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North Poudre Irrigation Company Agenda Item 13b
<br /> July 20-21, 2016 Board Meeting(Updated July 22, 2016)
<br /> Page 4 of 5
<br /> Financial Analysis
<br /> Table 2 provides a summary of the Project's financial aspects. The term of the loan will be 30 years with
<br /> a blended interest rate of 2.25%, reflecting the Company's share ownership distributed amongst 26%
<br /> agriculture, 73% municipal middle income, and 1% commercial interests.
<br /> TABLE 2: FINANCIAL SUMMARY
<br /> Total Project Cost I $ 1,597,000
<br /> Borrowers Contribution (10%) $ 159,700
<br /> CWCB Loan Amount (90%) $ 1,437,300
<br /> CWCB Loan Amount (Including 1% Service Fee) $ 1,451,673
<br /> CWCB Annual Loan Payment $67,066
<br /> CWCB Annual Loan Obligation (including reserve requirement) $73,773
<br /> Annual Loan Obligation per share (10,000 Shares) $ 7.38
<br /> Current Assessment per share $ 200.00
<br /> Future Assessment per share $ 207.30
<br /> Project cost per acre-foot deliveries (44,400 acre-feet) $ 35.97
<br /> Creditworthiness: The Company has $ 3,328,237 in existing long-term debt comprised of eight CWCB
<br /> loans, in good standing, as summarized in Table 3 below. The Company also has two CWCB loan-funded
<br /> projects currently in loan disbursement as shown in the following Table 4. In response to ongoing and
<br /> future planned projects, the company increased assessments from $130 to $200 in 2015, and plans to
<br /> increase assessments an additional $ 7.30 per share in 2016 to offset the costs of this Project.
<br /> TABLE 3: EXISTING DEBT IN REPAYMENT
<br /> Lender Contract Original Current Annual Maturity Collateral
<br /> No. Balance Balance Payment Date
<br /> CWCB C153833 $500,000 $102,311 $36,889 2019 100% Interest in North
<br /> Poudre Res #5 Et Res #6
<br /> CWCB C150013 $623,778 $309,608 $46,061 2024 100% Interest in Fossil Creek
<br /> Dam Et Reservoir
<br /> CWCB C153385 $1,331,704 $501,616 $77,612 2024 100% Interest in Fossil Creek
<br /> Dam Et Reservoir
<br /> CWCB C153449 $1,152,909 $518,829 $67,192 2026 100% Interest in Fossil Creek
<br /> Dam Et Reservoir
<br /> CWCB C150170 $735,280 $461,508 $50,572 2027 100% Interest in North
<br /> Poudre Res #1 (Miner's Lake)
<br /> CWCB C153496 $404,502 $219,012 $23,574 2029 100% Interest in Fossil Creek
<br /> Dam Et Reservoir
<br /> CWCB C153572 $340,551 $206,002 $19,847 2031 100% Interest in Fossil Creek
<br /> Dam Et Reservoir
<br /> CWCB C153637 $1,761,096 $1,009,351 $64,378 2035 100% Interest in North
<br /> Poudre Res #5 & Res #6
<br /> Totals $ 3,328,237 $ 386,125
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