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Last modified
8/16/2009 3:00:53 PM
Creation date
10/4/2006 6:53:56 AM
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Board Meetings
Board Meeting Date
3/16/2004
Description
CF Section - Changes to Existing Loans - Owl Creek Reservoir Company, Owl Creek Reservoir Rehabilitation Project
Board Meetings - Doc Type
Memo
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<br />t <br /> <br />Owl Creek Reservoir Company <br />Loanmcrease <br /> <br />Agenda Item 26b <br />March 17,2004 <br /> <br />. <br /> <br />Table 3 illustrates the Financial Ratios for the Owl Creek Reservoir Company/J. Gale and Valerie A. <br />Moody. The annual income ofJ. Gale and Valerie A. Moody can vary from year-to-year depending on <br />the agricultural market <br /> <br />Table 3. - Financial Ratios <br /> <br />. <br /> <br />Financial Ratios Before After <br /> Project Project <br />Operating Ratio (revenue/expense) <br />weak: less than 100% 105% 110% <br />average: 100%-120% (average) (average) <br />strong: greater than 120% <br />Debit Service Coverage Ratio <br />(revenue-expenses)/debt service 108% 138% <br />weak: less than 100% (average) (strong) <br />average: 100%-125% <br />strong: greater than 125% <br />Cash Reserves to Current Expenses <br />weak: less than 50% 3.4% 2.9% <br />average: 50%-100% (weak) (weak) <br />strong: greater than 100% <br />Annual Cost per Acre-foot (1,750) <br />Weak: greater than $20 n/a $84 <br />Average: $10-$20 (weak) <br />Strong: less than $10 <br /> <br />As security for the loan the Owl Creek Reservoir Company/J. Gale and Valerie A. Moody will pledge <br />the completed facility, 30,010 shares of water stock, and 153 acres of real property that the reservoir will <br />encompass, all combined being equal or greater in value than the proposed loan amount of $2,700,000. <br />Given the Reservoir Company's variation in annual income, loan approval would be subject to <br />verification of ownership of the security by the Owl Creek Reservoir Company/J.Gale and Valerie A. <br />Moody, and an updated appraisal confirming the value of the water rights and property pledged. This <br />security is in compliance with CWCB Loan Policy No.5 (Collateral). <br /> <br />RECOMMENDATION <br />Staff recommends that the Board approve an increase of$I,575,000 from the Construction Fund, to the <br />Owl Creek Reservoir Company. The total loan amount to Owl Creek Reservoir would be amended to <br />$2,700,000, The loan increase of$I,575,000 would be for 30-years at the Company's current loan <br />rate of2.75%. Security for the loan will be the completed facility, water rights, and real property of <br />value equal to or greater than the loan amount, in accordance with Policy No.5, <br /> <br />Staff further recommends that the final approval of the loan be conditioned upon all standard contracting <br />provisions of the CWCB. <br /> <br />. <br /> <br />5 <br />
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