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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />$18.75 per share of stock during the loan period. The large initia.! jump is due primarily the need <br />to generate $138,900 to pay for the Company's share of the project and the need to generate the <br />"Project Reserve", After the year 2003 the assessment level begins to drop as the reserve <br />increases and the Company's share of the project is paid. <br /> <br />Table 11 shows the assessments for the case where the dam is not rehabilitated but rather is <br />breached. The cost to construct the breach including the temporary breach, and the surveying, <br />engineering, and geotechnica1 investigation is included in the analysis. The cost of the breach is <br />from AIternative 1, as shown in Table 4, and is assumed to be financed at 8 % interest amortized <br />over five years, The assessments increase to a maximUm of $7.00 in 2001 due to the breach <br />construction and then drop to a low of $2.75 after the construction costs have been amortized. <br />For this alternative the total assessments p<lid per share of stock from 1997 to 2029 is <br />approximately $112. From Table 10 with the dam rehabilitation, the total assessment is <br />approximately $456 which is $344 more than the total assessment that would be paid without the <br />dam rehabilitation. <br /> <br />Carl Smith Dam Feasibility <br /> <br />Page 31 <br />