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<br /> <br />Lake Meredith Reservoir Co. <br />March 24-26, 2003 <br /> <br />Agenda Item 24c. <br /> <br />TABLE 3 - FINANCIAL SUMMARY <br /> <br />Item <br /> <br />Amount. <br />$1,524,860 <br />$1,000,000 <br />$500,000 <br />$9,860 <br />$5,000 <br />$63,613 <br />$67,934 <br />$131,547 <br />85 <br />40,621.385 <br />$5.50 <br />$3.24 <br /> <br /> <br />Credit worthiness: The LMRC has no existing debt. Table 4 shows the Financial Ratios for the <br />LMRC and indicates, with the exception of cash reserves, strong ability to repay the $1,000,000 <br />CWCB loan with the project in place. <br /> <br />Table 4. Financial Ratios <br /> <br />Financial Ratio Without With <br /> the Droiect the Droiect <br />Operating Ratio (revenue/expense) 155% 129% <br />weak: less than 100% (strong) (strong) <br />average: 100% - 120% <br />strona: areater than 120% <br />Debit Service Coverage Ratio No Debt 160% <br />(revenues-expenses)/debt service (strong) (strong) <br />weak: less than 100% <br />average: 100% - 125% <br />strono: areater than 125% <br />Cash Reserves to Current Expense 43% 18% <br />weak: less than 50% (weak) (weak) <br />average: 50% -100% <br />strona: areater than 100% <br />Annual Cost per Ac-Ft (Capacity 22.300 /41 ,000 ae-It) $10.00 $8.66 <br />weak: greater than $20 (average) (strong) <br />average: $10 - $20 <br />strona: less than $10 <br /> <br />As security for the loan the LMRC will pledge assessment revenues backed by assessment . <br />covenant and the project itself. This security is in compliance with CWCS Loan Policy #5 <br />(Collateral). <br /> <br />4 <br /> <br />e <br /> <br />e <br /> <br />e <br />