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' <br />, (a) <br />' <br />, <br />' <br />, <br />' <br />' <br />' <br />' <br />� (b) <br />' <br />' <br />' <br />' <br />' (c) <br />' <br />� <br />LJ <br />Source of augmentation water is from a reliable permanent supply. <br />The Excelsior Ditch has two water rights with a priority of May 1, 1887 for 20 cfs and January 6, <br />1890 for 40 cfs. The headgate was reconstructed and equipped with a trash rack in 1997. A rated <br />section of the wasteway has been equipped with a stage-recorder so augmentation flows <br />delivered to the river via the wasteway can be measured. Recorded ditch headgate diversions <br />from 1908 to 1985 averaged 4,070 acre-feet per year. The Excelsior Ditch has made diversions in <br />all but one year (1977) between 1908 and 1985. In 2003, two recharge ponds were constructed to <br />allow the ditch to divert Excelsior Ditch or other types of augmentation water in order to <br />recharge lagged credits back to the Arkansas River to better utilize augmentation credits <br />throughout the entire year. During the 2002 drought year, the worst ever experienced on the <br />Arkansas River, the Excelsior did not generate any substantial credits during the irrigation season <br />but was able to provide 800 acre-feet of augmentation credit during the 2002-2003 non-irrigation <br />season. Lagging provided by the recharge ponds provided those credits throughout the 2003 plan <br />year. Thus, the Excelsior Ditch has been a reliable supply and will be one important component <br />of future augmentation sources to be acquired by AGUA. <br />Applicant has adequate security or collateral to assure repayment. <br />AGUA would use the 785 shares of Excelsior Ditch water as collateral for the loan. AGUA will <br />secure an easement agreement with the appropriate property owner for perpetual use of the <br />proposed Excelsior recharge pond. AGUA also proposes to use the difference between the <br />purchase price of the 785 Excelsior Ditch shares ($863,500) and the appraised value <br />($1,050,000), which is $186,500 as collateral for the construction of the recharge pond and <br />enlargement of the ditch. This amount is considered by the CWCB at this time to be sufficient to <br />cover the estimated $189,000 required to complete the projects. <br />Applicant has the ability to repay the loan at an interest rate and over a period of time as set by <br />the Board. <br />The funding analysis for purchase of the 785 shares of Excelsior Ditch water was discussed in <br />Section 9.0. AGUA will repay the loan by increasing the loan fee from $46 per well to $60 per <br />AGUA — 2003 Feasibility Study - 24 - August 15, 2003 <br />