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<br />Larimer and Weld Irrigation Co. <br />July 23-24. 2002 <br /> <br />Agenda Item 19a <br /> <br />Table 1. Financial Summary <br /> <br />Proiect Cost $1,286,612 <br />Number of Shareholders 350 <br />Number of Shares of Stock 1419 <br />CWCB Loan Amount (30 vears Sl,OOO,OOO <br />cwes Loan PfWmentfincludes 10% reserve'-- Benin 2003 S54,323 <br />Line of Credit Loan Amount75Vears~ $143,306 <br />Une of Credit Loan Pavment 12004 - 20081 S35,107 <br />Current Assessmenfner share (2002\ S215 <br />New Assessments Der share (see note below) S165-170 <br />Annual Loan Cost oer acre-toot (aver. annual deliverv: 90,000 ac-fU $0.99 <br />Annual Loan Cost Der acre-foot (aver. annual delivery: 90,000 ac-ft.) SO.60. <br /> <br />. After 2008 when the 5-year line-of-credit loan is paid off. <br /> <br />Note: The company assessments have been rising over the past few years in anticipation of the <br />repairs being made to the system. A recent history of annual assessments and proposed <br />assessments is as follows: <br /> <br />Past Assessments <br /> <br />Proposed Assessments <br /> <br />1998 <br />1999 <br />2000 <br />2001 <br />2002 <br /> <br />$ 100 <br />$ 100 <br />S 150 <br />S 150 <br />S 215 <br /> <br />2003 <br />2004 to 2008 <br />2009+ <br /> <br />S150 <br />S165 to 170 <br />$140 to 145 <br /> <br />After payoff of the 5-year line-at-credit loan LWIC anticipates that annual assessments can be <br />returned to $140 to 145 per share. <br /> <br />Creditworthiness: The LWIC has no outstanding loans. Table 2 shows the Financial Ratios for the <br />LWIC and indicates, with the exception of cash reserves, average ability to repay the $1,000,000 <br />CWCB loan and line-of-credit loan with the project in place. <br /> <br />Table 2. Financial Ratios <br /> <br />Financial Ratio Without With project <br /> the project Future Years <br /> lAver. 2001-021 2003 2004-2008 <br />Operating Ratio (revenue/expense) <br />weak: less than 100% 118% 113% 118% <br />average: 100% - 120% (aver.) (aver.) (aver.) <br />stro~n~ nreater than 120% <br />Debit Service Coverage Ratio <br />(revenues-expenses)/debt service N/A 119% 101% <br />weak: less than 100% (aver.) (aver.) <br />average: 100%.125% <br />stron; arealer than 125% <br />Cash Reserves to Current Expense <br />weak: less than 50% 6.3% 7.2% 7.1% <br />average: 50% . 100% (weak) (weak) (weak) <br />str~nn~ nreaterthan 100% <br />Annual Operating Cost per Acre-Ft. (90,000 AF) <br />weak: greater than $20 S5.23 S6.38 S6.77 <br />average: 510.520 (strong) (strong) (strong) <br />strona: less than $10 <br /> <br />Page4of6 <br />