PROJC01804 ‎(3)‎

• Contract/PO #: C150138
• Contractor Name: Supply Irrigating Ditch Company
• Contract Type: Loan
• Water District: 0
• County: Boulder
• Loan Projects - Doc Type: Approval Letter

Supply Irrigating Ditch Co.
March 24-26, 2003.

Agenda Item 24e
(Updated March 28, 2003)

3. Installation of a toe drain along the north dam.
4. Construction of a 200 foot spillway at the right abutment of the south dam
5. Placement of riprap on the upstream face of both dams.
6. Raising the dam crest on both dams to gage height 30 feet.
7. Removal of the two abandoned outlets and backfill with compacted clay.
8. Repair of the existing outlet to good working condition.
9. Construct a new concrete inlet structure for the reservoir.
10. Improve the reservoir outlet ditch so water can be returned to the Supply Ditch.

The implementation schedule calls for completion of financing arrangements in spring 2003,
with formal approval and resolution by the SIDC shareholders in May 2003. Smith Geotech will
finalize engineering design by fall 2003. Construction will begin in summer 2004 and will take
about 4 months to complete.

Financial Analvsis
The total estimated cost of the project is $2,193,000. Staff is recommending that the CWCB
Board approve a Small Project Loan of $1 ,000,000 (approximately 46% of the estimated total
project cost.

There are 400 shares within the SIDC, of which agricultural interests own 353 shares, municipal
(average income)interests own 6.5 shares, and municipal (high income) interests own 40.5
shares. The weighted average interest rate (agricultural rate 2.75%, municipal average income
rate 4.25%, and municipal high income rate 4.75%) is 3%.

The SIDC will fund its portion of the project by selling approximately 125 acre-feet of their
Beaver Park Reservoir water, currently valued at over $11,000 per acre-foot. The SIDC would
gain approximately 379 acre-feet of storage in the enlarged Knoth Reservoir, for a net gain of
254 acre-feet. Average annual diversions with the project in place would be 9,745 acre-feet.

Table 1 is a summary of the financial aspects of the project. Annual assessments will increase
from $125 per share, up to $225 per share with a CWCB loan payment of $56,121 (including
the 10% reserve requirement.) This represents an annual assessment increase of $100 per
share, or $5.76 per acre-foot, based on average annual diversions 9,745 acre-feet (including
245 acre-feet net gain of new storage.)

Table 1. Financial Summary

Project Cost $2,193,000
Total CWCB Loans (46% of Project Cost) $1,000,000
CWCB Loan Payment Amount, including 10% loan reserve $56,121
Number of Shareholders 160
Number of Shares of Stock 400
Current Assessment oer Share $125
Future Assessment oer Share $225
Annual Loan Cost per acre-foot $5.76
(Averaae annual diversions: 9,745 acre-feet with the proiect)

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