14d ‎(2)‎

• Board Meeting Date: 7/22/2008
• Description: Directors' Reports - CWCB Director
• Board Meetings - Doc Type: Memo

WATER PROJECT CONSTRUCTION LOAN PROGRAM
LOAN REPAYMENT DELINQUENCY REPORT
LOAN FINANCIAL ACTIVITY REPORT
ATTACHMENT 5D-02 JULY 2008
LOAN REPAYMENT DELINQUENCY
Loan Repayments received relative to the Water Project Construction Loan Program have been reviewed
for the period covering July 2007 through June 2008. The effective due date of the payment is inclusive
of the Board's current 30 day late policy. Hence, the date the payment was received was compared to the
last day allowable prior to the payment being considered late.
Repayments due for the Fiscal Year 2008 totaled 255. There were nine loan payments not received on
time during this period. The loan payments from the Town of Palisade and the Bauer Lakes Water
Company were received less than 30 days late. Two loan payments from the Excelsior Irrigating
Company and one from the Sheek Ditch Company were received over 30 days late. One payment from
the Hawkeye Lateral Ditch Company was received over 60 days late. The payment from Rodney Preisser
is over 240 days late and has not been received to date. The payment from the Arkansas Groundwater
Users Association is over 60 days late and has not been received to date. The June payment for the Town
of Starkville has not been received to date. Thus, the on-time performance for the total repayments due
was 96% incompliance or 4% not in compliance.
As an additional note, the Town of Starkville has not met its obligations since Fiscal Year 2006.
LOAN FINANCIAL ACTIVITY
Loan Financial Activity relative to the Water Project Construction Loan Program for Fiscal Year 2008 is
detailed on the following attachment. Funds received relative to loans in repayment totaled $17.0 M for
this period. Funds disbursed relative to new project loans totaled $21.7 M for this period. Net activity
resulted in $4.7 M disbursed from the CWCB Construction Fund and the Severance Tax Trust Fund
Perpetual Base Account (STTFPBA) over the total received.
Further breakdown is summarized as follows: The Construction Fund portion consists of $11.4 M in
receivables and $6.6 M in disbursements for a total net activity of $4.8 M received over disbursed. The
STTFPBA consists of $5.6 M in receivables and $15.1 M in disbursements for a total net activity of $9.5
M disbursed over received.
(Steve Biondo)