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LAWMA's Bylaws provide that 1 share of preferred stock is equivalent to 2.3 shares <br />of common stock for purposes of voting and assessments. Therefore, LAWMA currently has the <br />equivalent of 19,279 common shares that will be chazged assessments at the rate of $27.30 per shaze. <br />Upon closing on the purchase of the remaining one-half of the Keesee water rights and selling the <br />400 preferred shares, LAWMA will have the equivalent of 20,199 shares that will be charged <br />assessments at the rate of $27.30 per share. In 2008, assessments on shares of LAWMA stock are <br />projected to generate either $526,316 or $551,432 of additional annual income to LAWMA <br />depending on whether LAWMA has the equivalent of 19,279 or 20,199 common shares. In sum, <br />LAWMA's current level of inembership dues and assessment rate are projected to generate either <br />$705,076 or $730,192 of revenue in 2009 depending on whether LAWMA has the equivalent of <br />19,279 or 20,199 common shares. <br />The table below projects LAWMA's income, operating expenses and CWCB loan <br />debt service during 2008 through 2044. LAWMA also understands that the CWCB requires it to <br />retain an additional 10% above its CWCB annual loan payments in its cash reserves for the first <br />10 years of the CWCB loan repayment period. This analysis also factors in that additional 10% of <br />retainage. <br />14 <br />