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<br />I I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />,I <br />il <br /> <br />~l <br /> <br />CHAPTER VIII <br />FINANCIAL PROGRAM <br /> <br />A. Payout Schedule for Farm Credit Services <br />Farm Credit Services.has approved the loan request from the Ish Reservoir <br />Company as per the attached letter and loan agreement. The loan agreement notes <br />the repayment schedule as follows: <br /> <br />July, 1988 <br />July, 1989 <br />July, 1990 <br /> <br />$7,705 <br />$14,780 <br />$16,627 <br /> <br />July, 1991 $18,475 <br />July, 1992 $20,322 <br />July, 1993 $22,170 <br /> <br />These amounts reflect principal only, but are a combination of Ish Reservoir <br />Company's old loan as well as the new loan amount for a total of $100,079 <br /> <br />(previous balance was $60,079, plus new request of $40,000). Interest is paid <br />quarterly and is at a variable rate. Although the rate quoted in the letter of <br />approval is 9.25%, a conversation with a bank official indicated the rate has <br />fluctuated considerably in the past, and suggested basing an estimate on 10% <br />interest. Consequently, estimated interest payments and total annual payments <br />are shown on Table 4, page 28. It is assumed that the additional loan to fund <br /> <br />the construction will be needed in the Fall of 1988. <br /> <br />-24- <br /> <br />.~ <br />