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<br />.". ) <br /> <br />Feasibility Study <br />Wadley Fanus ROA <br />January 06, 1996 <br />12 <br /> <br />3 Existing and future expenditures for O,M &R <br /> <br />O,M & R expenses were $7,743,36 and $6,830.42 tor 1993 and 1994, respectively. <br />Future O,M & R expenses are expected to increase to $15,000 per year as a result of <br />implementation of a more aggressive reservoir maintenance program. CWCB loan <br />repayment obligation would be in addition to this expense. <br /> <br />4 Revenues and expenditures by year for period of CWCB retirement <br /> <br />Oil royalties are expected to exceed annual CWCB loan repayment obligations of <br />about $35,000 throughout the duration of the loan. O,M & R expenses are expected <br />to be separately financed with assessments to the membership beginning in 1996, <br /> <br />'. <br /> <br />5. Financial Impact <br /> <br />Should the oil royalties cease, the impact on the membership from the CWCB loan <br />repayment would be an annual assessment of approximately $350 per member. <br /> <br />G. Institutional Considerations <br /> <br />The Wadley Farms HOA Board of Directors has the authority to enter into the CWCB <br />loan agreement (Articles of Incorporation, Article IV), However, the Board intends to <br />take the issue to a vote ofthe membership early in 1996. <br /> <br />H. Opinion of Feasibility <br /> <br />The selected alternative is a feasible project. There are no significant issues that would <br />prevent the Wadley Farms HOA from successfully completing this project. <br />