Laserfiche WebLink
Julesburg Irrigation District Agenda Item 21c <br /> May 18-19, 2016 Board Meeting (Updated May 20, 2016) <br /> Page 4 of 4 <br /> Financial Analysis <br /> The District qualifies for the agricultural interest rate of 1.70% for a 30-year term. Table 3 provides a <br /> summary of the Project's financial aspects: <br /> TABLE 3: FINANCIAL SUMMARY <br /> Total Project Cost $224,000 <br /> Borrowers Contribution (10%) $22,400 <br /> CWCB Loan Amount (90%) $201,600 <br /> CWCB Loan Amount (Including 1% Service Fee) $203,616 <br /> CWCB Annual Loan Payment $8,721 <br /> CWCB Annual Loan Obligation (including reserve requirement) $9,593 <br /> Annual Loan Obligation per share (19,129 Shares/Bonded Acres) $0.50 <br /> Current Assessment per share / acre $23.50 <br /> Creditworthiness: The District has three existing loans with the CWCB, all in good standing: <br /> TABLE 4: EXISTING DEBT <br /> Lender Project Original Current Annual Maturity Collateral <br /> Balance Balance Payment Date <br /> CWCB C153827 Outlet Reconstruction $510,469 $307,486 $28,631 2031 Assessment Covenant / <br /> Property <br /> CWCB Inlet Reconstruction $100,000 $65,757 $5,437 2032 Assessment Covenant / <br /> C150060A Property <br /> CWCB C153604 Lodgepole Petersen $372,951 $230,012 $20,278 2031 Assessment Covenant / <br /> Structure Property <br /> Totals $983,420 $603,255 $54,346 <br /> TABLE 5: FINANCIAL RATIOS <br /> Financial Ratio Past Years Future <br /> w/ Project <br /> Operating Ratio (revenues/expenses) 104% 102% <br /> weak: <100%I - average: 100% - 120% - strong: >120% (average) (average) <br /> $618K/$596K $618K/$605K <br /> Debt Service Coverage Ratio 142% 121% <br /> (revenues-expenses)/debt service (strong) (strong) <br /> weak: <100% - average: 100% - 120% - strong: >120%11 $618K-$541 K $618K-$541 K <br /> $54.3K $63.9K <br /> Cash Reserves to Current Expenses 42% 44% <br /> weak: <50% - average: 50% - 100%I- strong: >100% (weak) (weak) <br /> $253K/$596K $266K/$605K <br /> Annual Operating Cost per Acre-Foot Diversions (54,423 AF) $10.94 $11.12 <br /> eak: >$20 - average: $10 - $20``- strong: <$101 (average) (average) <br /> 1 $596K/54,423AF $605K/54,423AF <br /> Collateral: Security for this loan will be a pledge of the District's assessment revenue backed by an <br /> assessment covenant and the new Harmony No.1 Measurement Structure. This is in compliance with the <br /> CWCB Financial Policy#5 (Collateral). <br /> cc: Larry Frame, Superintendent, Julesburg Irrigation District <br /> Susan Schneider/Jennifer Mete, Colorado Attorney General's Office <br /> Attachment: Project Data Sheet <br />