Laserfiche WebLink
Brighton Ditch Company Agenda Item 22a <br /> September 15-17, 2015 Board Meeting(Updated September 18, 2015) <br /> Page 4 of 4 <br /> TABLE 3: FINANCIAL SUMMARY <br /> Total Project Cost $530,000 <br /> Borrowers Contribution (10%) $53,000 <br /> CWCB Loan Amount (90%) $477,000 <br /> CWCB Loan Amount (Including 1% Service Fee) $481,770 <br /> CWCB Annual Loan Payment $23,172 <br /> CWCB Annual Loan Obligation (15`Ten Years) $25,489 <br /> Number of Shares 20 <br /> Annual Loan Obligation per Share $1,274/share <br /> Current Assessment per Share (2015) $4,000/share <br /> Future Assessment per Share $5,274/share <br /> Project Cost per AF Delivered (7,125 AF) $74/AF <br /> Creditworthiness: The Company has no existing long-term debt. A short-term loan with the Bank of <br /> Colorado was obtained to serve as a bridge loan for this emergency repair. The Company will pay that <br /> loan in full using proceeds from this CWCB loan. <br /> TABLE 4: EXISTING DEBT <br /> Lender Original Current Maturity Collateral <br /> Balance Balance Date <br /> Bank of Colorado $200,518 $200,518 2016 All inventory, Chattel Paper, Accounts, <br /> Equipment and General Intangibles <br /> TABLE 5: FINANCIAL RATIOS <br /> Financial Ratio Past 3 Years Future <br /> w/Project <br /> Operating Ratio (revenues/expenses) 131% 124% <br /> weak: <100% - I average: 100% - 120%I- strong: >120%I (Strong) (Strong) <br /> $109K/$83K $134K/$108K <br /> Debt Service Coverage Ratio 204% <br /> (revenues-expenses)/debt service NA (Strong) <br /> weak: <100% - I average: 100% - 120%1- strong: >120% ($134K-$83K) <br /> $25K <br /> Cash Reserves to Current Expenses 48% 37% <br /> weak: <50% - average: 50% - 100% - strong: >100%I (Weak) (Weak) <br /> $40K/$83K $40K/$108K <br /> Annual Operating Cost per Acre-Foot (7,125 AF) $12 $15 <br /> (weak: >$20 - I average: $10 - $20I - strong: <$10 (Average) (Average) <br /> $83K/K 7AF $108K/7K AF <br /> 1 The Company experienced higher than normal expenses and revenues in 2013 and 2014 related to the September 2013 <br /> flood event. For the purposes of maintaining comparable financial ratios, only normal revenue and operating expenses <br /> were considered. <br /> Collateral: Security for this loan will be a pledge of the Company's assessment revenues backed by an <br /> assessment covenant, and the Brighton Ditch diversion and headgate structure. This is in compliance <br /> with the CWCB Financial Policy#5 (Collateral). <br /> cc: Robert Sakata, President, Brighton Ditch Company <br /> Susan Schneider/Jennifer Mete, Colorado Attorney General's Office <br /> Attachment: Water Project Loan Program - Project Data Sheet <br />