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<br />LAWMA - Water Rights Purchase
<br />July 28-29, 2003
<br />
<br />Agenda Item 20b
<br />
<br />Table 2. CWCS Loan Summary*
<br />
<br />Loan No. 2004 - 2007 2008 - 2010 - 2014 - 2034 - 2037 -
<br /> 2006 2009 2013 2033 2036 2043
<br />C153715 $122,000 $122,000 $199,184 $199,184 $199,184 $199,184
<br />C153678 $ 11 ,052
<br />C153756 $ 9,154 $ 9,154 $ 9,154
<br />C153768 $ 67,200 $ 67,200 $ 67,200 $ 67,200 $ 89,297 $ 89,297 $ 89,297
<br />Keesee $107,500 $107,500 $107,500 $107,500 $107,500
<br />Loan
<br />Totals $316,906 $305,854 $383,038 $373,884 $395,981 $288,481 $89,297
<br />
<br />. Does not include 10% reserve requirement.
<br />
<br />LAWMA has two main sources of revenue, membership dues (approx. $196,236/yr.) and
<br />assessments on shares of LAWMA stock (approx. $208,994), for a total income of $405,230.
<br />LAWMA can increase its annual revenue to cover these costs by increasing its membership dues, by
<br />increasing its assessments on shares of LAWMA stock or by increasing its membership dues and
<br />assessments on shares of LAWMA stock.
<br />
<br />Table 3 shows LAWMA's projected income and expenses over the CWCS loan repayment period,
<br />as well as the required increase in LAWMA's share assessments only, above the current level of
<br />$11.30 per share, to cover their costs.
<br />
<br />Table 3. LAWMA's Projected Income, Annual Expenses and CWCS Loan Service
<br />
<br />Year 2004 - 2007 2008 - 2010 - 2014 - 2034 - 2037 -
<br /> 2006 2009 2013 2033 2036 2043
<br />LAWMA Income $405,230 $405,230 $405,230 $405,230 $405,230 $405,230 $405,230
<br />LAWMA's total expenses,
<br />including CWCS loans $540,906 $455,854 $508,038 $498,884 $520,981 $413,481 $214,297
<br />LAWMA cash flow
<br />(income -total expenses) ($135,676) ($50,624) ($102,808) ($93,654) ($115,751) ($8,251 ) $190,933
<br />LAWMA cash flow plus ($167,366) ($81,209) ($141,112) ($131,042) ($131,042) ($8,251 ) $190,933
<br />10% CWCS reserve
<br />Required Share
<br />Assessments (Existing $20.35 $15.70 $18.93 $18.39 $17.56 $11.75 N/A
<br />$11.30)
<br />% increase over existing 80% 39% 68% 63% 55% 4% N/A
<br />assessment
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<br />Page 6 of 9
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