergency. This contract with the U,S. Government was repaid in 1988 with a loan obtained from the Colorado Water Conservation Board (CWCB). The contract with CWCB requires the District to commit whatever portion of their taxing authority is necessary to provide operating and emergency funds, The District is retaining the emergency reserve for this purpose. Transfers of $15,419 were made into the reserve in 1994. Transfers of $9,750 were made into the reserve during 1995. The emergency reserve consists of investments in GNMAs, FNMAs, FHLMCs, and A.G, Edwards & Sons, Inc. money market account. The money market account is not covered by federal depository insurance and is not collateralized, The GNMA, FNMA and FHLMC investments were held by the District's agent in the District's name. The market value of the investments was $174,920 on December 31, 1995. F. FUNDING SOURCES FOR MUTUAL MESA LATERAL PROJECT / 1. General. Funding for the proposed project will come from two government agencies. The Natural Resources Conservation Service (NRCS) will provide a cost sharing grant under the Colorado River Salinity Control program. CWCB will provide a loan under their program to assist development of raw water supplies in the State of Colorado, OMID has presently signed a contract with NRCS for the portion of the funding coming from that agency, Tentative approval has been received from the CWCB board for the loan to be provided by that agency; however, a final contract has not been signed, pending receipt and approval of this Feasibility Report. Following is a brief description of the Federal and State program through which the funding is channeled. 2, Colorado River Salinity Control Program, The Colorado River salinity Control program got its start in 1972 through Public Law 92-500 (the Clean Water Act), which established criteria for total dissolved solids at selected stations in the lower Colorado River. In June 1974, Congress enacted the Colorado River Basin Salinity Control Act, Public Law 93-320, which directed the Secretary of the Interior to proceed with a program to enhance and protect the quality of water available in the Colorado River for use in the United States and the Republic of Mexico. Among other things, this law directed completion of planning reports for salinity control II-13