Statement on the status of the Lake Amanda dam repairs:

After about 85% the voters in the Lake Amanda Water Control & Improvement District ("LAWCID") ratified the creation of the district and authorized the issuance of up to $1 million in bonds to repair the dam, the LAWCID has been working with the Lake Amanda Property Owners Association ("LAPOA") to repair our dam in the shortest time possible at the most reasonable cost to the members of the district.  The initial work included hiring a professional engineer to survey the extent of the dam damage and to prepare a report that includes hydrologic and hydraulic studies, dam design and supervision of the construction of the dam when that takes place.  We expect the dam design to be completed this month and submitted to the Texas Commission on Environmental Quality ("TCEQ") for their approval.  We will then be in a position to post public notices for contractors to submit bids for the dam repairs to us in a timely manner in accordance with our requirements.  Once the estimated costs of the dam repairs are determined, we will then be able to go to the debt markets and get the best financing we can get.  Any borrowings obtained to repair the dam will be secured by a guarantee of the tax revenues that the LAWCID will collect from our members to pay the annual debt service.  We hope to have all the requisite approvals of our design and financing approved by the TCEQ by early July and have the dam repaired by the end of 2017.  To date, all costs of the engineering and operations of the LAWCID have been funded by private donations from Lake Amanda homeowners to both the LAPOA and the LAWCID.