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. Table 2 - Sources of Funding Entitv Grant Loan CWCB Construction Fund Loan $0 $100,000 CWCB Construction Fund Loan $0 $150,000 JPSP $80,000 $0 Totals $80,000 $250,000 0/0 Particioation 75% 25% 100% The JPSP will cover any costs that exceed the estimated project cost, . The initial $100,000 CWCB loan was at the tenus of 3,5% for 30 years, JPSP is requesting a second 30- year loan from the CWCB, Since this loan will be for agricultural purposes, the lending rate will be 2,75% for 30 years, The weighted average interest rate (both loans, totaling $250,000) is 3%, The new total loan amount of $250,000 presents approximately 75% of the estimated total project cost of$330,000, Based on the above weighted average interest rate and loan period, the annual payment from the JPSP to the CWCB will be $14,030 (including the 10% reserve requirement) per year at the loan tenus of 3% for 30 years, This represents $68.51 and $40,08 per acre-foot, based on reservoir storage capacities of 250 and 350 acre-feet respectively, Table 3 shows a summary of the financial aspects of the project. Table 3 - Financial Summary Project Cost Number of Shareholders Number of Shares of Stock CWCB Loan Amount CWCB Loan Payment (includes 10% reserve) Annual Loan Cost per acre-foot (New Reservoir Volume = 350 acre-feet) $330,000 I N/A $250,000 $14,030 $40,08 . Credit Worthiness The JPSP has 2 existing loans with Lend Leas Agri-Business of Englewood Colorado, The outstanding balance for these loans is $3,95 million, Loan approval will be subject to an acceptable credit report from the lender. Table 4 shows the Financial Ratios for the JPSP and indicates 2 in the strong category and 2 in the weak category with the $250K CWCB loan in place, Partnership income varies from year to year depending on the agricultural market and is affected by one-time land purchase and sale events, . Manin Cull Dam Rehabilitation Feasibility Study May 2002 Page 7