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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 />I <br />I <br />I <br />'I <br />, <br /> <br />,I <br />~I <br /> <br />The District then began exploring methods for funding a <br />feasibility study and construction, if appropriate, of both the <br />required dam repair and the power plant. The funding options for <br />a feasibility study were limited to District funds, either from <br />reserves or a bank loan, and the Colorado Water Resources and <br />Power Development Authority ("Authority"). Funding from the <br />Authority was particularly attractive because (1) the repayment of <br />the feasibility study costs is forgiven if the project is not <br />feasible, and (2) the Authority can provide a financing mechanism <br />to fund construction. <br /> <br />The District submitted a Feasibility study Application <br />to the Authority on August 8, 1984. The Authority Board of <br />Directors at their August 21, 1984 meeting approved a Feasibility <br />study for the Lemon Dam project. Contracts between the Authority <br />and the District and HWE were required prior to the initiation of <br />the study. Contracts were negotiated and approved at the February <br />15, 1985 Authority meeting. The study commenced on February 14, <br />1985. <br /> <br />A six month extension was requested from FERC for the <br />preliminary permit. This extension was granted, allowing until <br />February, 1986 for submittal of a license application. A FERC <br />l~cense to operate a power plant is required prior to constr~c- <br />tion. <br /> <br />3.0-2 <br />