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<br />. <br /> <br />. <br /> <br />. <br /> <br />Pine River Irrigation Company <br /> <br />The Board's fourth priority in 1992 was a water resource project sponsored by the Pine River <br />Irrigation Company in La Plata County. The total cost of the project was $ 190,000 and the <br />Board was authorized to loan $ 190,000 over 40 years at 5% interest. The annual payment would <br />be $ 11,073.20 and the total repayment would be $ 442,928.00. To date, the applicant has not <br />requested that the Board initiate a contract for construction of this project. <br /> <br />Town of Ignacio <br /> <br />The Board's fifth priority in 1992 was a water resource project sponsored by the Town of <br />Ignacio in La Plata County. The total cost of the project was $ 180,000 and the Board was <br />authorized to loan $ 180,000 over 40 years at 5% interest. The annual payment is $ 10,490.40 <br />and the total repayment will be $ 419,616.00. The first phase of Ignacio's outdoor irrigation <br />system was completed in late 1992 and the remainder of the project will be completed in 1993. <br /> <br />Sanchez Reservoir Company <br /> <br />An emergency occurred in 1992 for the repair of a dam owned by the Sanchez Reservoir <br />Company in Costilla County. The total estimated cost of the project was $ 400,000 and the <br />Board was authorized to loan $ 400,000 over 25 years at 3% interest. The annual payment is <br />$ 22,971.15 and the total repayment will be $ 574,278.71. The emergency portion of the <br />rehabilitation for the Sanchez dam was completed in the spring of 1992 and the long term <br />rehabilitation will be completed in 1993. <br /> <br />2.3 Progress on Continuing Construction Projects <br /> <br />Closed Basin Proiect <br /> <br />Section 8 of SB 92-87 increased the amount authorized previously in SB 90-41 for the Closed <br />Basin Project from $625,000 to $896,000. The additional $271,000 was to enhance recreational <br />facilities at the Head-San Luis Lakes recreational area in cooperation with the Division of <br />Wildlife. Construction has started and should be completed in time for the 1993 summer tourist <br />season. <br /> <br />Terrace Irrigation Company <br /> <br />Section 1 of lIB 91-1006 authorized the Board to loan $1,650,000 over 40 years at 5% <br />interest to the Terrace Irrigation Company in Rio Grande and Conejos Counties. The annual <br />payment is $96,162 and the total repayment will be $3,846,480. Construction of eight miles of <br />concrete lining for this company's main canal was completed in 1992 at a cost of $702,000. <br /> <br />. CWCB Annual Report, page 7 <br />