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� <br />J <br />' <br />' <br />' <br />1 <br />' <br />' <br />1 <br />J <br />' <br />� <br />J <br />' <br />� <br />� <br />J <br />' <br />' <br />' <br />� <br />TABLE 4 <br />The funds required will necessitate the SIDC raise assessments to provide the cash flow indicated. <br />Revenue for operations and payment of loans is derived from assessments on 400 shares of <br />outstanding stock. Assessments are presented to stockholders and approved at the annual <br />stockholders meeting held in January of each year. The assessments have typically been around <br />the $100.00 per share level since 1996 except in 1994 and 1995 when the assessments were $130 <br />per share. Assessments for 2002 and 2003 were set at $125 per share of stock in anticipation of <br />the project. <br />The financial condition of the SIDC is solid at the present time. The SIDC has only one <br />outstanding loan for $21,045.44 which has a maturity date of March 25, 2011. They list assets <br />of $210,337 with no other long term debt or outstanding obligations. The SIDC has not carried <br />much reserve from year to year and will have to increase the assessments to pay for their <br />obligation to the CWCB. They plan to pay for their portion of the project with the sale of their <br />water right in Beaver Park Reservoir such that the increases in assessments will only be required <br />to pay for the $1,000,000 loan from the CWCB. <br />Table 8 shows the cash flow and annual financial schedule for the SIDC's operations which <br />includes the proposed $1,000,000 CWCB loan at 2.75 % interest over a 30-year repayment period. <br />The analysis in Table 8 Column (7), includes payment of $ 4,938 to a Project Reserve Fund over <br />a ten year period to provide for one yearly payment in reserve. This payment will be placed in <br />a"certificate of deposit" and we have assumed a rate of return of 5% interest on the certificate <br />of deposit which is included in column (8) as income. <br />The yearly payment to the CWCB, starting in 2005, is shown in Column (6). Funds required by <br />the SIDC for engineering services during the first year of the project are included in Column (5). <br />The total income and expenses are indicated in Columns (8) and (9) with the net income for each <br />year shown in Column (10). The Net Fund Reserve is the sum of Column (10) and the cash <br />balance from the previous year. The assessment levels were set to maintain A Net Fund Reserve <br />' Knoth Reservoir-Feasibility Study <br />0 <br />' <br />Page 10 <br />