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Table 1
<br />~
<br />Construction Items Ori . Est. Revised Est. Increase
<br />1. Construction $641,000 $1,847,760 $1,206,760
<br />2. En 'neerin $14,900 $17,900 $3,000
<br />3. Contin ency $64,100 $434,340 $370,240
<br />Torals: $720,000 $2,300,OU0 $1,580,000
<br />One of the main cost overruns associated with the project was having to replace the entire diversion
<br />structure. This required an additional 180 feet of diversion structure removal and replacement.
<br />Additionally, the reconstruction, realignment, and installation of new Bladder Gates at the intake
<br />structure also added a significant cost to the project. These items will cost the District an additional
<br />$1,206,760 to complete. Finally, the engineer has budgeted $373,240 in contingencies and
<br />engineering to account for the overall projected cost ovemzn of approximately $1,580,000.
<br />The District is requesting an increase of $1,436,220 to its current loan authorizarion of $654,480 to
<br />cover 90% of the total cost of the project. The new total amended loan amount for the District
<br />would be $2,090,700 at its original interest rate of 2.25 % for 30 yeazs. The new annual payment
<br />will be $106,248, which includes the 10% reserve requirement. The District's current loan of
<br />$654,480 has an annual payment of $33,260.
<br />~nancial Analysis
<br />Table 2 is a summary of the financial aspects of the project. The CWCB loan will be repaid
<br />from annual acreage assessments. The land currently assessed by the District is 19,177 acres.
<br />• mma
<br />Table 2. Financial Su
<br />Total Pro'ect Cost $2,300,000
<br />CWCB Loan Arnount $2,070,000
<br />CWCB Loan Arnount (Includin 1% Service Fee) $2,090,700
<br />CWCB Loan Pa ent $96,589
<br />CWCB Loan Pa ent (Includin 10% Reserve) $106,248
<br />Previous Assessment er acre (2007) $46.58
<br />A roved 2008/9 Bud et Assessment er acre $46.58
<br />Annual Cost of Loan er acre-foot delivered (19,900 ac-ft.) $5.34
<br />Annual Cost of Loan er acre Assessed (19,177) $5.54
<br />Number of Acres Assessed 19,177
<br />Assessment Levy History / acre: 2009- $46.58; 2008 -$46.58; 2007 -$18; 2006 -$13;
<br />2005 - $10; 2004 - $10.
<br />`~, :,
<br />Creditworthiriess: The District has three existing loans with the CWCB, summarized as follows
<br />in Table 3:
<br />Table 3
<br />Loan Amount Borrowed Balance Annual Pa ment
<br />Em ire Res. - S illwa $723,950 715,000 $38,354
<br />Diversion Structure $2,090,700 $2,090,700 $106,248
<br />Em ire Res. - E. Dam $4,454, l 00 $4,454,100 $226,354
<br />Totals: $7,268,750 $7,259,800 $370,956
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