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C153686 Final Deliverable
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C153686 Final Deliverable
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Last modified
4/24/2014 12:57:40 PM
Creation date
4/8/2014 2:46:08 PM
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Loan Projects
Contract/PO #
C153686
Contractor Name
Red Mesa Ward Reservoir and Ditch Company
Contract Type
Loan
Loan Projects - Doc Type
Report
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3.1 Financial Plan: A possible plan to repay the costs of the enlargement would include creation <br /> of additional shares as described below. Funds would be raised by sale of the shares to provide <br /> all or part of the 25% of the construction cost which the Company must obtain and an annual <br /> assessment for debt service for the 75% loan provided by the CWCB and any other loans that <br /> may be required. The items below generally describe how the shares would be created and the <br /> assessment for each type of share; the financial plan describes the estimated assessment costs for <br /> each type of share based on the estimated construction cost. <br /> (1) Existing Shares: The 1,172 existing shares will be designated as "A" irrigation shares. These <br /> shares will be operated essentially the same as historically, with water provided on a call basis <br /> with a reduction for reservoir losses. The "A" shares will have priority over the new irrigation <br /> shares but not the new domestic shares. In short years the "A" shares may be the only irrigation <br /> shares to receive water. The cost of the "A" water will generally be adequate to repay the costs <br /> of the spillway and outlet tower repair plus a proportion of the operation and maintenance. <br /> (2) Domestic Shares: There will be 330 domestic shares in the enlarged reservoir. The shares <br /> will provide 1 acre-foot of water per share minus 10% in reservoir losses, so that each share is <br /> entitled to 0.9 acre-feet per calendar year. The reservoir will be operated so that the Domestic <br /> Shares will not be shorted in any year and the water can be called at any time. The new domestic <br /> shares will have an initial purchase cost and a yearly charge significantly greater than irrigation <br /> shares. <br /> (3) New Irrigation Shares: A second type of irrigation share will be created called "B" irrigation <br /> shares which will be the remaining capacity of the enlarged reservoir or about 2570 shares. <br /> These shares will receive water after the "A" irrigation shares and the domestic shares have been <br /> satisfied. The water available to "B" shares will be proportioned based on the reservoir content. <br /> For instance, if the reservoir fills, the `B" shares will have the same supply as the "A" shares; <br /> however, if the reservoir does not fill, the water supply for the `B" shares will be proportioned <br /> based on the amount of water remaining in the reservoir after serving the "A" shares and <br /> domestic uses. The reservoir losses will be determined the same as for "A" shares. The initial <br /> purchase cost and annual cost of the "B" Shares will be based on repayment of the cost of the <br /> enlargement plus a proportion of the operation and maintenance costs. The operation and <br /> maintenance allocation will be the same to "A" and "B" shares but the repayment cost will be <br /> different; the "B" share repayment cost will be more per acre-foot because the enlargement is <br /> more costly than the spillway and outlet repairs. <br /> 4.0 Previous Studies <br /> The original Red Mesa Dam was constructed in about 1908 to a height of about 40 feet. The <br /> dam was raised to a height of about 58 feet in 1949. <br /> Studies were performed in the mid 1950's to raise the dam to store about 3,000 acre-feet but <br /> construction was never started. <br /> 8 <br />
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