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LPPD000289
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LPPD000289
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Last modified
1/27/2010 11:19:15 AM
Creation date
3/26/2007 10:22:42 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150164
Contractor Name
Colorado River Water Conservation District
Contract Type
Loan
Water District
58
County
Moffat
Routt
Loan Projects - Doc Type
Approval Letter
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<br />Colorado River Water Conservation District. <br />November 19-21, 2003 <br /> <br />Agenda Item 8a <br />(Updated November 26, 2003) <br /> <br />Table 1: Reservoir Contract Water, Colorado River Water Conservation District Water <br />P . t E t <br /> <br />rOJec s n erprlse <br />Reservoir Name Contract Water acre-feet <br />Wolford Mountain Reservoir 13,000 <br />Eagle Park Reservoir 200 <br />Homestake Reservoir 100 <br />Ruedi Reservoir 1,780 <br />Total 15,080 acre-feet <br /> <br />Roughly 3,500 af are currently under contract. The vast majority of contracts are for municipal <br />or industrial uses. Less than 100 af is contracted for agricultural use. None of these sources <br />supply water to the Yampa River Basin. <br /> <br />The River District anticipates that the sale of Elkhead Reservoir water will benefit its <br />constituents in Moffat and Routt Counties. The median household income in both counties falls <br />into the Municipal Middle Income category of the CWCB loan program. The interest rate for <br />this loan is therefore 4.0%. That loan rate would be reduced to 3.75% (in accordance with <br />CWCB loan policy #7) based on the River District's request for a 20-year term. <br /> <br />a e . mancla ummary -year oan <br />Project Cost $19,500,000 <br />CWCB Loan (57% of Project Cost) $11,000,000 <br />CWCB Annual Loan Payment Amount, includes 10% loan reserve $870,741 <br />AveraQe Annual Cash Reserves $15,800,000 <br />Annual Loan Cost per acre-foot stored $113.00 <br /> <br />T bl 2 F" <br /> <br />. IS <br /> <br />(20 <br /> <br />> <br /> <br />Creditworthiness: The River District has one existing loan with the CWCB for the construction <br />of Wolford Mountain Reservoir. The annual debt service for the loan is approximately $1.6 <br />million. Table 3 shows the Financial Ratios and indicates, with the exception of cash reserves, <br />average operating and debt service coverage ratios. The Water Project Enterprise has a very <br />large cash reserve fund that will be used to finance all of its other capital improvements. <br /> <br />Table 3. Financial Ratios (20-year loan> <br />Financial Ratio Without With <br /> the project The project <br />Operating Ratio (revenue/expense) 118% 104% <br />weak: less than 100% (average) (average) <br />average: 100% - 120% <br />strono: oreater than 120% <br />Debt Service Coverage Ratio 143% 106% <br />(revenues-expenses)/debt service (strong) (average) <br />weak: less than 100% <br />average: 100% - 125% <br />strono: oreater than 125% <br />Cash Reserves to Current Expense 469% 177% <br />weak: less than 50% (strong) (strong) <br />average: 50% - 100% <br />strono: oreater than 100% <br />Annual Cost per Ac-Ft stored N/A $113* <br />weak: greater than $20 (weak) <br />average: $10 - $20 <br />strono: less than $10 <br /> <br />5 <br />
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