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WATER PROJECT CONSTRUCTION LOAN PROGRAM <br />LOAN REPAYMENT DELINQUENCY REPORT <br />LOAN FINANCIAL ACTIVITY REPORT <br />MAY 2008 <br />LOAN REPAYMENT DELINQUENCY <br />Loan Repayments received relative to the Water Project Construction Loan Program have been reviewed <br />for the period covering July 2007 through Apri12008. The effective due date of the payment is inclusive <br />of the Board's current 30 day late policy. Hence, the date the payment was received was compared to the <br />last day allowable prior to the payment being considered late. <br />Repayments due for the first ten months of Fiscal Year 2008 totaled 199. There were seven loan <br />payments not received on time during this period. The loan payment from the Town of Palisade was <br />received less than 30 days late. Two loan payments from the Excelsior Irrigating Company and one from <br />the Sheek Ditch Company were received over 30 days late. One payment from the Hawkeye Lateral <br />Ditch Company was received over 60 days late. The payment from Rodney Preisser is over 120 days late <br />and has not been received to date. The payment from the Arkansas Groundwater Users Association is <br />less than 30 days late but has not been received to date. Thus, the on-time performance for the total <br />repayments due was 96% incompliance or 4% not incompliance. <br />For Fiscal Year 2007, the loan payment from the Town of Starkville has not been received to date. In <br />addition, the Town of Starkville has not met its obligations since Fiscal Year 2006. <br />LOAN FINANCIAL ACTIVITY <br />Loan Financial Activity relative to the Water Project Construction Loan Program for Fiscal Year 2008 is <br />detailed on the following attachment. Funds received relative to loans in repayment totaled $12.8 M for <br />this period. Funds disbursed relative to new project loans totaled $15.5 M for this period. Net activity <br />resulted in $2.7 M disbursed from the CWCB Construction Fund and the Severance Tax Trust Fund <br />Perpetual Base Account (STTFPBA) over the total received. <br />Further breakdown is summarized as follows: The Construction Fund portion consists of $7.8 M in <br />receivables and $3.5 M in disbursements for a total net activity of $4.3 M received over disbursed. The <br />STTFPBA consists of $5.0 M in receivables and $12.0 M in disbursements for a total net activity of $7.0 <br />M disbursed over received. <br />