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<br />, <br /> <br />\v. <br />. <br /> <br />11. <br /> <br />Sept. 23, 1987 <br /> <br />All of the board memembers except Delbert Spaur <br />met at Ry. Mt. Consultants with Bob Brand, <br />The state congress must approve our request for a <br />loan for 40 years at 5% to put in the toe drain in the <br />main dike of the reservoir. The earlist the funds will <br />be available will be July 1988. The decision will be <br />made by them in March of 1988, <br />A feasibility study must be submitted to the state. <br />The cost of this study will be $6000.00. <br />The project will cost approximately $11.00 per <br />foot with 6500 feet of drain to be put in.($65,000.00) <br />The basic engineering cost of this project have already <br />been paid for to Ry. Mt. Consultants. The only engineering <br />costs above this plus the feasibility study will be for <br />an on sight engineer as the work is being done. <br />The general assumption of the board is that one- <br />half of the $70,000.00 project will be borrowed from <br />the State of Colo. for 20 years at 5% and the other half <br />will be borrowed from the Federal Land Bank.. This money <br />will be borrowed for a period of 5 years and will be <br />applied to our existing loan. By July 1993 the Federal <br />Land Bank will be paid off in full. Jane King will <br />work with the Land Bank in applying for the loan and <br />Ry. Mt. Consultants will be in charge of the feasibility <br />study to be submitted. <br />The meeting was closed in due form. <br /> <br />Jane F. King, Sec. Treas. <br /> <br />f~ :3 if; <br /> <br />'~~YeD <br /> <br />I'WV J d8 <br />VOW.. - ,~AlWI <br />COf\lSI' ~"ATJOf' <br />" "FlD <br />