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fall of 2009 and be completed by the summer of 2010 . The Company has experienced significant <br />delays in getting contracts in - place to conduct t he work with BNSF. <br />7 . Boulder White Rock Ditch and Reservoir Company – Reservoir Rehabilitation <br />Authorization: Severance Tax Fund County: Boulder/Weld <br />Water Source: South Platte River Project Yield: 12,000 acre - feet <br />Terms of Loan: $2,430,060@3 .45% for 3 0 yrs. Projec t Type: Reservoir Rehabilitation <br />The Boulder White Rock Ditch and Reservoir Company (Company) delivers irrigation water to <br />land in Boulder and Weld Counties. It diverts water from Boulder Creek in downtown Boulder <br />through the Boul der White Rock Ditch and stores water in two of its facilities: Six Mile Reservoir <br />and Panama Reservoir. Due to recent operational changes, the Company no longer exchanges <br />water with nearby ditches and needs to improve the flexibility in its own system to meets its <br />shareholder’s needs. The Company intends to build a reservoir pump station at the Panama <br />Reservoir outlet in order to use water stored in the reservoir that is unable to be accessed through <br />the existing gravity outlet. The Project design is exp e cted to be complete in the spring of 2009 <br />with construction occurring during the fall/winter of 2009/2010. The Company is currently in <br />the bid process. <br />8 . New Salida Ditch Company – Ditch Rehabilitation <br />Authorization: Severance Tax Fund County: Cha ffee <br />Water Source: Upper Arka nsas River Project Yield: 7,000 acre - feet <br />Terms of Loan: $365,620@2.50% for 3 0 yrs. Projec t Type: Ditch Rehabilitation <br />The New Salida Ditch Company owns and operates the New Salida Ditch to deliver water to <br />agricultural use rs from the Arkansas River through a diversion in Browns Canyon. The diversion <br />is located 10 miles north of Salida and is approximately eight miles from its diversion to its end at <br />Ute Gulch. In Browns Canyon, the Ditch runs parallel to the River for 1.2 5 miles. This section <br />as historically been difficult for the Company to maintain and has suffered frequent breaks, <br />resulting in costly repairs and the discharge of sediment into the adjacent river. The Company <br />was cited by the Colorado Department of He alth and Environment for a recent failure of the ditch <br />in 2005. This project involves the installation of 3,200 feet of 42 - inch pipe along the <br />historically troubled ditch area. Project construction is scheduled for the fall of 2009. <br />9. Duel and Snyd er Improvement Company – Diversion Structure Rehabilitation <br />Authorization: Severance Tax Fund County: Morgan <br />Water Source: South Platte Project Yield: 4,950 acre - feet <br />Terms of Loan: $90,900@2.50% for 3 0 yrs. Projec t Type: Diversion Rehabilitation <br />T he Deuel and Snyder Improvement Company (Company) provides irrigation water to a 1,650 <br />acre service area located in Morgan County. The Company operates a sand gate located on a <br />South Platte River diversion structure. The sand gate is a vent section throu gh the concrete <br />rollover wall which is boarded up when the Company needs to divert water. Boards must be <br />removed during the winter to allow excess sand (which builds up in front of the Company’s <br />diversion point) to wash down river. Currently, in order to remove boards and open the gate, a <br />Company employee must walk several yards along the crest of the rollover wall to reach the sand <br />gate. There is not a walkway or handrail for safety. Because this is a major safety concern for <br /> <br />