C150362 Approval Letter

• Contract/PO #: CT2015-022
• Contract/PO #: C150362
• Contractor Name: Greeley and Loveland Irrigation Company
• Contract Type: Loan
• Water District: 4
• County: Larimer
• Loan Projects - Doc Type: Approval Letter

Greeley an I Loveland Irrigation Company Agenda Item 30b
September 13, 2013 (Updated September 30, 2013)
Page 6 of
TABLE 6: FINANCIAL RATIOS
Collat ral: As security for the loan, the Company will pledge its assessment revenues backed by a
rate covenant and the Boyd Lake High -Level Outlet Project. The Company and Seven Lakes will
pledge the Horseshoe Lake High -Level Outlet Project. This is in compliance with the CWCB
Financ al Policy #5 (Collateral).
cc
Ron Brinkman, General Manager, Greeley and Loveland Irrigation Company
Susan Schneider /Jennifer Mele, Colorado's Attorney General Office
Water Project Loan Program — Project Data Sheet
Financial Ratio
Past 3 Years
Future
w/ Project
Operating Ratio (revenues /expenses)
106%
104%
ak: <1007/o verage: 1000/7- 120% strop : > 120%
(Average)
$669K/$632K
(Average)
$821K/$790K
Debt Service Coverage Ratio
125%
110%
(revenues- expenses) /debt service
(Strong)
(Average)
$669K -$481K
$821K -$481K
ak: <1007/o vera e: 100% - 120% strong: >120%
$151K
$309K
Cash Reserves to Current Expenses
32%
13%
eak: <50% vera e: 50% - 100% strop : >100%
(Weak)
$205K/$632M
(Weak)
$103K/$792K
�nnual Operating Cost per Acre -Foot (45,000 AF)
$14
$16
eak: >$20 vera e: $10 $$20 strop <$10
(Average)
(Average)
$632M/45K AF
$729k/45K AF
Collat ral: As security for the loan, the Company will pledge its assessment revenues backed by a
rate covenant and the Boyd Lake High -Level Outlet Project. The Company and Seven Lakes will
pledge the Horseshoe Lake High -Level Outlet Project. This is in compliance with the CWCB
Financ al Policy #5 (Collateral).
cc
Ron Brinkman, General Manager, Greeley and Loveland Irrigation Company
Susan Schneider /Jennifer Mele, Colorado's Attorney General Office
Water Project Loan Program — Project Data Sheet