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<br />The South Side Ditch Company has requested a 30-year loan from the CWCB. The blended interest rate <br />(determined by the CWCB would be 3.10/0, resulting in annual payments of $4,093, include 10010 for the <br />emergency reserve account. <br /> <br />Financial Sum <br /> <br />Pro'ect Cost <br />Number of Shareholders <br />Number of Shares of Stock <br />CWCS Loan Amount <br />CWCB Loan P ment includes 10% reserve <br />Current assessment er share <br />New assessment r share <br />Annual Loan Cost er acre-foot Avera e diversions 1,590 ac-fl <br /> <br /> <br />$80,000 <br />90 <br />265 <br />$72,000 <br />$4,093 <br />$90 <br />$109 <br />$2,57 <br /> <br />Credit wortbiness: The South Side Ditch Company has no existing debt The table below shows the <br />Financial Ratios for the South Side Ditch Company and indicates 3 ratios in the average categoIY and 1 in <br />the weak categoIY with the $72,000 CWCB loan in place. <br /> <br />Rnancial Ratio WIthout With <br /> the lNOiect The DI'O/ect <br />Operating- Ratio (revenue/expense) 95% 100% <br />weak: less than 100% (weak) (average) <br />average: 100% -120% <br />strona: areater than 120% <br />Debit S~rvice Coverage Ratio No Debt 102% <br />(revenu~s-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 38% 33% <br />weak: les~ than 50% (weak) (weak) <br />average: ~% - 100% <br />strona: areater than 100% <br />Annual Cost per Ac-Ft (1,590 ac-ft diverted) $15.81 $19.00 <br />weak: greater than $20 (average) (average) <br />average: $10 - $20 <br />strong: less1han~n <br /> <br />Financial Ratios <br /> <br />As security for the loan the South Side Ditch Company will pledge assessment revenues backed by <br />assessment covenant and the project itself. This security is in compliance with the CWCB Loan Policy #5 <br />(Collateral). <br /> <br />Page 14 <br /> <br />South Side Ditch Company <br />Feasibility Study <br />2003 <br />