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<br />Larimer and Weld Irrigation Co. <br />July 23-24. 2002 <br /> <br />Agenda Item 19a <br /> <br />Table 1. Financial Summary <br /> <br />ProTect Cost $1,286,612 <br />Number of Shareholders 350 <br />Number of Shares of Stock 1419 <br />CWCB Loan Amount I30 vearsT $1,000,000 <br />CWCB Loan Pavmentnncludes 10% reserve) - Beoin 2003 $54,323 <br />Line of Credit Loan Amount (5 vears) $143,306 <br />Line of Credit Loan Pavment 12004 - 2008) $35,107 <br />Current Assessment oer share (2002) $215 <br />New Assessments oer share (see note below) $165-170 <br />Annual Loan Cost Dar acre-foot (aver. annual deliverv: 90,000 ac-ft.) $0.99 <br />Annual Loan Costner acre-foot (aver. annual deliveiV: 90,000 ac-ft.) $0.60' <br /> <br />. After 2008 when the 5-year line-ot-credit loan is paid off. <br />Note: The company assessments have been rising over the past few years in anticipation of the <br />repairs being made to the system. A recent history of annual assessments and proposed <br />assessments is as follows: <br />Past Assessments Prooosed Assessments <br />1998 $ 100 2003 $150 <br />1999 $ 100 2004 to 2008 $165 to 170 <br />2000 $ 150 2009+ $140 to 145 <br />2001 $ 150 <br />2002 $ 215 <br />After payoff ot the 5-year line-of-credit loan LWIC anticipates that annual assessments can be e <br />returned to $140 to 145 per share. <br /> <br />Creditworthiness: The LWIC has no outstanding loans. Table 2 shows the Financial Ratios for the <br />LWIC and indicates, with the exception of cash reserves, average ability to repay the $1,000,000 <br />CWCB loan and line-of-credit loan with the project in place. <br /> <br />Table 2. Financial Ratios <br /> <br />Financial Ratio Without With project <br /> the project Future Years <br /> (Aver. 2001-02) 2003 2004.2008 <br />Operating Ratio (revenue/expense) <br />weak: less than 100% 118% 113% 118% <br />average: 100% - 120% (aver.) (aver.) (aver.) <br />strona: areater than 120% <br />Debit Service Coverage Ratio <br />(revenues-expenses)/debt service N/A 119% 101% <br />weak: less than 100% (aver.) (aver.) <br />average: 100% - 125% <br />slrona: areater than 125% <br />Cash Reserves to Current Expense <br />weak: Ie", than 50% 6.3% 7.2% 7.1% <br />average: 50% - 100% (weak) (weak) (weak) <br />strona: areaterthan 100% <br />Annual Operating Cost per Acre-Ft. (90,000 AF) <br />weak: greater than $20 $5.23 $6.38 $6.77 <br />average: $10 - $20 (strong) (strong) (strong) <br />stronn-: less than $10 <br /> <br />e <br /> <br />Page 4 ot 6 <br />