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PROJ01813
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PROJ01813
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Last modified
9/27/2011 11:07:21 AM
Creation date
3/9/2007 11:23:27 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150049
Contractor Name
Peoples Ditch Company
Contract Type
Loan
Water District
64
County
Logan
Loan Projects - Doc Type
Approval Letter
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<br />Peoples Ditch Co. <br />July 24-25, 2000 <br /> <br />Agenda Item 12a. <br />(Updated September 28, 2000) <br /> <br />a e . mancla ummary <br />Proiect Cost $75,000 <br />Loan Amount (57% of Proiect Cost) $43,000 <br />CWCB Loan Payment Amount, includina 10% loan reserve $3,404 <br />Number of Shareholders 6 <br />Number of Shares of Stock 36 <br />Current Assessment per Share $30 <br />Future Assessment per Share $125 <br />Annual Loan Cost per acre-foot $2.84 <br />(AveraQe annual diversions: 1,200 acre-feet) <br /> <br />T bl 1 F' . I S <br /> <br />Credit worthiness: PDC has no existing debt. Table 2 shows the Financial Ratios for the PDC <br />and indicates, with the exception of cash reserves, average to strong ability to repay with the <br />project in place. <br /> <br /> <br /> <br />36% <br />$ 1.14 <br /> <br /> <br />23% <br />$3.41 <br /> <br /> <br />As security for the loan the PDC will pledge assessment revenues backed by assessment <br />covenant and one payment in a certificate of deposit account to be held by the State. This <br />security is in compliance with CWCB Loan Policy #5 (Collateral), and is considered adequate <br />because of the small loan size and the relatively low cost of water with the project in place. <br /> <br />Recommendation <br />Staff recommends that the CWCS find that the Peoples Ditch Company is eligible for a loan <br />from the Small Project Loan Account. The diversion is in need of replacement and can not be <br />used for delivery of water. Delaying the project until summer or fall 2001 would result in undue <br />hardship on the borrower. <br /> <br />Staff recommends a Small Project Loan not to exceed $43,000 to the Peoples Ditch Company <br />to construct a new diversion and pipeline off the Bravo Ditch. The recommended term of the <br />loan is 20 years and the recommended lending rate is 3.75% (20-year loan rate for Agricultural <br />borrowers in 2000.) Security for the loan will be a pledge of assessment revenues backed by <br />assessment covenant and one payment in a certificate of deposit account to be held by the <br />State. Staff further recommends that final approval of the loan be conditioned upon all other <br />standard contracting provisions of the CWCB. <br /> <br />Action Taken bv the CWCS Julv 24. 2000 <br />The CWCS approved the Staff Recommendation. <br /> <br />cc: Darrin Manuello, Vice President Peoples Ditch Co., Rt. 2, Sterling, CO 80751 <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:\W P51 \Proj-New\PeoplesDitch 700memo; <br /> <br />L:\boardmem\JulyOO\ 12a-JulyOO <br /> <br />3 <br />
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