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<br />. " <br /> <br />CEXT Financial Statements for 1994, and 1995 are found in <br />Appendix G. <br /> <br />The company currently has 1233.25 shares of stock issued and <br />outstanding with an annual assessment to stockholders of $25 per <br />share through 1996. In 1997 the assessment will increase to $26 <br />per share to cover normal ditch operating expenses and an <br />additional assessment to cover loan repayment will be issued. <br />Assuming a debt of $300,000 at 4% interest over a 30 year <br />repayment schedule, the additional assessment is expected to be <br />$14.10jshare, If necessary, the company can increase the <br />assessments charged to stockholders, by a majority vote of the <br />stockholders. 'The CEXT delivered an estimated 6 ac-ft per share <br />in 1995, so a $40 assessment amounts to about $6.50 per ac-ft. <br /> <br />A table showing cash flow for a $300,000 CWCB loan at 4.00 % <br />interest over a 30-year repayment period is included in the <br />report. <br /> <br />Collateral <br /> <br />The CEXT has the following collateral it can offer for the CWCB <br /> <br />loan, in this order of preference: <br /> <br />1, A collateral interest in ditch company share <br /> <br />assessments. <br /> <br />i <br /> <br />2. <br /> <br />One payment in the form of a CD, to be kept <br />with the State Treasurer. <br /> <br />3. possible land owned by the company (low <br />value) . <br /> <br />10 <br />