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445 feet in length and the top of the dam 220 feet wide. ~he project repairs would include: (a) a mo~ning glory spill- way, about 3 feet in diameter, capable of handling, with possible reservoir surcharge, all of the 750 acre-feet of probable maximum flood run-off volumel (b) about 20 feet of buttress fill to be built at the toe of the dam, or any other combination of repairs that would improve the embankment's safety factor to 1.5 or morel (c) improvements to the present outlet worksl and (d) an increase in the height of the present embankment by about 2 to 3 feet to make the top uniformly horizontal. It is expected that the above repairs would satisfy the State Engineer's office so as to lift restrictions that are now imposed on the structure. This would enable the company to util- ize the original storage capacity of 1,600 acre-feet. t proposed Financing The recommended funding for this project is as CWCB funds (to be repaid by water user fees) Private Funds (commercial loan) follows: $150,000 250,000 $400,000 Total This amount would be in addition to $100,000 already made avail- . able to the entity in S. B. 439 (1981 Session). Under this financing arranqement, charges would be levied by the State at the rate of $8,742 per year for 40 years for a total total repay- ment of $349,680. If we add to this amount repayments for the $100,000 already appropriated to the company, their total yearly repayment would be $13,068 for 40 years for a total repayment of $522,720. The company has indicated that it is unable to make yearly payments in excess of about $13,000. Therefore, the company is of the opinion that it cannot obtain half of the estimated con- struction costs through a commercial loan because it cannot afford the payments. A grant of $250,000 from the construction fund has been requested by the company in light of these circumstances. However, Section 37-60-121(1)(b)(IV), C.R.S. 1973, as amended, specifies that "grants shall not be made." Recommendation It is recommended that the project as described be recom- mended by the Board to the General Assembly for authorization subject to the terms of the proposed financing specified above. If these terms are unacceptable to the company and it does not wish to proceed, then it is recommended that the Board not propose the project to the legislature.