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Boulder White Rock Ditch and Reservoir Company <br />Updated November 20, 2008 <br />Page 5 of 5 <br />TABLE 3 <br />FINANCIAL RATIOS <br />Agenda Item 26f <br /> Future <br />Financial Ratio Past 2 Years ~,/ project <br />Operating Ratio (revenues/expenses) 109% 103% <br />weak: <100% - average: 100% - 120% - strop : >120°/ (Average) (Average) <br /> $288/264K $432/420K <br />Debt Service Coverage Ratio 218% 108% <br />(revenues-expenses)/debt service (Strong) (Average) <br />weak: <100% - avers e: 100% - 120% - strop : >120°/ $288-264/11K $432-264/156K <br />Cash Reserves to Current Expenses 10% 6% <br />weak: <50% - avers e: 50% - 100% - strop : >100°/ (Weak) <br />$27/276K (Weak) <br />$27/420K <br />Annual Operating Cost per Acre-Foot (12,000 AF) $23 $35 <br />eak: >$20 - avers e: $10 - $20 - strop : <$1 (Weak) (Weak) <br /> $276K112K AF $420K/12K AF <br />Collateral - As security for the loan, the Company will pledge assessment revenues backed by a <br />rate covenant and the Company's rights and interest in Panama Reservoir. This is in compliance <br />with CWCB Financial Policy #5 (Collateral). <br />Staff Recommendation (Board approved Staff recommendation November 19, 2008) <br />Staff recommends the Boazd approve a loan not to exceed $2,430,060 ($2,406,000 for project costs <br />and $24,060 for the 1 % Loan Service Fee) to the Boulder White Rock Ditch and Reservoir <br />Company for the Panama Reservoir Outlet Project from the Severance Tax Trust Fund Perpetual <br />Base Account. The loan terms shall be 30 years at a blended interest rate of 3.45% per annum. <br />Security for the loan shall be in compliance with CWCB Financial Policy #5. <br />cc: Dan Grant, Secretary/Treasurer, Boulder White Rock Ditch and Reservoir Company <br />Ed Toms, PE, URS Corporation <br />Amy Stengel, AGO <br />Susan Schneider, AGO <br />