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<br /> <br />/ <br /> <br />.'\ <br />---'" <br /> <br />/ <br /> <br />BEAVER PARK PROJECT, Continued <br />_nd for which the Beaver Park Water, Inc., hords decrees for about <br /> <br />85 cfs. Dates for the decrees vary from 1861 to 1897. The above <br /> <br />decrees also include water for domestic use for the Penrose area; the <br /> <br />total number of taps is at present 690. <br /> <br />PROBLEM <br /> <br />Problems with the existing system are: <br /> <br />a. The entity has obtained a loan from the Wichita Bank for <br /> <br />Cooperatives in the amount of $1,500,000 at 10 1/4 percent. The <br /> <br /> <br />interest was raised from the original 7 1/4 percent because the con- <br /> <br />tract agreement provided that interest rates would fluctuate with <br /> <br />prime rates. <br /> <br />. b. The system, as it exists now, needs IIlUch iJD.t:Irovelllent, in<:lutjjng <br /> <br />the improvement of the diversion dam, lining of canals and laterals, <br /> <br />and improvement of the outlet works of the storage reservoir. <br /> <br />c. The water supply system for the Penrose area, which takes <br /> <br />water from the irrigation system, is also in need of refurbishing. <br /> <br />d. Since the prime rate has increased substantially, the Wichita <br /> <br />Bank has sent a notice to the Beaver Park Water, Inc., that the rate <br /> <br />to be charged as from March 1 may increase by one.-fourth to one-half <br /> <br />percent over and above the present 10 1/4 percent being paid. <br /> <br />e. Therefore, the Beaver Park Water, Inc., will have to charge <br /> <br />its shareholders the rather exorbitant amount of $68 per share or <br /> <br />. <br /> <br />about $45 per acre-foot of water. <br /> <br />-2- <br /> <br /> <br />- <br />