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PROJ01946 (2)
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PROJ01946 (2)
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Last modified
11/19/2009 11:05:08 AM
Creation date
2/26/2008 11:25:17 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150121
Contractor Name
Little Thompson Water District
Contract Type
Loan
Water District
2
County
Weld
Loan Projects - Doc Type
Approval Letter
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<br />i ,.. <br /> <br />Little Thompson Water District - Proposed Dry Creek Reservoir <br />, November 25-26. 2002 . <br /> <br />Agenda Item 20f <br /> <br />emergency drought rate increase in August 2002. Their intention is to raise their water rates a <br />minimum of 10% in 2003, and another 10% in 2004 and 2005. This revenue increase to the year <br />2005 is reflected in the future year financial ratios. <br /> <br />Table 2. Financial Ratios <br /> <br />Financial Ratio Without With project <br /> the projecf Future Year <br /> (Aver. 2000-01) 2005+ <br />Operating Ratio (revenue/expense) <br />weak: less than 100% 125% 175% <br />average: 100% - 120% (strong) ( strong) <br />strona: areater than 120% <br />Debit Service Coverage Ratio <br />(revenues-expenses)/debt service 102%* 105% <br />weak: less than 100% (average) (average) <br />average: 100% - 125% <br />strong: greater than 125% <br />Cash Reserves to Current Expense <br />weak: less than 50% 30% 45% <br />average: 50% - 100% (weak) (weak) <br />strona: areater than 100% <br />Debt per Tap <br />weak: greater than $5000 . $ 2290 $2770 <br />average: $2500 - $5000 (strong) . (strong) <br />strong: less than $2500 <br />Monthly Water Bill <br />average: $30 $27 $35 <br />weak: greater than $60 (average) (averag.e) <br />. <br /> <br />* Includes 30% of tap fee revenues for 2000 and 2001 (which averaged $2,800,000 per year) <br /> <br />As security for the loan the District will pledge water revenues backed by a rate covenant and <br />annual financial reporting. This is in compliance with CWCB Loan Policy #5 (Collateral). <br /> <br />Recommendation <br /> <br />Staff recommends a CWCB loan to the Little Thompson Water District, from the Severance Tax <br />Trust Fund - Perpetual Base Account, not to exceed $3,937,500 to construct the proposed Dry <br />Creek reservoir in 50/50 partnership with the Central Weld County Water District. The recommended <br />term of the loan is 20 years and the recommended lending rate is 4.05% per year. Security for the <br />loan will. be a pledge of water rate revenues backed by a rate covenant and annual financial reporting. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCB. <br /> <br />cc: Hank Whittet, District Manager, L TWD <br />Duane Smith, P.E., Smith Geotechnical <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />Action Taken bv the CWCS on November 26. 2002 <br />The CWCB approved the Staff Recommendation. <br />Page 5 of 6 <br />
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