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Florida Consolidated Ditch Company Agenda Item 27a <br />May 17-18, 2417 Board Meeting (Updated May 22, 2017) <br />Page 5 of 5 <br />(1) The CWCB Project Manager wil( distribute gront funds first (�p to the contracted retainage amount) and will <br />then disburse loan funds. Al! disbursements wilf be based on invoices submitted jor Projec[ costs. <br />(2) The average onnual loon obtiga[ion per user along the (aterat wvs estimated bosed on the anticfpated cfs to <br />users a(ong the laterol. This is an estrmate on(y and the individua( poyments will vQry depertding on octuot <br />de(ivery. <br />Creditworthtness: The Company has no existing debt. While this loan will be secured by a pledge of <br />assessment revenues from the Company, the Company is proposing to assess a special assessment for <br />the pressurized water in order to repay the loan based on each water use� allocation. <br />TABLE 4: FINANCIAL RATI05 <br />Financial Ratio Past 3 Years Future <br />w/ Pro'ect <br />Operating Ratio (revenues/expenses) 103% 103% <br />�weak: <ti00% - average: 100%- 120% • strong: >120 (average) (average) <br />� S461KJ5447K $513K�'�/$499K <br />Debt Service Coverage Ratio �Z�% <br />(revenues-expenses)/debt service N�A �strong) <br />$5 i 3K�' �-5447K! <br />weak: <100% - average: 100% - 120% - strong: >120% <br />551.9K <br />Cash Reserves to Current Expenses 38% 34% <br />�weak: <50% - avera e: 50% - 100% • stron >100% (Weak) (weak) <br />� � 5168K15447K 5168K/5499K <br />Annual Cost Per Acre Foot (based on 43,000 AF) 510.40 511.60 <br />weak: >520 - average: 510- 520 - stron : <Si (average} (average) <br />f5447K/43,OOOAF) (SA99K/43,OOOAF► <br />(1) Future revenues ore an estimete bosed on a special essessment from Project users co cover annuo! CWCB <br />debt obtigotion. <br />Collateral: Security for this loan will be a pledge of assessment revenues backed by a raCe covenan[ <br />and the Project itself (intake pond, Hess Lateral pipeline, and turnouts). This security is in compliance <br />with the CWCB Financial Policy lt5 (Cottateral). <br />cc: Roger Cole, Florida Consolidated Canal Company, Board Presiden[ <br />Pete Foster, Wright Water Engineers, Inc. <br />Jennifer Mele, Colorado Attorney Generat's Office <br />Attachment: Water Prajett loan Program Project Data Shee[ <br />