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C150368 Approval Letter
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C150368 Approval Letter
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Last modified
1/7/2016 2:27:22 PM
Creation date
10/22/2013 10:56:07 AM
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Template:
Loan Projects
Contract/PO #
CT2015-024
C150368
Contractor Name
North Poudre Irrigation Company
Contract Type
Loan
Water District
3
County
Larimer
Loan Projects - Doc Type
Approval Letter
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North Poudre Irrigation Company <br />October 18, 2013 (Updated October 21, 2013) <br />Page 5 of 5 <br />TABLE 4: EXISTING DEBT <br />Agenda Item 8i <br />Lender <br />Original <br />Balance <br />Current <br />Balance <br />Annual <br />Payment <br />Maturity <br />Date <br />Collateral <br />CWCB <br />$728,895 <br />$687,883 <br />$43,225 <br />5/1/2024 <br />Fossil Creek Reservoir Dam <br />CWCB <br />$697,414 <br />$665,095 <br />$33,935 <br />5/1/2026 <br />Reservoir No 15 Dam <br />CWCB <br />$273,664 <br />$263,773 <br />$10,385 <br />51/1985 <br />Clark Lake Dam <br />CWCB <br />$247,334 <br />$239,854 <br />$7,854 <br />6/15/2031 <br />Reservoir No 2 Dam <br />CWCB <br />$1,217,664 <br />$1,177,619 <br />$40,826 <br />5/1/2035 <br />Reservoir Nos. 5 and 6 Dams <br />CWCB <br />$248,055 <br />$221,163 <br />$27,976 <br />8/31/2019 <br />Reservoir No 6 Oultet <br />CWCB <br />$458,813 <br />$431,288 <br />$28,637 <br />5/1/2024 <br />Indian Creek Reservoir <br />CWCB <br />$623,264 <br />$592,949 <br />$31,301 <br />2/1/2027 <br />Miners Lake Reservoir <br />TABLE 6: FINANCIAL RATIOS <br />Financial Ratio <br />Past 3 Years <br />Future <br />w/ Project <br />Operating Ratio (revenues /expenses) <br />135% <br />134% <br />(Strong) <br />(Strong) <br />weak: <100% Vera e: 100% - 120% 1 Istrong: >120% <br />$1.63M/$1.21 M <br />$1.66M/$1.24M <br />Debt Service Coverage Ratio <br />290% <br />268% <br />(revenues - expenses) /debt service <br />(Strong) <br />(Strong) <br />$1.63M- $0.99M <br />$1.66M- $0.99M <br />weak: <100% Vera e: 100% - 120% - strong: >1200/ <br />$0.22M <br />$0.25M <br />Cash Reserves to Current Expenses <br />1% <br />1% <br />(Weak) <br />(Weak) <br />weak: <50% - Vera e: 50% - 100% U Istrong: >1003 <br />$16K/$1.21 M <br />$16K/$1.24M <br />$38 <br />$39 <br />Annual Operating Cost per Acre -Foot (31,700 AF) <br />(Weak) <br />(Weak) <br />eak: >$20 Vera e: $10 - $20 stron : <$10 <br />$1.21 M/31.7K <br />$1.24M/31.7K <br />AF <br />AF <br />Collateral: As security for the loan, the Company will pledge its assessment revenues backed by a <br />rate covenant and the Project itself (Fossil Creek Reservoir inlet diversion dam and headgate). This <br />is in compliance with the CWCB Financial Policy #5 (Collateral). <br />cc: Scott Hummer, Manager, North Poudre Irrigation Company <br />Susan Schneider /Jennifer Mele, Colorado's Attorney General Office <br />Attachment: Water Project Loan Program — Project Data Sheet <br />
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