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. <br /> SANFORD CANAL COMPANY <br /> APPLICANT POTENTIAL E IN KIND L MATCHING. TOTAL TOTAL <br /> LOAN WSRA GRANT °.MRCS "[` DISTRICT APPLICANT COSTS PROJET <br /> Admin $ 10,000 $ 2,000 $ 12,000 <br /> Construction $ 100,000 $ 76,000 $ 176,000 <br /> Engineering $ 15,000 $ 15,000 <br /> CWCB Loan Fee $ 1,000 $ 1,000 <br /> Feasibility Study $ 5,000 $ 5,000 <br /> Telecommunications $ 4,565 $ 4,565 <br /> TOTALS $ 101,000 $ 86,000 $ 15,000 $ 9,565 $ 2,000 $ 213,565 <br /> TOTAL PROJECT COSTS Grant&Loan=$187,000 Total Matching&In-Kind=$26,565 $ 213,565 <br /> WSRA Basin Funds $ 4,300 <br /> WSRA Statewide Funds $ 81,700 <br /> FINANCIAL PLAN iJ Sic/h44)611- ST <br /> S <br /> The Sanford Canal Company proposes to apply for a $100,000 loan from the Colorado Water <br /> Conservation Board (CWCB) for 30 years at 1.75% interest. The remainder of the project cost, <br /> the 1% loan origination fee, the loan payments, and the payment into the 10% reserve will be <br /> paid by an additional assessment of $0.10/share, with that assessment created specifically to <br /> repay the loan. <br /> Revenue for operations is derived from assessments on 50,054 shares of outstanding stock. <br /> Assessments are presented to stockholders and approved at the annual stockholders meeting. <br /> Assessments have remained at 20% except for 2010, when they were 15%. <br /> A special joint meeting was held on October 7, 2013, consisting of the stockholders of Sanford <br /> Canal Company together with those of the Ephraim Ditch Company, with participation from the <br /> District as well. Both groups of stockholders unanimously gave approval for their respective <br /> companies to apply for a CWCB Water Project Loan, each in the amount of $100,000. The <br /> Sanford Canal Company and the Ephraim Ditch Company are thus joining up with the East Bend <br /> Ditch — all having similar problems with their diversion systems — per terms explained in the <br /> grant proposal approved by the Rio Grande Basin Roundtable on August 13, 2013. The East <br /> Bend Ditch Company is bringing a significant in-kind contribution, so it is not applying for a loan. <br /> J Jpya The purpose of the Sanford Canal Loan is to contribute Sanford's share to this 3-ditch <br /> W " 1 collaboration called the "Conejos River System Confluence Management Project." <br /> The financial condition of the company is solid at the present time. The company hasio deb <br /> and no obligations other than those listed in financial statements found in Appendix E. For <br /> fiscal 2012, the Company had total income of $35,267.02 , and total disbursements of <br /> $32,205.36, for a total ending balance, including carryover from 2011, of $10,049.63. <br /> Delinquent pumping fees equal $9,195.2 <br /> Ac !mac-G A -e7 <br /> _, Prepared by thexConejos Water Conservancy District, P.O. Box�550, Manassa, CO 81141 rFa � <br /> 16 Per Contract:Nicole V.Langley,Transforma Research&Design(www.transformagrants.com) <br />