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<br />Louden Irrigating Canal & Reservoir Company <br />July 15,2008 <br />Page 5 of 6 <br /> <br />Agenda Item 16a <br /> <br />Project Schedule <br /> <br />Task <br /> <br />Target Completion Date <br />September 2008 <br />January 2009 <br />July 2009 <br />August 2009 <br />September 2009 <br />December 2009 <br /> <br />Design <br />SEO Design Review <br />Bid <br />Award Bid <br />Start Construction <br />Project Complete <br /> <br />Financial Analysis <br /> <br />Table 2 shows a summary of the financial aspects of the loan request. The Borrower has a mix of <br />agricultural, municipal, and commercial shareholders. (The shareholder breakdown was: 232 <br />agricultural shares, two low income municipal shares, 328 middle income municipal shares, one <br />high income municipal share, and 36 commercial shares.) Based on share ownership, blended <br />interest rate becomes 3.5% for a 30-year term. <br /> <br />Table 2. Financial Summary <br /> <br />PROJECT/LOAN <br />Total Project Cost $290,000 <br />CWCB Loan (90% ofthe Project cost) $261,000 <br />CWCB Loan (Including 1 % Service Fee) $263,610 <br />CWCB Annual Loan Payment $14,333 <br />CWCB Loan Obligation (including 10% debt reserve funding) $15,766 <br />Number of Shares 600 <br />Annual Cost Per Share for Project $26.28 <br />Annual Cost of Loan per AF (based on 491 AF with Reservoir at full capacity) $32 <br />Assessments per share $130 <br /> <br />Creditworthiness: The Borrower's current assessment is $130/share. Rates have been increased <br />overrecent years: $105 in 2005, $120 in 2006-2007, and raised to $130 for 2008 in anticipation of <br />this Project. The current assessment of $ 130/share will cover the CWCB debt service. The <br />Borrower has no existing debt. <br />