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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />2. We recommend that the Santa Mari a Reservoi r Company enter <br />into the appropriate agreements with the Colorado Water <br />Conserva ti on Board fo r fi nanci ng from the State cons tructi on <br />funds. These funds would be repayed from the revenues <br />generated from assessments to the sharehol ders of the Santa <br />Maria Reservoir Company. <br /> <br />3. We recommend the design and preparation of construction docu- <br /> <br /> <br />ments commence in early 1988 so construction can occur during <br /> <br /> <br />the summer of 1988. <br /> <br />4. We recommend that the project costs and payback schedules be <br />monitored carefully so that appropriate assessment adjust- <br />ments can be made to reflect changing economic conditions <br />over the payback peri od. <br /> <br />C. Discussion <br /> <br />The recommendation to proceed with this project is based upon the <br />need for the Santa Maria Reservoir Company to maintain Santa r1aria <br />Dam in a safe condition, the need for valuable storage in the upper Rio <br />Grande basin, and the ability to provide more water during the summer <br />months for crop irrigation. An additional objective will al so be <br />sati sfi ed; restorati on of storage in a pre-Ri 0 Grande Compact reser- <br />voir for out-of-priority storage purposes. <br /> <br />The proposed project will accompl i sh all these objectives at a <br />very reasonable and economic cost. The financial analysis shows that <br /> <br />- 'J - <br />