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North Poudre Irrigation Company Agenda Item 24b
<br /> September 15-17, 2015 Board Meeting(Updated September 18, 2015)
<br /> Page 4 of 4
<br /> Creditworthiness: The Company has $3,580,188 in existing long-term debt made up of eight CWCB
<br /> loans as summarized in Table 4. Additionally the Company has been approved for a $1,636,200 CWCB
<br /> loan for the Reservoir#4 Rehabilitation project (C150378). That project is under construction and in
<br /> the loan disbursement phase. All loans are in good standing.
<br /> TABLE 4: EXISTING DEBT
<br /> Lender Original Current Annual Maturity Collateral
<br /> Balance Balance Payment Date
<br /> CWCB (C153833) $500,000 $133,807 $36,889 9/1/2019 Undivided 100% Interest in North
<br /> Poudre Reservoirs#5 
<br /> CWCB (C153385) $1,331,704 $551,644 $77,612 5/1/2024 Undivided 100% Interest Fossil
<br /> Creek Dam and Reservoir
<br /> CWCB (C150013) $623,778 $341,858 $46,061 5/1/2024 Undivided 100% Interest Fossil
<br /> Creek Dam and Reservoir
<br /> CWCB (C153449) $1,152,909 $558,114 $67,192 5/1/2026 Undivided 100% Interest Fossil
<br /> Creek Dam and Reservoir
<br /> CWCB (C150170) $735,280 $495,961 $50,572 2/1/2027 Undivided 100% Interest North
<br /> Poudre Res#1 (Miner's Lake)
<br /> CWCB (C153496) $404,502 $231,034 $23,574 5/1/2029 Undivided 100% Interest Fossil
<br /> Creek Dam and Reservoir
<br /> CWCB (C153572) $340,551 $215,094 $19,847 5/1/2031 Undivided 100% Interest Fossil
<br /> Creek Dam and Reservoir
<br /> CWCB (C153637) $1,761,096 $1,052,676 $64,378 5/1/2035 Undivided 100% Interest in North
<br /> Poudre Reservoirs#5 
<br /> Subtotal (Existing Debt) $3,580,188 $386,125
<br /> CWCB (C150378) $1,636,200 In n $76,619 -
<br /> Undivided 100%Interest in Res
<br /> (In Progress) Disbursement #4, Assessments
<br /> Total $5,216,388 $462,744
<br /> TABLE 6: FINANCIAL RATIOS
<br /> Financial Ratio Past 2 Years Future
<br /> w/ Project
<br /> Operating Ratio (revenues/expenses) 102% 100%
<br /> weak: <100%I- average: 100% - 120% - strong: >120% (Average) (Average)
<br /> $2.11 M/$2.07M $2.20M/$2.20M
<br /> Debt Service Coverage Ratio 110% 100%
<br /> (revenues-expenses)/debt service (Average) (Average)
<br /> weak: <100% - average: 100% - 120%1- strong: >120% $2.11 $2.20 68M
<br /> 1 $0..39M 39M 8M $0.52M
<br /> Cash Reserves to Current Expenses 3% 3%
<br /> weak: <50% - average: 50% - 100%I- strong: >100% (Weak) (Weak)
<br /> $63K/$2.07M $63K/$2.02M
<br /> Annual Operating Cost per Acre-Foot (44,400 AF) $47 $50
<br /> (Weak) (Weak)
<br /> 'weak: >$20 - average: $10 - $20 - strong: <$101 $2.07M/44.4K AF $2.20M/44.4K AF
<br /> Collateral: Security for the loan will remain a pledge of assessment revenues backed by an assessment
<br /> covenant and the Project itself (Fossil Creek Reservoir inlet diversion dam and headgate). This is in
<br /> compliance with the CWCB Financial Policy#5 (Collateral).
<br /> cc: Scott Hummer, Manager, North Poudre Irrigation Company
<br /> Susan Schneider/Jennifer Mele, Colorado Attorney General's Office
<br /> Attachment: Water Project Loan Program - Project Data Sheet
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