Laserfiche WebLink
<br /> - 10 - <br /> <br />Table 2. North Poudre Irrigation Company Stock Ownership. <br />Classification Number of <br />Shares <br />% <br />Ownership <br />Interest <br />Rate <br />Blended <br />Rate <br />Total number of shares: 10,000 <br />Commercial 10 0.10% 6.00% 0.01% <br />Low income municipal 115.5 1.16% 2.25% 0.03% <br />Middle income municipal 5742.75 57.43% 2.75% 1.58% <br />High income municipal 409.5 4.10% 3.00% 0.12% <br />Ag 3,722 37.22% 1.75% 0.65% <br />Blended Interest Rate (30 year) 2.39% <br />Blended Interest Rate (Rounded) 2.35% <br /> <br />At an interest rate of 2.35% annual payments on a loan of $1,620,000 would be <br />$75,860. To this would be added $7,586 per year for the first 10 years of the loan <br />term to fund the emergency reserve account bringing the total annual payment to <br />$83,446. Annual assessment would increase from the current $120 to $128.34 <br />per share. The $8.34 per share increase in assessment cost represents an <br />increase of $1.90 per acre-foot of water based on the historic average of 4.44 <br />acre-feet of water delivered per share. A summary of the project’s cost is shown <br />in Table 3. <br /> <br />Table 3. Financial Summary <br />Project Cost $ 1,800,000.00 <br />Loan Amount (90% of Project Cost) $ 1,620,000.00 <br />CWCB Loan Payment Amount (Including 10% Loan <br />Reserve) $ 83,446.10 <br />Number of Share Holders $ 697.00 <br />Number of Shares of Stock $ 10,000.00 <br />Current Assessments per Share $ 120.00 <br />Future Assessments per Share $ 128.34 <br />Annual Cost Per Acre Foot (Avg Annual Delivery: 4.4 AF) $ 1.90 <br /> <br /> <br />Credit worthiness: NPIC assesses shareholder fee’s annually (February 1) <br />based on the projected operating costs, debt service, and water assessment <br />costs for the year. If it is evident that there will be surplus funds at the end of the <br />fiscal year (October 31) the Board of Directors typically refunds the money to the <br />shareholders in the form of cash or allows shareholders to apply the refund to the <br />next years assessment. If expenses exceed the projected amount NPIC draws <br />funds from a $500,000 unsecured line of credit from the First National Bank in <br />Fort Collins. The loan amount is included in the next years projected expenses <br />and repaid when the first assessments are received. This method of operation <br />results in financial ratios of 100% with or without the project.