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<br />Tunnel Water Co. <br />January 24-25, 2001, <br /> <br />Agenda Item 1 Db. <br />(Updated February 5,2001) <br /> <br />. <br /> <br />loan worked out to 4.5% for a 30-year loan, based on CWCB rates in effect for year 2000.) The <br />same calculation (based on year 2001 rates) is used to determine the rate for this loan: <br /> <br />Shares of the TWC are owned by two shareholders; the WSSC (300 shares) and the WRCC <br />(150 shares.) The WRCC shareholders are agricultural. However, the WSSC shares are split <br />. between agricultural and municipal ownership: <br /> <br /> Table 2: WS C Share Owners liP an en e Interest Rate <br />Shareholder Rate Cateaorv Year 2001 Rate # Shares WSSC Rate x Shares <br />AQricultural Aaricultural 3.5% 291 1018.5 <br />Ft. Collins Municipal 5.5% 26 143.5 <br /> Averaae Income <br />Thornton Municipal 6% 283 1698 <br /> Hiah Income <br />Totals 600 2859.5 <br />Blended rate for WSSC Blended Rate = 2859.5 / 600 shares 4.77% <br /> <br />S <br /> <br />h' <br /> <br />dBI d d <br /> <br />Table 3 shows the blended rate for the TWC, based on a rate of 4.77% for the WSSC and a <br />rate of 3.5% for the WRCC: <br /> <br />. <br /> <br /> Table 3: TWC Share OwnershIP and 8 ended Interest Rate <br />Shareholder Rate Cateaorv Year 2001 Rate # Shares TWC Rate x Shares <br />WRCC Aqricultural 3.5% 150 525 <br />WSSC Blended 4.77% 300 1431 <br /> Municioal/ Aaricultural <br />Totals 450 1956 <br />Blended rate for TWC Blended Rate = 1956 / 450 shares 4.3% <br /> <br />(Note: The rate for the $1.6 million Emergency loan was 4.5%. When combined with the new <br />$2.08 Construction Fund loan at 4.3%, the over-all weighted loan rate for the full $3.68 million <br />loan is 4.4%.) <br /> <br />Table 4 is a summary of the financial aspects of the project. Annual assessments will increase <br />from $100 per share, up to $646 per share with the two CWCB loans totaling $3.68 million. This <br />represents an annual assessment increase of $546, or $16.28 per acre-foot, based on average <br />annual diversions 15,085 acre-feet. <br /> <br />. <br /> <br />Table 4. Financial Summary <br />Proiect Cost $4,100,000 <br />Total CWCB Loans (90% of Proiect Cost) $3,680,000 <br />CWCB Loan Pavment Amount, inciuding 10% loan reserve $245,597 <br />Number of Shareholders 2 <br />Number of Shares of Stock 450 <br />Current Assessment oer Share $100 <br />Future Assessment oer Share $646 <br />Annual Project Cost per acre-foot $16.28 <br />(Average annual diversions: 15,085 acre-feet) <br /> <br />4 <br />