Laserfiche WebLink
<br />Glenwood Irrigation Company <br />May 20-21, 2002 <br /> <br />Agenda Item 12b. <br />(Updated May 23, 2002) <br /> <br />Table 4. financial Ratios <br /> <br />Financial Ratio Without With <br /> the project The Droiect <br />Operating Ratio (revenue/expense) 108% 121% <br />weak: less than 100% (average) (strong) <br />average: 100% - 120% <br />strona: areaterthan 120% <br />Debit Service Coverage Ratio 143% 134% <br />(revenues-expenses )/debt service (strong) (strong) <br />weak: less than 100% <br />average: 100% - 125% <br />strono: oreater than 125% <br />Cash Reserves to Current Expense 50% 31% <br />weak: less than 50% (average) (weak) <br />average: 50% - 100% <br />strona: areater than 100% <br />Annual Cost per Acre-Foot (6,600 AF) $4.54 $8.25 <br />weak: greater than $20 (strong) (strong) <br />average: $10 - $20 <br />strona: less than $10 <br /> <br />As security for the loan the GIC will pledge assessment revenues backed by assessment <br />covenant and the project itself. This security is in compliance with CWCB Loan Policy #5 <br />(Collateral). <br /> <br />Recommendation <br />Staff recommends a Small Project Loan not to exceed $386,000 to the Glenwood Irrigation <br />Company to rehabilitate the 1940's portion of the siphon for the Glenwood Ditch. The <br />recommended term of the loan is 30 years and the recommended lending rate is 4%. Security <br />for the loan will be a pledge of assessment revenues backed by assessment covenant and the <br />project itself. Approval of this loan shall be contingent upon final approval of the Construction <br />Fund Bill (HB 02-1152), allowing CWCB authorization of projects up to $1 million without <br />legislative approval. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCB. <br /> <br />Action taken bv the CWCB Mav 20, 2002 <br />The CWCB approved the Staff Recommendation. <br /> <br />cc: Raymond Thompson, Secretary-Treasurer, Glenwood Irrigation Company <br />Jim Wells, Glenwood Irrigation Company <br />David Kotz, P.E. <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />c:\ WP51 \Proj-New\Glenwood Irrigation502memo; <br /> <br />L:\boardmem\May02\12b May02 Glenwood Irrig <br /> <br />4 <br />