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; . . . The OWW is requesting an increase of $202,000 ($200,000 for project costs and $2,000 for a 1% origination fee), to their existing loan amount of $1,048,077. The total amended loan amount for OWW would be $1,250,077(1,237,700 for project costs and $12,377 for a 1% origination fee), at their present interest rate of 2.5 % for 30-years. The new annual payment will be $65,698, which includes the 10% reserve requirement. The OWW current loan of $1,048,077 has an annual payment of $55,081, which includes the 10% reserve requirement. The Company's financial ratios will remain in the average category for operating and debt service coverage ratios, and in the weak category for cash reserves, and annual operating costs per acre- foot. As security for the loan, the OWW will pledge assessment revenues backed by an assessment covenant, the project itself, and 4 private rights of the Riverside Reservoir and Land Company Decreed water storage in Riverside Reservoir. STAFF RECOMMENDATIONS: Staff recommends that the Board approve an increase of $202,000 ($200,000 for project costs and $2,000 for the 1 % loan origination fee, in accordance with the CWCB Financial Policy No. 16) from the Construction Fund Account. The additional $202,000 increment of funding would be for 30-years at their present interest rate of2.5%. The Company's amended total loan amount will be $1,250,077 ($1,237,700 for the total project costs and $12,377 for the 1 % loan origination fee). Security for the loan will be a pledge of Orphan Wells or Wiggins, LLC annual assessment levy revenues, the project itself, and 4 private rights of the Riverside Reservoir and Land Company Decreed water storage in Riverside Reservoir, in compliance with the CWCB Financial Policy No.5. Staff further recommends that final approval of the loan be conditioned upon all standard- contracting provisions ofthe CWCB. c: Alan Axton, Secretary/Treasurer - Orphan Wells of Wiggin, LLC Vaughn McWilliams, CWCB Amy Stengel, AGO 3