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Farmers Pawnee Canal Company Agenda Item 34a <br /> May 9,2014(Updated May 23,2014) <br /> Page 4 of 4 <br /> TABLE 3: DEBT TABLE <br /> Maturity Original Remaining Annual Collateral <br /> Loan Date Balance Balance Payment <br /> Pledge of assessment <br /> CWCB—Diversion Structure Paid off in $22,250 $0 $2,675.37 revenues and a <br /> Rehabilitation(C153825) 2008 certificate of deposit <br /> CWCB—Ditch Flow Control Pledge of assessment <br /> Structures Project(C150272) 2042 $255,530 $249,709 $10,857 revenues <br /> TABLE 4: FINANCIAL RATIOS <br /> Future <br /> Financial Ratio Past 3 Years w/Project <br /> Operating Ratio(revenues/expenses) 88%(1) 101%(3) <br /> weak: <100%)- average: 100%- 120% - stron_: >120% (Weak) (Average) <br /> $114K/$129K $236K/$234K <br /> Debt Service Coverage Ratio -101%(1) 102% <br /> (revenues-expenses)/debt service (Weak) (Average) <br /> weak: <100%I- average: 100%- 120% - stroll_: >120% $114K-125K1 $236K-125K1 <br /> $10.9K $109K <br /> Cash Reserves to Current Expenses 18% 1% <br /> weak: <50% - average: 50%- 100%I- stron:: >100% (Weak) (Weak) <br /> $23Ka�1/$129K $3.5K/$234K <br /> Annual Operating Cost per Acre-Foot(27,956 AF) $4.61 $8.37 <br /> (Strong) (Strong) <br /> weak: >$20 - average: $10-$201- strong: <$10 $129K127,956 AF $234K/27,956 AF <br /> Notes: (1) Company has been using cash reserves to make up difference between revenues and expenses in the past <br /> three years. (2) Cash reserves in 2012 were 35,656 and were down to$3,539 at the end of 2013. (3)Future w/Project <br /> ratios assumes a$196 assessment increase on top of the$275 current assessment per share. <br /> Collateral: As security for the loan, the Company will pledge assessment revenues backed by an <br /> assessment covenant, and the Project itself(the diversion structure). This is in compliance with the <br /> CWCB Financial Policy#5 (Collateral). <br /> cc: Larry Kloberdanz, Secretary/Treasurer, Farmers Pawnee Canal Company <br /> Susan Schneider/Jennifer Mele, Colorado Attorney General's Office <br /> Attachment: Project Data Sheet <br />