Mitch, welcome to the forum. If the pipe is leaking, there is the possibility of it leaking inside the dam, and the water going back down into the dirt. Raising the level of the pond will increase water pressure on the pipe, possibly increasing the leak. You might want to give some consideration to either capping off the pipe on the pond side of the dam, or replacing the pipe in the dam.

If you get a big rain, without a primary or secondary spillway in the dam, you run the risk of the dam being topped by the water and it completely washing out. Here's a booklet on building ponds that will make for some good reading. http://www.nrcs.usda.gov/Internet/FSE_DOCUMENTS/nrcs144p2_030362.pdf


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