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<br />The LORHOA will pledge 1.9 c.f.s of its 15 c.f.s. direct flow rights in the Williams No.1 <br />Ditch, located in Pitkin County and diverted :from Capitol Creek, with an appropriation <br />date of July 1, 1881. This water right is an amount of water that has historically been <br />used to flood irrigate approximately 30 acres of the ranch's common pasture area. The <br />approximate value ofthis water right is $195,000, as determined by an opinion of value <br />by LORHOA's water attorney, which exceeds 125% ofthe total loan amount. <br /> <br />Recommendation <br /> <br />Staff recommends the Board amend its approval of this loan to reflect that the collateral <br />for the loan is 1.9 c.f.s. ofLORHOA's 15 c.f.s. direct flow rights in the Williams No.1 <br />Ditch. <br /> <br />2 <br />