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PROJ01922 (2)
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PROJ01922 (2)
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Last modified
11/19/2009 11:25:16 AM
Creation date
2/21/2008 4:16:45 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150126
Contractor Name
Kremmling, Town of
Contract Type
Loan
Water District
50
County
Grand
Loan Projects - Doc Type
Approval Letter
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<br /> <br />. . <br /> <br />Financial Ratio Without With the <br /> the project project <br />Operating Ratio (revenue/expense) 104% 121% <br />weak: less than 100% (average) (strong) <br />average: 100% - 120% <br />strono: greater than 120% <br />Debt Service Coverage Ratio 118% 114% <br />(revenues-expenses )/debt service (average (average <br />weak: less than 100% <br />average: 100% - 125% <br />strono: oreater than 125% <br />Cash Reserves to Current Expense 25% 42% <br />weak: less than 50% (weak) (weak) <br />average: 50% - 100% <br />strono: oreater than 100% <br />Monthly Residential Water Bill $23.20 $45.20 <br />weak: greater than $60 (strong) (average) <br />average: $30 - $60 <br />strong: less than $30 <br /> <br />Table 5. Financial Ratios <br /> <br />As security for the loan the Town will pledge revenues backed by rate covenant. This security is in <br />compliance with CWCB loan Policy No.5. <br /> <br />CONCLUSION: <br /> <br />Based on staffs review of the original feasibility cost projections, the supporting documentation <br />. provided by Town for the additional cost incurred to-date, and overall financial strength ofthe Town, staff <br />finds the requested loan increase of$689,750 to be economically, financially, and technically sound. <br /> <br />STAFF RECOMMENDATIONS: <br /> <br />Staff recommends that the Board approve an increase of $689,750, to the Town of Kremmling's <br />existing $1,000,000 loan, approved by the Board in November of 2002, from the Construction Fund. The <br />additional $689,750 increment of funding would be for 30-years at a lending rate of 4.25%, which is the <br />same interest and term on their existing loan. The total funding level for this proj ect will be $1,689,750, or <br />69% of the total project costs. Security for the loan will be a pledge of revenues backed by a. rate covenant, <br />in accordance with Policy No.5 (Collateral). <br /> <br />Staff further recommends that the following conditions be met prior to entering into a contract for <br />the additional loan increment of funding: <br /> <br />1. The loan increase shall be contingent upon all standard-contracting provisions of the Colorado <br />Water Conservation Board. <br /> <br />"Action taken bv the CWCB Board on Mav 25.2004 <br />Board approved staff recommendations <br /> <br />6 <br />Flood Protection. Water Project Planning and Financing · Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />
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