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PROJ00043 (2)
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PROJ00043 (2)
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Last modified
6/14/2010 3:54:01 PM
Creation date
6/16/2007 11:14:08 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150100
Contractor Name
East Dillon Water District
Contract Type
Loan
Water District
5
County
Summit
Bill Number
Bill 02-1152
Loan Projects - Doc Type
Approval Letter
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<br />Table 3. <br /> <br />ED\VD Financial Analysis <br /> <br />Ratio Weak Average Strong 1998-2000 Future Year <br /> Ave. <br />)perating Ratio <100% 100-120% >120% 105% 190% <br />chi Service Coverage Ratio <100% 100..125% >125% 251% 103% <br />cbt per Tap >$5,000 S2,500.$5,OOO <$2,500 $300 $2,200 <br />:ash Reserves to Current Expense <50% 50-100% >100% 143% 61% <br />\i:onthly Water Bill and Taxes >560 $30 $36 $37 <br /> <br />As a part ofthe feasibility study, the District prepared a 3D-year fmancial projection for <br />the entire period of debt retirement. The projection indicates that some revenue deficits <br />may occur over the next five years (due rnainlyto capital improvement projects) but \\-'ill <br />be covered by cash reserves and then eliminated in following years. <br /> <br />Amendment One <br /> <br />The District currently utilizes water service charges and property taxes. Most revenues <br />result from service charges but property taxes represent more than ten percent of the total. <br />The District will decide in the next few months whether to continue with the current <br />revenue structure or to re,ly exclusively upon service charges for revenue. <br /> <br />In May of2002, the District will hold an election to request voter approval for: (1) a mill <br />levy for debt service retirement, (2) authorization to incur debt for the CWCB loan and <br />other borrowing as may be necessary for the proposed acquisition, and (3) to "De Bruce" <br />tap fee revenues. <br /> <br />Recommendation <br /> <br />Staffreconunends a loan from the Construction Ftu1d of up to $2,550,000 to the East <br />l5i1lon Waterl:)is-tricf ror 1lie piircnase of ",,:a fer -rigIits and ollier assets lislea ill: {rrth-e- . - <br />Purchase Agreement of December 2000 between the Vidler Water Company and the <br />EDWD, and, (2) the Assignment Agreement of December 2000 between the City of <br />Golden, the Vidler \Vater Company and the ED\VD (excluding an interest in the <br />augmentation plan in Case No. 97CW305). Three hundred thousand dollars (5300,000) of <br />the loan amount shall be for refinancing funds already expended by the EDWD lU1der the <br />December 2000 Assignment Agreement. <br /> <br />The loan \I,ill be for a period of 30 years at the Municipal Middle Income lending rate as <br />may be adopted by the Board in November 2001. As collateral for the loan, the ED\VD <br />\vill pledge District revenues backed by a rate covenant and the water rights and wells to <br />be acquired by the loan proceeds. <br /> <br />5 <br />
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