BOARD00107 ‎(2)‎

• Board Meeting Date: 1/23/2007
• Description: CF Section - New Loans - Wood Lake Mutual Water and Irrigation Co. - Angel lake Outlet Repair
• Board Meetings - Doc Type: Memo

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Wood Lake Mutual Water and Irrigation Company
January 23-24, 2007

Agenda Item 9g

Table 1. Financial Summary

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$234,000
16
1682
$210,600
$10,062
$25-30
$37.50
$11.87

Creditworthiness: WLlC has one existing loan with CWCB with a contract date of 1997. The
original loan was for $458,000 for the purpose of rehabilitating the Wood Lake dam. The
remaining principal amount on the loan is $401,886 with an annual payment of $25,688 through
2030. WLlC is current on their CWCB loan obligation. Two Certificates of Deposit (CD's) were
established and assigned to CWCB as part of the collateral for this loan, in the total required
amount of $25,688. The balance of these CD's in 2006 was $36,832, providing a differential of
$11,144 which will be used to satisfy the reserve requirement for the new loan.

Table 2 shows the Financial Ratios and indicates overall average ability to repay the $210,600
CWCB loan, with the increased assessments.

Table 2. Financial Ratios

Financial Ratio Without
the project
Aver. 2004-05

With project
Future Year
2008+

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Operating Ratio (revenue/expense)
weak: less than 100%
average: 100% - 120%
strong: greater than 120%

109%
(aver.)

102%
(aver.)

Debt Service Coverage Ratio
(revenues-expenses )/debt service
weak: less than 100%
average: 100% - 125%
strong: greater than 125%

Cash Reserves to Current Expense
weak: less than 50%
average: 50% - 100%
strong: greater than 100%

128% 105%
(strong) (aver. )
75K-43K/26K 76K-38K/36K
28%* 16%*
(weak) (weak)

Annual Operating Cost per Acre-Ft. (6,700 AF)
weak: greater than $20
average: $10 - $20
strong: less than $10

$10.20
(aver. )

$11.00
(aver. )

(68K17K)

(74K17K)

* Value does not include two CD's totaling $36,832.

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