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<br />Tunnel Water Co. Agenda Item 11. <br />September 25-27,2000. (Updated September 27,2000) <br /> <br />Table 3: TWC Share Ownership and Blended Interest Rate <br /> <br />Shareholder Rate Category Year 2000 Rate # Shares TWC Rate x Shares <br />WRCC Aaricultural 4% 150 600 <br />WSSC Blended 4.75% 300 1425 <br /> Municipall Aaricultural <br />Totals 450 2025 <br />Blended rate lor TWC Blended Rate = 2025 I 450 shares 4.5% <br /> <br />Table 4 is a summary of the financial aspects of the project. Annual assessments will increase <br />from $100 per share, up to $340 per share with an Emergency Loan 01 $1.6M at 4.5% for 30 <br />years. This represents an annual assessment increase of $240, or $7.16 per acre-foot, based <br />on average annual diversions 15,085 acre-feet. <br /> <br />Table 4" Financial Summary <br /> <br />Project Cost $1,770,000 <br />Loan Amount (90% 01 Project Cost) $1,600,000 <br />CWCB Loan Payment Amount, includina 10% loan reserve $108,049 <br />Number of Shareholders 2 <br />Number of Shares of Stock 450 <br />Current Assessment per Share $100 <br />Future Assessment oer Share $340 <br />Annual Project Cost per acre-foot $7.16 <br />(Averaae annual diversions: 15,085 acre-feet) <br /> <br />Credit worthiness: TlNC has no existing debt. Table 5 shows the Financial Ratios and <br />indicates, with the exception of cash reserves, average ability to repay with the project in place. <br /> <br />Table 5" Financial Ratios <br /> <br /> <br /> <br /> <br />59% <br />$3.19 <br /> <br /> <br />54% <br />$10.35 <br /> <br /> <br />As security for the loan the TlNC will pledge assessment revenues backed by assessment <br />covenant and Company property at least equal in value to the loan amount. <br /> <br />4 <br />