C150316 feas study - Laserfiche WebLink

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� Credit Worthiness The Trinchera. Irrigation Company assesses shareholder fee's annuaily. The assessments are voted on and set by shareholders at the annual meeting held the second Tuesday of March each year based on the projected opera.ting costs and debt service. If expenses exceed the projected budget amount the TIC draws funds from a$75,000.00 line of credit from the Alamosa State Bank in Alamosa, CO. The loan atnount is included in the next years projected expenses and repaid when the first assessments are received. Nothing is owedatthistime.� Iy rePayi� ts� ��c.'�� r�Q4i`cs�� re��;��d � TIC has an outstanding loan with the CWCB dated Septembe� 1, 1993. The remaining 0 �1� amount is $395,614.05, the annual payrnent is $18,622.92, and the maturity date is G �53� September l, 2034. This loan was for rehabilita.tion of the Mountain Home Res�rvo�r Dam. TIC has made all scheduled payments on this loan. TIC has an outstanding loan with the CWCB dated Mazch 1, 2010 in the amount of $606,00(�.00. The annual payment is 29 926.96 due September 1 st annually. The , maturity da,te is September 1, 2035. This loan was for repairs to the dam at Smith G Reservoir. TIC made the payment for the interest that accrued during the construction phase of the project. Complete financial information may be found in TIC's Annual reports in Appendix F. • Collateral As security for the CWCB loan Trinchera Irrigation Company can pledge assessment income and the project itself. Economic Analysis The economic benefit of the project is considerable. $ecause agriculture is the principle economic basis of the area the ability to use a11 decreed surface water is essential not only to shareholders but to the economy of Northern Costilla County. The ability to deliver available surface water for the shareholders' use helps to reduce the need for pumping water from the aquifer therefore benefiting a11 area residents: Social and Physical Impacts: The project will ha.ve no signifirant sociat impact as the canal will continue to operate as it has in the past. Physical impacts include the change from the open dilapidated flum� system to an efficient underground pipeline.