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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 />I <br /> <br />- <br /> <br />~ <br /> <br />Water Ril!hts <br />The source of water for the Company is direct flow water rights out of the Pine River, and storage water <br />from Vallecito Reservoir, owned by the Pine River Irrigation District (pRlD). PRCC shareholders are <br />members of the PRIO and pay assessments to both the Company and the District. Average annual <br />diversions at the headgate are 71,400 acre-feet, of which 53,000 acre-feet are for the PRCC. The canal <br />has a capacity of200 cfs. Water rights consist of the following: <br /> <br />S.E.O. ID Priority Description CFS <br /># <br />665 P-26, 1934 Spring Creek Ditch 142 <br />665 1991 Spring Creek Ditch 30 <br />509 P-I Ute Indian right 81 <br /> <br />Proiect Description <br />Four alternatives were analyzed in the feasibility study: <br />1. Relining the existing tunnel ($500,000) <br />2. Opening up the tunnel by removing the overburden ($360,000) <br />3. Relocating the canal and laying 6 foot diameter reinforced concrete pipe ($325,550) <br />4. No action <br /> <br />Alternative 3, relocating the canal approximately 150 feet west of the existing tunnel, has the least cost <br />of alternatives 1-3, and it is considered to be the most reliable long-term approach. The no-action <br />alternative was considered unacceptable since it'would eventually result in partial or total failure of the <br />tunnel and inability of the PRCC to deliver water. <br /> <br />Selected Alternative 3 involves construction of a 6-fclot diameter reinforced concrete pipeline that will <br />bypass and completely replace the tunnel. The pipelh1e will be 700 feet in length, and will incorporate <br />concrete inlet and outlet structures designed to carry 200 cfs, with extra capacity for the 25-year storm. <br />The pipe will be designed for open channel flow and will have a trash rack at the entrance. <br /> <br />The implementation schedule calls for completion of financing arrangements in early 1999, with formal <br />approval and resolution by the PRCC,shareholders in February 1999. Engineering design will be <br />finalized in early 1999, and construction will begin iIl June 1999 and be completed by November 1999. <br /> <br />Financial Analvsis <br />The total estimated cost of the project is $325,550. Staffis requesting that the Board consider a loan of <br />$243,700 (approximately 75 percent of the estimated cost.) The PRCC has $56,282 in cash and a grant <br />in amount of $26,550 from the NRCS to make up their 25% cost share of$81,850. The PRCC will also <br />establish a non-revocable assessment to retire the cWCB loan in $17,147 annual installments (20-year <br />term at 3.5%). That assessment will be $1.30 per share for the 20-year duration of the loan. Operation <br />and maintenance expenses for the tunnel project are expected to be small, and can be funded out of <br />current assessments. <br /> <br />Table I is a summary of the financial aspects of the project. Annual PRCC assessments are currently <br />$3.15 per share, and include an assessment of$0.50 for the tunnel project fund. PRCC assessments will <br />increase to $3.95 per share ($1.30 for the tunnel project fund) with a Construction Fund loan of <br />$243,700. This represents an annual assessment increase of $0.80 per share. The total tunnel project fund <br />assessment ($1.30 per share) will represent $0.33 per acre-foot of water diverted. <br /> <br />PRCC shareholders also pay PRID assessments for storage water from Vallecito Reservoir at the rate of <br />$85 plus $1.30 per irrigated acre. The average acreage size is 62 acres, yielding an average PRID <br /> <br />2 <br />