PROJC02180

• Contract/PO #: C150276
• Contractor Name: Center of Colorado Water Conservancy District
• Contract Type: Loan
• Water District: 0
• County: Park
• Loan Projects - Doc Type: Approval Letter

Center of Colorado Water Conservancy District
November 10, 2008 (UPDATED NOVEMBER 20, 2008)
Page 4 of 4
Agenda Item 26a
Creditworthiness: The District currently is funded by a 1.0 mill ad valorem tax and voted in
November 2008 to approve amulti-year debt for the Project. The District has two outstanding
loans:
Lender
Frida Bargas and Frida Wahl Trust
Park County Land & Water Trust
Balance Annual Pmt Maturity Date
$2,090,000 * $32,285
$46,666 $23,333
6/2019
* * 9/2009
* Per agreement dated April I0, 2003, Centennial is responsible for $193,646 towards the annual repayment.
** Since this loan will be paid off prior to the District making a CWCB loan repayment debt service was ignored.
Table 2 shows the Financial Ratios for the District.
Table 2. Financial Ratios
Financial Ratio Past Years Future
Operating Ratio (revenues/expenses) 172% 150%

weak: <100% - avera e: 100% - 120% - stron : >120°/ (Strong)
$690/400K (Strong)
$690/460K
Debt Service Coverage Ratio 196% 164%
(revenues-expenses)/debt service (Strong) (Strong)
weak: <100% - avera e: 100% - 120% - stron : >120°/ $690-100/300K $690-100/360K
Cash Reserves to Current Expenses 10% 109%
(Weak) (Strong)
weak: <50% - avera e: 50% - 100% - stron : >100°/ $40/400K $500/460K
Annual Operating Cost per Acre-Foot $4,100/AF $2,730/AF
***
eak: >$20 - avera e: $10 - $20 - stron : <$1 (Weak)***
$123K/30 (Weak)
$183K/67
*** Based on fully consumable water in augmentation plan (Weak status is not representative).
Collateral - As security for the loan, the District will pledge its tax assessment revenues. This is in
compliance with CWCB Financial Policy #5 (Collateral).
Staff Recommendation (Board Approved on November 20, 2008)
Staff recommends the Board approve a loan not to exceed $454,500 ($450,000 for project costs and
$4,500 for the 1% Loan Service Fee) to the Center of Colorado Water Conservancy District for the
construction of the James Tingle Reservoir from the Severance Tax Trust Fund Perpetual Base
Account. The loan terms shall be 10 years at an interest rate of 3.5% per annum. This rate is
reduced by 0.5% from the current middle income municipal, 30 year, 4.0% interest rate. Security
for the loan shall be in compliance with CWCB Financial Policy #5.
cc: Daniel J. Drucker, President, Center of Colorado WCD
James W. Culichia, Felt, Monson, &Culichia
Amy Stengel, AGO
Attachment: Water Project Loan Program -Project Data Sheet