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<br />maintenance costs in the recent past. Maintenance costs are expected to be about <br />the same or less with the new pipeline, and can be accommodated by Company <br />assessments to Members pursuant to the Bylaws. The Company checking account at <br />the Mancos Valley Bank presently has a balance of $400 as a reserve for maintenance <br />expenses. <br /> <br />Table 3. Financial Summary <br /> <br />Project Cost $195,000 <br />Loan Amount (25% of Proiect Cost) $48,750 <br />CWCS Loan Payment Amount $2329 <br />Annual Project Cost per acre-foot $2.45 <br />(AveraQe annual diversions: 951 acre-feet) <br /> <br />Since all other funding for the project is in the form of grants, the Company would have <br />no other debt service on this project. Operation and maintenance costs are expected to <br />decrease with the new pipeline laterals, and can be accommodated by the Company's <br />existing budget. <br /> <br />Credit worthiness: Lower Bauer West Lateral, Inc has no outstanding debt. However <br />the Members of the Company are responsible to repay, through assessments, certain <br />debt incurred by Bauer Lakes Water Company for pipeline improvements on the outlet <br />ditches that serve the Members of the Company. This debt consists of two existing <br />loans from the Southwestern Water Conservation District of Colorado for repair of the <br />supply ditch from Chicken Creek and replacement of the concrete lined ditch with PVC <br />pipeline from the reservoir outlet to the division box (2200 ft) in 1998. One loan was for <br />$50,000 (12 year term beginning in May, 1998) and the balance owed is $24,082.87. <br />The second loan was for $11 ,000 (10 year term beginning in September 2000) and the <br />balance owed is $6,102.78. The Company has a checking account at the Mancos <br />Valley Bank with a current balance of approximately $400. <br /> <br />Table 4. Financial Ratios <br /> <br /> <br />Without the ro .ect <br />N/A <br />N/A <br /> <br />With the ro.ect <br />100% <br />133% <br /> <br />N/A <br />N/A <br /> <br />200% <br />$3.59 <br /> <br />9 <br />