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The Jackson Ditch Company <br />January 13, 2012 (Updated January 31, 2012) <br />Page 3 of 3 <br />Creditworthiness: <br />Agenda Item 27a <br />Operating revenues for the Company are generated by annual shareholder assessments, currently set <br />at $2,275 per share. The Company has no outstanding debt and sufficient cash reserves to cover the <br />Company's portion of the total project cost. A surplus from current assessments is sufficient to <br />cover the annual CWCB loan obligation; however, an assessment increase will be discussed at the <br />annual shareholder meeting in January 2012 in order to offset a portion of the debt service incurred <br />by this loan. <br />TABLE 2: FINANCIAL RATIOS <br />v £R <br />�f'YE�Ya <br />r'`e',`'S'- e4".§., <br />Priori £ <br />"`z'�g _. #5« e+. <br />Future <br />�'� <br />i4 <br />Financial,RatioS'# <br />$.*3Y4+ <br />Pro <br />4' ` d <br />k . <br />r ect, <br />FPro,ect <br />Operating Ratio (operating revenues /operating expenses) <br />116% <br />100% <br />weak: <100% - average: 100% - 120% - strong: >120 / <br />(average) <br />(average) <br />$55.OK/$47.5K <br />$55.OK/$55.OK <br />Debt Service Coverage Ratio <br />100% <br />(total eligible revenues - operating expenses) /total debt service <br />No Current <br />(average) <br />Debt <br />weak: <100% - average: 100% - 120% - strong: >120°/ <br />$(55.0K- 47.5K)/$7.5K <br />Cash Reserves to Current Expenses <br />68% <br />34% <br />weak: <50% - average: 50% - 100% - strong: >100% <br />(average) <br />(weak) <br />$32.4K/$47.5K <br />$18.7K/$55.OK <br />Average Operating Cost per Acre -Foot (5,500 AF) <br />$8.64 <br />$10.00 <br />eak: >$20 - avera e: $10 - $20 - strop : <$1 <br />(strong) <br />(average) <br />$47.SK/$5,500 AF <br />$55.OK/$5,500 AF <br />Collateral: The security for the loan will continue to remain a pledge of assessment revenues <br />backed by a rate covenant; and will additionally include the Project itself and associated access <br />easements. This is in compliance with the CWCB Financial Policy #5 (Collateral). <br />cc: Dennis Harmon, General _Manager, The Jackson Ditch Company <br />Susan Schneider, AGO <br />Peter Johnson, AGO <br />Attachment: Water Project Loan Program — Project Data Sheet <br />