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<br />'- <br /> Glenwood Irrigation Company Agenda Item 12b. <br /> May 20-21, 2002 <br />. Table 1: GIC Share Ownership and Blended Interest Rate <br /> Shareholder Rate Category Year 2001 Rate # Shares GIC Rate x Shares <br /> AQricultural AQricultural 2.75% 573.5 1577 <br /> Residential Municipal 4.75% 917.5 4358 <br /> Subdivisions HiQh Income <br /> Totals 1,500 5935 <br /> 30-year blended rate for the GIC I Blended Rate = 5935 /1500 shares 4% <br /> Alternative financing sources: The Company actively sought alternative financing. They were <br /> not able to obtain a grant from the NRCS to cover project planning and design or completion of <br /> the Feasibility Study. The GIC has applied for a $15,000 grant from the Colorado River Water <br /> Conservation District. Table 2 is a summary of funding sources for the project: <br /> Table 2: Project Funding Sources <br /> Funding Source Grant Loan <br /> Colorado River WCD (Grant requested) $15,000 <br /> GIC* $113,250 <br /> CWCB $386,000 <br /> Total ($514,250*) $128,250 $386,000 <br />. (*The GIC will also cover any costs exceeding the estimated project cost.) <br /> ... <br /> Table 3 is a summary of the financial aspects of the project. A CWCB Loan of $386,000 would <br /> have an annual payment of $24,554 (including the 1 0% reserve requirement) at the loan terms <br /> of 4% for 30 years. This represents $3.72 per acre-foot, based on year 2000 diversions of <br /> 6,600 acre-feet. <br /> Table 3. Financial Summary <br /> Proiect Cost $514,250 <br /> Number of Shareholders 69 <br /> Number of Shares of Stock 1500 <br /> CWCB Loan Amount $386,000 <br /> CWCB Loan Payment (includes 10% reserve) $24,554 <br /> Current Assessment per share $22 <br /> New Assessments per share $38 <br /> Annual Loan Cost per acre-foot (YR 2000 diversions: 6,600 acre-feet.) $3.72 <br /> Credit worthiness: The GIC recently had a construction loan with the Alpine Bank of <br /> Glenwood Springs for which all payments were made as agreed. That loan was paid off with the <br />. proceeds from the $85,000 CWCB loan that was approved in 2001. Table 4 shows the <br />Financial Ratios for the GIC and indicates, with the exception of Cash Reserves, strong ability <br />to repay the additional $386K CWCB loan with the project in place. _. <br /> 3 <br /> <br />'( <br />