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