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<br />High Line Canal Company <br />September 6,2005 (Revised September 19. 2005) <br />Page 4 of 4 <br /> <br />Agenda Item 12c <br /> <br />Table 2. Financial Ratios <br /> <br />Financial Ratio Without Project With Project <br />Previous Years Future Years <br />Operating Ratio (revenues/expenses) 102% 108% <br />I weak: <100% 1- I average: 100% - 120% I-I strong: >120%1 (Average) (Average) <br />Debt Service Coverage Ratio 115% <br />(revenues-expenses)/debt service N/A (Average) <br />I weak: <100% 1- I average: 100% - 120% 1- I strong: >120%1 <br />Cash Reserves to Current Expenses 12% 14% <br />I weak: <50% I-I average: 50% - 100% I-I strong: >100%1 (Weak) (Weak) <br />Annual Operating Cost per Acre-Ft Delivered* $4.54 $4.85 <br />Iweak: >$20 I-I average: $10- $20 I-I strong: <$1 ~ (Strong) (Strong) <br /> <br />. Calculation based on an annual average of 100,000 acre-feet delivered by the Company <br /> <br />Collateral: As security for the CWCS loan the Company will pledge assessment revenues backed <br />by an assessment covenant and the Project. This security is in compliance with CWCS Loan Policy <br />#5 (Collateral). <br /> <br />Staff Recommendation <br /> <br />Staff recommends a loan not to exceed $458,540 ($454,000 for project costs and $4,540 for the 1 % <br />Loan Service Fee) to the High Line Canal Company for engineering and construction costs <br />associated with the Smith Arroyo Siphon Replacement Project, from the Severance Tax Trust Fund <br />Perpetual Sase Account. The terms of the loan shall be a 20-year loan at 2.25% per annum. Final <br />approval of the loan shall be conditioned upon all standard contracting provisions of the CWCS <br />Loan Program. Security for the loan shall be collateral in compliance with CWCS Loan Policy #5. <br /> <br />Action Taken bv the CWCS on SeDtember 14. 2005 <br /> <br />The CWCS approved the staff recommendation as written above. <br /> <br />Email copy: <br /> <br />Dan Henrichs, Superintendent <br />Gary Lake, Lake Engineering Consultants, Inc <br />Brice Boesch, PE, Boesch-Fisher Engineering, Inc. <br />Amy Stengel, AGO <br /> <br />Attachment: Water Project Construction Loan Program - Project Data Sheet <br />