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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 />COLLATERAL <br /> <br />The Woods Lake Mutual Water & Irrigation Company can offer the following collateral for the <br />CWCB loan, <br /> <br />I. The revenue from assessments as allowed by the Company By-Laws and <br />Articles of Incorporation. <br /> <br />2. A certificate of deposit account in the amount of one annual payment to be <br />held by the State Treasurer. <br /> <br />INSTITUTIONAL CONSIDERATIONS <br /> <br />No institutional considerations exist other than the proposed loan from the CWCB, <br /> <br />OPINION OF FEASIBILITY <br /> <br />The selected alternative is technically and financially feasible. There are no significant roadblocks <br />which would keep the Woods Lake Mutual Water & Irrigation Company from successfully <br />completing this project. <br /> <br />The Benefit to Cost Ratio is much greater than 1.0 and the cost per acre-foot of water is also <br />favorable. The following summary provides a breakdown of the unit costs and benefit to cost <br />ratio. <br /> <br />Using a rental rate of $25 per acre-foot for the water and annual payment of $10,545 <br /> <br />Benefit/Cost = $25 x 2,900 A-Ft -;- $10,545 = 6.88 <br /> <br />Total Project Cost <br /> <br />$10,545 x 30 years = $316,350 <br /> <br />Total Cost per Share of Stock <br /> <br />$316,350 -;- 1682 = $188.10 <br /> <br />Cost Per Acre-foot Of Water Delivered For An Average Year <br /> <br />$10,545 -;- 2900 A-Ft = $3.64 <br /> <br />Woods Lake Feasibility <br /> <br />Page 9 <br />