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. Proposed project The project, as proposed, would involve raising the existing embankment by 19 feet, with the necessary changes to the spillway, outlet works, drains and riprap. The raising of the embankment would increase the reservoir's capacity from 1,800 acre-feet to 5,800 acre-feet. The proposed enlargement would provide supplemental water to about 4,880 acres of the presently irrigated land. Since the company only holds storage decrees for 2940 acre-feet, new decrees will be needed for the proposed reservoir enlargement. Alternatively, the San Miguel District holds substantial conditional decrees for storage and direct flow rights on the San Miguel River. The contemplated draft of a portion of these decrees could be transferred to the enlarged reservoir. In either event, it is not anticipated that the proposed reservoir enlargement will have any problem obtaining sufficient rights to assure a firm yield, although this is a question which will be subject to a final determination before the project is started. . The Board's presently estimated cost of the project is $2,025,000. 'rhis cost is the higher of two cost estimates submitted by the consulting engineer and includes foundation treatment of the present structure. The second cost estimate submitted by the engineer was $1,807,500, which assumes that no foundation treatment will be necessary. The Board believes that the higher cost estimate should be utilized until it is conclusively established that foundation treatment will not be needed. proposed Financing Tne proposed funding for this project is as follows: San Miguel WCD (bonds or commercial loan) CWCB funds (to be repaid by user changes) $1,012,500 Tota I $1,012,500 $2,025,000 Under this financing arrangement payments to CWCB would be $59,008 per year for 40 years for a total repayment of $2,360,320. When the retirement of a bond issue for the entity's 50 percent share is included, it is expected that the entity would have to pay an additional amount of $159,120 per year (assuming a $1.5 million bond issue, which includes interest during construction and reserve accounts, at 10 percent per annum to be repaid in 30 years). Adding $5,000 per year for operation and maintenance increases and $5,900 per year for the CWCB required reserve fund increases total annual expenses to $229,028. . -2-