C150399 Feasibility Study - Laserfiche WebLink

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Sources of Funding Entity Grant Loan Percent Participation CWCB $0 $1,895,500.00 85% Fulton $0 $334,500.00 15% Totals $0 $2,230,000.00 100% The Fulton will cover any costs that exceed the estimated project cost. The Fulton is requesting a 30-year loan from the CWCB. The standard blended agricultural and municipal lending rate would be 2.45 percent, resulting in annual payments of$89,959.84. the following table provides a summary of the financial aspects of the project. A special assessment has been approved by the shareholders in the amount of$13 per share in addition to the$42 per share assessment. This represents an annual assessment increase of 4.4¢ acre-foot,based on average annual diversions 29,684 acre-feet. Financial Summary Project Cost $2,230,000.00 Loan Amount(85%of Project Cost) $1,895,500.00 CWCB Loan Payment Amount,including 10%loan reserve $2,085,050.00 Number of Shareholders 220 Number of Shares of Stock _ 7,185 Past Assessment per Share $42 Current Assessment per Share $42+$13=$55 Annual Project Cost per acre-foot (Average annual diversions:29,684 acre-feet) $3.03 per acre-foot Since all other funding for the project is in the form of self-funding,the Company would have no other debt service on this project. Credit Worthiness: Fulton's only existing debt is CWCB Loan No. C150168 with a current balance of$105,989.94. Current financial statements show Fulton operating at a net gain. Fulton as a Colorado Mutual Ditch Company does not seek any profit in its business or operations. Fulton is in the process of determining what assessments are needed to meet its operating expenses and loan obligations in the future, and will increase assessments as necessary to meet expenses. ALTERNATIVE FINANCING CONSIDERATIONS The Fulton has investigated alternative financing sources. COLLATERAL As security for the CWCB loan the Fulton can pledge assessment income. -6-