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<br />Otero Ditch Co. <br />March 20-21,2000 <br /> <br />Agenda Itern 9a. <br />(Updated ;h 22, 2000) . <br /> <br />Water RiGhts <br />The water rights diverted at the OOC headgate consist of direct now rights and storage water. <br />The direct now right is for 123 cfs. Average annual total diversions were 20,687 acre-feet for <br />years 1995 through 1998, according to records of the State Engineer's Office. <br /> <br />Proiect Oescriction <br />Four alternatives were anaiyzed in the feasibility study: <br /> <br />1. The no-action alternative. <br />2. Reconstruct the diversion only. <br />3. Reconstruct the diversion and the headgate structure. <br />4. Reconstruct the diversion and the headgate, and stabilize the river and canal banks. <br /> <br />Alternative 2, reconstruct the diversion only was less costly, but was ruled out because it did not <br />deal with damage to the head gate structure. Alternative 3, reconstruct the diversion and the <br />headgate structure was ruled out because it was considered a temporary fix without channel <br />stabilization. For this reason Alternative 4 was selected, since it is considered to be the least <br />costly reliable approach. The no-action alternative was considered unacceptable since it means <br />the ODC could not deliver water to its shareholders. <br /> <br />Selected Alternative 4 involves construction of a 257 cubic-yard concrete diversion structure <br />and a 58 cubic-yard concrete head gate structure. It aiso calls for riprap protection of 2300 feet <br />of riverbank as well as riprap protection of the ,headgate and canal. <br /> <br />The implementation schedule calls for completion of financing arrangements in winter 2000. <br />with formal approval and resolution by the ODC shareholders by early spring. Engineering <br />design has been completed and construction is underway. Construction is scheduled to be <br />complete by May 2000. <br /> <br />Financial Analvsis <br />The total estimated cost of the project is $ 616,409, and the Federal Emergency Watershed <br />Program will pay 75% of this cost. Staff is recommending that the CWCS Soard approve an <br />Emergency Loan of $155.000 (25 percent of the estimated cost.) <br /> <br />Table 1 is a summary of the financial aspects of the project. Annual assessments of $2.00 will <br />be needed to repay a CWCS Emergency Loan of $155.000. (The annual payment plus 10% <br />reserve is $9.860.) This represents $0.48 per acre-foot, based on average annual diversions <br />20,687 acre-feet. <br /> <br />Water is used by the shareholders for agricultural purposes. The ODC would qualify for the <br />CWCS Agricultural Lending rate. The COC has no existing debt. <br /> <br />As security for the loan the CDC will pledge assessment revenues backed by assessment <br />covenant. one payment in a certificate of deposit account to be held by the State, and the <br />project itself. <br /> <br />2 <br />