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<br />e <br /> <br />Proposed Project <br /> <br />The selected alternative involves rehabilitating the dam to maintain the existing storage <br />capacity, The breach resulting from the May 1998 failure in a portion ofthe embankment <br />will be filled, the dam crest will be reshaped and the downstream slope will be reduced to <br />2.5 to 1.0 by placing a considerable amount offill material on the downstream face of the <br />dam. In addition, rip rap protection will be placed on the upstream face, a toe drain and <br />drainage blanket will be installed as well as a new 18-inch diameter outlet conduit. The <br />spillway will be reshaped to pass the Probable Maximum Flood, <br /> <br />The total estimated cost of the project is $1,389,000 which includes construction <br />engineering, surveying and geotechnical investigations and a temporary dam breach <br />which was completed in the fall of 1998 as summarized in Table 2, <br /> <br />Table 2. Project Cost Summary <br /> <br /> <br />$977,980 <br />$342,293 <br />$68,775 <br />1,389,048 <br /> <br />. <br /> <br />The Company has not yet conferred with the Corps of Engineers, but it is not expected <br />that a 404 Dredge and Fill Permit from will be required since the project does not involve <br />enlargement of the reservoir. The reservoir is adjacent to U.S. Forest Service lands and a <br />Special Use Permit or, as a minimum, coordination with the Forest Service may be <br />required for some construction activities. <br /> <br />Engineering design work will begin in April of this year with construction scheduled for <br />mid-May. Construction is expected to be completed by the end of the summer in order <br />that the reservoir can be used for the year 2000 irrigation season. <br /> <br />Financial Summary <br /> <br />Review of the Association's financial records for the years 1996 and 1997 indicates that <br />expenditures exceeded revenues in both years due to rehabilitation of an existing dam. <br />The Association has no significant long-term debt at the present time and has not yet <br />drawn on the $300,000 CWCB emergency loan for Carl Smith Dam. It is expected that <br />the Association will draw on the emergency loan over the next few months then close it <br />out with the proceeds of the new loan, if approved. <br /> <br />e <br /> <br />The Association has spent about $68,775 on the project to date from cash reserves. <br />Currently cash reserves are about $15,000. <br /> <br />3 <br />