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Loan Amount from CWCB <br />$ <br />1,000,000. <br />Loan Amount from First National Bank of Ordway <br />$ <br />500,000. <br />Assessment for Engineering and Loan Origination <br />$ <br />19,860. <br />Grant for Engineering Feasibilit y <br />$ <br />5,000. <br />CWCB Loan Payment Annual <br />$ <br />63,613. <br />First National Loan Payment Annual <br />$ <br />67,934. <br />Total Loan Payment <br />$ <br />131,547. <br />Number of Shareholders <br />85 <br />Number of Shares of Stock <br />40,621.385 <br />Current Assessment per Share 2002 <br />$ <br />5.50 <br />Additional Assessment per Share Both Loans <br />$ <br />3.24 <br />The Company will have no other debt service attributable to this project. If the <br />Colorado Department of Wildlife participates with the installation of fish screens, it is <br />expected that separate funding will be provided by other agencies for that construction. <br />Where possible the outlet structure will be designed to accommodate the fish screens. <br />Operating costs will decrease as a result of this project. In the last three years, a <br />total of $385,000 has been spent on maintenance dredging of the channel. Maintenance <br />dredging is now required anytime the water level falls below Elevation 4247, which is a <br />storage volume of 10,800 acre -feet and 26% of the contents. The water level has been <br />drawn down below elevation 4247 nineteen of the last 30 years. <br />Credit worthiness <br />Lake Meredith Reservoir Co. has no existing debt. Revenues will be balanced <br />with the Company expenses by assessments. <br />Alternative financing considerations <br />Local banks have been contacted to consider financing. First National Bank of <br />Ordway will finance about one third of the project, as stated above. The Company <br />investigated funding from CWRPDA but the project does not qualify for those monies. <br />Collateral <br />Lake Meredith Reservoir Co. will pledge assessment income and the project <br />structures as collateral for the loan(s). The depreciated value of the reservoir and <br />improvements, according to the 12/31/2002 balance sheet is $710,473. The new outlet <br />structure and Bob Creek sediment control structure will add new value to the property of <br />about $500,000. The new value of the system will therefore be about $1.2 million. <br />Lake Meredith Res. Co. 3/7/03 <br />Feasibility of Outlet Channel Page 8 <br />