C150259 Approval letter

• Contract/PO #: C150259
• Contractor Name: Bijou Irrigation District
• Contract Type: Loan
• Water District: 1
• County: Morgan
• County: Weld
• Loan Projects - Doc Type: Approval Letter

Financial Analysis
Table 2 is a summary of the financial aspects of the project. The CWCB loan will be repaid
from annual acreage assessments. The land currently assessed by the District is 19,177 acres.
Table 2. Financial
Total Project Cost
CWCB Loan Amount
CWCB Loan Amount (Including 1% Service Fee)
CWCB Loan Payment
CWCB Loan Payment (Including 10% Reserve)
Previous Assessment per acre (2007)
Approved 2008 Budget Assessment per acre
Annual Cost of Loan per acre-foot dehvered (19,900 ac-ft.
Annual Cost of Loan per acre Assessed (19,177)
Number of Acres Assessed
$4,900,000
$4,410,000
$4,454,100
$205,776
$226,354
$46.58
$46.58
$11.37
$11.80
19,177
Assessment Levy History / acre: 2009- $46.58; 2008 -$46.58; 2007 -$18; 2006 -$13;
2005 - $10; 2004 - $10.
Creditworthiness: The District has three existing loans with the CWCB, summarized as follows
in Table 3:
Table 3
Loan Amount Borrowed Balance Annual Pa ment
Em ire Res. - S illwa $723,950 715,000 $38,354
Diversion Structure $2,090,700 $2,090,700 $106,248
Emnire Res. — E. Dam $4,454,100 $4,454,100 $226,354
Totals
7,268,750 � $7
The District's annual assessment to each member breaks down the cost per acre necessary to
cover each loan described above and to cover the District's annual operating expenses. The
District's annual assessment breakdown for 2008 and 2009 is summarized below:
Categorv
Operating Expenses
Spillway Loan
Diversion Loan
East Dam Rehabilitation (This loan)
Totals:
2008
Cost/Acre
$40.00
$2.00
$1.72
$2.86
$46.58
2009
Cost/Acre
$27.44
$1.80
$5.54
$11.80
$46.5 8
It is the intent of the District to maintain the 2008 assessment rate of $46.58 per acre for 2009, by
increasing the assessments for the loans that are proposed to increase, as identified above, and
reducing the assessments for annual operating expenses.
4