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SECTIONFIVE Selection of Alternative and Financial Plan <br /> 5-2 <br />Table 5.2: Summary of Project Costs1 <br />Item Description Cost <br />1 Continental Dam Improvements $3,200,000 <br />2 Construction Contingency (12%) $384,000 <br /> Total Construction Cost $3,584,000 <br />3 Construction Engineering Support (12%) $430,080 <br /> Subtotal $4,014,080 <br />4 Admin and Legal (1%) $40,141 <br /> TOTAL PROJECT COST $4,054,221 <br /> TOTAL PROJECT COST (ROUNDED)$4,055,000 <br />1 - Project costs are based on 2013 dollars and costs should be reevaluated if <br />the Project is bid after 2014. <br />5.5 FINANCIAL PROGRAM <br />Total capital expenses for the recommended Project alternatives, including construction <br />and construction contingency, construction engineering, and SMRC’s administration and legal <br />support is $4,055,000.00 (rounded). SMRC is anticipating receiving 25 percent funding support <br />from the Basin and Statewide grants from the Water Supply Reserve Account (WSRA) for <br />$51,000.00 and $962,750.00, respectively, totaling $1,013,750.00. This support would reduce <br />the Project cost to $3,041,250.00. SMRC is applying for the remaining balance of <br />$3,041,250.00 through the CWCB Small Project Loan Program. SMRC’s loan request, with the <br />CWCB 1 percent service fee, totaling $30,413.00, is for the amount of $3,071,663.00. <br />During the annual stockholders’ meeting held on December 4, 2012 the stockholders <br />approved the repayment of the loan and also committed to increased assessments to pay for the <br />10 percent Project balance through a motion as presented in the meeting minutes. A copy of the <br />stockholders approval acknowledgement letter prepared by SMRC’s legal counsel, Mr. William <br />A. Paddock, is presented in Appendix A. <br />SMRC is applying for a 30-year loan. CWCB 30-year loan interest rate for agricultural <br />use is 1.75 percent. As previously stated, SMRC has 5,400 shares that are presently owned by <br />250 shareholders. <br />Revenue for operations and payment of loans was derived from assessments on 5,400 <br />shares of outstanding stock. The current assessments for 2013 are $43.00 per share that includes