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<br />JuJesburg Irrigation District <br />November 20-21, 2000 <br /> <br />Ag.lltem 14b. and 15a. <br />(Updated November 22. 2000) <br /> <br />. <br /> <br />the lay down gate to regulate the water level in the Peterson Ditch and prevent flooding <br />damage. <br /> <br />The implementation schedule calls for completion of financing arrangements by December <br />2000. The JID must approve the project by vote of its shareholders. Engineering design will be <br />completed by the NRCS in January 2001, and construction is scheduled to be completed by <br />April 2001 . <br /> <br />Financial Analvsis <br />The total estimated cost of the project is $ 145,000, and the water is used by the shareholders <br />for agricultural purposes. Staff is recommending a 30-year loan from the Small Project Account <br />in amount of $100,000 (approximately 70 percent of the estimated cost.) The maximum <br />allowable loan amount from the Small Project account is $1 OOK. <br /> <br />Alternative financing sources: The District actively sought alternative financing. They were <br />able to obtain a grant to cover project planning and design through the NRCS ($11,000), but <br />were not able to obtain cost share for construction through that agency. The JID also requested <br />a $10,000 grant from the Ernest and Lillian Campbell Foundation, but were turned down. The <br />District was offered a loan from their local bank at terms of 6.9% for 30 years, primarily <br />because JID collects its assessments through the county. <br /> <br />Table 2: Pro'ect Funding Sources <br />Fundin Source Grant <br />Natural resources Conservation Service $11,000 <br />CWCB <br />Julesbur Irri ation District <br />Total <br /> <br />Loan <br /> <br />$100,000 <br /> <br />$34,000 <br />$45,000 <br /> <br />$100,000 <br /> <br />Table 3 is a summary of the financial aspects of the project. The District will allocate $0.28 of <br />the current $20_00 per acre assessment to repay the CWCB Small Project Loan of $100,000. <br />An assessment increase will not be needed. (The annual payment plus 10% reserve <br />requirement is $6,361.) This represents $0.11 per acre-foot, based on average annual <br />diversions of 60,000 acre-feet. <br /> <br />Ta Ie 3. Financial Summary <br />Proiect Cost $145,000 <br />Loan Amount (90% of Project Cost) $100,000 <br />CWCB Loan Payment Amount, includinq 10% loan reserve $6,361 <br />Number of Shareholders 155 <br />Number of Shares/Bonded Acres 19,133 <br />Current Assessment per Share/Bonded Acre $20.00 <br />Future Assessment per Share $20.00 <br />Annual Project Cost per acre-foot $0.11 <br />(Average annual diversions: 60,000 acre-feet) <br /> <br />b <br /> <br />3 <br />