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Yuma County Water Authority Public Improvement District Agenda Item 26d November 10 , 2008 Page 7 of 7 Table 2 shows the Financial Ratios for the Yum a County PID . Table 2. Financial Ratios Current Future w/ Financial Ratio Project /Loan 1 00 % Operating Ratio (revenues/expenses) N/A ( Average ) weak: <100% - average: 100% - 120% - strong: >120% $ 1 .1 M/ 1 .1 M Debt Service Coverage Ratio 1 00 % (revenues - exp enses)/debt service N/A ( Average ) $ 1 .1 - 0M / 1 .1 M weak: <100% - average: 100% - 120% - strong: >120% 0 % * Cash Reserves to Current Expenses N/A ( Weak ) weak: <50% - average: 50% - 100% - strong: >100% $ 0 M/ 1 .1 M $ 4 00 / AF Annual Operating Cost per Acre - Foo t (based on 2,500 AF) N/A (Weak) * * weak: >$ 20 - average: $ 10 - $2 0 - strong: <$ 10 $ 1 M/ 2.5 K * Yuma County PID will begin generating cash and emergency reserve funds in 2009 ** Comparisons not accurate since this is Compact water delivery : As security for the loan, the Yuma County PID will pledge its tax assessment revenues, Collateral b acked by an assessment covenant and annual reporting. This security is in compliance with CWCB Financial Policy 5 (Collateral) . Staff Recommendation St aff recommends the Board approve a loan not to exceed $ 9,595 ,000 ($ 9,5 00,000 for P roject costs and $ 95, 000 for the 1% Loan Service Fee) to the Yuma County Water Authority Public Improvement District for the purchase of the water rights in the North Fork of the Republican River using funds from the Severance Tax Trust Fund Perpetual Base Account. The loan amount shall not exceed 90% of Project expenses. The loan terms shall be 20 year at an interest rate of 2. 25 % per annum. Security for the loan shall be in compliance with CWCB Financial Policy 5. Email copy: Robin Wiley , Commissioner Steve Sims, Legal Counsel Susan Schneider & Amy Stengel, Colorado A Attachment: Water Project Construction Loan Program Project Data Sheet