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<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 />I <br /> <br />for full storage which will help supply more water during a dry year, and reducing their potential <br />liability for a possible failure of the dam. <br /> <br />The project will have no significant physical impacts to any property or property owners around <br />the reservoir as the Company owns the land required for all the wok proposed. <br /> <br />PERMITTING <br /> <br />All required land ownership, easements, or right-of-way are now held by the company. The <br />company and the Engineer believe no Environmental Assessment (EA) or Environmental Impact <br />Statement (EIS) will be required. The Corps of Engineers will be contacted concerning 404 <br />permitting but anticipate the work faIling under the Nation Wide Permits which will not require <br />formal permitting. <br /> <br />FINANCIAL PLAN <br /> <br />Sources of financing for the project consist a 30-year, $1,040,000 loan from the Colorado Water <br />Conservation Board (CWCB) at 4.00% interest. This loan will cover 75% of the project costs <br />with the remaining 25% funded by The Highland Ditch Company, Inc. The loan has been <br />accepted for recommendation to the Colorado General Assembly for consideration in the 1998 <br />Construction Fund Bill. <br /> <br />Revenue for operations and payment of loans is derived from assessments on 725-1/2 shares of <br />outstanding stock. Assessments are presented to stockholders and approved at the annual <br />stockholders meeting held in February of each year. The 1997 assessment was $150 per share <br />of stock. <br /> <br />The financial condition of the company is solid at the present time. The company has no other <br />obligations other than those listed in the financial statement found in Appendix H. There are no <br />current long term loan obligations. <br /> <br />Table 4 shows the cash flow and annual financial schedule for the Company's operations which <br />includes the proposed $1,040,000 CWCB loan at 4.00 % interest over a 30-year repayment <br />period. The schedule also includes the 25 % share of the project which will have be funded by <br />the stockholders during design and construction. In 1996 the Company had a "Net Fund Reserve" <br />of $341,725 which is estimated to increase to $474,448 in 1997. With this amount in reserve the <br />Company will not have to borrow money to fund their portion of the project. <br /> <br />Table 4 shows the "Annual Financial Schedule" of the Company starting in 1995 through 2029. <br />Th 1995 financial statement was utilized as a starting point to determine the income and expenses <br />for the Company to determine the yearly cash flow. <br /> <br />In Table 4, the column indicated as "Assessments Per Share" indicates the base assessment for <br /> <br />Foothills Darn- 96.014 <br /> <br />Page 8 <br />