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<br />2.2 Progress on Projects Authorized Last Year <br /> <br />. <br /> <br />Section 6 of SB 92-87 authorized the Board to loan money to finance the construction of six <br />water resources projects. <br /> <br />Clinton Ditch and Reservoir Company <br /> <br />The Board's first priority in 1992 was for the purchase of an existing water resource project <br />sponsored by the Clinton Ditch & Reservoir Company in Summit and Grand Counties and other <br />Grand County entities. Although the Board was authorized to make two separate loans totalling <br />$8,400,000 to complete the transaction, the total amount loaned was actually $4,735,000 because <br />the Denver Water Department provided a financial package for the $3,665,000 difference in a <br />separate agreement. Only one loan was made from the construction fund for $4,735,000 which <br />requires a payback of $652,756.63 per year for 10 years for a total repayment of $6,527,566.30. <br />An interagency agreement between the Clinton Ditch and Reservoir Company, the Denver Water <br />Department, and the Colorado Water Conservation Board was consummated for the purchase of <br />the Clinton Gulch Reservoir from the AMAX Company. This agreement will improve water <br />availability for municipal and snow making purposes in both Summit and Grand Counties while <br />retaining existing in-stream flow water rights in these areas. <br /> <br />North Poudre Irrigation Company <br /> <br />. <br /> <br />The Board's second priority in 1992 was a water resource project sponsored by the North <br />Poudre Irrigation Company. The total cost of the project was $1,800,000 and the Board was <br />authorized to loan $1,800,000 over 40 years at 2% interest. The annual payment is $ 65,800.35 <br />and the total repayment will be $2,632,013.00. The feasibility study for the rehabilitation of <br />North Poudre Reservoirs No.5 and No.6 has been completed and the dams for these reservoirs <br />will be rehabilitated in the latter part of 1993. Completion of this project will recapture 9,000 <br />acre-feet of water storage for use in Colorado. <br /> <br />Trinchera Irrigation Company <br /> <br />The Board's third priority in 1992 was a water resource project sponsored by the Trinchera <br />Irrigation Company in Costilla County. The total cost of the project was $1,000,000 and the <br />Board was authorized to loan $1,000,000 over 40 years at 1% interest. The annual payment is <br />$30,455.60 and the total repayment will be $1,218,223.92. The feasibility study for this <br />company's Mountain Home Reservoir has been completed and construction of this project is <br />scheduled for the fall of 1993. Completion of this project will recapture 15,000 acre-feet of <br />water storage for use in Colorado. <br /> <br />. <br /> <br />CWCB Annual Report, page 6 <br />