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Yuma County Water Aulhoriry Public Improvement District <br />Nuvember 10, 2008 (l'PDATED NOVENBER 20, 2008) <br />Page 7 of 7 <br />Table 2 shows the Financial Ratios for the Yuma County PID. <br />Table Z. Financjal Ratlos <br />Agenda Item 26d <br /> Current Future w/ <br />Financial Ratio Project/Loan <br />Operaring Rario (revenues/expenses) 100% <br />weak: <100% - avera e: 100% -120% - stron :>120°/ N/A (Average) <br /> $1.1M/1.1M <br />Dtbt Service Coverage Ratio 100% <br />(revenues-expenses)/debt service N/A (Average) <br />weak: < 100°/a - avera e: 100% - 120% - stron :> 120°/ $1.1-0M/ 1.1 M <br />Cash Reserves to Current Expenses ~°~"' <br />weak: <50% - avera e: 50% -100% - stron :>100°/ NIA (Weak) <br /> $OM/1.1M <br />Annual Operating Cost pet Acre-Foot (based on 2,500 AF) $400/AF <br />eak: >$20 - avera e: $10 - $20 - stron : <$1 N/A (Weak)** <br /> $1M/2.SK <br />* Yuma County PID will begin generating cash and emergency reserve funds in 2009 <br />** Comparisons not accurate since this is Compact water delivery <br />Collateral: As security for the loan, the Yuma County PID will pledge its tax assessment revenues, <br />backed by an assessment covenant and annual reporting. This security is in compliance with CWCB <br />Financial Policy 5 (Collateral). <br />Staff Recommendation (Approved on November 19, 2008 with Reserve Account Waiver) <br />Staffrecommends the Boazd approve a loan not to exceed $9,595,000 ($9,500,000 for Project costs <br />and $95,000 for the 1% Loan Service Fee) to the Yuma County Water Authority Public <br />Improvement Disfict for the purchase of the water rights in the North Fork of the Republican River <br />using funds from the Severance Tax Trust Fund Perpetual Base Account. The loan amount shall not <br />exceed 90% of Project expenses. The loan terms shall be 20 yeaz at an interest rate of 2.25% per <br />annum. Security for the loan shall be in compliance with CWCB Financial Policy S. <br />Additional Recommeodation: <br />CWCB shall waive the Loan Contract requirement to fund a debt service reserve account. <br />Email copy: Robin Wiley, Commissioner <br />Stevr Sims, Le~;al Counsel <br />Susan Schneider & Amy Stengel, Colorado Attomey General's Office <br />Attachment: Water Project Construction Loan Program -- Project Data Sheet <br />