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<br />, <br /> <br />. <br /> <br />The Town also proposes to remove about 150,000 cubic yards of sediment from the <br />bottom of the reservoir by dredging. The dredging is expected to increase reservoir <br />capacity to about 450 acre-feet. <br /> <br />Estimated project costs are summarized in Table 2. <br /> <br />Table 2. Monument Dam Cost Summary <br /> <br />Item Estimated Cost <br />Spillway, embankment, outlet works and dredging $2,625,620 <br />Construction management and design $450,000 <br />Feasibility study (net of CWCB grant) $5,000 <br />Total capital costs $3,080,620 <br /> <br />A two-phase project implementation schedule is proposed. Phase 1, which involves the <br />spillway, begins in February 2001 and ends in May 2001. Phase 2, the embankment and <br />outlet works, will begin in September of 200 1 and will be completed in March 2002. <br /> <br />Water Ril!hts <br /> <br />Monument Lake has not been strictly administered due to few, if any, downstream calls <br />for water and has been storing Monument Creek flows essentially every year since 1893. <br />There is no adjudicated water right for the reservoir but the Town believes that there is an <br />implied water right based on the 1891 legislative authorization. In December 2000, the <br />. Town filed for an 1891 storage right for the reservoir. <br /> <br />In September 1998, the Town entered into a ten-year, renewable agreement with <br />Colorado Springs Utilities (CSU) for the purchase of water on Monument Creek to <br />replace evaporative losses from the reservoir. The agreement provides for the sale of 70 <br />to 120 acre-feet per year with the condition that the reservoir is used for recreation only. <br />Evaporative losses are estimated at about 78 acre-feet per year. <br /> <br />In the event that the lease with CSU is no longer in effect, the Town has other sources of <br />replacement water. from non-tributary return flows and senior water rights. <br /> <br />Financial Summary <br /> <br />Effective January 1,2000, the Town's water fund was established as an enterprise fund <br />under TABOR. All existing debt of the water fund was transferred to the Town's general <br />fund. Sales tax revenues will be used through the general fund to pay the debt service on <br />the previous water fund debt. <br /> <br />Table 2 summarizes the fmancial indicators for the enterprise fund with repayment of a <br />CWCB loan of $2,081 ,000 in future years. The table indicates that all of the financial . <br /> <br />. <br /> <br />3 <br />