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' • <br /> T 7RRPC7 R?SiFRVOIR PROJ"CT, Continued <br /> No action could be taken at that time by the staff, since the appli- <br /> cation was received only about one month before the C`.AWCB Board meeting. <br /> Subsequent to that, the application and supporting documents including <br /> the Phase I inspection report by the U.S. Corps of 7ngineers were <br /> evaluated. The Phase I inspection report recommended that detailed <br /> hydrologic investigations were needed to determine the requirements <br /> for obtaining additional spillway capacity; it also recommended <br /> improvement of the outlet works and additional maintenance. <br /> PROPOS.' PROJTCT <br /> The proposed additional repairs to the outlet works include: <br /> sealing and repairing of the existing leaky valves, installation of <br /> an outlet pipeline and accompanying throttling valve, and miscel- <br /> laneous expenses including a hydrologic study and spillway evaluation. <br /> The estimated cost of the work is $620,600. <br /> R'COMV7FDATICN <br /> The Terrace Irrigation Company has been hard hit financially <br /> for repairs on the Terrace Reservoir Dam in the recent past. Although <br /> they have had some financial participation from the Agricultural <br /> Stabilization and Conservation Service and the Colorado Division of <br /> Local Government, they still have a very limited budget and need the <br /> full assistance from the CWCB to accomplish the additional work <br /> described above. <br /> So the proposed financing for the project is as follows : <br /> State Funds (to be repaid by water use charges) $620,600 <br /> Under the proposed financing arrangement, the company would <br /> - 2 - <br />