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Oligarchy Irrigation Company Agenda Item 11a <br /> July 15-16, 2015 Board Meeting(Updated July 17, 2015) <br /> Page 5 of 5 <br /> The Company's only existing debt is a CWCB Emergency Loan from December of 2013. The Company is <br /> not required to make payments on this loan until December of 2017. <br /> TABLE 4: EXISTING DEBT <br /> Maturity Original Loan Annual Collateral <br /> Loan Date Balance Balance Payment <br /> CWCB Assessment revenues backed <br /> Loan No. 2043 $1,262,500 $ 488,942 $64,863 by a rate covenant and the <br /> C150372 Project itself <br /> TABLE 5: FINANCIAL RATIOS <br /> Future <br /> Financial Ratio Past Years w/ Project (1) <br /> Operating Ratio (revenues/expenses) 152% 102% <br /> weak: <100%` - average: 100% - 120%I - strong: >120%I (strong) (average) <br /> 1 $134K / $88K $156K / $154K <br /> Debt Service Coverage Ratio 104% <br /> (revenues-expenses)/debt service NA (average) <br /> weak: <100%I - average: 100% - 120%I- strong: >120%1 ($15$66K8K) / <br /> Cash Reserves to Current Expenses 273% 158% <br /> weak: <50%I - average: 50% - 100% - strong: >1001 (strong) (strong) <br /> I $241K / $88K $243K / $154K <br /> Annual Operating Cost per Acre-Foot Diversions (7,966 AF) $11 $19 <br /> (average) (average) <br /> (weak: >$201- 'average: $10 - $20I- 'strong: <$101 $88K / 7,966 ®154K / 7,966 <br /> (1) "Future with project" metrics are calculated with the assumption that both this loan, and the prior Emergency <br /> Loan, when amended, are simultaneously in repayment. <br /> Collateral: As security for the loan, the Company will pledge its assessment revenues backed by an <br /> assessment covenant and the project itself. This is in compliance with the CWCB Financial Policy#5 <br /> (Collateral). <br /> cc: Nelson Tipton, President, Oligarchy Irrigation Company <br /> Susan Schneider/Jennifer Mete, Colorado's Attorney General Office <br /> Attachment: Water Project Loan Program - Project Data Sheet <br />