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Bull Creek Reservoir, Canal Et Power Company Agenda Item 24a <br /> September 15-17, 2015 Board Meeting(Updated September 18, 2015) <br /> Page 4 of 4 <br /> Creditworthiness: The Company has no other debt and is in good standing with CWCB regarding <br /> scheduled loan payments. <br /> TABLE 3: Existing Debt <br /> Lender Loan Current Annual Payment Maturity Collateral <br /> Contract Balance Date <br /> CWCB $49,550.00 (1-4) Pledge of Assessments and <br /> (CT2015 $1,801,630 $1,699,039 $94,081.68 (5-30) 2041 Member Stock Certificates <br /> 165) <br /> TABLE 4: Financial Ratios <br /> Financial.Ratio Current <br /> Operating Ratio (revenues/expenses) 103% <br /> weak: <100% - average: 100% - 120% - strong: >120% (Average) <br /> $126K/122K <br /> Debt Service Coverage Ratio 105% <br /> (revenues-expenses)/debt service (Average) <br /> weak: <100% - average: 100% - 120% - strong: >120%1 ($126K $18K) <br /> $103K <br /> Cash Reserves to Current Expenses 36% <br /> weak: <50% - average: 50% - 100% - strong: >100% (Weak) <br /> $44K/$122K <br /> Annual Operating Cost per Acre-Foot (895 AF) $136 <br /> (weak: >$20 - average: $10 $20 - strong: <$10 (Weak) <br /> $122K/895AF <br /> Collateral: Security for this loan will change to a pledge of the Company's assessment revenues <br /> backed by an assessment covenant, and the water rights described in Table 1. This is in compliance <br /> with the CWCB Financial Policy#5 (Collateral). <br /> cc: John Groo, Secretary/Treasurer, Bull Creek Reservoir, Canal and Power Company <br /> Susan Schneider/Jennifer Mete, Colorado Attorney General's Office <br /> Attachment: John Groo Letter, September 1, 2015 <br />