BOARD00468

• Board Meeting Date: 7/28/2003
• Description: CF Section - Mildred L. Rothe
• Board Meetings - Doc Type: Memo

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Mildred L, Rothe
July 28.30, 2003

Agenda Item 21 h

Table 2. Financial Summary

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4,800 8c-ft.

$392,758
$353,482
$18,577
$3,87

Credit worthiness: Mildred Rothe has 4 existing long-term loans with a total outstanding
balance of $1,742,000, as shown in Table 3:

Table 3. Existing debt.
Lender Remainin Amount Annual Pa ment Maturit Date
Weld Co, Bank $243,765 $243,765 4/15/04
o eratin Loan
Weld Co, Bank $445,000 $67,000 4/02/14
Term Loan
Metro olitan Life $900,000 $125,000 1/5/2011
Metro olitan Life $307,000 $37,000 1/01/2005
Farmer's State Bank $90,000 $16,000 12/31/2011
Lon Term Totals $1,742,000 $245,000

Payments on all debt have been made as agreed, Table 4 shows the Financial Ratios for the .
Mildred Rothe and indicates, with the exception of Cash Reserves, average to strong ability to
repay a $353,482 CWCB loan with the project in place,

(Note: In 2003 the Rothe Farm paid $49,000 to GASP for augmentation of 17 wells, Once
completed, the Rothe Augmentation Plan will replace GASP in augmenting these wells, At that
point the fee to GASP will drop to $3,700 (administration fee only), freeing up about $45,300 to
make the CWCS loan payment, and to pay operating costs of the project.)

Table 4. Financial Ratios

Financial Ratio Without With
the Droiect The Droiect
Operating Ratio (revenue/expense) 115% 114%
weak: less than 100% (average) (average)
average: 100% - 120%
stronn: oreater than 120%
Debt Service Coverage Ratio 151% 145%
(revenues-expenses)/debt service (strong) (strong)
weak: less than 100%
average: 100% - 125%
strono: areater than 125% ,
Cash Reserves to Current Expense 15% 15%
weak: less than 50% (weak) (weak)
average: 50% - 100%
stronn: nreaterthan 100%
Annual Cost per Ac-Ft (Well diversions 4,800 ae-ft) $10.22 $9,75
weak: greater than $20 (average) (strong)
average: $10 - $20
strona: less than $10

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