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Last modified
8/16/2009 3:05:01 PM
Creation date
10/4/2006 7:00:02 AM
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Board Meetings
Board Meeting Date
1/26/2000
Description
CF Section - New Loans - Pine River Irrigation District
Board Meetings - Doc Type
Memo
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<br />" <br /> <br />1 <br /> <br />e <br /> <br />e <br /> <br />e <br /> <br />Pine River Irrigation District <br />January 26-27. 2000 <br /> <br />Agenda Item 1 De. <br /> <br />Credit worthiness: The Company has no debt and no assets, other than water tap pledges. The <br />financial ratios for VWC are shown in Table 2. <br /> <br />Table 2. Financial Ratios, VWC <br /> <br />Financial Ratio Now With the Project Built <br />Operating Ratio (revenue/expense) N/A 113% (average) <br />Debit Service Coverage Ratio N/A 132% (strong) <br />(revenues-expenses)/debt service <br />Debt per tap N/A $8212 (weak) <br />Cash Reserves to Current Expense N/A 210% (strong) <br />Monthly Residential. Water Bill N/A $51 (average) <br /> <br />The ratio of Debt per Tap is rated weak because it exceeds $5,000. Other ratios are in the <br />average to strong category. The average water bill of $51 is based on usage of only 6,000 <br />gallons per month. Many residents have existing wells that can be used for irrigation. <br /> <br />Discussion issues <br /> <br />Public Support <br />There is wide support for this project from both county government and the general public. On <br />April 9, 1998 the la Plata County Planning Commission unanimously recommended approval of <br />a county Class II Master Plan Permit for this centralized rural water system <br /> <br />The initial demand for water taps demonstrates the need for this project and the extent of public <br />support. VWC has received deposits for over 1,500 taps, the majority of which were from <br />individuals who already have wells. U.S. Congressman Mcinnis and U.S. Senator Campbell <br />have received over 250 letters in support of the water system. <br /> <br />Support has also come from the fire marshals in the fire protection districts located in the <br />proposed service area. It is generally agreed that the centralized rural water system will <br />substantially improve fire protection for the area's rural residents. <br /> <br />Conflict with Statutes <br />CRS 37-60-121 (1) (b) (VI) states "After July 1, 1981, domestic water treatment and distribution <br />systems shall not be recommended by the board to the general assembly. " If the CWCB were <br />to recommend this project, it would be necessary to amend the statutes. <br /> <br />Whva Grant Reauest. instead of a Loan? <br />PRID is requesting a Grant because; (1) the project is located in the middle of the largest gas <br />producing area in the State of Colorado and many of the homes in the area are currently served <br />by wells contaminated with methane gas. The State of Colorado is deeply involved in <br />researching methods to resolve the methane contamination issue. The proposed rural water <br />system will provide a source of good quality drinking water, and a permanent solution to the <br />methane gas contamination problem. (2) There is financial need. Rural Development has <br />determined the area to be low income as evidenced by their willingness to provide a $2 million <br />grant for construction. (3) There is precedence for grants from the CWCB for regional planning <br />and conceptual design of water systems (Douglas County, approved November 1999.) <br /> <br />5 <br />
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