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Riverside Canal and Allen Extension Company � Agenda Item 26b <br />November 10, 2009 (UPDATED November 18, 2009) <br />Page 5 of 5 <br />TABLE 4 <br />FINANCIAL SUMMARY <br />Future <br />Financial Ratio Past 3 Years W � project <br />Operating Rario (revenues/expenses) ��% 100% <br />weak: <100% - average: 100% - 120% - stron : >120% �weak) (Average) <br />$6K/$7.SK $179K/17.9K <br />Debt Service Coverage Ratio 28% 100% <br />(revenues-expenses)/debt service (Weak) (Average) <br />weak: <100% - average: 100% - 120% - strong: >120% ($6K-5.3K)/$2.SK �$17.9-5.3K) <br />/12.6K <br />Cash Reserves to Current Expenses 4% 2% <br />weak: <50% - average: 50% - 100% - stron : >100% �Weak) (Weak) <br />$336/$7.8K $336/$17.9K <br />Annual �perating Cost per Acre-Foot (based on 3,250 AF) $2•40 $5.52 <br />eak: >$20 - avera e: $10 - $20 - stron : <$1 (Strong) (Strong) <br />$7.8K/3250AF $17.9K/3250AF <br />Collateral — As security for the loan, the Company will pledge assessment revenues backed by a <br />rate covenant and water rights sufficient to cover the loan amount. This is in compliance with the <br />CWCB Financial Policy #5 (Collateral). <br />Staff Recommendation (Board approved staff recommendation November 18, 2009) <br />Staff recommends the Board approve a loan from the Construction Fund not to exceed $186,345 <br />($184,500 forproject costs and $1,845 for the 1% Loan Service Fee) to the Riverside Ditch and <br />Allen Extension Company for engineering and construction costs related to the Phased Canal <br />Improvements Project. The loan terms shall be 30 years at the agricultural rate of 2.75% per annum. <br />Security for the loan shall be in compliance with CWCB Financial Policy #5. <br />cc: Laura Berchert, Board President, Riverside Ditch and Allen Extension Company <br />Stephen Smith, P.E., Aqua Engineering, Inc. <br />Susan Schneider, AGO <br />Attachment: Water Project Loan Program — Project Data Sheet <br />