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<br />. <br /> <br />. <br /> <br />.. <br /> <br />Proposed Financing <br /> <br />In light of the difficulties encountered with the previously <br />performed repair work, the importance of this reservoir under the <br />Rio Grande Compact, and the fact that the General Assembly <br />provided a partial grant for the previously performed work in <br />recognition of the reservoir's importance to all Rio Grande water <br />users under the Compact, the Board believes that the additional <br />authorization of $700,000 now needed for the new gates should be <br />made as a grant. <br /> <br />Recommendation <br /> <br />The Board recommends that the General Assembly authorize a <br />$700,000 grant subject to the following conditions: <br /> <br />(1) Any funds recovered by the District in the event <br />liability is fixed on a third party for failure to properly <br />perform the _initial work shall, less the District's expenses to <br />prosecute any such claims, be immediately paid over by the <br />District to the Board, and <br /> <br />(2) The State Engineer must certify to the Board that the <br />previously agreed to operating agreement for the state's use of <br />the reservoir for compact purposes under the Rio Grande Compact <br />has been re-affirmed by the District to his satisfaction before <br />the Board can expend any further money on the project. <br /> <br />FM~/bj <br /> <br />-3- <br />