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LAWMA'S CWCB LOAN PAYMENT SCHEDULE IF REMAINING ONE-HALF OF <br />THE KEESEE WATER RIGHTS WERE ACUUIRED WITH CWCB FUNDS <br />Loan No. 2008 2009 2010 - 2014 2015 - 2034 2035 - 2037 2038 - 2044 <br />C153715 $199,184 $199,184 $199,184 $199,184 $199,184 <br />C153768 $67,200 $ 67,200 $67,200 $89,297 $ 89,297 <br />C153756 $9,154 $9,154 <br />C150150 $108,575 $108,575 $108,575 $108,575 <br />New Keesee Loan $119,145 $119,145 $119,145 $119,145 $119,145 <br />Totals $384,113 $503,258 $494,104 $516,201 $407,626 $119,145 <br />LAWMA has two main sources of annual revenue, membership dues and assessments <br />on shares of LAWMA stock. Copies of LAWMA's two recent financial statements are attached <br />hereto as Appendices D and E. LAWMA's 2006 dues have been figured using the following <br />schedule: <br />Type A- Irrigation $ 275 per well. <br />Type B- Irrigation $ 375 per well. <br />Type C- Commercial $ 275 per well or other structure. <br />Type M- Municipal $ 275 per well. <br />Type P- Post-1985 $ 275 per well or other structure. <br />The Type B classification applies to new members who operate a well for irrigarion who have not <br />yet paid their back dues. Once a Type B member has paid his or her back dues, he or she becomes <br />a Type A member. <br />This dues schedule generates appro�cimately $178,760 of annual income to LAWMA. <br />In addition to the revenue generated by membership dues, LAWMA also generates revenue by <br />charging assessments on shares of LAWMA stock. LAWMA set the rate of assessments on shares <br />of LAWMA stock for 2008 at $27.30 per share. As stated above, LAWMA currently has 18,934 <br />shares and 150 preferred shares outstanding. <br />LAWMA has entered into a number of contracts to sell 400 shares of prefened <br />LAWMA stock in order to finance a portion of the $3,600,000 purchase price for the remaining one- <br />half of the Keesee water rights. The sale of the 400 shares of preferred LAWMA stock will occur <br />simultaneously with LAWMA's closing on the purchase of the remaining one-half of the Keesee <br />water rights. LAWMA will have 18,934 shares of LAWMA common stock outstanding and 550 <br />shares of preferred stock outstanding after the closing on the purchase of the remaining one-half of <br />the Keesee water rights. <br />13 <br />