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Riverside Reservoir and Land Company <br />May 12, 2009 (UPDATED May 22, 2009) <br />Page 6 of G <br />TABLE 4 <br />FINANCIAL RATIOS <br />Agenda Item l7g <br /> Future <br />Financial Ratio Past 2 Years W~ project <br />Operating Ratio (revenues/expenses) 124% 109% <br />weak: <100% - avera e: 100% - 120% - stron : >120°/ (Average) <br />$310K/249K (Average) <br />$459K/422K <br />Debt Service Coverage Ratio 265% 122% <br />(revenues-expenses)/debt service (Strong) (Strong) <br />weak: <100% - avera e: 100% - 120% - stron : >120% $310-249K/23K $459-248K/173K <br />Cash Reserves to Current Expenses 148% 21% <br />weak: <50% - avera e: 50% - 100% - strong: >100°/ (Strong) <br />$403K/272K (Weak) <br />$89K/422K <br />Annual Operating Cost per Acre-Foot (105,000 AF) $2.59/AF $4.02/AF <br />eak: >$20 - average: $10 - $20 - strong: <$1 (Strong) <br />$272K/lOSK AF (Strong) <br />$422K/lOSK AF <br /> <br />Collateral: As security for the loan, the Company will pledge its assessment revenues backed <br />by a rate covenant. This is in compliance with CWCB Financial Policy #5 (Collateral). <br />Staff Recommendation (Board approved staff recommendation on May 19, 2009) <br />Staff recommends the Board approve a loan not to exceed $2,838,100 ($2,810,000 for project <br />costs and $28,100 far the 1% Loan Service Fee) to the Riverside Reservoir and Land Company <br />to construct its Spillway Project from the Severance Tax Trust Fund Perpetual Base Account. <br />The loan terms shall be 30 years at the agricultural interest rate of 2.5% per a.nnum. Security for <br />the loan shall be in compliance with CWCB Financial Policy #5. <br />cc: Don Chapman, Superintendent, Riverside Reservoir and Land Company <br />James Ferentchak, P.E., W.W. Wheeler & Associates <br />Susan Schneider, AGO <br />Attachment: Project Data Sheet <br />