BOARD01603

• Board Meeting Date: 9/13/2004
• Description: CF Section - Changes to Existing Loans - East Fork Mutual Irrigation Company Ditch Rehabilitation
• Board Meetings - Doc Type: Memo

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Table 3 is a summary a~the financial aspects .of the praject. Annual assessments wauld increase _
fram $21 up ta $29 per share WIth a CWCB laan payment af$19,840 (including the 10% reserve
requirement.) This $8 assessment increase represents .only $2.48 per acre-faot annuallaan cast, based an
average annual diversians .of 8,000 acre-feet.

Table 3. Financial Summary

Pra' ect Cast
Laan Amaunt 75% afPra'ect Cast)
CWCB Loan Pa ent Amaunt, includin 10% laan reserve
Number .of Sharehalders
Number .of Shares .of Stack
Current Assessment er Share
Future Assessment er Share
Annual Laan Cast per acre-faat
(Average annual diversians: 8,000 acre-feet)

$503,329
$377,497
$19,840
7
1000
$21
$29
$2.48

Credit wo.rthiness: The East Fark Mutual Irrigatian Camp any has an appraved laan with CWCB in the
amaunt .of $257,287. Ta-date the Campanyhas withdrawn $79,716 afthase available funds. Table 4
shaws the Campany's Financial Ratias and indicates, with the exceptian .of Cash Reserves, average ta
strong ability ta repay with the prapased laan increase.

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Table 4. Financial Ratios

Financial Ratio. With With
Current pro;ect Amended pro.iect
Operating Ratia (revenue/expense) 106% 104%
weak: less than 100% (average) (average)
average: 100% - 120%
strang: greater than 120%
Debt Service Caverage Ratia 110% 106%
(revenues-expenses)/debt service (average) (average)
weak: less than 100%
average: 100% - 125%
strang: greater than 125%
Cash Reserves ta Current Expense 15% 12%
weak: less than 50% (weak) (weak)
average: 50% - 100%
strang: greater than 100%
Annual Cast per Ac-Ft diverted (8,000 ac-ft) $2.62 $3.61
weak: greater than $20 (strang) (strang)
average: $10 - $20
strang: less than $10

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4
Flood Protection. Water Project Planning and Financing. Stream and I...a1<e Protection
Water Supply Protection. Conservation Planning