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 5 of 5
TABLE 3
FINANCIAL RATIOS
Future
Past 2 Years
Financial Ratio
w/ Project
109% 103%
Operating Ratio (revenues/expenses)
(Average) (Average)
weak: <100% - average: 100% - 120% - strong: >120%
$288/264K $432/420K
Debt Service Coverage Ratio
218% 108%
(revenues-expenses)/debt service
(Strong) (Average)
weak: <100% - average: 100% - 120% - strong: >120% $288-264/11K $432-264/156K
10% 6%
Cash Reserves to Current Expenses
(Weak) (Weak)
weak: <50% - average: 50% - 100% - strong: >100%
$27/276K $27/420K
$23 $35
Annual Operating Cost per Acre-Foot
(12,000 AF)
(Weak) (Weak)
weak: >$20 - average: $10 - $20 - strong: <$10
$276K/12K AF $420K/12K AF
Collateral – As security for the loan, the Company will pledge assessment revenues backed by a
rate covenant and the Company’s ri ghts and interest in Panama Reservoir. This is in compliance
with CWCB Financial Policy #5 (Collateral).
Staff Recommendation
Staff recommends the Board approve a loan not to exceed $2,430,060 ($2,406,000 for project costs
and $24,060 for the 1% Loan Service Fee) to th e Boulder White Rock Ditch and Reservoir
Company for the Panama Reservoi r Outlet Project from the Severance Tax Trust Fund Perpetual
Base Account. The loan terms shall be 30 years at a blended interest rate of 3.45% per annum.
Security for the loan shall be in compliance with CWCB Financial Policy #5.
cc: Dan Grant, Secretary/Treasurer, Boulde r White Rock Ditch and Reservoir Company
Ed Toms, PE, URS Corporation
Amy Stengel, AGO
Susan Schneider, AGO