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Table 2. Sources of Funding <br />(actual as of 1 -31 -2013) <br />Funding Sources: <br />NRCS EQIP cost share $300,000.00 <br />Colorado Water Conservation Board <br />Revolving Loan $250,000.00 <br />Total <br />$550,000.00 <br />The East Mesa Water Company will cover any costs that exceed the estimated project cost. <br />The East Mesa Water Company is requesting $550,000.00 loan for 30 -year from the CWCB. The <br />standard agricultural lending rate would be 3 %, resulting in annual payments of $24,458. To this <br />would be added $2,446 per year for the first 10 years to fund the emergency reserve account, for a <br />total annual cost of $26,903. estamated <br />Table 3 is a summary of the financial aspects of the project. Annual assessments are $15.00 per <br />share. With project future assessments will be $35.00 to $45.00 per share. <br />"The increase in annual assessments is to be determined. <br />Table 3. Financial Summary <br />Project Cost <br />$550,000 <br />Loan Amount 75% of Project Cost <br />$250,000 <br />CWCB Loan Payment Amount, including 10% loan reserve <br />$15,903 <br />Number of Shareholders <br />12 <br />Number of Shares of Stock <br />1003 <br />Current Assessment per Share <br />$15.00 <br />Future Assessment per Share <br />* *see above <br />Annual Project Cost per acre -foot <br />(Average annual diversions: 4,480 acre -feet <br />Since all other funding for the project is in the form of grants, the Company would have no other <br />debt service on this project. Operation and maintenance costs are expected to decrease with the <br />new diversion structure, and can be accommodated by the Company's existing budget. <br />Potential Funding <br />The Ditch Company will be applying for additional grants to assist in the funding of this project. <br />Some of the sources of fund to be applied for are: <br />USDA - NRCS Environmental Quality Incentive Program <br />Colorado River Water Conservation District - Grant Program <br />