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<br />to vest title to the project or a portion thereof to the Colorado Water <br /> <br />Conservation Board as a means of collateral. <br /> <br />". <br /> <br />Financial Status <br /> <br />The water department of the town of Eagle is in very sound financial <br /> <br />condition. The 1974 audit listed the assets of the water department at <br /> <br /> <br />$506,414.44. The total income due to water sales and tap fees in 1974 was <br /> <br /> <br />$42,674.84. The estimated income in 1975 was $75,346. (The audit was not <br /> <br /> <br />complete at the time this repo!t was written.) <br /> <br /> <br />Eagle County has an assessed valuation of $64,899,020. The bulk <br /> <br /> <br />of this assessed valuation lies in the Vail Recreational Area, which is <br /> <br /> <br />valued for assessment purposes at $44,918,126. The assessed evaluation <br /> <br />of the town of Eagle itself is $1,562,000. The town levies a 19.2 mill <br />levy for general fund purposes, and the total mill levy in the town is <br /> <br />104.57. The balance sheet and the statement of revenues and expenditures <br /> <br />for the last two years for the water department are included as an appendix <br /> <br />to this report. <br /> <br /> <br />Records of the system indicate that the town of Eagle issued $50,000 ' <br /> <br /> <br />of General Obligation Bonds in 1964 and an additional $350,000 of General <br /> <br /> <br />Obligation Bonds in 1969. The outstanding balance of this debt was refunded <br /> <br /> <br />by the issuance of General Obligation Bonds on October 1, 1972 in the princi- <br /> <br />pal amount of $386,000. At the present time, there is outstanding $356,000 <br />of the refunding bonds. These bonds bear interest at an annual rate of six <br /> <br />percent and have maturities extending to August, 1988. (See Table II.) <br /> <br />Physical Assets <br /> <br />The physical assets of the water system consist of a variety of four <br /> <br />inch (4"), six inch (6"), eight inch (8"), and twelve inch (12") water <br />distribution line, which is shown on Exhibit C at the end of this report. <br /> <br />. <br /> <br />.' <br /> <br />. <br /> <br />- 6 - <br />