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Boulder and Left Hand irrigation Co. November 22-23,1999. Agenda Item 11d. J Water RiQhts The BLHIC water rights consist of direct flow rights in amount of 97 cfs with an 1882 appropriation date, and storage rights in amount of 1222 acre-feet with appropriation dates from 1905 to 1947, from Boulder Creek. The Twin Lakes storage decrees total 218 acre-feet of the total. Records of the State Engineer's Office indicate that the Company's average annual total diversions have been 2,584 acre-feet for years 1950 through 1996, Diversions for Twin Lakes have averaged 145 acre-feet. ., \. . Proiect Description Three alternatives were analyzed in the feasibility study: 1, The no-action alternative, 2. Repair the existing outlet works and enlarge the existing spillway, 3, Reconstruct the outlet works and construct a new spillway ($140,500), Alternative 2, repair the existing outlet works and enlarge the existing spillway, was ruled out because the existing spillway could not be enlarged to meet State Engineer requirements and because relining the existing outlet would reduce its capacity below that required for normal water deliveries, The no-action alternative was considered unacceptable since it would eventually result in partial or total failure of the outlet and inability to use Twin Lakes as an equalizer reservoir. Selected Alternative 3 involves construction of a new 30-inch steel outlet with new headgate at the upstream end, The spillway will be a 36-inch drop inlet structure incorporated into the outlet. A turnaround will be constructed at the outlet to facilitate operation and maintenance of the system, e The implementation schedule calls for completion of financing arrangements in 1999/2000, with formal approval and resolution by the BLHIC in early 2000, Engineering design will be finalized by December 1999, and submitted for State Engineer's Office review, Construction is scheduled to start in March 2000 and be completed in April 2000, Financial Analvsis The total estimated cost of the project is $140,500, Staff is requesting that the Board increase the existing Small Project Loan to $100,000 (approximately 71 % of the project cost.) The BLHIC will use its existing cash reserves to cover its $40,500 cost share, Table 1 is a summary of the financial aspects of the project. The BLHIC established a special assessment of $40 per share in 1998 to pay for the Twin Lakes project, and the total assessment for 1999 is $160 per share, Total assessments will increase to $178 per share with a Construction Fund loan of $100,000, The project itself requires annual assessments of $58 per share ($40 per share existing, plus an $18 per share increase), or $3,06 per acre-foot, based on average annual diversions 2,584 acre-feet. Water is used by the shareholders for agricultural purposes, The BLHIC would qualify for the CWCB Agricultural Lending rate, The BLHIC has no existing debt. As security for the loan the BLHIC will pledge assessment revenues backed by assessment covenant, and facilities and/or other real property of value equal to the loan amount. e 2