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Sanchez Qitch and Reservoir Company Consent Agenda Item 5a <br />May 17-18, 2017 Board Meeting (Updated May 19, 2Qt7) <br />Page 3 of 4 <br />TABL� 2: FINANCIAL SUMMARY <br />Original Approvai Increase New Request <br />(Se tember 2014) (July 2014) iMa 2017) <br />Total Pro'ect Cost $2,032,U00 $2,282,000 $2,402,000 <br />WSRA Grant $914,400 No Chan e No chan e <br />CWCB Loan Amount 51,117,600 $1,367,6Q0 $1,487,600 <br />CWCB Loan Amount <br />{inciuding 1% Service S1,128,776 S1,381,276 51,502,476 <br />Fee <br />CWCB Annual Loan $56,133 555,254" $60,102' <br />Pa ment (30 years at t.7SX) (40 ea�s at 2.d%} 40 ears at 2.OX) <br />CWCB Loan <br />Obligation (including <br />1096 debt reserve 561,747 $60,78Q $66,112 <br />fundin ) <br />Interest Only <br />Payment 519,754 $24,172 $30,050 <br />(first 5 ears) <br />Number of 34 34 30 <br />Shareholders <br />Number of Shares 20,777 20,777 21,790 <br />Current Annual <br />Assessment 511.50 511.b0 $14•Od <br />er Share <br />Annual Cost of <br />Project 52.83 52.93 $3.03 <br />( er Share) <br />Cost of Project pe� <br />AF to Preserve $19.70 S22.12 SZ3.29 <br />Stora e (103,155 AF) <br />" Thrs is the debt obligation Qfter the first 5 years of interest only payments. <br />Creditworthiness: The Company had two existing loans with the CWCB (C153623 and <br />C153755A}. Both Ioans we�e for rehabilitation work on the Sanchez Reservoir outlet and dam. <br />At the time of this Praject's loan request, the Company was concerned that the additional debt <br />service would be a burden on sharehotders and asked the CWCB for as5istance in scheduling the <br />debt �epayment to help balance aut the debt burden. Extra loan payments were made on loan <br />contract C153623 and the loan was paid in full in August of 2016. Extra payments on laan <br />cantract C153755A will begin in 2a17 as scheduled. See summary in Table 3. <br />