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<br /> ; 19 <br /> , <br />Tunnel Water Co. Agenda Item 10b. <br />January 24-25, 2001. <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 /> i <br />Shares of the TWC are owned by two shareholders; ithe 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 /> Table 2: WSSC Share Ownershlo and Blended Interest Rate <br />Shareholder Rate Cateaorv Year 2001 Rilte # Shares WSSC Rate x Shares <br />Agricultural 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 Rat~ = 2859.5 / 600 shares 4.77% <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 /> Table 3: TWC Share Ownershlo and Blended Interest Rate <br />Shareholder Rate Cateaorv Year 2001 Rate # Shares TWC Rate x Shares <br />WRCC Agricultural 3.5% 150 525 . <br />WSSC Blended 4.77% 300 1431 <br /> MunicloaVAaricultural <br />Totals 450 1956 <br /> , <br />Blended rate for TWC Blended Rate = 1956/450 shares 4.3% <br />(Note: The rate for the $1.6 million Emergency loan Vias 4,5%. When combined with the new <br />$2.08 Construction Fund loan at 4.3%, the over-all Y\(eighted loan rate for the full $3.68 mil/Ion <br />loan is 4.4%.) <br /> , <br />Table 4 is a summary of the financial aspects of the ~roject. 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 /> Table 4. Finane/ail Summarv <br />Project Cost ! $4100000 <br />Total CWCS Loans (90% of Project Cost) i $3 680 000 <br />I <br />CWCB Loan Pavment Amount. includina 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: 15085 acre-feet) : <br /> 4 I <br />