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The Company will be the lead for the financing, design, and construction of the project and will <br />be the entity entering into contracts and agreements for the services to be provided. <br />Financial Analysis <br />The Company is applying for a loan from the CWCB in amount of $904,000, to cover total cost <br />of all construction and materials. Upon final approval of the constructed Project by NRCS, <br />NRCS will pay to the Company the 75% cost share, which will be used by Company to pay <br />down the loan amount to approximately $458,074. <br />Table 2. Sources of Funding <br />The Company will cover any costs that exceed the NRCS estimated Project cost. <br />The Company is requesting a 30-year loan from the CWCB. The standard agricultural lending <br />rate would be 2.5%, resulting in annual payments of $_21,885 . The Company will fund a <br />payment reserve account at the outset of the Project in the amount of $_21,885 and <br />increase the reserve account to $_43,760 over 3 years. <br />Table 3 is a summary of the financial aspects of the Project. <br />Since all other funding for the Project is in the form of grants, the Company would have no other <br />debt service on this Project. <br />The Company was incorporated in January of 2004 for the purpose of undertaking the Project. <br />Therefore, the Company has no financial history. The Company has no existing debt. The <br />owners of the Ditch spent an average of $500 per year on maintenance costs in the recent past. <br />Maintenance costs are expected to be about the same or less with the new pipeline, and can be <br />accommodated by Company assessments to Members pursuant to the Bylaws. The Company <br />: <br />Table 3. Financial Summary <br />