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column (13). This is approximately 30% of their normal operation expenses and should be an <br />adequate reserve. <br />The assessment level in column (1) was set at the amount needed to fund the normal operating <br />expenses. This was held constant as was the Other Income (4) and Company O&M Expense (5) and <br />no inflation was considered in this analysis. <br />As shown in Table 12, the added assessments to fund the Well Augmentation Project are projected to <br />be $6055.94 in 2008, $3288.24 in 2009, $3746.39 from 2010 through 2012, and $2809.79 most of <br />the remaining years until the loan maturity in 2039. <br />OAC proposes to raise the assessments in 2008 and 2009 to generate the 10% of the project required <br />by the CWCB for the loan, column (6). Additionally, OAC proposes to raise the assessments in 2008 <br />to acquire the required reserve amount equal to one annual loan payment at the time of the first loan <br />disbursement request, column (8). Additional funds to be placed in a certificate of deposit are to be <br />generated by raising the assessments between 2010 and 2012, column (9). <br />10.0 ALTERNATIVE FINANCING <br />OAC investigated standard loan financing for this project, but was unsuccessful due to insufficient <br />collateral owned by the company. <br />11.0 IMPLEMENTATION SCHEDULE <br />OAC intends to utilize the water rights subject to this CWCB loan application for augmentation <br />beginning in Apri12009. The following schedule is proposed for implementation of the project: <br />Task <br />1. Feasibility Study <br />2. Water Rights Purchases <br />3. Design <br />4. Bid <br />5. Award Bid <br />6. Start Construction <br />7. Project Completion <br />Tar e~pletion Date <br />8/1/08 <br />12/1 /08 <br />12/31/08 <br />1/15/09 <br />2/1/09 <br />2/ 15/09 <br />4/1/09 <br />Feasibility Study of the Ogilvy Augmentation Comparry <br />Well Augmentation Project <br />Page 21 <br />