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Orchard Mesa Irrigation District March 13, 2006 Page 4 of4 Agenda item 17a Table 2 shows the Financial Ratios for the District to be strong with the exception of the cost per acre-foot for water delivery. e Table 2. Financial Ratios Financial Ratio Without Project With Project Previous Years Future Years Operating Ratio (revenues/expenses) 125% 125% I weak: <100% 1- ~ averaQe: 100% - 120% , -I stronQ: >120%1 (Strong) (Strong) . . Debt Service Coverage Ratio 653% 338% (revenues-expenses)/debt service I weak: <100% 1- I averaQe: 100% - 120% 1- I stronQ: >120%1 (Strong) (Strong) Cash Reserves to Current Expenses 251% 243% Iweak: <50% 1- t average: 50% - 100% I-I strong: >100%1 (Strong) (Strong) Annual Operating Cost per Acre-Ft Delivered" $13 $14 !weak: >$20 I-I averaQe: $10 - $20 1-lstronQ: <$101 (Average) (Average) * Calculation based on an annual average of 58,323 acre-feet delivered by the District Collateral: As security for the CWCB loan, the District will pledge assessment revenues backed by .- an assessment covenant. This security is in compliance with CWCB Loan Policy #5 (Collateral). _ Staff Recommendation Staff recommends a loan not to exceed $545,400 ($540,000 for project costs and $5,400 for the 1 % Loan Service Fee) to the Orchard Mesa Irrigation District for engineering and construction costs associated with the Stokes Gulch Siphon Replacement Project, from the Severance Tax Trust Fund Perpetual Base Account. The. terms of the loan shall be a 30-year loan at 2.5% per annum. Final approval of the loan shall be conditioned upon all standard contracting provisions of the CWCB Loan Program. Security for the loan shall be collateral in compliance with CWCB Loan Policy #5. Email copy: Rita Crumpton, District Manager Amy Stengel, AGO Attachment: Water Project Construction Loan Program - Project Data Sheet e