|
DENVER SOUTHEAST SUBURBAN WATER AND SANITATION DISTRICT
<br /> COLORADO WATER CONSERVATION BOARD
<br /> COLORADO WATER RESOURCES AND POWER DEVELOPMENT AUTHORITY
<br /> WELLS FARGO BANK,N.A.
<br /> EXHIBIT A-ADDITIONAL PARITY DEBT TEST
<br /> Twelve Months Twelve Months
<br /> Ended December Ended December
<br /> 31,2012 31,2013
<br /> Net income-GAAP $ 1,349,972 $ 957,576
<br /> Expenses added back to net income:
<br /> Depreciation and amortization 2,377,368 2,460,197
<br /> Loss(Gain)on disposition of assets (31,152) (22,165)
<br /> Loan interest-2002 CWRPDA loan 147,722 117,051
<br /> Loan interest-2005 CWRPDA loan 140,913 134,548
<br /> Loan interest-2005 water rights lease 2,780 -
<br /> Loan interest-2010 water refunding note 390,480 375,992
<br /> Loan interest-2014 CWCB loan - -
<br /> Available for Debt Service(Net Revenues) $ 4,378,083 $ 4,023,199
<br /> Annual Debt Service:-Principal and interest
<br /> 2002 CWRPDA loan 467,722 442,051
<br /> 2005 CWRPDA loan 340,913 339,548
<br /> 2005 water rights lease* 99,073 -
<br /> 2010 water refunding note 361,979 1,052,411
<br /> 2014 CWCB loan 506,431 506,431
<br /> 1,776,118 2,340,441
<br /> Required debt coverage(*@ 100%) 110% 110%
<br /> Required for Debt Service $ 1,943,823 $ 2,574,485
<br /> Excess(shortage) $ 2,434,261 $ 1,448,714
<br /> COVENANT RELATING TO ISSUANCE OF ADDITIONAL DEBT
<br /> 10%of total revenues $ 791,967 $ 763,432
<br /> Net tap fees $ 424,537 $ 683,798
<br /> Tap fee revenue allowed per CWCB loan $ 424,537 $ 683,798
<br /> Tap fee reduction per 2005 CWRPDA loan $ 306,459 $ 341,035
<br /> Available for Debt Service(see above) $ 4,378,083 $ 4,023,199
<br /> Less: tap/connection fees (306,459) (341,035)
<br /> Net available for Debt Service $ 4,071,624 $ 3,682,164
<br /> Maximum Annual Debt Service Requirements:
<br /> 2002 CWRPDA loan $ 470,437 $ 470,437
<br /> 2005 CWRPDA loan 344,328 344,328
<br /> 2005 water rights lease* 100,000 -
<br /> 2010 water refunding note 758,492 758,492
<br /> 2014 CWCB loan" 506,431 506,431
<br /> 2,179,688 2,079,688
<br /> Required debt coverage(*@ 100%) 110% 110%
<br /> Available for Maximum Debt Service $ 2,311,808 $ 2,211,808
<br /> Excess(shortage) $ 1,759,817 $ 1,470,357
<br /> Exhibit A
<br /> Page 3
<br />
|