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Lake Canal Reservoir Company Agenda Item 7b September 9, 2009 (UPDATED September 16, 2009) Page 2 of 5 Crray Reservoir No. 3 is restricted to zero storage by the SEO due to the poor condition of the dam and outlet works. Due to the poor condirion of Gray No. 3, the Company considered rehabilitation of the dam however breaching the dam and relocating the storage rights became the best option. The Reservoir Company received a court decree in 2004 (2002CW244) allowing the storage right to be moved to other locations. Loan Feasibility Study The Loan Feasibility Study, titled "Feasibility Study for the Rehabilitation of South Gray Reservoir and Gray Reservoir No. 3", dated August 3, 2009, was prepared by Duane Smith, PE, of Smith Geotechnical Engineering. The study includes an engineer's cost estimate and financial statements. The study was prepared in accordance with the CWCB guidelines. The Lake Canal Reservoir Company The Lake Canal Reservoir Company is a Nonprofit Colorado Mutual Ditch Company incorporated in January 1902 and is in `good standing' with the Colorado Secretary of State's Office. The Reservoir Company's facilities consist of the storage reservoirs known as North Gray Reservoir, South Gray Reservoir, and Gray Reservoir No. 3located in Larimer County. The service area approximately 5,20Q acres of iirigated farm land in Larimer and Weld Counties in Colorado. The Reservoir Company has issued 160 shares of water stock that is presently owned by 46 stockholders. 5hares of stock are owned by private and public shareholders; however all of the water is currently used for agricultural purposes. Water stored in the Gray Reservoirs is released back into Box Elder Creek and then diverted into the Lake Canal Ditch and delivered to the irrigated farm and pasture land. The Lake Canal Ditch is owned by the Lake Canal Company. Normal maintenance and repair of the ditches and reservoirs is handled by the New Cache La Poudre Irrigating Company through an operating agreement. Water Rights The Reservoir Company has historically supplied irrigation water for approximately 5,200 acres of land under a storage decree from Box Elder Creek for l,l 78 AF. The priority numbers, appropriation da.tes, and storage right are summarized below. Reservoir Priority Appropriation Gage Height Acre-Feet Storage Date (Ft) North Gray 2 April l, 1882 7.5 136 50 November 1, 1902 11.5 139 77 November 15, 1904 13.65 58 South Gray 3 April 1, 1882 6.0 275 51 November 1, 1902 14.0 237 78 November 10, 1904 18.0 222 Gray No. 3 76 November 14, 1904 13.0 111 TOTAL 1,178 In 2002, the Reservoir Company applied to the water court for alternate storage locations for the