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CT2016-1007 Approval Letter
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CT2016-1007 Approval Letter
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Last modified
7/31/2015 8:44:33 AM
Creation date
11/21/2014 11:59:55 AM
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Template:
Loan Projects
Contract/PO #
CT2016-1007
Contractor Name
Las Animas Consolidated Canal Comapny
Contract Type
Loan
County
Bent
Loan Projects - Doc Type
Approval Letter
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Las Animas Consolidated Canal Company Agenda Item 27d. <br /> November 19-20,2014 Board Meeting(Updated November 21, 2014) <br /> Page 6 of 6 <br /> TABLE 4: FINANCIAL RATIOS <br /> Futures Future' <br /> Past 3 Years w/Project w/Project <br /> Financial Ratio $363.8K loan $86.1K loan <br /> @5.05% _ @2% <br /> Operating Ratio (revenues/expenses) 123% 100% 113% <br /> weak: <100%I - average: 100% - 120% - strong: (strong) (average) (average) <br /> $60,138K / $75,366K / $60,138K / <br /> >12j $48,907K $75,087K $53,135K <br /> Debt Service Coverage Ratio 738% 101% 217% <br /> (revenues-expenses)/debt service (strong) (average) (strong) <br /> weak: <100% - average: 100% - 120% - strong: ($60,138K- ($75,366K- ($60,138K- <br /> >120� $47,146K) / $47,146K) / $47,146K) / <br /> $1,761K $27,941K $5,989K <br /> 153% 47% 66% <br /> Cash Reserves to Current Expenses (strong) (weak) (average) <br /> weak: <50% - average: 50% - 100% - strong: >100%' $75,056K / $35,036K / $35,036K / <br /> $48,907K $75,087K $53,135K <br /> Annual Operating Cost per Acre-Foot (26,000 AF) $1.88 $2.89 $2.04 <br /> (strong)g) <br /> stron (strong) <br /> (weak: >$20 1 - [average: $10 - $20 - strong: <$1 $75.1 K/26K (strong) <br /> $48.9K/26k AF $53.1 K/26K AF <br /> AF <br /> Notes: <br /> 1. Applicability of the 2% agricultural rate will be conditional on full payment of Xcel Energy's <br /> 77% share of the project upon substantial completion. No increase in assessments is required <br /> to meet the ratios shown for this option. <br /> 2. Financial ratios as shown in the event of non-payment by Xcel at substantial completion will <br /> require increased assessments on the order of$27 per share. <br /> Collateral: As security for the loan, the Company will pledge assessment revenues and the project <br /> itself in compliance with the CWCB Financial Policy#5 (Collateral). <br /> cc: Richard L. Belt, P.E., P.H., Senior Water Resources Analyst, Xcel Energy <br /> Susan Schneider/Jennifer Mete, Colorado Attorney General's Office <br /> Attachment: Project Data Sheet <br />
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