LPPD000411

• Contract/PO #: C150151
• Contractor Name: Windsor Reservoir and Canal Company
• Contract Type: Loan
• Water District: 0
• County: Larimer
• Loan Projects - Doc Type: Feasibility Study

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OPINION OF FEASIBILITY

There do not appear to be significant roadblocks which would keep the WRCC from successfully
completing this project. The project does raise the assessment level assessments approximately
$35 per share of stock as indicated below. The benefit is the Company can store more water in
Reservoir No.8 and can run their supply ditch approximately 3 more days.

Following is a cost analysis of the project.

Total Proiect Cost including interest

$75,000 + (30 years x $32,250) = $1,042,500

Total Cost per Share of Stock

$1,042,500 -7- 1,000 ;:: $1,042

Cost Per Share of Stock Per Year

$1,042 -7- 30 years;:: $35

Cost Per Acre-foot Of Water Recovered

$1,042,500 -7- 620 A-Ft = $1,681

In order to cover the annual payment of $262,417 for all four CWCB loans, it is anticipated that
increases in the base assessment rates will be required, on the order of $120 per share, from
$400/$380 to $520/$500.

COLLATERAL

The WRCC can offer the following collateral for the CWCB loan.

1. The revenue from assessments as allowed by the Company By-Laws and
Articles of Incorporation.
2. A certificate of deposit account in the amount of one annual payment to be held
by the State Treasurer.
3. The project itself, and other Company facilities.

Windsor Reservoir & Canal Feasibility Study

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