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<br />. <br /> <br />. <br /> <br />. <br /> <br />Loan Financial Activity <br /> <br />Loan Financial Activity relative to the Water Project Construction Loan Program for the period from <br />July 2002 through February 2003 is detailed on the following attachment. Funds received relative to <br />loans in repayment totaled $8.9 M for this period of Fiscal Year 2003. Funds disbursed relative to new <br />project loans totaled $18.9 M for the same period. Net activity resulted in $10.0 M disbursed from the <br />CWCB Construction Fund and the Severance Tax Trust Fund Perpetual Base Account (STTFPBA) <br />over the total received. <br /> <br />Further breakdown is summarized as follows: The Construction Fund portion consists of $7.1 M in <br />receivables and $16.5 M in disbursements for a total net activity of $9.4 M disbursed over received. <br />The STTFPBA consists of$1.8 M in receivables and $2.4 M in disbursements for a total net activity of <br />$0.6 M disbursed over received. <br /> <br />LoaD Repayment Delinquency <br /> <br />Loan Repayments received relative to the Water Project Construction Loan Program have been <br />reviewed for the period covering July 2002 through February 2002. The effective due date of the <br />payment is inclusive of the Board's current 30 day late policy. Hence, the date the payment was <br />received was compared to the last day allowable prior to the payment being considered late. <br /> <br />Repayments due for the first eight months of Fiscal Year 2003 totaled 137. There were three payments <br />not received on time during this period. The loan payment for Paradox Valley Canal and Reservoir <br />Company was received between 30 and 60 days late. The payments for Pinon Mesa Ranches <br />Community Association and Coon Creek Reservoir & Ditch Company have not been received to date. <br />Thus, the on-time performance for the total repayments due was 98% in compliance or 2% not in <br />compliance. <br /> <br />The Town of Starkville has been making periodic payments to bring their account current. Coon <br />Creek Reservoir & Ditch Company has been notified of their delinquency and we are attempting to <br />bring them current. Pinon Mesa Ranches Conununity Association is now in default of their loan <br />obligation and we will cash in their Certificate of Deposit to cover part of their obligation. <br /> <br />35 <br />