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LPPD000337
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Last modified
8/4/2011 9:51:21 AM
Creation date
3/26/2007 10:28:03 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C153854
Contractor Name
Leroux Creek Water Users Association
Contract Type
Loan
Water District
40
County
Delta
Loan Projects - Doc Type
Approval Letter
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<br />Agenda Item 16c. <br />July 13-14,1998 <br />Leroux Creek Water Users Association <br /> <br />Page 2 <br /> <br />(Updated 8/6/98) <br /> <br />water users, to irrigate about 3,000 acres. The LCWUA owns 28 reservoirs in the Leroux <br />Creek basin on the south slope of Grand Mesa. There are 5,832 shares of storage stock <br />(AI and B 1) and 14,000 shares of early season runoff stock (B2) outstanding. These <br />shares are owned by 76 shareholders, including the Town of Hotchkiss and Rogers Mesa <br />Domestic, which use the water for municipal purposes. <br /> <br />The current annual base assessment is $2.50 per storage share for O+M and $2.35 per <br />runoff share for debt repayment. Revenue in 1997 was $14,491 for O+M and 9,431 for <br />debt repayment for a total of $23,922. The system yields approximately 4,000 acre-feet <br />per year. The cost of water delivered is equivalent to about $5.98 per acre-foot. From its <br />financial statements, the LCWUA appears to have about $65,000 currently in cash <br />reserves. <br /> <br />Carl Smith Reservoir, enlarged in 1965, has a normal capacity of 750 acre-feet, and lies <br />partially in the Grand Mesa National Forest. It is the lowest in elevation of all the <br />reservoirs owned by the association and is used to regulate releases from the system. The <br />main dam is 2,300 feet long and 55 feet high at the maximum section. It is a Class 1 dam <br />under the jurisdiction of the State Engineer. In the event of failure of a Class 1 dam, loss <br />of human life is expected to occur. The State Engineer may require the association to <br />breach the dam down to the foundation to reduce or eliminate any remaining hazard. In <br />addition, the downstream slope of the dam is very steep, and additional material may <br />have to be added to bring it into compliance with State of Colorado dam safety standards. <br /> <br />The LCWUA has a long-term obligation for repayment of certain costs associated with <br />construction of the Paonia Reservoir. This debt will be extinguished in the year 2035. <br />The LCWUA annual payment on this debt was $599 last year because rising property <br />values have shifted the repayment obligation away from the LCWUA. This year the <br />payment amount is expected to be under $200. <br /> <br />The LCWUA has an existing $150,000 Construction Fund loan authorization approved in <br />1995 as part of HB 95-1155 to "rehabilitate and/or enlarge four reservoirs." The loan <br />was approved for up to 75-percent of the project costs for 30 years at an interest rate of <br />4.0 percent. The Board set other conditions for the loan at the November 3, 1994 board <br />meeting including preparation of a feasibility study that was never completed. Carl <br />Smith Reservoir was not one of the four reservoirs contemplated to be rehabilitated or <br />enlarged. <br /> <br />The LCWUA has initiated geo-technical investigations of the dam. They are also in the <br />process of interviewing engineers to prepare a feasibility study. CWCB staff is helping <br />the association develop a detailed scope of work so that the study will follow the <br />Guidelines for Financial Assistance through the Colorado Water Conservation Board <br />Construction Fund. The study will include an evaluation of at least three alternatives <br />including abandonment, repair of the dam, and rehabilitation of the dam to allow partial <br />or full storage. Detailed cost estimates will be developed for the preferred alternative. <br />
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