BOARD00543

• Board Meeting Date: 7/28/2003
• Description: CWCB Director's Report
• Board Meetings - Doc Type: Memo

Water Project Constructiop Loan Program
Loan Repayment Delinquency Report
Loan Financial Activity Report
July 2003

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Loan Repayment Delinquency

Loan Repayments received relative to the Water Project Construction Loan Program have been
reviewed for the period covering July 2002 through June 2003. The effective due date of the payment
is inclusive of the Board's current 30 day late policy. Hence, the date the payment was received was
compared to the last day allowable prior to the payment being considered late.

Repayments due for Fiscal Year 2003 totaled 204. T4ere were four payments not received on time
during this period. The loan payment for the Consoli~ated Extension Canal Company was received
less than 30 days late. The loan payment for Paradox Valley Canal and Reservoir Company was
received between 30 and 60 days late. The loan paymerlt for Coon Cniek Reservoir & Ditch Company
was received over 60 days late. The payment for Pinon Mesa Ranches Community Association has
not been received to date. Thus, the on-time performance for the total repayments due was 98% in
compliance or 2% not in compliance.

The Town of StarkviIle has made two annual payments to bring their account more current. Coon e
Creek Reservoir & Ditch Company has made its payment and expects to be on time in the new year.
Pinon Mesa Ranches Community Association is now in default of their loan obligation and their
Certificate of Deposit has been redeemed to pay a portion of their loan.

Loan Financial Activity

Loan Financial Activity relative to the Water Project C9nstruction Loan Program for Fiscal Year 2003
is detailed on the following attachment. Funds receiveq relative to loans in repayment totaled $15.8 M
for the year. Funds disbursed relative to new project loans totaled $21.1 M for the year. Net activity
resulted in $5.3 M disbursed from the CWCB Constniction Fund and the Severance Tax Trust Fund
Perpetual Base Account (STTFPBA) over the total received.

Further breakdown is summarized as follows: The Construction Fund portion consists of $14.0 M in
receivables and $18.5 M in disbursements for a total net activity of $4.5 M disbursed over received.
The STTFPBA consists of$1.8 M in receivables and $2.6 M in disbursements for a total net activity of
$0.8 M disbursed over received.

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