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<br />. <br /> <br />. <br /> <br />, <br /> <br />The Overland Ditch headgate is located about 3/8 mile below the dam. The ditch serves <br />about a 100 families and approximately 3,935 aCres are under irrigation. There are 10,000 shares <br />in the company and each share represents about half an acre-foot. <br /> <br />e <br /> <br />In 1974 the company decided to construCt a new dam with an active capacity of 7,000 acre- <br />feet located about 1/4 mile downstream of the old dam. In 1976 the company applied to the <br />CWCB for assistance, and a feasibility report was prepared by McDermith and Schuster. At that <br />time, the total cost of the project was estimated at $2,632,000. <br /> <br />By 1981 the cost of the project had increased to $6.761 million due to inflation. The <br />company decided instead to rehabilitate the old <lam with hopes of eventually restoring its original <br />capacity. The project was fInanced in part thrOQgh an $850,000 loan from the Construction Fund <br />and a $2,883,000 loan from the U.S. Bureau of Reclamation through its Small Projects Loan <br />Program. Construction took longer than expected but was completed in November 1988. <br /> <br />As a condition for permission to rehabilitate the dam, the Forest Service issued a new <br />special use permit and easement which contained a clause requiring a by-pass flow down Cow <br />Creek. This requirement called for a flow of 2.0 cfs or the natural inflow, whichever is less <br />during all months of the year except for September when the flow amount is established at 1,0 cfs <br />or the natural inflow, whichever is less. The measurement point is the USGS gaging station _ <br />located about 4' miles downstream of the dam. ,., <br /> <br />The Overland Ditch and Reservoir Company currently has two loans with the CWCB as <br />shown below: <br /> <br />Loan Contract Current Annual Due <br />Number Dale Principal 'ferms Balance Payment Date <br />#C 153307 7/01/83 850,000 2% - 40 years 745,395 31,076 December <br />#C153527 9/16/88 541,947 5% . 30 years 464,056 35,255 June <br /> Totals $1,391,947 $1,209,451 $ 66,331 <br /> <br />The $850,000 CWCB loan was for cOIlStruction, and the $541,947 CWCB loan was to <br />finance a reduced price repurchase agreement for the remaining balance owed on the Small <br />Projects Loan from the USBR. A deferment of the fIrst payment of the construction loan from <br />July 1, 1986 to December 1, 1988 was made by the Board at the request of the company due to <br />the extended completion date. <br /> <br />e <br /> <br />2 <br />