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Last modified
8/16/2009 2:35:48 PM
Creation date
8/8/2007 4:09:46 PM
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Board Meetings
Board Meeting Date
7/11/2007
Description
CF Section - New Project Loans - Montezuma Valley Irrigation Company - May Lateral Pipeline Project
Board Meetings - Doc Type
Memo
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<br />Montezuma Valley Irrigation Company <br />July 2, 2007 <br />Page 4 of 4 <br /> <br />Agenda Item 15c <br /> <br />Table 2 shows the Financial Ratios for the Company. The share assessment is expected to <br />remain at $14.50/share plus the annual maintenance fee of $125. <br /> <br />Table 2. Financial Ratios <br /> <br />Financial Ratio Without Project With Project <br />Previous Years Future Years <br />Operating Ratio (revenue/expense) 140% 100% <br />I weak: <100% I-I average: 100% - 120% I-I strong: >120%1 (strong) * (average) * <br />$930 K/$664 K $930K/$930K <br />Debt Service Coverage Ratio 100% <br />(revenues-expenses)/debt service (N/A) (average) * <br />I weak: <100% I-I average: 100% - 120% I-I strong: >120%1 $930K-664K/$OK $930K-$664K/$266K <br />Cash Reserves to Current Expense 150% 43% ** <br />I weak: <50% I-I average: 50% - 100% I-I strong: >100%1 (strong) (weak) <br />$1,000K/$664K $400K/$930K <br />Annual Operating Cost per Acre-Ft. (128,000AF) $5.20 $7.25 <br />I weak: >$20 I-I average: $10 - $20 I-I strong: <$1~ (strong) (strong) <br />$664K/$128K $930K/128AF <br /> <br />* Revenues include $120,000 in annual income from water leases <br />** Company plans to construct project with current staff - reducing the need for cash funding the 10% contribution <br /> <br />Collateral: Security for this loan includes: 1) A pledge of the Company's assessment revenues <br />and any other revenues legally available backed by an assessment covenant; 2) The Project, <br />including the pipeline and all associated access easement rights. This security is in compliance <br />with CWCB Loan Policy #5 (Collateral). <br /> <br />Staff Recommendation <br /> <br />Staff recommends a loan, not to exceed $5,292,400 (5,240,000 for project costs and $52,400 for <br />the 1 % Loan Service Fee) for engineering and construction costs, to the Montezuma Valley <br />Irrigation Company from the Severance Tax Trust Fund Perpetual Base Account, for the May <br />Lateral Pipeline Project. The loan terms are based on an agricultural interest rate of 2.25% per <br />annum for 30 years. Security for the loan will be collateral in compliance with CWCB Loan Policy <br />NO.5. <br /> <br />Email copy: <br /> <br />Jim Siscoe, Manager, Montezuma Valley Irrigation Company <br />Gerald Knudsen, PE, AgriTech Consulting <br />Amy Stengel, AGO <br /> <br />Attachment: Project Data Sheet <br />
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