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. . Balance paid as one time special assessment = $62.40/share Balance as 15 year loan from local bank = $7.50/share Balance as 10 year loan from local bank = $9.40/share Additional costs if option portion of work (steel pipe replacement & inlet works) is pursued Construction Construction oversight $205,000 $10,000 $215,000 CWCB loan amount Balance $161,230 $53,750 CWCB loan @ 30 years = $7.32/share CWCB loan @ 20 years = $9.18/share CWCB loan @ 10 years = $15.50/share Balance paid as one time special assessment = $43.60/share Balance as 15 year loan from local bank = $5.24/share Balance as 10 year loan from local bank = $6.57/share The CWCB loan rates are set, however, an amendment to the CWCB approval will need to be made at the Board's meeting at the end of January 1997 should the ditch company pursue replacement of the entire siphon. Dale Leighty, of the First National Bank of Las Animas, provided the general rates he expected he could provide the ditch company, noting that these are not fixed. Tom McDonald noted that the selected bid was bid as a cost not to exceed and some costs may be trimmed by active construction management and elimination of a few minor portions of the work. Don answered several questions relating to the project in general and the impact of the project on lessees of Consolidated Extension water in particular. Don noted that Public Service will waive the 10% administrative fee for the duration of the loans secured, however, PSCo intends to continue to pass on the regular assessment costs (currently at $25/share) as well as the speciai assessments associated with this project to all lessees. Don agreed to have the PSC lessee payments be made twice a year as are regular ditch assessments, a change from the one time payment required for the last ten years. Don also noted the current status of the Southeast Plant site (not currently on a planning list, however this could change due to pending merger of PSCo and Southwestern Public Service), that PSCo was not currently attempting to sell its Southeast water rights, and that any buyer of these water rights would have the financial obligation to pay for the regular and special assessments on the shares. ~,/ - Don then called for several motions to be made to proceed with the project if it was the shareholders pleasure. Harrel Ridley moved, seconded by Bob West that Lillard and Clark be selected as the contractor to replace the siphon, that Tom McDonald along with Utility Engineering be retained to provide construction oversight for the project, and that the decision as to whether to proceed with the option portion of the work (replacement of the steel portion and inlet works) be left to the discretion of the Board of Directors once additional information is gathered as part of the ''''