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<br />The Silt Water Conservancy District will cover any costs that exceed the estimated <br />project cost. For the CWCB portion of the financing, the Silt Water Conservancy <br />District is requesting a 30 year loan for $486,000 from the Construction Fund at a <br />lending rate of2.750/0, resulting in annual payments of $24,000.83. <br /> <br />Since all other funding for the project is in the form of grants, the Company would <br />have no other debt service on this project other than a loan for this project. <br /> <br />Credit worthiness: The outstanding debt of the District is a government loan with <br />an unmatured contract amount of $345,600, repayable to the Bureau of <br />Reclamation. Payments to the Bureau of Reclamation have been made in a timely <br />manner and the loan is current. The annual payment is $19,200. The original loan <br />was for 50 years with a maturity date of 2020. The only other outstanding debt is a <br />Colorado Water Conservation Board loan with an unmatured contract amount of <br />$96,363. The annual payment is $5,783, maturing in the year 2030. <br /> <br />Alternative financing considerations: The Silt Water Conservancy District has <br />investigated alternative financing sources. They have obtained a pledge from the <br />Bureau of Reclamation for $15,000 to help with the design of the project. A grant <br />application was submitted to the Energy and Mineral Impact Assistance Program <br />in July, 2002. This grant request was denied by the Advisory Committee in <br />October, 2002. <br /> <br />Collateral: As security for the CWCB loan, the District will pledge an assessment <br />income and a certificate of deposit equivalent to one annual payment of the loan <br />($24,000.83). <br /> <br />Insurance: Insurance is by Potter/Canyon Insurance Agency with the policy <br />through KEMPES, a Kemper Company. <br /> <br />Proiect Cost <br />Loan Amount (90% ofProiect Cost) <br />CWCB Loan Payment Amount <br />Number of Shareholders <br />Number of Shares of Stock <br />Current SWCD Assessment per Share <br />Current SWCD Account Fee per Shareholder <br /> <br />Silt Water Conservancy District Financial Summary <br />$ 540.100 <br />$ 486.000 <br />$ 24.001 <br />324 <br />10.355 <br />$ 9.00 <br />$ 150.00 <br /> <br />2 <br />