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As shown in the above table, a total of $593,901 will need to be generated from dues <br />and assessments in 2008, $724,961 in 2009, $715,807 during 2010 through 2014, $696,019 during <br />2015 through 2018, $706,201 during 2019 through 2034, $597,622 during 2035 through 2037, and <br />$309,145 during 2038 through 2044 to cover LAWMA's operating, engineering and legal expenses <br />and to cover LAWMA's CWCB loan payments and the additional 10% CWCB loan retainage <br />requirement. Accordingly, since LAWMA's current level of dues and assessments are projected to <br />generate $730,192 in annual revenue, LAWMA's annual revenue will be sufficient, if the current <br />assessment rate is maintained, to cover LAWMA's operating, engineering and legal expenses and <br />its CWCB loan payments. <br />D. Financial Impact on LAWMA Members. <br />The table below depicts the level of share assessments that will be required to cover <br />LAWMA's annual operating expenses and its current CWCB loan payments without the purchase <br />of the remaining one-half of the Keesee water rights. <br />PROJECTED LAWMA SHARE ASSESSMENTS TO COVER <br />OPERATING EXPENSES AND EXISTING CWCB LOANS WITHOUT PURCHASE OF <br />THE REMAINING ONE HALF OF THE KEESEE WATER RIGHTS <br />2008 2009 2010 - 2014 2015 - 2018 2019 - 2034 2035 - 2037 2038 - 2044 <br />$21.54 $21.54 $21.10 $21.18 $21.18 $15.55 $5.22 <br />The projected share assessments described in the ta.ble above amount to an average assessment of <br />$20.63 per share from 2008 through 2037. <br />The table below depicts the level of share assessments that will be required to cover LAWMA's <br />annual operating expenses and its CWCB loan payments with the purchase of the remaining one-half <br />of the Keesee water rights. The table below assumes that LAWMA has the equivalent of 20,199 <br />shares of common stock outstanding (18,934 common shares and 550 preferred shares). <br />PROJECTED LAWMA SHARE ASSESSMENTS TO COVER <br />OPERATING EXPENSES, EXISTING CWCB LOANS AND PROPOSED CWCB LOAN <br />FOR THE PURCHASE OF TI�E REMAINING ONE-HALF <br />OF THE KEESEE WATER RIGHTS <br />2008 2009 2010 - 2014 2015 - 2018 2019 - 2034 2035 - 2037 2038 - 2044 <br />$20.56 $27.05 $26.59 $25.61 $26.12 $20.74 $6.46 <br />The projected share assessments described in the table above amount to an average assessment of <br />$25.44 per share from 2008 through 2037. <br />16 <br />