C150345 Feasibility Study - Laserfiche WebLink

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Table 3 Financial Summary Projected Costs (Including CWCB service Fee $4751) $479,851 Loan Amount $141,211 Annual Loan Payment (including reserve) $8,606 Current average Twenty Two Road Lateral assessment $93 Average assessment paid to GVIC by shareholders $322 Total average assessment paid by shareholders $415 Contingency, repairs and liability insurance $1,600 Total Annual Budget $10,206 Future average assessment - Twenty Two Road Lateral $319 Total Assessments paid by shareholders $641 The above summary assumes the laterals shareholders retain ownership of their GVIC shares called situation "A ". Situation "B" is if all 307 GVIC shares currently assigned to this lateral were owned by the Twenty Two Road Lateral Company The Company would then have to pay assessment of $3,495 to GVIC and Twenty Two Road Lateral's shareholders would no longer have to pay assessments to GVIC. This would in effect increase the lateral's total Annual budget to $13,701 Average Twenty Two Road Lateral Assessment assuming Situation `B" $428 This represent only a modest increase in assessments provided shareholders are willing to exchange their GVIC shares for Twenty Two Road Lateral Company shares. Some shareholders may decide not to do this so assessments would have to be adjusted as necessary to meet the budget needs. Since all other funding for the project is in the form of grants, the company would have no other debt service on this project. Operations and maintenance costs are expected to decrease significantly with the new piped system and can be accommodated by the company's existing budget. Credit Worthiness: The Twenty Two Road Lateral Company has no existing debts. Currently the company's only assets are the balance in it's checking account and the existing lateral. The Company's only sources of income are the assessments paid by it's members. Table 4 reports 3 years plus 5 months of 2011 income, expenses and the status of assessment payments and 12