WSP06024 - Laserfiche WebLink

Home Browse Search

1847 . substitute supply plan during the Initial Year and Yea~ 1, when no revenue could be cOvered by a special assessment of $3.50 per share on the 93,989 shar~s of the FLCC, spread over two years. That assessment could be repaid over the next few years frqm water bank profits. I ! The financial projections indicate that the water bimk is financia1\y feasible. It should be remembered that the financial health of the water bank is by no means the greatest benefit to the Ft. Lyon area. Through its operation, the water bank would provide new income -- and assured income, unaffected by weather and crop values -- to shareholders who wished to lease water to the bank while fa1\owing some of their acreage for a year.' , i The water bank also would help to attract, and support through an assured water supply, new industries and agribusinesses which would provide jobs, income to supporting businesses, and economic benefits to the regional economy. Also, the water bank would provide an assured supply of water to municipal water systems in the valley, for groundwater augmentation and for municipal growth. 7.9 Draft Ooorations Format A water bank operating entity must have the power to: a. lease FLCC shares, b. rent water, c. contract for AdobelHorse Creek Res~rvoir and Thurston Reservoir storage space, and to carryover water in storage, , d. contract for Pueblo Reservoir storage! space, and to carryover water in storage, e. enforce rules necessary to project FLCC shareholders and other water rights holders from injury, f. obtain approval of a temporary substi~ute supply plan, and, g. eventually obtain approval of a water ,court decree. Necessary Legal Authorizations For initial operation of the water bank, three legal permissions would be necessary: a. Because the FLCC owns the FLCC canals al\d reservoirs, the FLCC's agreement would be necessary to use AdobelHorse Creek Resel1(oirs, exchanges of FLCC water, and to other operations. A contractual arrangement to p~otect the FLCC would be necessary. A list of contract provisions is included in the Appenpix. b. Because the United States owns Pueblo Reservoir, the Bureau of Reclamation's agreement would be necessary to establish an account in Pueblo Reservoir for the water bank. The Southeastern District will review and comment on the proposed contract, and have some influence over whether the Bureau of Reclaf!1ation would enter a contract for a water bank. ;/ 7-42