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<br />.' <br /> <br />Windsor Reservoir & Company <br />July 28-29 2003 <br /> <br />Agenda Ltem 21a <br /> <br />Table 1. Financial Summary <br /> <br />Proiect Cost $750,000 <br />Number of Shareholders 275 <br />Number of Shares of Stock " 1000 <br />CWCS Loan Amount (30 vears) $675,000 <br />CWCS Loan Payment (includes 10% reserve) - Seain 2004 $35,475 <br />Current Assessment per share (2000-02) $400/$380* <br />New Assessments oer share $520/$500 <br />Annual Loan Cost oer acre-foot (aver. annual deliverv: 620 ac-ft.) $57.22 <br /> <br />*Assessments for Larimer & Weld Ditch - $400 (881 ~ shares), and Greeley No.2 Ditch - $380 <br />(118 '!4 shares). In 2003 assessments were reduced to $150/$100 for the year, due to rental <br />of Tunnel Water shares to the City of Greeley for $725,000 in 2002. <br /> <br />Creditworthiness: The WRCC has 3 outstanding loans. The first is a 1991 loan (Douglas <br />Reservoir) for $761,000, with a remaining amount of $534,475 and an annual payment of $53~995 <br />through 2016. The second is a 1994 loan (Poudre Valley Canal) for $300,000, with a remaining <br />amount of $252,313 and an annual payment of $17,879 through 2024. The third is a 1996 loan <br />(Multiple Projects), originally for $2,357,000 but increased in May 2003 to $2,658,500. This is an <br />open loan with accrued construction interest of $53,057. Whi:m closed it will have a new annual <br />payment of $155,058. The outstanding balance for all existing loans is $3,445,288 and annual <br />payments on all three loans will be $226,943. <br /> <br />Table 2 shows the Financial Ratios fortheWRCC, and indicates average to strong ability to repay <br />the $675,000 CWCS loan. <br /> <br />Table 2. Financial Ratios <br /> <br />Financial Ratio Without With project <br /> the project* Future Year <br />. fAver.2001-02J 2004+ <br />Operating Ratio (revenue/expense) <br />weak: less than 100% 118% 178% <br />average: 100% - 120% (aver.) (strong) <br />strona: areater than 120% <br />Debt Service Coverage Ratio <br />(revenues-expenses )/debt service 108% 112% <br />weak: less than 100% (aver.) (aver.) <br />average: 100% - 125% <br />strona: areater than 125% <br />Cash Reserves to Current Expense <br />weak: less than 50% 79% 55% <br />average: 50% - 100% (aver.) (aver.) <br />strono: areater than 100% <br />Annual Operating Cost per Acre-Ft. (30,200 AF) <br />weak: greater than $20 $17.62 $21.10 <br />average: $10 - $20 (aver.) (weak) <br />strona: less than $10 <br /> <br />* Note: 2001-02 ratios do not include the current loan that has not yet been closed. <br /> <br />Page 4 of 6 <br />