C150299 Fesability Study - Laserfiche WebLink

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TABLE 4 r~uNli x~c~ui~:M~N~i ac;r~~;liuL~; LCRC plans to apply for a$389,700 loan from the Colorado Water Conservation Board (CWCB) small projects fund. This would represent a 90% loan with the remainder of the project to be paid from yearly assessments on the shares of stock. The funds required for design, through construction, and then the 30 year loan repayment period is shown in Table 4. Revenue for operations and payment of loans is derived from assessments on 160 shares of outstanding stock. Assessments are presented to stockholders and approved at the annual stockholders meeting held in January of each year. The assessment for the past ten years are shown below. YEAR ASSESSMENT YEAR ASSESSMENT 2000 $115 2005 $130 2001 $130 2006 $130 2002 $130 2007 $150 2003 $130 2008 $150 2004 $130 2009 $150 The financial condition of the company is sound. The company only has one outstanding debt which is to the Colorado Water Conservation Board for the rehabilitation of North and South Gray Reservoirs. The balance on this loan is approximately $ 53,884 and has a maturity date of July 2018. The yearly payment on this loan is $6,920 which is $43.25 per share of stock. This loan is included in the Annual Financial Schedule which is shown in Table 8. The LCRC does expect to raise their assessments to pay for their 10% share of the project and the annual loan payment. However, the LCRC had income in excess of $192,000 form the sale of water for augmentation the past three years and expects to utilize this income to help pay their 10% portion of the plan in addition to the normal assessments. The LCRC typically has cash reserves of approximately 20% of their operating costs and can require a special assessment if they have higher Gray Reservoirs-Feasibility Study Page 9