C150009 Feasibility Study

• Contract/PO #: C150009
• Contractor Name: Boulder & Left Hand Irrigation Company, The
• Contract Type: Loan
• Water District: 5
• County: Boulder
• Bill Number: SPL
• Loan Projects - Doc Type: Feasibility Study

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Ag""" It ll3b
March 10,11998
Page 2 i

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(Updated March 12. 1998)

DISCUSS ON

The pr' purpose of the project loan is to rehabilitate the inlet and outlet structures for the
Twin Lak s Dam, Recent engineering inspections by the State Engineers office, and by RMC,
indicate t the outlet conduit has rusted through, exposing the surrounding soil.

The seco 'dary purpose of the loan is the rehabilitation of ditch structures (primarily drop
structures! that are in very poor condition.
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The Com any needs to reconstruct the Twin Lakes: outlet and inlet structures in 1998, Recent
engineeri inspections show these structures could fail at any time, Twin Lakes Reservoir has a
total capa ity of 218 acre-feet and this storage would: be lost if the State Engineer imposes a gage
o restricti n, Delaying the project until 1999 would result in an undue hardship on the borrower.
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The Boul, er and Left Hand Irrigation Company provides water for irrigation, A loan to the
Company ishould thus be at the "Agricultural" rate (4% for 30 years, or 3.75% for 20 years, or
3,5% for 0 years), as set by the CWCB on November 24, 1997,

The Com any's stockholders have already approved 'a resolution to proceed with this loan, They
have also approved an assessment increase of $40 per share to make the loan payment to the
CWCB, copy of the resolution is attached,
!

The Co
interest .

RAL

i, fr '
any receives assessments om Its
this stream of revenues,

stoc\<holders, The CWCB will take a security

The Com any can provide one payment in a certificate of deposit account, to be held by the State
Treasure

STAFF I COMMENDATION

The staff recommends:

1. That he Board finds that delay in the rehabil.tation of the inlet and outlet structures on
the 'n Lakes Reservoir and drop structure$ on the ditch would cause undue hardship
for t e water users, qualifying the Boulder ~nd Left Hand Irrigation Company for a
loan ,rom the Small Project Loan Account, ~d
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2, That ~ Construction Fund Authorization in an amount of $50,000, not to exceed 75% of
actu ' project costs be approved for the Boulder and Left Hand Irrigation Company to
reha ilitate the inlet and outlet structures ,on the Twin Lakes Reservoir and drop
struc ures on the ditch, and