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<br />9 <br /> <br />Permitting <br /> <br />Permit number 13593-F R was issued by the Office of the State Engineer, Colorado Division of <br />Water Resources dated November 18, 2005. <br /> <br />Institutional Considerations <br /> <br />Entities that are, or may be, involved in the design, construction, and financing of the project <br />include: <br /> <br />Hope Ditch Company; financing and project management. <br />Reaksecker Well Drilling Inc. Well; design and drilling <br />Colorado Water Conservation Soard (CWCS); financing <br /> <br />The HDC will be the lead for the financing, design, and construction of the project and will be <br />the entity entering into contracts and agreements with the various entities for the services <br />provided by each. <br /> <br />Financial Analysis <br /> <br />HDC is applying for a loan from the CWCS in maximum amount of $153,000, to accommodate <br />90% of the remaining cost will be HDC's responsibility. The actual or estimated amounts are <br />given in Table 2. <br /> <br />Table 2. Sources of Funding <br /> <br />Entity <br /> <br />Grant <br /> <br />Loan <br /> <br />Percent <br />Participation <br />90% <br />10% <br />$170,000 <br /> <br />CWCS <br />HDC <br />Totals <br /> <br />$0 <br />$0 <br />$0 <br /> <br />$153,000 <br />$17,000 <br />$170,000 <br /> <br />The HDC is requesting a 30-year loan from the CWCS. The standard lending rate would be <br />3.75%, resulting in annual payments of $8,581.41. To this would be added $858.14 per year for <br />the first 10 years to fund the emergency reserve account, for a total annual cost of $9.439.55. <br />Table 3 is a summary of the financial aspects of the project. Monthly assessments may change <br />from $40 per share depending on the final cost of the project. <br /> <br />Table 3. Financial Summary <br /> <br />Hope Ditch Company <br />Replacement Well Feasibility Study <br />December 2005 <br /> <br />Page 9 of 10 <br />