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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 />2. We recommend that the Santa Mari a Reservoi r Company enter <br />into the appropriate agreements with the Colorado Water <br />Conservation Board for financing from the State construction <br />funds. These funds would be repayed from the revenues <br />generated from assessments to the shareholders of the Santa <br />Ma ri a Reservoi r Company. <br /> <br />3. We recommend the design and preparation of construction docu- <br />ments commence in early 1988 so construction can occur durin9 <br />the slimmer of 1988. <br /> <br />4. We recommend that the project costs and payback schedules be <br /> <br />moni tored carefully so that appropri ate assessment adjust- <br /> <br />ments can be made to refl ect changi ng economic conditions <br /> <br />over the payback period. <br /> <br />C. Discussion <br /> <br />The recommendation to proceed with this project is based upon the <br />need for the Santa t~aria Reservoir Company to maintain Continental <br />Dam in a safe condition, the need for valuable storage in the upper Rio <br />Grande basin, and the ability to provide more water during the summer <br />months for crop irrigation. An additional objective will also be <br />satisfied; restoration of storage in a pre-Rio Grande Compact reser- <br />voir for out-of-priority storage purposes. <br /> <br />The proposed project will accompl i sh all these objectives at a <br /> <br />very reasonable and economic cost. The financial analysis shows that <br /> <br />- v - <br />