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<br />Feasibility Study <br />Wadley Fanns HOA <br />January 06, 1996 <br />6 <br /> <br />7 Financial condition and sources of revenue <br /> <br />The Wadley Farms HOA is in sound financial condition as shown in the financial <br />statements for 1993 and 1994 (Appendix H), Revenue from oil well royalties and <br />interest on investments was $62,280 in 1993 and $49,481 in 1994. The association <br />also has the power to assess its membership to meet common expenses (Article II, <br />Section 6 of the Covenants.) <br /> <br />8 Current rates or assessments <br /> <br />The Wadley Farms HOA has been able to fmance the costs of operation of the <br />association and the water syst~!TI from revenue described above. There have been no <br />assessments within the past ~'rears. <br /> <br />C. Alterq~live Selection <br />1 Qp Nothing <br /> <br />Un4~f this alternative, no major activity on tqe dllpls would take place. Wadley <br />Res~rvoir Nos. 1 and 2 currently hay~ a restqotiqq of 8 and 7 feet below the dam <br />cre~t, respectively (Appendix I). Th~ prim~tY reasons for these restrictions are <br />unap9yptable dam cross-sections (narrow ct~~ts ahd steep sid{!..slopes), inadequate <br />spillways, rodent activity, and seepage (Appendix 1). The condition of the dams has <br />deteriorated over the past 3 decades due to lack of maintenance. <br /> <br />The dll-fl1~ wo~ld conti~ue to defffrfPffftf. reSl.1m~? in prob~ble breach orders. With~ut <br />. adequate storage for dIrect flow ~fl-t~~ fights, y~stomers would not be able to sustaIn <br />existing landscaping. ' <br /> <br />Positive factors <br />No further expense on the dams would be required, Funds could be conserved for <br />other purposes, <br />