Laserfiche WebLink
Parker Water&Sanitation District Agenda Item 30c <br /> May 9,2014(Updated May 23,2014) <br /> Page 7 of 7 <br /> Creditworthiness: The District has $103,703,978 in existing debt tied to its Water and Sewer <br /> Enterprise Revenues, and $91,790,000 General Obligation debt as shown in Table 5 below. <br /> TABLE 5: EXISTING DEBT <br /> Lender Collateral <br /> Current Year Collateral <br /> Balance Debt Service <br /> Revenue Bond and CWRPDA loans total $ 52,218,978 $ 5,576,803 Enterprise Revenues <br /> WTP Loan(Build American Bond) $ 51,485,000 $ 2,940,995 Enterprise Revenues <br /> General Obligation Debt <br /> (2004 Loan & 2012 Refunding Bond) $ 91,790,000_ $ 5,574,875 General Obligation <br /> Subtotal $ 91,790,000 $ 5,574,875 General Obligation <br /> Subtotal $ 103,703,978 $ 8,517,798 Enterprise Revenues <br /> Total $ 195,493,978 $ 14,092,673 <br /> TABLE 6: FINANCIAL RATIOS <br /> Past 3 Years Future <br /> Financial Ratio w/Project <br /> 112% 108% <br /> Operating Ratio(revenues/expenses) (average) (average) <br /> weak: <100%I- average: 100%- 120%I- strong: >120%I $26.1M/ $26.1M/ <br /> ($8.5M+$14.7M) ($9.7M+$14.7M) <br /> Debt Service Coverage Ratio 134% 121% <br /> (revenues-expenses)/debt service (strong) (average) <br /> weak: <100%I- average: 100%- 120%I- stron:: >120% ( ($26.4M- <br /> $14.7M)i$8-M)/$8.5M $14.7M)/$9.7M <br /> Cash Reserves to Current Expenses 200% 191% <br /> weak: <50%I- average: 50%- 100% - stron:: >100% (strong) (strong) <br /> $46.6M/$23.3M $46.6M/$24.4M$6,855 <br /> $5,959 Debt per Tap(17,403 SFEs) (weak) (weak) <br /> (weak) (weak) <br /> weak: >$5,0001- average: $2,500-$5,000 I- stron.: <$2,501 $103.7M/ $119.3M/ <br /> 17,403 SFEs 17,403 SFEs <br /> Monthly Residential Water Bill $49.20 $50.68 <br /> [weak: >$60 - average: $30- $60 I- strolls: <$31 (Average) (Average) <br /> Notes: ** Debt service utilizing enterprise revenues only <br /> Collateral- Security for this loan will be a pledge of the District's water activity enterprise revenues <br /> backed by a rate covenant as evidenced by annual financial reporting. Parity status will be required <br /> with all existing revenue-secured loans. This security is in compliance with CWCB Loan Policy#5 <br /> (Collateral). <br /> cc: Ron R. Redd, P.E., District Manager, Parker Water& Sanitation District <br /> Eric Hecox, Executive Director, South Metro Water Supply Authority <br /> Susan Schneider/Jennifer Mele, Colorado Attorney General's Office <br /> Attachment: Water Project Loan Program—Project Data Sheet <br />