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* Sell adequate shares of water in the enlargement to proceed with construction. <br /> * Prepare bid packages for contractors. <br /> * Advertise and receive bids from contractors. <br /> * Award construction contract and initiate construction. <br /> 12.9 Financing Plan: Since the project is not feasible as described herein, the financing plan <br /> shown here is not applicable but is included to indicate how the financing was contemplated in <br /> 1995. <br /> The Company will finance 75% of the cost with a loan from the CWCB for 30 years at an <br /> interest rate of 4.1%, as included in the CWCB authorization. The remaining 25% of the project <br /> cost would be funded from sale of shares and moneys accumulated by the Company prior to <br /> construction. The Company is assessing shareholders $6 per share per year for the construction <br /> which yields about $7000 per year. <br /> Using the estimated project cost of$3,000,000, a maximum of$2,250,000 would be financed by <br /> the CWCB with an annual debt service of about $132,000. The Company would pay $750,000 <br /> from revenues from the sale of shares which will not require additional debt. <br /> The Company is considering a share plan that would include 3 types of stock as described in the <br /> section for the Company. Preliminary estimates of assessments to the various types of the shares <br /> might be: <br /> "A" Irrigation shares, which are 1172 existing shares in the present reservoir, $50 per <br /> share for construction, $58,000, and $6 per share per year for debt service, $7,032. The <br /> annual O&M cost per share is estimated at $4. <br /> "B" Irrigation shares, which would be 2570 new shares in the enlarged reservoir, $150 <br /> per share to purchase going to construction, $385,500, and $20 per share per year for debt <br /> service, $51,400. The annual O&M is estimated at $4 per share. <br /> 27 <br />