26f

• Board Meeting Date: 11/19/2008
• Description: CF Section - New Project Loans - Boulder White Rock Ditch and Reservoir Company - Panama Reservoir Outlet
• Board Meetings - Doc Type: Memo

Boulder White Rock Ditch and Reservoir Company Agenda Item 26f
November 10, 2008
Page 4 of 5
The final Project design is expected to be comp lete in November 2008. Construction is anticipated
to begin in the fall of 2009 when Panama Reser voir has been drawn down to a level at which
construction can commence. The Project is exp ected to be complete by the spring of 2010.
Financial Analysis
Table 2 shows a summary of the financial aspect s of the loan request. The Company has 5,500 total
shares. Ownership of these shar es is divided into 52% agricult ural, 48% high-income municipal,
and less than 1% commercial interes t; therefore, a blended interest rate of 3.45% for a 30-year loan
applies in accordance with CWCB Financial Policy #7.
TABLE 2
FINANCIAL SUMMARY
PROJECT/LOAN
Total Project Cost $2,673,000
CWCB Loan (90% of the Project cost) $2,406,000
CWCB Loan (Including 1% Service Fee) $2,430,060
CWCB Annual Loan Payment $131,300
CWCB Loan Obligation (including 10% debt reserve funding) $144,430
Number of Shareholders 160
Numbers of Shares 5,500
Annual Cost of Loan Per Share for Project $26/Share
Annual Cost of Loan per AF (based on 12,000 AF average diversion) $12/AF
Creditworthiness : The Company’s current assessment is $15/share with a $100 minimum. Rates
will need to be increased to $41/ share to cover the new CWCB de bt service. In addition, the
Company will need to assess $49/share initially to pay for 10% of the Project costs. The Company
has one existing $135,800 loan with Guarantee Bank for its Ditch Rider’s residence.