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<br />" <br /> <br />Table 4. Financial Ratios <br />(Cont.) <br /> <br />. <br /> <br />Annual Cost per Ac-Ft diverted (8,866 ac-ft) <br />weak: greater than $20 <br />average: $10 - $20 <br />stron : less than $10 <br /> <br />$2,67 <br />(strong) <br /> <br />$2.85 <br />(strong) <br /> <br />As security for the loan, the Pine River-Bayfield Ditch Company will pledge assessment <br />revenues backed by an assessment covenant, and the project itself. This security is in compliance with <br />CWCB Loan Policy #5 (Collateral). <br /> <br />CONCLUSION: <br /> <br />Based on staffs review of the original feasibility, supporting documentation provided by the <br />Company, and bid results received for the siphon replacement, staff finds the requested loan increase of <br />$30,000 to be economically, financially, and technically sound. <br /> <br />STAFF RECOMMENDATIONS: <br /> <br />Staff recommends that the Board approve an increase of $30,300 ($30,000 for project costs and <br />$300 for the 1 % loan origination fee, in accordance with CWCB Loan Policy No. 16) from the <br />Construction Fund. The additional $30,300 increment of funding would be for 30-years at the present <br />lending rate of2.75%. The Company's amended total loan amount will be $232,300 ($230,000 for the . <br />total project costs and $2,300 for the 1% loan origination fee). Security for the loan will be a pledge of <br />assessment revenues backed by assessment covenant and other Company property adequate to assure <br />repayment of the loan; in accordance with CWCB Loan Policy #5; <br /> <br />Staff further recommends that final approval of the loan be conditioned upon standard <br />contracting provisions of the CWCB. <br /> <br />. <br /> <br />4 <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />