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<br />r. <br /> <br />" <br /> <br />Based on the above cost estimate, the Woods Lake Mutual Water and Irrigation Company requests the loan <br />amount to be increased as follows. <br /> <br />e <br /> <br />TOTAL PROJECT COST $250,000 $300,000 $550,000 <br />CWCB Loan Amount $188,000 $270,000 $458,000 <br />Company Project Share $ 62,000 $ 30,000 $ 92,000 <br />Loan Period 30 years 30 years <br />Interest Rate 3.75% 3.75% <br />CWCB Share % 75% 90% <br /> <br />ITEM <br /> <br />LOAN SUMMARY <br />INmAL LOAN I ADDmONAL LOAN I TOTAL AMOUNTS I <br /> <br />Based on the revised project cost estimate, the Fund Requirement Schedule for the project would be as <br />follows. <br /> <br /> '"~, . - <br />1998 $14,700 $ 44,167 <br />1999 $77,300 $413,833 <br /> <br />YEAR <br /> <br />FUND REQUIREMENT SCHEDULE <br />I WOODS LAKE IRRIGATION I <br /> <br />CWCB <br /> <br />e <br /> <br />A revised "ANNUAL FINANCIAL SCHEDULE" is attached as Table I and shows the required <br />assessments to fund the project with the revised cost estimates. This table is based on a loan payment of <br />$25,900 to the CWCB starting in the year 2000 and payment of the Company share of the project in 1999 <br />using $20,000 cash on hand plus a $57,300 loan amortized over 5 years at 8% interest. Based on the <br />financial schedule, the assessments are projected to rise to a high of $31.25 per share of stock from a level <br />of $7 per share of stock prior to the project. <br /> <br />Following is a breakdown of the unit costs and the benefit to cost ratios for the project. <br /> <br />The Total Proiect Cost <br /> <br />$25,900 x 30 years + $14,700 + $20,000 + $12,500 x 5 = $874,200 <br /> <br />The Total A vera2e Cost Per Year <br /> <br />$874,200 + 30 = $29,140 <br /> <br />Woods Lake Darn <br /> <br />Page 2 <br /> <br />e <br />