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Fulton Irrigating Ditch Company Agenda Item 34c <br /> May 9,2014(Updated May 23,2014) <br /> Page 4 of 4 <br /> TABLE 3: FINANCIAL SUMMARY <br /> Total Project Cost $2,230,000 <br /> Borrower Match(10% of total Project cost) $223,000 <br /> CWCB Loan Amount(90%of total Project cost) $2,007,000 <br /> CWCB Loan Amount(Including 1% Service Fee) $2,027,070 <br /> Annual CWCB Loan Payment $96,200 <br /> Annual CWCB Loan Obligation(Including 10% Reserve) $105,820 <br /> Number of Shares 7,185 <br /> Total Project Cost per Acre Foot(29,684AF) $75/AF <br /> Annual Loan Obligation per Share (first 10 years) $14.73/share <br /> Current Assessment* $42/share <br /> Future Assessment Planned $61/share <br /> * In addition,the shareholders approved a$13/share special assessment for this Project in 2014 <br /> Creditworthiness: The Company has $105,990 (original loan $171,700) in existing debt that is <br /> CWCB loan C150168. This loan financed the repair of the Company's Fulton Ditch diversion on <br /> the South Platte River in 2004 and has an annual payment of$11,328 and $12,460 in annual loan <br /> obligation. The collateral for this loan is the Fulton Ditch Diversion Structure. The loan will be <br /> paid off in 2024 and is in good standing. <br /> TABLE 4: FINANCIAL RATIOS <br /> re <br /> Financial Ratio Past 2 Years F°tu <br /> w/Project <br /> Operating Ratio 100% 105% <br /> (revenues/expenses) (Average) (Average) <br /> weak: <100% .verage: 100% - 120% strong: >120% $311K/$311K $438K/$417K <br /> Debt Service Coverage Ratio 101°A 118% <br /> (revenues-expenses)/debt service (Average) (Average) <br /> weak: <100%1- 'average: 100%- 120%II- stron_: >120% ($311K-298.5K) ($438K-$311K) <br /> $12.5K $118.3K <br /> Cash Reserves to Current Expenses 80% 6% <br /> I weak: <50%I- 'average: 50% - 100%I- stron_: >100% (Average) (Weak) <br /> $250K/$311K $27K/$417K <br /> Annual Operating Cost per Acre-Foot(29,684AF) $10.50 $15.16 <br /> (Average) (Average) <br /> 'weak: >$20I- .vera_e: $10- $20 stron_: <$11 $311K/29.7KAF $417K/29.7KAF <br /> Collateral: Security for the loan will be a pledge of assessment revenues backed by an assessment <br /> covenant and the Project itself(installed trash rack, rivergates and diversion structure). This is in <br /> compliance with the CWCB Financial Policy#5 (Collateral). <br /> cc: Brice Steele, Secretary, Fulton Ditch Company <br /> Susan Schneider/Jennifer Mele, Colorado Attorney General's Office <br /> Attachment: Water Project Loan Program—Project Data Sheet <br />