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C150155 Feasibility Study
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C150155 Feasibility Study
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Last modified
5/8/2015 9:44:15 AM
Creation date
2/26/2008 9:58:55 AM
Metadata
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Loan Projects
Contract/PO #
C150155
Contractor Name
Rio Grande and Piedra Valley Ditch Company
Contract Type
Loan
Water District
20
County
Rio Grande
Bill Number
SPL
Loan Projects - Doc Type
Feasibility Study
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<br /> <br />u lfl( <br />& .~B u ~ <br />- ,~ t' dB, <br />N S ~~~ <br /> <br />~ rf The Company is requesting a 30-year loan from the C . standard agricultural lending . <br />rate would be 2.5%, resulting in annual payments of~2465 52. T this would be added $~08.24 <br />1\' per year for the first 10 years to fund the emergency rese ccount, for a total annual cost of <br />~ . 6. /013 2-5 <br />t.. able 3 is a summary of the fina . aspects o::,~ecl. Annual assessments will increase <br />"3JS; from $95 per share, up to 109.9 er share with a Emcrgcncy~an of $52,000. This <br />represents an annual assessment increase of $ ~ r share, or $5.69 per acre-foot, based <br />on average annual diversions 173'1 acre-feet. f'~t?, '27 ~O J~ <br /> <br />Table 3. Financial Summary <br /> <br />Project Cost <br />Loan Amount (75% of Project Cost) <br />CWCB Loan Payment Amount, including 10% loan reserve <br />Number of Shareholders <br />Number of Shares of Stock <br />Current Assessment per Share <br />Future Assessment per Share <br />Annua~~ost per acre-foot <br />(Averag~n11aal diversions: 17,381 acre-feet) c/ <br /> <br />$69,333 <br />$52,000 <br /> <br />~ 17'V <br />~~&7 <br />j).1/3 If{ <br /> <br />.ir$&69- <br />?if) ( /~ <br /> <br />(jp ( ~~ OM ~ .S:? VI LlC; ~ t57 f( /u i/ ~'; <br />Since all other funding for the project is in the form of grants, the Company would have no other <br />debt service on this project. Operation and maintenance costs are expected to decrease with <br />the new diversion structure, and can be accommodated by the Company's existing budget. <br /> <br />31 <br />204.32 <br />$95 <br />r1/08t/5P <br /> <br />Credit worthiness: The Rio Grande and Piedra Valley Ditch Camp' n isting debt. ---. <br />Table 4 shows the Financial Ratios for the Company and indicat average to strong abll 0 r <br />repay with the project in place. <br /> <br />Table 4. Financial Ratios <br /> <br />Financial Ratio <br />Operating Ratio (revenue/expense) <br />Debit Service Coverage Ratio <br />(revenues-expenses)/debt service <br />Cash Reserves to Current Expense <br />Annual Cost per acre-foot <br />(17,381 acre-feet diverted.) <br /> <br />Without the project <br />64% (weak) <br />No debt (strong) <br /> <br />With the project <br />100% (average) <br />110% (average) <br /> <br /> <br />196% (strong) <br />$1.76 (strong) <br /> <br />113% (strong) <br />$3.90 (strong) <br /> <br />Alternative financing considerations: The Rio Grande and Piedra Valley Ditch Company has <br />investigated alternative financing sources. They have obtained an in-kind grant from the NRCS <br />for engineering design and construction inspection. <br /> <br />Rio Grande and Piedra Valley Ditch Company <br />Check Structure Feasibility Study <br />July 29,2003 <br /> <br />Page 11 of 15 <br />
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