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. CIiAPTER II I BASES FOR ANALYSES reimbursable without interest within 50 years ~ollowing the ~irst use o~ water in the case o~ supplemental service land and ~ollowing a 5-year de- velopment period in the case o~ f'ull service lands. Project Administration . It has been assumed in the project analyses that the Basalt Water Conservancy District would be the contracting and administrative agency ~or the Federally ~inanced projects outlined in this report. The district would contract with the United States to repay the reimbursable costs o~ constructing the project. It would also contract to operate the project and to buy storage water needed ~rom Ruedi Reservoir. In operating the project, the district would be responsible ~or paying associated opera- tion and maintenance costs and would establish an operation and mainte- nance emergency reserve fUnd to de~ray unusual operating costs. The district would obtain fUnds ~or operation and repayment o~ project costs ~rom sale of project water to users. It is anticipated that the district would also levy ad valorem taxes upon property wi thin its boundaries. It could use the revenues obtained ~rom the taxes towards repayment of reim- bursable construction costs allocated to any of the project purposes. In the analyses in this report, however, the ad valorem revenues have been ap- plied only to the repayment o~ irrigation costs in one of the development plans. The Basalt Water Conservancy District was fonned in April 1964 as the contracting and administrative agency for a Basalt Project. The district includes lands on both sides o~ the Roaring Fork River ~rom Snowmass Creek to the Crystal River. It includes the towns o~ Basalt and Carbondale, Col- orado Mountain College, rural areas, and existing and proposed residential 'areas. Boundaries o~ the district are shown on the ~rontispiece map. . 28