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I I I I I I I I I I I I I I I I I I I Financial Plan The total project cost is estimated to be $142,500, The CWCB will provide a grant to cover the cost of this feasibility study, and a loan to the Company to cover approximately 26% ($29,000) of the construction costs, The NRCS will provide design services/technical assistance, valued at $23,000, at no cost to the company, The NRCS will also provide, through its Emergency Watershed Protection program, a grant of $87,000 to pay construction costs. The CWCB Loan Application and CWCB Memorandum of Loan Approval are presented in Appendix D, The 1996 and 1997 financial reports for the Company are presented in Appendix F. The outstanding bank loan debt listed on the CWCB loan application has been paid off, Aside from the CWCB loan the Company lists no other long-term liabilities. The Company has requested an agricultural loan from the CWCB for a duration of 10 years, with an annual interest rate of 3,5 percent, This results in an annual loan payment of $3,487, Annual debt service is $6.97 for each of the 500 Company shares, This is equivalent to $0,12 per acre- foot for approximate annual diversions, The Company will cover the loan payments through an increase in assessments, Prior to the flooding of 1997, annual assessments were $50-55 per share, This was increased by $20 per share in August of 1997 to cover costs for repairing flood damage, however this was not adequate and the Company applied for NRCS and CWCB assistance to perform major repairs, The Company will now make assessments of $90 per share to cover loan payments and other costs, An amortization schedule for the loan is presented in Appendix G, Collateral L The Company will provide as collateral a security interest in the stream of income derived by the Company from assessments, 2. Also as collateral, the Company will place one payment in a certificate of deposit. 7