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North Poudre Irrigation Company Agenda Item 13b <br /> July 20-21, 2016 Board Meeting(Updated July 22, 2016) <br /> Page 5 of 5 <br /> TABLE 4: ONGOING CONSTRUCTION PROJECTS <br /> Contract Contract Current Contracted <br /> Lender Annual Collateral <br /> No. Amount Balance <br /> Payment <br /> CWCB CT2015-024 $ 876,680 $ 763,539 $ 44,220 Fossil Creek Res Inlet Diversion <br /> Structure, Assessments <br /> CWCB CT2015-003 $ 2,263,410 $ 1,795,752 $ 105,989 100% Interest in Reservoir#4 <br /> Dam Et Res, Assessments <br /> Totals ! $ 2,559,291 $ 150,209 <br /> The Fossil Creek Reservoir project (CT2015-024) was an emergency loan project in response to <br /> September 2013 flood damages. The project was completed in spring 2016 and the Company is awaiting <br /> a FEMA decision on possible reimbursement. <br /> The Reservoir#4 project (CT2015-003) construction was completed in July 2016. CWCB is expecting a <br /> final disbursement soon and will then substantially complete the loan. <br /> TABLE 5: FINANCIAL RATIOS <br /> Financial Ratio Past Years Future <br /> w/Project <br /> Operating Ratio (revenues/expenses) 118% 118% <br /> weak: <100% average: 100% - 120% strong: >120% (average) (average) <br /> $3.46M / $2.93M $3.53M / $3.00M <br /> Debt Service Coverage Ratio 199% 187% <br /> (revenues-expenses)/debt service (strong) (strong) <br /> weak: <100% average: 100% - 120%1 strong: >120%' ($3.46M $2.39M) ($3.53M $2.39M) <br /> $536.3K $610.1K <br /> Cash Reserves to Current Expenses 11% 8% <br /> weak: <50% average: 50% - 100% strong: >100%' (weak) (weak) <br /> $332.5K / $2.93M $245.8K / $3.00M <br /> Annual Operating Cost per Acre-Foot Diversions (44,400 AF) $65.91 $67.57 <br /> tweak: >$20 average: $10 - $20 strong: <$10 (weak) (weak) <br /> $2.93M / 44.4K $3M / 44.4K <br /> Collateral: Security for this loan will be a pledge of the Company's assessment revenue backed by an <br /> assessment covenant and an undivided 100% interest in Reservoir No. 4 Dam and Reservoir. This complies <br /> with CWCB Financial Policy #5 (Collateral). <br /> cc: Scott Hummer, General Manager, North Poudre Irrigation Company <br /> Susan Schneider/Jennifer Mete, Colorado Attorney General's Office <br /> Attachment: Project Data Sheet <br />