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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 /> <br />II-5 <br /> <br />of $50 per share makes the Beaver Park water the most ex- <br />pensive irrigation water in Colorado, <br />The physical assets owned by Beaver Park Water, Inc, <br />include a diversion dam and 40 acres of land on Beaver Creek, <br />2t miles of pipeline aqueduct. 8 miles of canals. Brush <br />Hollow Dam and 400 acres of surrounding land, and approximate- <br />ly 40 miles of pipeline laterals. The diversion dam was re- <br />built in 1922 and the aqueduct was rebuilt with 42-inch con- <br />crete pipe in 1960. The canals and the pipeline laterals are <br />the ones which were installed in the original irrigation <br />system, The pipeline laterals consist of two-foot lengths of <br />concrete pipe in diameters from 8 to 24 inches. This pipe <br />was installed at shallow depths and is joined by hand-wiped <br />cement joints. These pipes are 65 years old and are in <br />generally poor condition, In 1977. the company replaced <br />three laterals with 14-inch PVC pipe for a total length of <br />25.000 feet. <br />The physical assets of Beaver Park Water. Inc, are <br />worth an estimated $250,000 and the water rights are worth <br />from $4.000,000 to $6,000,000. depending upon the method of <br />evaluation for their agricultural value or for the highest <br />and best use value. This estimated worth as compared with <br />the present debt level of $1,517,000 has a ratio of 2,8 or <br />4,1. <br /> <br />L <br /> <br />~ <br />