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<br />\ <.\ '. <br /> <br />I . <br />" <br /> <br />. '~.,."~ <br />, ' , <br />, , <br />~1., ~ ~ \*~~ tpJ;7~~ <br /> <br />cfs at the turn out in the ditch. The economic losses to shareholders causJ by the by !l~3 <br />has been estimated by the company to beat least $200,0 0 per year. ;1 <br /> <br />During the summer of 1993, the average flow diverted by the canal was 65 cfs, and the <br />water in the reservoir lasted until September 22, 19~,30uring the summer of 1994 the average <br />flow diverted by the canal was 45 cfs, and the water lasted until August 20, 19~ r <br /> <br />Although the by-pass has been a requirement since 1986, the sumIIier of 1994 was the fIrst <br />year it had to be turned back to the stream. <br /> <br />The company has indicated in recent discussions that a deferment of the payment would <br />be an acceptable solution. The Board has the authority under Section 37-60-120 (3), CR~and <br />\'",V.,.... <br />the contract to make such deferments. ~At; J < < 'I'? ~ n' ~6\ <br />("1''\ 'llJ~40. ~1 ~\\J'\ <br />~S'J..')./1. <br />J ()D <br />Recommendation :3 \ Q 1 i;, <br />, <br />The staff recommends the Board adopt a resol on to approve the Overland Ditch and <br />Reservoir Company's request for financial relief granting a deferment of 1000/0 of their <br />December 1994 payment in the amount of $31,0 0 based on a finding that the company has <br />encountered significant and unexpected financial difficulties, and that it has been duly diligent <br />in its efforts to comply with the repayment provisions of its contract with the Board. <br /> <br />As a result of this skipped payment, the due date of all subsequent loan payments will <br />therefore be extended by one year so that the date of the last scheduled payment on this loan shall <br />be extended by one year. The purpose of this deferment, in part, is to help offset financia110sses <br />~ suffered by the stockholders due to a combination of a dry year and a by-pass flow release <br />imposed' by the U. . Service. <br /> <br />~ ,~ <br />.~ <br /> <br /> <br />1 <br /> <br /> <br />J <br /> <br />---- <br /> <br />\V\~ <br /> <br />~~ ~~tJ. ~ <br /> <br />cc: , verland <br />Doug Robotham, DNR <br />Peter Evans, CWCB <br /> <br />.sLu,~ M. 0il-'1 h ~ <br />., ~&V~~iII <br /> <br />Attachment <br /> <br />O?hov..5', slip -s,~ ~ ~ <br />, 50f fCv"J ~ U ~"'v~ -j/~+< ~ <br />I WPS:94-1124D.DOC <br />"" (\ (l / I Q:) f (,{yf"f J~>G... <br /> <br />! <br />i <br />i <br />