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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />a total annual cost of $28,233. This requires an assessment of $ 56.50 per share. Table 4 <br />summarizes financial data. <br /> <br />Table 4. Financial Summary <br /> <br />Proiect Cost 570,000 <br />Loan Amount (90% of Proiect Cost) 513,000 <br />CWCB Annual Loan Payment Amount, includina 10% loan reserve 28,233 <br />Number of Shareholders 19 <br />Number of Shares of Stock 500 <br />Current Assessment per Share 30 <br />Future Assessment per Share 60 <br />Annual Project Cost per acre-foot <br />(Averaae storaae and release of 586.56 acre-feet) $56.50 <br /> <br />CREDIT WORTHINESS <br /> <br />The Company currently has no debt, with exception of approximately $40,000 incurred for <br />engineering and permitting support of this application. Current and anticipated financial ratios <br />are shown in Table 5 below, <br /> <br />Table 5. Financial Ratios <br /> <br />Financial Ratio <br /> <br />Operating Ratio (revenue/expense) <br /> <br />Debit Service Coverage Ratio <br />revenues-ex enses /debt service <br /> <br /> <br /> <br />$ 7.40/ AF <br />(strong) <br /> <br />ALTERNATIVE FINANCING CONSIDERTA TONS: <br /> <br /> <br />ro'ect <br /> <br />The Reservoir Company has investigated alternative financing sources. The Reservoir <br />Company has not needed financing in the past and is thus investigating financing options. <br /> <br />Bull Creek Reservoir, Canal and Power Company <br />Bull Creek Reservoirs Nos. 1,2 and 4, Feasibility Study <br />May 31,2004 <br /> <br />Page 10 of 12 <br />