PROJ00460 - Laserfiche WebLink

Home Browse Search

I I I I I I I I I I I I I I I I I I I Financial Plan Sources of financing for the project consist of cost share assistance from the Department of Agriculture Salinity Control Program as administered by the NRCS, in the net maximum amount of$92,OOO. The balance will come from a loan in a maximum amount of$53,000 from the Colorado Water Conservation Board (CWCB). Fundinl! Source . Amount Percent NRCS - Design Services NRCS - Grant NRCS - Administrative Services CWCB - Loan Total $ 8,000 $ 92,000 $ 2,000 $ 53,000 $155,000 5.0% 59.0% 1.0% 35.0% The CWCB will fund all construction costs up to the $53,000 loan amount. The NRCS funds will become available when the project is complete and fully operational. The CWCB will charge interest during construction at 4.0%, and the long-term loan will be for 30 years at 4.0%. The interest rate is the CWCB's standard rate for agricultural projects adopted by the Board at its November 1995 meeting. The company currently has a total of 231 shares of stock issued and outstanding. This includes 26 "A" Shares (one issued to each shareholder) and 205 "B" shares (depending on water rights held). The current annual assessment to stockholders is $20.00 per "A" share and $.20 per "B" share. There are 26 shareholders. The Company has no obligations except current operating expenses and is not in default. At a recent board meeting, the shareholders present unanimously voted to accept up to a $2,000 one-time assessment per shareholder for the project. The following table shows cash flow for a $53,000 loan at 4.0% interest over a 30-year repayment period. The annual payment would be $3,065. Assuming "A" share assessments are not changed and all "B" shares are equally divided (or 7.88"B" shares per shareholder), the average additional assessment would be $117.88 per shareholder per year for 30 years or $14.96 per "B" share. II