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For the past 4 years the Company's annual assessments have been set at $150 per share, which <br />generates $75,000 in revenue annually. The Company has a current annual operating expense of <br />$10,000 and a future debt obligation of $76,533, which will require the Company to increase its <br />annual assessments from $150 to $175 per share to cover its future expenses. <br />Ute Water Conservancy District h�as shown support for the project and indicates a value of this <br />stored water at $3,000/ac-ft. The value of 500 shares of Company stock which produces 800 ac- <br />ft of water is $2,400,000. <br />Staff Recommendation (Board approved staff recommendations on September 15, 2009) <br />Staff recommends that the Board approve an increase of $244,218($241,800 for project costs and <br />$2,418 for the 1% loan service fee) to the Bull Creek, Canal and Power Company, from the <br />Severance Tax Trust Fund Perpetual Base Account, at its current interest rate of 2.5% for 30 <br />years. The Company's total amended loan amount will be $1,456,218($1,441,800 for project <br />costs and $14,418 for the 1% loan service fee) for the enlargement of Bull Creek Reservoir No. <br />4. Security for the loan shall remain in compliance with CWCB Financial Policy No. 5. <br />cc: John Groo, Secretary, Bull Creek Reservoir, Canal and Power Company <br />Susan Schneider, AGO <br />