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<br />
<br />FUND REQUIREMENT SCHEDULE
<br />
<br />The L TWD and the CWCWD are seeking funding through the Colorado Water
<br />Conservation Board "Construction Fund" to finance $7,875,000 of the project.
<br />The two Districts will fund the remaining amount with their cash reserves and
<br />through an increase in their water rates.
<br />
<br />The expected fund requirement schedule for the project, with an estimated
<br />project total cost of $10,500,000 is as shown below. The 75% loan amount from
<br />the CWCB will be $7,875,000 and the required 25% participation for the two
<br />Districts will be $2,625,000. Each entity will borrow one half of the loan amount,
<br />$ 3,937,500, from the CWCB. This schedule of when those funds will be needed
<br />is based on design starting in 2003, construction starting in 2004 and being
<br />completed in 2005.
<br />
<br />The Fund Requirement Schedule shows the funds required by the Districts and
<br />the CWCB to complete the project on the schedule shown in Table 2. In 2003,
<br />funds will be required for engineering, surveying, subsurface investigations,
<br />environmental assessment, and land acquisition. In 2004 and 2005 funds will be
<br />required for engineering and construction. After 2005, the funds required by the
<br />two Districts are the yearly payment for the CWCB loan repayment.
<br />
<br />
<br />
<br />2003 $ 3;406,500 $ 2,554,875 $ 425,813 $ 425,813
<br />2004 $ 1,773,375 $ 1,330,031 $ 221,672 $ 221,672
<br />2005 $ 5;320,125 $ 3,990,094 $ 665,016 $ 665,016
<br />2006
<br />thru Annual Payment For 20 years $ 291,012 $ 293,590
<br />2025
<br />TOTALS $10,500,000 $ 7,875,000 $ 7,132,741 $7,184,301
<br />
<br />Note that the totals provided in Table 2 do not include the 10% reserve (for a total of one
<br />payment) required by the CWCB to be placed in a Certificate of Deposit. This reserve is used to
<br />make the final payment and does not change the overall cost of the project.
<br />
<br />FINANCIAL ANALYSIS
<br />
<br />The L TWO and the CWCWD propose to apply for a combined loan amount of
<br />$7,875,000 from tre Colorado Water Conservation Board (CWCB). Each District
<br />
<br />Dry Creek Reservoir Feasibility Study
<br />
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