Laserfiche WebLink
<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 />I <br /> <br />. <br />~ <br /> <br />Financial Plan <br /> <br />Sources of financing for the project consist of a loan in maximum amount of $130,000 from <br />the Colorado Water Conservation Board (CWCS). Cost share assistance from the Department <br />of Agriculture (CFSA) in the net maximum amount of $51,500 will be available after the <br />project has been completed. The CFSA cost share is at a rate of 50% of the actual costs, up <br />to the $51,500 maximum. The CWCS will fund all construction costs until the project is <br />completed and operational, and the CFSA funds will be used to pay down the CWCB loan, so <br />that the long term loan from the CWCB will be approximately $80,000. The CWCB will <br />charge interest during construction at 4%, and the long term loan will be for 30 years at 4%. <br />The CFSA cost share committment is included in Appendix E. . <br /> <br />The financial condition of the company is solid lit the present time. The Company has no <br />obligations except current operating expenses and is not in default on any of its obligations. <br />Financial statements are included in Appendix F. <br /> <br />The company currently has 600 shares of stock issued and outstanding with an annual <br />assessment to stockholders of $21 per share. There are 97 shareholders, If necessary, the <br />company could increase the assessments charged to stockholders to repay the loan. The <br />assessments could be increased by a majority vote of the stockholders. It is not anticipated <br />that an assessment increase will be needed. <br /> <br />A table showing cash flow for a $78,500 loan at 4 % interest over a 30-year repayment period <br />is included in the report. <br /> <br />Collateral <br /> <br />The Company has the following collateral it can offer for the CWCB loan, in this order of <br />preference: <br /> <br />1. The project itself. The project wiJI be owned by the Ditch <br />Company and can be offered by vote of the Stockholders. <br /> <br />2. Stock in the Union Ditch: The company owns 4287 shares of <br />Union Ditch stock, a portion of which can be used as collateral. <br />This could be aproved by vote of the Board of Directors. <br /> <br />Feasibility of the Rehabilitation <br />of the Rainbow Park Ditch. <br />March 15, 1996 <br /> <br />9 <br />