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Santa Maria Reservoir Company <br />September 13, 2013 (Updated September 26, 2013) <br />Page 6 of 7 <br />CWCB Loan Program <br />Agenda Item 29b <br />Financial Analysis <br />The Company qualifies for the agricultural interest rate of 1.75% for a 30 -year term. Table 3 <br />provides a financial summary of the loan request. <br />TABLE 3: LOAN FINANCIAL SUMMARY <br />Total Project Cost <br />$4,055,000 <br />WSRA Grant Request (25% of total Project cost ) <br />$1,013,750 <br />CWCB Loan Amount (75% of total Project cost) <br />$3,041,250 <br />CWCB Loan Amount (including 1% Service Fee) <br />$3,071,633 <br />CWCB Annual Loan Payment <br />$132,480 <br />CWCB Annual Loan Obligation (including reserve account) <br />$145,728 <br />Number of Shareholders <br />250 <br />Number of Shares <br />5,400 <br />Current Annual Assessment (per Share) <br />$40 <br />Annual Cost per share for loan repayment <br />$27 <br />Total Cost of Project per AF of Storage Recovered 12,000 AF <br />$338 <br />Creditworthiness: <br />The Company has an existing $1,405,163 CWCB loan approval (2012 contract number C150350) <br />with annual payments set at $$60,604 for the Conveyance System Project. The loan terms are 30 <br />years at the agricultural interest rate of 1.75 %. Additionally, the Company paid off a $454,000 <br />CWCB loan in 2003. The loan terms were 20 years at 5% per annum. The Company deferred a <br />payment in 1994 but ultimately paid off the loan early, making it a 13 -year term. <br />In addition to assessment revenues, the Company also receives $5,000 annually from a fishing club <br />lease. <br />