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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 />PROJECT <br /> <br />SUMMARY <br /> <br />The Bauer No. 1 Reservoir :is presently under a filling <br />restriction by the Colorado State Engineers Office. That re- <br />striction, if continued, will li.mit the production of lands <br />irrigated by Bauer Lakes Water Company shareholders. This <br />limiting of production will cost the shareholders $40,400 per <br />year as long as the restriction is in place. <br /> <br />The only feasible alternative is to repair the Bauer No. 1 <br />Reservoir Dam and bring it up to the State Engineer's <br />standards. This will cost in the neighborhood of $85,000 by <br />the time it is finished. To finance the project outright at <br />current interest rates would place an enormous burden on the <br />27 shareholders. It is urgent that they obtain at least a <br />portion of the construction loan at a reduced interest rate. <br />The 5% interest rate possiblJ available from the Colorado <br />Water Conservation Board Con$truction Fund could well make <br />the difference as to whether or not they can afford to make <br />the necessary repairs. <br /> <br />In summary, the shareholders can just barely afford to do the <br />repairs if they obtain the low interest loan, and probably <br />couldn't make the repairs at all if they have to go to the <br />money market and pay the current rates of interest. <br />