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Parkville Water District Agenda Item 23c <br /> September 15-17, 2015 Board Meeting(Updated September 18, 2015) <br /> Page 7 of 8 <br /> CWCB Loan Program <br /> Financial Analysis <br /> The District qualifies for the current low-income municipal rate of 2.45% for a 30-year term, reduced to <br /> 1.95% for a 10-year term per Financial Policy#7. <br /> TABLE 4: FINANCIAL SUMMARY <br /> Total Project Cost $533,430 <br /> Borrowers Contribution (10% of Project Cost) $53,430 <br /> WSRA Statewide Grant (9% of Project Cost) $250,000 <br /> WSRA Arkansas Basin Grant (47% of Project Cost) $50,000 <br /> CWCB Loan Amount (34% of Project Cost) $180,000 <br /> CWCB Loan Amount (Including 1% Service Fee) $181,800 <br /> CWCB Annual Loan Payment $20,186 <br /> CWCB Annual Loan Obligation (including reserve account) $22,205 <br /> Monthly loan obligation per tap (2,336 taps) $0.79 <br /> Creditworthiness: <br /> The District has increased water rates eight times in the past ten years. In anticipation of this project, <br /> the District has raised base water rates by an additional 4% that is expected to bring in an additional <br /> $58,000 in annual revenue. <br /> The District carries an existing loan with CWCB, approved in 2010, for the Canterbury Tunnel Repair, <br /> which is currently in repayment and in good standing. Current District debt is shown in the following <br /> table: <br /> TABLE 5: EXISTING DEBT <br /> Maturity Original Loan Annual Collateral <br /> Loan Date Balance Balance Payment <br /> CWCB 2043 $1,026,371 $989,039 $59,355 Water Revenues <br /> Loan No. C150308 Pledge <br /> 1st Mountain Bank 2020 $145,070 $140,250 $32,309 Mini Excavator and <br /> Backhoe <br /> Total $1,129,289 $91,664 <br />