16a

• Board Meeting Date: 7/22/2008
• Description: CF Section - New Project Loans - Loudon Irrigating Canal & Res. Co. - Rist Benton Res. Dam Rehab. Project
• Board Meetings - Doc Type: Memo

Louden Irrigating Canal & Reservoir Company Agenda Item 16a
July 15, 2008
Page 5 of 6
Project Schedule
Task Target Completion Date
Design September 2008
SEO Design Review January 2009
Bid July 2009
Award Bid August 2009
Start Construction September 2009
Project Complete December 2009
Financial Analysis
Table 2 shows a summary of the financial aspects of the loan request. The Borrower has a mix of
agricultural, municipal, and commercial shareholders. (The shareholder breakdown was: 232
agricultural shares, two low inco me municipal shares, 328 middle income municipal shares, one
high income municipal share, and 36 commercia l shares.) Based on sh are ownership, blended
interest rate becomes 3.5 % for a 30-year term.
Table 2. Financial Summary
PROJECT/LOAN
Total Project Cost $290,000
CWCB Loan (90% of the Project cost) $261,000
CWCB Loan (Including 1% Service Fee) $263,610
CWCB Annual Loan Payment $14,333
CWCB Loan Obligation (including 10% debt reserve funding) $15,766
Number of Shares 600
Annual Cost Per Share for Project $26.28
Annual Cost of Loan per AF (based on 491 AF with Reservoir at full capacity) $32
Assessments per share $130
Creditworthiness : The Borrower’s current assessment is $130/share. Rates have been increased
over recent years: $105 in 2005, $120 in 2006-2007, and raised to $130 for 2008 in anticipation of
this Project. The current assessment of $130/sh are will cover the CWCB debt service. The
Borrower has no existing debt.