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North Poudre Irrigation Company Agenda Item 28a <br /> March 22-23, 2017 Board Meeting(Updated March 23, 2017) <br /> Page 6 of 6 <br /> Fossil Creek Reservoir (CT2015-024) was an emergency loan project in response to September 2013 flood <br /> damages. The project was completed in spring 2016 and the Company is awaiting a FEMA decision on <br /> possible reimbursement. The loan's zero-percent interest period ends on November 1, 2018, and the first <br /> annual payment is due November 1, 2019. <br /> Reservoir#4 (CT2015-003) construction was completed in July 2016 and the dam received SEO approval <br /> in October 2016. Final disbursement has been made and the loan is awaiting the loan substantial <br /> completion date. <br /> The Rehabilitation of the Livermore Irrigation Tunnel project (CT2017-1402) is ongoing, with 43% of <br /> funds distributed as of January 2017. <br /> TABLE 5: FINANCIAL RATIOS <br /> Financial Ratio Past Years Future <br /> w/Project <br /> Operating Ratio (revenues/expenses) 115% 117% <br /> weak: <100% average: 100% - 120% strong: 7120% (average) (average) <br /> $3.46M / $2.99M $3.53M / $3.02M <br /> Debt Service Coverage Ratio 177% 181 <br /> (revenues-expenses)/debt service (strong) (strong) <br /> weak: <100% average: 100% - 120% strong: >120% ($3.46M-$2.39M) ($3.53M-$2.39M) <br /> $603.4K $629.7K <br /> Cash Reserves to Current Expenses 11% 11% <br /> weak: <50% average: 50% 100% strong: 7100% (weak) (weak) <br /> $332.5K / $2.99M $332.5K / $3.02M <br /> Annual Operating Cost per Acre-Foot Diversions (88,900 AF) $33.63 $33.97 <br /> eak: >$20 verage: $10 - $20 strong: <$10 (weak) (weak) <br /> %EEMEMMUMEMMA $2.99M / 88.9K $3.02M / 88.9K <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. 10 Dam and Reservoir. This <br /> complies with CWCB Financial Policy #5 (Collateral). <br /> cc: Tad Moen, Interim General Manager, North Poudre Irrigation Company <br /> Jennifer Mete, Colorado Attorney General's Office <br /> Attachment: Project Data Sheet <br />