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Orchard Mesa Irrigation District Agenda Item 2a <br />May 13, 2008 <br />Page 3 of 3 <br />Financial Analysis <br />The District’s financial ratios will remain in the strong to average category. The District’s annualized cost to <br />deliver 58,300 acre-feet will only increase from $0.50 to $0.54 per acre-foot. The District’s existing CWCB <br />loan (C153723), with an outstanding balance of approximately $350,000, is in good standing. <br />As security for this loan, the Co mpany will continue to pledge assess ment revenues backed by an assessment <br />covenant. This security is in compliance with CWCB Loan Policy #5 (Collateral). <br />Staff Recommendation <br />Staff recommends a loan increase not to exceed $60,000( $59,400 for project costs and $600 for the 1% Loan <br />Service Fee) to the District for engineering and co nstruction costs associated with the Stokes Gulch Siphon <br />Project, from the Severance Tax Trus t Fund Perpetual Base Account. . The District’s amended total loan <br />amount will be $600,000($594,060 for the total project cost s and $5,940 for the 1% loan origination fee). <br />The terms shall be based on their previous rate of 2.5% per annum for 30-years. Final approval of the loan <br />shall be conditioned upon all standard contracting provisions of the CWCB Loan Program. Security for the <br />loan shall be collateral in comp liance with CWCB Loan Policy #5. <br />cc: Rita Crumpton, Manager, District <br /> Vaughn McWilliams, CWCB <br /> Steve Biondo, CWCB <br /> Susan Schneider, AGO <br /> Amy Stengel, AGO <br />Attachment <br />