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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)
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