PROJC02219 - Laserfiche WebLink

Home Browse Search

~. ~ +- Table 1. Financial Ratios Financial Ratio Without Completed Amended the project pro "ect project Operating Ratio (revenue/expense) 109% 114% 114% weak: less than 100% (average) (average) (average) average: 100% - 120% stron reater than 120% Debt Service Coverage Ratio n/a 123% 113% (revenues-expenses)/debt service (average) (average) weak: less than 100% average: 100% - 125% stron reater than 125% Cash Reserves to Current Expense 87% 35% 34% weak: less than 50% (weak) (weak) (weak) average: 50% - 100% stron reater than 100% Annual Cost per Ac-Ft diverted (19,887 AF) $15.10 $16.85 $17.00 weak: greater than $20 (average) (average) (average) average: $10 - $20 strong: less than $10 Collateral: Security for this loan will be all revenues derived from the District's per acre assessment to repay the Promissory Note in accordance with the Irrigation District Law of 1905 (C.R.S 37-41-101 to 160). This security is in compliance with CWCB Financial Policy #5 (Collateral). Staff Recommendation Staff recommends that the Board approve an increase of $51,290 ($50,783 for project costs and $507 for the 1% loan origination fee, (in accordance with CWCB Financial Policy No. 16) from the Severance Tax Trust Fund Perpetual Base Account. The additional $51,290 increment of funding would be for 30-years at the present lending rate of 2.5%. The District's amended total loan amount will be $723,950 ($716,782 for the total project costs and $7,168 for the 1% loan origination fee). Security for the loan will be a pledge of Bijou Irrigation District's annual assessment tax revenues, in compliance with CWCB Financial Policy No. 5. ACTION TAKEN BY THE CWCB BOARD ON MAY 22, 2007._ Board approved staff recommendation. c: Denice Wagner, Bijou Irrigation District Vaughn McWilliams, CWCB Amy Stengel, AGO