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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I' <br />I <br />I <br />I <br />I <br />I <br /> <br />be considered as the supplemental water. It is assumed that; in the <br />future, joint participation may be available from other communities <br />as the demand increases and better justifies the expenditures <br />required. <br /> <br />D. FINANCIAL CONSIDERATIONS <br /> <br />The total project cost for the improvements proposed is <br />$808,000.00. This amount is more than the community can <br />finance without assistance by grant and loan funds from other <br />agencies. Consideration has been given to obtaining funds through <br />the Colorado Water Conservation Board, the Farmers Home Adminis- <br />tration and the Four Corners Regional Commission. The Town Board <br />has determined that it wishes to pursue the initial 'financing <br />through the Farmers Home Administration and, if necessary, obtain <br />supplemental funding I from other agencies. From the financial <br />analysis completed, it has been determined that at least 50% of <br />the project cost would have to be obtained by grants from federal <br />or state agencies in order to allow the Town to construct the im- <br />provements. Suggested new water rates and tap fees have been pro- <br />posed for providing the necessary revenue to allow the Town to <br />finance its share of the water system improvements. <br /> <br /> <br />The water supply system for the Town is in serious need of improve- <br />ment. Particularly, the limited water supply source and storage <br />facilities make it imperative that the Town take action immediately <br />to supplement its source of supply and construct needed improvements. <br />We, therefore, recommend that the Town proceed immediately with <br />the necessary steps to accomplish funding and construction of the <br />project. <br /> <br />PS - 5 <br />