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<br /> <br />Page 18 <br /> <br />5. ESTIMATED RATE OF PROJECT REPAYMENT YEAR BY YEAR <br /> <br />A payout analysis of the Colorado River Storage Project and Participating <br />Projects has been prepared, largely on a pro-fonna basis, to demonstrate <br />the progress of return, year by year, in accomplishing full repayment of <br />reimbursable project costs. Included in this analysis are the estimated <br />costs of the authorized development, four storage units, and sixteen partici- <br />pating projects allocated to reimbursable and nonreimbursable purposes. <br /> <br />All reimbursable costs, except as noted below, will be repaid in a period <br />of not more than 50 years from the date of completion of the respective <br />features thereOf, including interest on the unpaid power and municipal and <br />industrial water investments, and following in the case of irrigation a <br />suitable development period of not more than 10 years. Irrigation water <br />users will repay in accordance with their estimated ability for a period <br />of 50 years except as provided otherwise by separate authorization acts for <br />the Paonia Project. Repayment contracts are executed with conservancy-type <br />districts which have the authority to levy assessments upon all taxable real <br />property located within district boundaries to assist in repayment of project <br />costs. Revenues from power sales have been based on the present rate schedule <br />(R4-Fl) of $15.30 per kw-year and 3.0 mills per kw-hr of energy. Revenues <br />from the sale of municipal and industrial water have been established so as to <br />repay the municipal and industrial costs with interest in not to exceed 50 <br />years, consistent with availability of water and service provided. Revenues <br />from power sales of the storage units have been used, first, to pay operating <br />costs allocated to power and irrigation; second, to pay interest on the power <br />investment; and third, to repay the power investment and then the interest- <br />free irrigation investment. The municipal and industrial water revenues of <br />the storage units have been used to pay municipal and industrial costs in the <br />same order of priority and then to repay a portion of the interest-free <br />irrigation investment. <br /> <br />All revenues collected in the operation of the Colorado River Storage Project <br />and Participating Projects will be credited to and disbursed from the QP.per <br />ColoradO River Basin Fund. Accounts are being maintained to show (1) source <br />of revenue and (2) the application of total revenues. Surplus revenues in <br />the Basin Fund, as defined in Section 5(e) of the Act of April 11, 1956, will <br />be apportioned in accordance with the authorizing act and utilized to assist <br />in repayment of the irrigation costs of participating projects. <br /> <br />Power costs as shown on the attached schedule would be fully repaid in year <br />2002. Costs of the storage units allocated to muniCipal and industrial water <br />would be repaid in year 1993 and irrigation costs of the storage units would <br />be repaid in year 2005. In repayment studies for participating projects, <br />requirements for repayment assistance :from apportioned revenues in the Basin <br />Fund at no time exceeds scheduled availability o:f such revenues apportioned <br /> <br />" <br /> <br />