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<br />~I'--" <br /> <br />l.'XHT,,'>cr '-"1 <br />.c. . .J(L;I ' 1:' <br /> <br />, . <br /> <br />PRELlMINAm <br />Benefits <br /> <br />Development of the project will produce benefits from irrigation, <br /> <br />municipal and industrial water use, recreation, fish enhancement, and <br /> <br />flood control. <br /> <br />As explained in the Agricultural Economy Appendix, irrigation <br /> <br />benefits are estimated as $1,882,500 annually. <br /> <br />Benefits from the use of municipal and industrial waj;er are measured <br /> <br />by the cost of the most economical alternative source of equivalent quality <br /> <br />and quantity water which would most likely be developed by the benefic- <br /> <br />iaries themselves in the absence of the multiple-purpose project. This <br /> <br />was determined to be a 19,500-acre-foot reservoir located at the Ramshorn <br /> <br />dte on Cow Creek plus a ll-lIlile pipeline systS1ll to de11v,er the water <br /> <br />to the same point as delivery would be made by the multiple-purpose proj- <br /> <br />ect. Upon examination of alternative means by',which the conservancy <br /> <br />i> <br /> <br />district might finance construction of this alternative source, along <br /> <br />!I <br /> <br />with the necessary treatment and distribution facilities, it was concluded <br /> <br />that the DIOst practical, economical, and, therefore, likely means would <br /> <br />be through the Conmunity Facilities Administration of the Housing and <br /> <br />IIome Finance Agency which would p~chase bonds issued by the conservancy <br /> <br />district. <br /> <br />The 1965 fiscal year interest rate of 4 percent charged by the <br /> <br />Housing and IIome Finance Agency is used in the determination of the cost <br /> <br />of the bond issue required to construct the M&I alternative project. <br /> <br />Annual benefits are derived by amortizing the estimated construction <br /> <br /><<Ists and interest during construction of the alternative project over <br /> <br />the 4O-year period at 4 percent interest. Also included are the annual <br />