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PO 12-12 Final Deliverable
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PO 12-12 Final Deliverable
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Last modified
5/13/2016 3:24:46 PM
Creation date
5/13/2016 3:24:35 PM
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Loan Projects
Contract/PO #
PO 12-12
Contractor Name
Rio Grande Canal Water Users Association
Contract Type
Grant
Water District
20
County
Rio Grande
Loan Projects - Doc Type
Report
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FINANCIAL IMPACTS <br /> This project is a net revenue generator; therefore,the financial impacts to the shareholders and the <br /> organization are favorable. <br /> TABOR ISSUES <br /> The Rio Grande Canal Water Users Association is a registered non-profit 501 (c)(12) Mutual Ditch <br /> Company. The RGCWUA does not assess taxes, and therefore is not subject to TABOR.Although the <br /> organization is subject to revenue restrictions in order to remain a non-profit entity. According to <br /> I. R. C. 501 (c)(12) rules the organization must receive 85% or more of its income each year from its <br /> members. The income must be collected solely to meet the organizations losses and expenses. The <br /> revenues from this project will not exceed 15% of the total revenues,of which currently is made up <br /> only of shareholder assessments. All of the revenues from this project will be used for operation <br /> and maintenance of the ditch system. <br /> RECOMMENDATIONS <br /> The financial feasibility of this project depends on pending grants and the rate at which the <br /> produced power is purchased.A power purchase agreement needs to be in place before committing <br /> to this project. We recommend beginning negotiations with Xcel or other potential power <br /> purchasers before continuing with a loan application to the CWCB. <br /> Rio Grande Canal Water Users Association I Financial Feasibility Analysis 11 <br />
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