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C150295 Approval letter
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C150295 Approval letter
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Last modified
6/17/2015 12:03:29 PM
Creation date
10/14/2009 1:08:38 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
CT2015-038
C150295
Contractor Name
Dillon, Town of
Contract Type
Loan
Water District
0
County
Summit
Loan Projects - Doc Type
Approval Letter
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Town of Dillon <br />May 12, 2009 (UPDATED May 22, 2009) <br />Page 6 of 6 <br />Table 2 shows the Financial Ratios for the Town. <br />Table 2. Financial Ratios <br />Agenda Item 17b <br /> <br />Financial Ratio Past Years Future (2013) <br />With Project <br />Operating Ratio (revenues/expenses) 119% 140% <br />weak: <100% - average: 100°/a - 120% - stron : >120°/ (Average) (Strong) <br /> $755K/634K $900K/645K <br />Debt Service Coverage Ratio lg3% 115% <br />(revenues-expenses)/debt service (Strong) (Average) <br />weak: <100% - avera e: 100% - 120% - stron : >120°/ $755K-489K/145K $900K-530K/115K <br />Cash Reserves to Current Expenses 114% 109% <br /> <br />weak: <50% - average: 50% - 100% - stron : > 100°/ (Strong) (Strong) <br /> $725K/634K $700K/645K <br />Average Monthly Residential Water Bill $41/Month $45/Month <br />eak: >$60 - average: $30 - $60 - stron : <$30 (Average) (Average) <br />Collateral - Security for the loan shall be a pledge of the Town's water activity enterprise revenues <br />backed by a rate covenant and audited annual financial reporting. This is in compliance with <br />CWCB Financial Policy #5 (Collateral). <br />Staff Recommendation (Board Approved with the added contract condition on May 19, 2009) <br />Staff recommends the Board approve a loan not to exceed $1,515,000 ($1,500,000 for project costs <br />and $15,000 for the 1% Loan Service Fee) to the Town of Dillon, acting by and through its water <br />activity enterprise, for the Old Dillon Reservoir Enlargement Project from the Construction Fund. <br />The loan terms shall be an interest rate of 4.0% per annum far 30 years. Security for the loan shall <br />be in compliance with Financial Policy #5. <br />Loan approval shall be conditioned upon CWCB receiving parity with all current debt that is <br />secured by the Town's water activity enterprise revenues. <br />Added Contract Condition -~~Project participants must create a governing body such as an <br />Authority to manage the funding contracts for the Reservoir's construction prior to the Town <br />of Dillon receiving CWCB loan disbursements" <br />cc: Eric Holgerson, Public Works Director <br />Susan Schneider, AGO <br />Attachment: Water Project Loan Program - Project Data Sheet <br />
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