C150243 approval ltr

• Contract/PO #: C150243
• Contractor Name: Aurora, City of
• Contract Type: Loan
• Water District: 0
• County: Adams
• Bill Number: SB 07-122
• Loan Projects - Doc Type: Approval Letter

City of Aurora
January 23-24, 2007 (REVISED January 29, 2007)
Page 6 of 7
Financiai Analvsis
Agenda Item 9f ,
Table 1 shows a summary of the financiai aspects of the loan request. The City qualifies for a
Municipal Middle Income Interest Rate of 3.75% for 30-years. The CWCB will finance up to a
maximum of $75 million dollars for the Conveyance System. The remaining costs will be financed
with available water revenues and additional Water Revenue Bonds. The City's average monthly
water bill is $70/month and is projected to increase by an average of 10% for the next five years
then increase by an average of 4% for the next 10years.
Table 1. Financial Summary
Creditworthiness: The City's Water Fund has several outstanding long-term debts (balances as of
December 2005):
First Lien Water Revenue Obligations Remaining Annual Pmt
Water Improvement Revenue Bonds, Series 2003A $53,335,000 $5,013,175
CWRPDA Drinking Water Revenue Bonds, Series 1999A $9,756,642 $1,256,359
CWRPDA Water Resources Revenue Bonds, Series 2005D $100,000,000 $4,461,640
Second Lien Water Revenue Obligations
Water Improvement Revenue Bonds, Series 2004A
Subordinate Lien Water Revenue Obligations
Rocky Ford Ditch II Water Rights Notes
R/B-I-One & R/B-I-Two Water Rights Notes
General Obligation Water Refunding Bonds
GO Water Refunding Bonds, Series 2003
GO Water Refunding Bonds, Series 1996
$40,000,000 $1,599,996
$6,496,809 $1,216,482
$201,245 $57,858
$50,385,000 $8,180,475
$1,250,000
$261,424,696 $21,785,984
Maturity
8/1 /2021
8/1 /2014
8/1 /2033
8/1 /2033
1/1/2019
11 /19/2009
11 /1 /2014
11 /1 /2006
The City of Aurora's Utility Enterprise has a high credit rating from Fitch Ratings of AA- and from
Moody's Investors Service of A1.
Table 2 shows the Financial Ratios for the City's Water Revenues.