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<br />J <br /> <br />" <br /> <br />e <br /> <br />e <br /> <br />e <br /> <br />Silt Water Conservancy District <br />January 26-27, 2000 <br /> <br />Agenda Item 13a, <br /> <br />Table 1, Sources of Funding for Construction <br /> <br />Entity Grant Loan Percent Participation <br />Bureau of Reclamation $35,000 21% <br />SWCD $4,400 3% <br />Bookcliff SCD $25,000 15% <br />Bank Loan (Construction) <br />then $100,000 61% <br />CWCB (Permanent Loan) <br />Totals $64,400 $100,000 $164,400 <br /> <br />The SWCD will cover any costs that exceed the estimated project cost, and will fund their <br />portion out of cash reserves. When the CWCB contract is finalized, the loan proceeds will be <br />used to payoff the bank loan, and provide long term permanent financing for the project. <br /> <br />Credit worthiness: The District has a 1963 repayment contract with the US Bureau of <br />Reclamation, The annual payment amount is $19,200 and the outstanding balance is $403,200. <br />All payments have been made as agreed, and the loan is current. The financial ratios for the <br />SWCD are shown in Table 2, and indicate average to strong ability to repay the CWCB loan. <br /> <br />Table 2. Financial Ratios, SWCD <br /> <br />Financial Ratio Without the project With the project <br />Operating Ratio (revenue/expense) 124% (strong) 124% (strong) <br />Debit Service Coverage Ratio 280% (strong) 235% (strong) <br />(revenues-expenses)/debt service <br />Cash Reserves to Current Expense 57% (average) 57% (average) <br />Annual Cost per Acre-Foot $14.97 (average) $15.45 (average) <br /> <br />Table 3 is a summary of the financial aspects of the project. Annual assessments will remain at <br />$8 per share with a Construction Fund loan of $100,000 (loan payments will be covered by <br />existing revenues,) The CWCB loan payment (and 10% reserve) of $6361 represents a cost of <br />$2,12 per acre-foot, based on average annual diversions 3,000 acre-feet at the pumping plant. <br /> <br />Table 2. Financial Summary <br /> <br />Project Cost $164,400 <br />CWCS Loan Amount (61% of Project Cost) $100,000 <br />CWCS Loan Payment Amount, including 10% loan reserve $6361,31 <br />Number of Landowners 305 <br />Number of Acre-Feet Delivered 13,384 <br />Current Assessment per Share $8,00 <br />Future Assessment per Share $8,00 <br />Annual Project Cost per acre-foot (Pump Plant Only) $2.12 <br />(Average annual pumping plant diversions: 3,000 acre-feet) <br /> <br />Water is used by the shareholders for agricultural purposes. The SWCD would qualify for the <br />CWCB agricultural lending rate. <br /> <br />3 <br />