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<br />BDC application for the CWCB Loan, the CWCB Memorandum of Loan <br />Approval, and the CWCB Approval Letter are found in Appendix E. <br />Using an estimated project cost of $43,221 translates to a CWCB <br />loan in amount of $21,610,50, <br /> <br />The financial condition of the company is solid at the present <br />time, The BDC has no debt outstanding at this time. The <br />financial statements for BDC, for 1994 and 1995, are found in <br />Appendix F, <br /> <br />The company has 57,5 shares of stock issued and outstanding to 11 <br />stockholders, The annual assessment is $75 per share. If <br />necessary, the company can increase the assessments charged to <br />stockholders, by a majority vote of the stockholders. The BDC <br />delivered 4827,44 ac-ft to its stockholders in water year Nov. <br />1994 to Oct, 1995, so a $75 assessment amounts to about $0.90 per <br />ac-ft, <br /> <br />BDC has an informal contract with the Farmer's Ditch, under which <br />Farmer's pays 1/3 of the annual cost to construct temporary sand <br />dams in the river. This usually amounts to about $300 to $400 <br />per year. However, in 1995-1996 about $8000 was spent by BDC, <br />because of 1995 flooding damage, and the lack of a viable <br />diversion in 1996, BDC hopes to recoup about $3000 from Farmer's <br />to help cover these costs, The BDC has a cash reserve of <br />approximately $3000 for future capital expenditures and repairs. <br /> <br />A table showing cash flow for a $21,610.50 CWCB loan at 4,25 % <br />interest over a 30-year repayment period is included in the <br />report, Annual debt service amounts to $22.40/share ($1288/57,5 <br />shares) and $0,27 per ac-ft diverted in 1995, <br /> <br />Collateral <br /> <br />The BDC has the following collateral it can offer for the CWCB <br />loan, in this order of preference: <br /> <br />1, A collateral interest in assessments of the BDC <br />stockholders. This could be approved by vote of the <br />stockholders. <br /> <br />2. One annual payment in the form of a CD, to be held by the <br />State Treasurer, <br /> <br />3. The project itself, The project will be owned by the BDC <br />and can be offered by vote of the Stockholders, <br /> <br />Feasibility of the Repair of the <br />Bravo Ditch Company Diversion <br />June 15, 1996 <br /> <br />8 <br />