Laserfiche WebLink
<br />i <br /> <br />" <br />J <br />. <br /> <br />e <br /> <br />e <br /> <br />- <br /> <br />Boulder and left Hand irrigation Co. <br />November 22-23,1999. Agenda Item 11d. <br /> <br />Table 1. Financial Summary <br /> <br />Project Cost $140,500 <br />Loan Amount (71 % of Project Cost) $100,000 <br />CWCB Loan Payment, including 10% Loan Reserve $7916 <br />Number of Shareholders 50 <br />Number of Shares of Stock 136 <br />Current Assessment per Share $160 <br />Future Assessment per Share $178 <br />Annual Project Cost per acre-foot $3,06 <br />(Average annual diversions: 2,584 acre-feet) <br /> <br />Table 2. Financial Ratios <br /> <br />Financial Ratio Without the project With the project <br />Operating Ratio (revenue/expense) 89% (weak) 100% (average) <br />Debit Service Coverage Ratio No debt (strong) 110% (average) <br />(revenues-expenses)/debt service <br />Cash Reserves to Current Expense 77% (average) 16% (weak) <br />Annual Cost per Acre-Foot $6,31 (strong) $9,37 (strong) <br /> <br />Recommendation <br />Staff recommends the Board find that delay in the rehabilitation of the outlet structure and spillway <br />on the Twin Lakes Reservoir would cause undue hardship for the water users, qualifying the <br />Boulder and Left Hand Irrigation Company for a loan from the Small Project Loan Account <br /> <br />Staff recommends that the existing ($50,000) Small Project Loan to the Boulder and Left Hand <br />Irrigation Company be revised to a loan not to exceed $100,000 for up to 75% of the costs to <br />construct a new outlet and spillway structure on Twin Lakes Reservoir. The recommended <br />term of the loan is 20 years and the lending rate would be that rate approved by the CWCB for <br />agricultural borrowers in 2000, Security for the loan will be assessment revenues backed by <br />assessment covenant, and facilities and/or other real property of value equal to the loan <br />amount <br /> <br />Staff further recommends that final approval of the loan be conditioned upon acceptance of the <br />project and the associated financial obligations by a vote of the shareholders of the Boulder and <br />Left Hand Irrigation Company, <br /> <br />cc: Henry Laber, President Boulder and Left Hand Irrigation Co, <br />Mike Ballantine, P ,E, <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:IWP51lProj,NewlBoulderLeftHand1199memo <br />L:\boardmemlnov99\ 11 d-Nov99 <br /> <br />3 <br />