C153354 Feasibility Study

• Contract/PO #: C153354
• Contractor Name: Paradox Valley Canal and Reservoir Company
• Contract Type: Loan
• Water District: 61
• County: Montrose
• Bill Number: SB 81-439
• Loan Projects - Doc Type: Feasibility Study

RESOLUTION OF APPROVING APPLICATION FOR FUNDS
IN TEE FORM OF A LOAN TO FINANCE THE REPAIR
OF THE BUCKEYE RESERVOIR DAM

HHEREAS, the Paradox Valley Canal and Reservoir Company are the Owners of the
Buckeye Reserovir Dam and have determined that the dam is not constructed to
a uniform grade and height, and that the dam does not contain a spillway, and
that the outlet gate is obsolete and in a deteriorating condition; and

.

I<HEREAS, the Paradox Valley Canal and Reservoir Company desire to construct
the Buckeye Reservoir Dam to a uniform height, construct a spillway adequate
to carry the maximum probable flood as determined by a flood study, and re-
place the existing deteriorating and obsolete outlet gate with a new outlet
gate that is operational; and

WHEREAS, the Paradox Valley Canal and Reservoir Company have retained a Con-
sulting Engineer to prepare preliminary cost estimates; and

WHEREAS, said Consulting Engineer has determined that the estimated construc-
tion cost of the proposed repair is $102,000.00; and

WHEREAS, the Paradox Valley Canal and Reservoir Company desires to obtain a
loan from the State of Colorado through the Colorado Water Conservation Board
for $100,000.00 at an interest rate of 3% to be repaid over 'a 40 year period;
and

WHEREAS, the Paradox Valley Canal and Reservoir Company ,;:lll assess the
stockholders a sufficient amount to cover the balance of the funds.

NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Paradox Valley
Canal and Reservoir Company that the President be and is hereby authorized
and directed to make application to the State of Colorado through the Colorado
Water Conservation Board for a loan of $100,000.00 to be repaid in a 40 year
period with a rate of 3% interest and is authorized and directed to perform
any action necessary in connection with the obtaining of other loans or grants
from other agenceis as may be required.

Passed, adopted and approved by the Board of Directors of the Paradox Valley
Canal and Reservoir Company at a meeting of said Board held on January 30, 1981
. ..,..."bJ ...the following roll call vote;
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AYES:
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Directors
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Directors

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Bruce Phippeny, r sident
Paradox Valley Canal and Reservo

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Secreta/y,
r.1T.1Jox VG1]l'Y CanOl] and Rf'scrvoir Company