C153833 Feasibility Study - Laserfiche WebLink

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. . I I ,I '. ,. . i I II il I I I I I I I I . Column 2 is the revenue from assessments of 10,000 shares of stock at the assessment rate in column 1, . Column 3 is the projected income from operations, recreation leases, interest income, and miscellaneous income, This figure is derived from the 1998 and 1999 Annual Reports, . Column 4 is money borrowed from an unsecured loan from the First National Bank of Fort Collins, NPIC has a $500,000 line of credit that is used to balance accounts and prevent extreme fluctuations in assessments. . Column 5 is a projected repayment of the loan in column 4, . Column 6 is the company's operating and maintenance expense as projected from the 1997 Annual Report, . Columns 7 through 12 are loan payments to the CWCB as detailed previously, . Column 13 is the projected payments for the $500,000 loan approved by the CWCB on November 25. 1997. . Column 14 is the projected payments for a 20-year loan from the CWCB for $1,107.000 at an annual interest rate of 4,04 %, . Column 15 is the total of all CWCB payments due for the given year, . Column 16 shows NPIC's share of the project cost based on the terms of the loan: 25% for the $500,000 loan and 10% for the $1,107,000 loan, . Column 17 shows the project reserve funds. The project reserve fund begins in 1999 with 10% of the annual payment due to the CWCB for the new loans with an additional 10% of the annual payment set aside each year until one full payment is held in reserve in the year 2008 and for all subsequent years, . Column 18 is 5% interest that can be expected from the cash reserve and project reserve. . Column 19 is the total income (sum of columns 2,3,4, and 18), . Column 20 is the total expense for the year (sum of columns 5,6,15, and 16 plus payments into the project reserve account), . Column 21 is the difference between Columns 19 and 20, Historically NPIC has kept this amount as minimal as possible and used their line of credit to pay shortfalls, The project costs will be paid for by increases in assessments. As can be seen from Table 13, assessments will rise from the current $85 per share to a maximum of $115 per share in the year 2000 over the life of the two loans, This assumes constant operation costs, no inflation, and interest income of 5 % on the Project Reserve and Remaining Amount. Assessments have been as high as $100 in the past and NPIC has historically had no problem increasing assessments to fund projects. The total project loan cost including interest is approximately $2,389,440, Over the life of the 20-year loan, with 10,000 shares of outstanding stock. the average cost per share per year is approximately $11.95. Page 23