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<br />!1'he financial condition of all the canal companies in the District is <br /> <br /> <br />good. !1'he Pine River Canal Company, serving part of the district east <br /> <br /> <br />of the Consolidated Ute Development, is the only one with a bonded in- <br /> <br /> <br />debtedness. In 1910 this was for $50,000 and h~s been reduced to $500 <br /> <br />with money in reserve to pay it. Some other companies are said to have <br /> <br />small current loans outstanding, for which no bonds have been issued. <br /> <br />Previous Investigations <br /> <br /> <br />The .Vallecito Dam and Reservoir were planned and constructed with an <br /> <br /> <br />object first to provide fOr the landsof the Consolidated Ute Indians and <br /> <br /> <br />for the development of the irrigation district lands east of the Indian <br /> <br /> <br />lands, but with also the proposed project area in mind. No complete in- <br />vestigations have heretofore been made by the]ureau of Reclamation for <br />d.evelopment for the proposed project lands; which are west of the Consol- <br />idated Ute Development. Such investigations, surveys, plans and estimates <br />are now under Wf':t. Also, the Farm Security Administre.tion is completing <br />soil surveys, lancl development surveys and cost estimn.tes, land. appraisals, <br /> <br /> <br />acquisition negotiations end estimates, unit readjustment plans and like <br /> <br /> <br />matters having to do with agricltltural development;::farm unit adjustment <br /> <br /> <br />and resettlement of the area and doubtless a joint report ~Jill be made <br /> <br /> <br />by the two cooperating agencies of the Federal Government when the work <br /> <br /> <br />is more nearly completed. <br /> <br />Proposed Irrigation Development <br /> <br /> <br />The Ve~lecito Dam and Reservoir will be used to regulate the flow of Pine <br /> <br /> <br />River so as to hold bed:: in storage the surplus flooo. \;aters in spring <br /> <br /> <br />and maintain a flow in the summer sufficient to l)rovio.e for irrigation <br /> <br /> <br />needs. Diversions will be from the river, as now. The three canalsal- <br />