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North Poudre Irrigation Company Agenda Item 19a
<br /> January 25-26, 2016 Board Meeting(Updated January 27, 2016)
<br /> Page 4 of 5
<br /> Financial Analysis
<br /> Table 3 provides a summary of the Project's financial aspects. The terms of the contract will remain 30
<br /> years at a blended interest rate of 2.35% (Ownership: 37% Agriculture, 1% Low Municipal, 57% Mid
<br /> Municipal, 4% High Municipal, <1% Commercial).
<br /> TABLE 3: FINANCIAL SUMMARY
<br /> Original Current
<br /> Total Project Cost $1,800,000 $2,490,000
<br /> Borrower Match (10% of total Project cost) $180,000 $249,000
<br /> CWCB Loan Amount (90% of total Project cost) $1,620,000 $2,241,000
<br /> CWCB Loan Amount (Including 1% Service Fee) $1,636,200 $2,263,410
<br /> •
<br /> CWCB Annual Loan Payment $76,619 $105,989
<br /> CWCB Loan Obligation (Including 10% Reserve) $84,281 $116,588
<br /> Number of Shares 10,000 10,000
<br /> Annual Cost Per Share for Loan $8.42 $11.66
<br /> Current Assessment per Share $120 $130
<br /> Future Assessment per Share $131 $200
<br /> Project Cost per AF of Storage (1,781 AF) $1,011 $1,398
<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 an $876,680 CWCB
<br /> loan for the Emergency Fossil Creek Reservoir Inlet Diversion Structure Repair (C150368). That project
<br /> is under construction and still in the loan disbursement phase. All loans are in good standing. In
<br /> response to current construction projects and future planned projects, the company increased
<br /> assessments to $200 in 2015 and were successful in collecting that amount.
<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 Et#6
<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 /> -
<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 It #6
<br /> Subtotal (Existing Debt) $3,580,188 $386,125
<br /> CWCB (C150368) In Undivided 100%Interest in Fossil
<br /> (In Progress) $876,680 Disbursement $44,220 11/1/2045 Creek Res Inlet Diversion,
<br /> Assessments
<br /> Total $4,456,868 $430,345
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