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<br />South Side Reservoir Company <br />January 22-23, 2003 <br /> <br />Agenda Item 1ge <br />Updated January 27,2003 <br /> <br />Table 1: SSRC Share Ownership and Blended Interest Rate <br /> <br />Shareholder <br />Farmers/Ranchers <br />Loveland, City <br /> <br /> <br />Year 2002 Rate % Shares <br />2.75% 74 <br />4.25% 26 <br /> <br />Rate x %Shares <br />2.035 <br />1.105 <br /> <br />Totals <br /> <br />100 <br /> <br />3.14 <br /> <br />Blended rate for SSDC <br /> <br />3.1% <br />(Rounded down to <br />nearest .1 % <br /> <br />Table 2 is a summary of the financial aspects of the project with a $360,000 CWCB Loan. The <br />annual payment would be $20,466 (including the 10% reserve requirement) at the loan terms of <br />3.1% for 30 years. This represents $16.49 per acre-foot, based on total annual storage (fill and <br />refill) of 1,241 acre-feet. <br /> <br />Table 2. Financial Summary <br /> <br />Pro' ect Cost <br />Number of Shareholders <br />Number of Shares of Stock <br />CWCB Loan Amount <br />CWCB Loan Pa ment includes 10% reserve <br />Current assessment er share <br />New assessment er share <br />Annual Loan Cost er acre-foot Total annual stora e 1241 ac-ft. <br /> <br />$400,000 <br />90 <br />265 <br />$360,000 <br />$20,466 <br />$20 <br />$97 <br />$16.49 <br /> <br />Credit worthiness: The SSRC has no existing debt. Table 3 shows the Financial Ratios for the <br />SSRC and indicates 2 ratios in the average category and 2 in the weak category with the <br />$360,000 CWCB loan in place. <br /> <br />Financial Ratio Without With <br /> the Droiect The proiect <br />Operating Ratio (revenue/expense) 95% 106% <br />weak: less than 100% (weak) (average) <br />average: 100% - 120% <br />strong: greater than 120% <br />Debit Service Coverage Ratio No Debt 110% <br />(revenues-expenses)/debt service (strong) (average) <br />weak: less than 100% <br />average: 100% - 125% <br />strong: greater than 125% <br />Cash Reserves to Current Expense 170% 40% <br />weak: less than 50% (Strong) (weak) <br />average: 50% - 100% <br />strong: greater than 100% <br />Annual Cost per Ac-Ft (898/1241 ac-ft stored) $6.23 $20.99 <br />weak: greater than $20 (Strong) (weak) <br />average: $10 - $20 <br />stronQ: less than $10 <br /> <br />Table 3. Financial Ratios <br /> <br />3 <br />