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Riverside Canal and Allen Extension Company <br />November 10, 2009 (GPDATED November l8, 2009) <br />Page 4 of 5 <br />TABLE 2 <br />TOTAL PROJECT COST SUMMARY <br />Agenda Item 26b <br />Phase Construction Cost Contingency � Engineering Fees Total Cost <br />1 $129,000 $7,500 $17,000 $153,500 <br />2 $33,000 $2,800 $3,700 � $39,500 <br />� <br />3 $11,000 $500 � $500 � $12,000 <br />TOTAL5 $173 000 $10 800 � $21,200 $205,000 <br />� <br />� <br />Financial Analysis <br />Table 3 shows a summary of the financial aspects of the loan request. The Company shareholders <br />are entirely agricultural; therefare, an interest rate of 2.75% for a 30-year loan applies. <br />Creditworthiness: The Company has one existing loan with the CWCB for its siphon project. The <br />original 2002 loan approval was for $50,000. Annual payments are $2,469. The balance of the <br />loan is $35,491. All paym�nts have been made on time and the Company is in good standing with <br />the CWCB. <br />The Company's recent assessnients have not been generating eno�igh revenue to cover operating <br />expenses and debt service; so it has been using cash reserves to make up the balance. In addition to <br />increasing assessments to cover operating expenses and debt service, the Company will levy a <br />special assessl��ent to generate the 10% matching funds for the Project. <br />TABLE 3 <br />FINANCIAL SUMMARY <br />