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� <br />The schedule prepare� by E&C Services in their Supplemental Report addressing enlarging <br />, Reservoir No. 4 and lining rather than replacing the existing outlet, has been adopted. <br />Production rates and sequencing are deemed reasonable and doable. Key milestones include: <br />.es Advertisement for bids before March <br />.es Receiving and evaluating bids before the end of April <br />.es Allowing for a negotiation period prior to award and NTP by June 18 <br />Construction milestone�s include: <br />.es Initiating access improvement by June 18` <br />,�s Initiating true site construction such as clearing, riprap processing, and diversion <br />instaltation by July 23 <br />.es Completing embankment, outlet, and concrete work by September 15� <br />PERMITTING <br />Three agencies are required to issue permits. These are: <br />- U.S. ForesY Service. Reservoir No. 4 is on USFS land. Based on ongoing <br />discussion� and submittals with the USFS, it is anticipated that a permit will <br />be forthcoming in the early 2007. <br />- U.S. Army Corp of Engineers. A 404 permit has been initiated with Army <br />Corp of Engineers. Wetlands have been delineated, and a"jurisdictional <br />delineation"' obtained. A wetlands permit is likewise anticipated in the spring. <br />- Colorado S�tate Engineer. Design and construction documents in accordance <br />with the R�les and Regulations for Dam Safety and Dam Construction, as <br />embodied in CRS 2 CCR 402-1, are being prepared. <br />Final submittal of the above permits is contingent upon approval of the Stockholders to <br />proceed with the Preferred Alternative, or other direction as provided by the <br />Stockholders. <br />Bull Creek Reservoir, Canal and Power Company <br />Bull Creek Reservoir No. 4, Feasibility Study <br />Nov. 30, 2006 <br />Page 8 of 13 <br />