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. . Agenda Item 8b. November 25, 1996 2 e . \ The project involves installation of 500 feet C)f pipe across the slide area. The pipe is smooth wall galvanized, 6 feet in diameter. The proposed project is a reasonable permanent fIx for tlris problem. The new pipe section will have a capacity of about 180 CFS, with an ability to pass about 360 acre feet of water per day. Although the canal had an original rated capacity of 258 CFS, it is now restricted to about 180 CFS at several locations. The new pipe will match the actual current capacity of the canal. 7800 acres are irrigated under the system, and the Jackson Gulch Reservoir is a critical part of the water supply. The District has obtained a commitment from the Southwestern Water Conservancy District for a loan in amount of $62,500. With a $62,500 Emergency loan from the CWCB, the District will have the necessary fInancing for the project. Water diverted by the Mancos Water Conservancy District is used 90% for agricultural purposes and 10% for municipal/industrial purposes. The primary municipal users (the Town of Mancos and the Mancos Rural Water Company) supply water to customers with a 1990 median household income less than 80% of the statewide median. The District has requested a 20 y,ear loan. The rate should be at the "Agricultural" rate (the same as the 80% MHI rate) for a 20 year loan, to be set by the CWCB November 25, 1996. The Company needs to complete the rehabilitation project by December 1, 1996, to allow diversions for reservoir storage during the winter months 1996-1997. This loan may be from the Emergency Infrastructure Repair Account because the emergency involves the sudden lmd unforeseen failure of an irrigation system which presents an immediate and extraordinary tlu.eat to human health and well being and to crops. e COLLATERAL The CWCB can take a collateral interest in the stream of income from water revenues. The District will also provide one payment to be held by the State Treasurer. STAFF RECOMMENDATION The staff recommends: 1. That the Board fmds that time is of the essence and certifies that exigencies: of time require that the Board meet without delay for the purpose of considering the need for this loan and requires that the staff provide public notice of this loan as soon as practicable, and e