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CWCB Loan Narrative Overview 15 <br />FINANCIAL OVERVIEW PREVIOUS CWCB LOAN Some elements of Phase I are the same as the design, permitting and construction activities previously reviewed and approved by the CWCB in an amount of $1,622,060. However, some elements of that plan are redundant if a new dam is constructed. To date, HCIC has not submitted any requests for funding from the previously approved loan while the diligence on a new dam was completed. Therefore, HCIC would respectfully like to withdraw the previously approved loan request. NEW CWCB LOAN APPLICATION Based on developments in HCIC subsequent to the previous CWCB loan approval, HCIC respectfully requests a new loan for $9,990,000 (including CWCB loan fees) which is divided into two parts consistent with the two phases of the above described development plan. HCIC requests $1,606,000 to complete the requirements enumerated in Phase I section of this loan application. HCIC requests $8,384,000 as part of the capital required to complete the requirements enumerated in Phase II section of this loan application. TABLE OF PROJECT FUNDING AND REPAYMENT SOURCES <br />Year and <br />Calendar <br />Quarter <br />CWCB draws <br />(includes loan <br />fees) <br />Dam <br />construction <br />costs <br />(cumulative) <br />CWCB Debt <br />Service <br />New member <br />shares sold <br />Per share <br />shareholder <br />assessment <br />2011 Q1 - $560,000 - - $84 <br />2011 Q2 $ 1,606,000 $560,000 - - - <br />2011 Q3 - $1,041,000 - - - <br />2011 Q4 - $1,601,000 $30,000 - - <br />2012 Q1 - $1,601,000 $30,000 2,500 shares @ <br />$2,400/share $148 <br />2012 Q2 - $2,663,000 $30,000 - - <br />2012 Q3 $ 8,384,000 $15,127,000 $30,000 - - <br />2012 Q4 - $21,890,000 $182,000 2,500 shares @ <br />$2,750/share - <br />2013 Q1 - $24,144,000 $182,000 - $137 <br />2014 and <br />subsequent <br />years <br />- $ 24,144,000 $182,000 - $137