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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />LA WMA'S CWCB LOAN PAYMENT SCHEDULE IF ONE-HALF OF <br />THE KEESEE WATER RIGHTS WERE ACOillRED WITH CWCB FUNDS <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 />C153768 $ 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 />LA WMA has two main sources of annual revenue, membership dues and assessments <br />on shares of LA WMA stock. Copies of LA WMA' s two recent financial statements are attached <br />hereto as Appendices D and E. LA WMA's 2003 dues have been figured using the following <br />schedule: . <br /> <br />Type A - Irrigation <br />Type B - Irrigation . <br />Type C - Commercial <br />Type M - Municipal <br />Type P - Post-1985 <br /> <br />$ 275 per well. <br />$ 375 per well. <br />$ 275 per well or other structure. <br />$ 275 per well. <br />$ 275 per well on other structure. <br /> <br />The Type B classification applies to new members who operate a well for irrigation who have not yet <br />paid their back dues. Once a Type B member has paid his or her back dues, he or she becomes a <br />Type A member. <br /> <br />This dues schedule generates approximately $196,236 of annual income to LA WMA. <br />In addition to the revenue generated by membership dues, LA WMA also generates revenue by <br />charging assessments on shares of LA WMA stock. LA WMA set the rate of assessments on shares <br />of LA WMA stock for 2003 at $11.30 per share which generated approximately $208,994 of <br />additional annual income to LA WMA. In sum, LA WMA' s current level of membership dues and <br />assessment rate generates approximately $405,230 of revenue. <br /> <br />The table below projects LA WMA' s income, operating expenses and CWCB loan debt <br />service during 2004 through 2043. LA WMA also understands that the CWCB may require it to <br />retain an additional 10% above its CWCB annual loan payments in its cash reserves for the first <br />10.years of the CWCB loan repayment period. This analysis also factors in that additional 1 0% of <br />retainage. <br /> <br />14 <br />