PROJ01885 ‎(2)‎

• Contract/PO #: C150229
• Contractor Name: Logan Irrigation District
• Contract Type: Loan
• Water District: 0
• County: Logan
• Loan Projects - Doc Type: Feasibility Study

I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I

Table 2. Financial Summary

Proiect Cost $337,095
Loan Amount (90% of Project Cost) $303,385
CWCB Loan Pavment Amount, including 10% loan reserve $21,108
Payment from Iliff Irrigation District $5,447
Payment from Morgan Prewitt Reservoir Companv $4,086
Remainina Pavment required of Logan Irrigation District $11,575
Number of Landowners 128
Number of Acres in the District 12,818.9
Current Assessment per acre $2.60
Future Assessmemt per Share $2.60
Annual Project Cost per acre-foot $3.47
(Averaae annual delivery: 0.75 acre-feet/acre)

Since 90% of the! funding for the project is from the CWCB and the LID has sufficient reserves,
no other debt service is required for this project. As stated above, the operation and
maintenance costs are expected to decrease with the new structure due to a decrease in
engineering expense, and can be accommodated by the District's existing budget. The annual
end of year financial statements for the years 2004 and 2005 for Logan Irrigation District, the Iliff
Irrigation District, and the Morgan Prewitt Reservoir Company along with the LID's 2006 budget
and the Prewitt Operating Committee's 2006 expense budget is provided in Appendix G.

Credit worthiness

LID has no existing debt. Table 3 shows the Financial Ratios for the LID and indicates average
to strong ability to repay with the project in place.

Table 3. Fina.ncial Ratios

151%
$3.47

213%
$3.47

Alternative Financing Considerations

The LID has not investigated any alternative financing sources.

Logan Irrigation District
Emergency Spillway Feasibility Study
March 30, 2006

Page 11 of12