Laserfiche WebLink
' <br />' <br />' <br />1 <br />G <br />, <br />, <br />Financial Plan <br />Summit will be required to pay 25% of the construction cost to supplement the 75% financing <br />from the CWCB. The sources of the 25% funds will be assessments to Summit water users, <br />loans from other sources, and possibly cost shaze assistance from the Departrnent of Agriculture <br />(CFSA). Summit will construct the facilities as the Company is able to obtain the 25% cost shaze <br />and as assessments can be raised to cover the debt service. <br />The Summit Resolution to apply for the CWCB loan is found in Appendix B. <br />The financial condition of the company is solid at the present time. Summit has two other loans <br />with the CWCB in amounts of: (1) a 30 yeaz loan of $33,000 at 4%, with a remaining balance of <br />$31,800 and an annual payment of $1,908 and (2) a 40 yeaz loan of $26,383 at 5%, with a <br />remaining balance of $24,605 and an annual payment of $1,537. Summit is current on these <br />loans. Summit has no other obligations except operating expenses and is not in default on any of <br />its obligations. The Summit 1996 Balance Sheet is included in Appendix C. <br />' The company currently has 400 shazes of stock issued and 146 shazeholders. The annual <br />assessment to stockholders is $120 per shaze that raises $48,000; this amount is the total <br />Company income. <br />' <br />, <br />� <br />' <br />Table 2 shows the estimated cash flow requirements for the repayment of the CWCB loan at <br />3.75% interest over a 30-yeaz repayment period. The CWCB loan is assumed to be based on <br />approximately equal withdrawals each yeaz of the estimated 7 yeaz period. The CWCB loan <br />withdrawals will not only be based on the need to repair/improve the facilities but also on <br />SummiYs ability to obtain the 25% matching funds and raise the share assessment to pay CWCB <br />debt service. The loan withdrawals and repayment scenario herein is based on the use of all of <br />the funds within 7 years which is subject to change to meet actual conditions. <br />Collateral <br />Summit has the following collateral it can offer for the CWCB loan, in the order of preference: <br />' <br />, <br />, <br />' <br />' <br />, <br />' <br />1 <br />2. <br />3 <br />The Company facilities which aze owned by the Summit and can <br />be offered by vote of the Board of Directors. <br />A portion of the revenues from the annual assessment. <br />One yeazs advance payment that is held as collateral that is held by the Colorado <br />State Treasurer. <br />0 <br />