PROJ01881

• Contract/PO #: C150166
• Contractor Name: East Fork Mutual Irrigation Company
• Contract Type: Loan
• Water District: 50
• County: Grand
• Loan Projects - Doc Type: Approval Letter

Table 3 is a summary of the financial aspects of the project. Annual assessments would increase
from $21 up to $29 per share with a CWCB loan payment of$19,840 (including the 10% reserve
requirement.) This $8 assessment increase represents only $2.48 per acre-foot annual loan cost, based on
average annual diversions of 8,000 acre-feet.

Table 3. Financial Summary

Pro' ect Cost
Loan Amount (75% of Project Cost)
CWCB Loan Payment Amount, including 10% loan reserve
Number of Shareholders
Number of Shares of Stock
Current Assessment per Share
Future Assessment per Share
Annual Loan Cost per acre-foot
(Average annual diversions: 8,000 acre-feet)

$503,329
$377,497
$19,840
7
1000
$21
$29
$2.48

Credit worthiness: The East Fork Mutual Irrigation Company has an approved loan with CWCB in the
amount of$257,287. To-date the Company has withdrawn $79,716 of those available funds. Table 4
shows the Company's Financial Ratios and indicates, with the exception of Cash Reserves, average to
strong ability to repay with the proposed loan increase.

Table 4. Financial Ratios

Financial Ratio With With
Current project Amended project
Operating Ratio (revenue/expense) 106% 104%
weak: less than 100% (average) (average)
average: 100% - 120%
strong: greater than 120%
Debt Service Coverage Ratio 110% 106%
(revenues-expenses)/ debt service (average) (average)
weak: less than 100%
average: 100% - 125%
strong: greater than 125%
Cash Reserves to Current Expense 15% 12%
weak: less than 50% (weak) (weak)
average: 50% - 100%
strong: greater than 100%
Annual Cost per Ac-Ft diverted (8,000 ac-ft) $2.62 $3.61
weak: greater than $20 (strong) (strong)
average: $10 - $20
strong: less than $10

4
Flood Protection. Water Project Planning and Financing. Stream and Lake Protection
Water Supply Protection. Conservation Planning