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<br />Table 3. NPIC Financial Summary <br /> <br />L_ ..- _-=~-=~~. ~~--=~_=~_, i~f3Q~~-t~~-__~~--.<-_IB~>~~ ~~ <br /> <br /> <br /> 1.15 1.08 1.60 <br /> .;~6:50 1.57 1.65 <br />ense 0.09 0.03 0.09 <br /> <br />(1) Operating revenues/( operating expense-depreciation) <br />(2) (Total revenues-actual operating expense)/debt service <br /> <br />The ratios in Table 3 show that the operating ratio is satisfactory in each year. Debt <br />service coverage is weak in 1996 but recovers to the very strong category in 1997 and <br />1998, The indicator of concern here is the ratio of current (liquid) assets to operating <br />expense with percentages ofthree to illne percent. This leaves very little in reserve to <br />cover unforeseen expenses in any year. The net stockholders equity in 1998 was about <br />$ 7.3 million. <br /> <br />As of October 31, 1998, the Company has a balance of about $4.4 million in six 10ng- <br />term CWCB ConstructionFund loans which represents the Company's entire long-term <br />debt. The six loans are summarized in Table 4. <br /> <br />Table 4. CWCB Loans to NPIC <br /> <br />-_.~ _r;- __~.. o__r_",..~_'_", ~ . ,. ~ - ~_.- , -1-~-~--- "> -" -- <br />. ;-~/-fln:{"4:i' 'i r..Jf'~! 1 I 'r;Jn'.t{~;"l <br /> <br />~ ' : .-'~ I-ii. 'f <br />L.._. __"~__~ _ ___________._ __j'_ _t:.t1lt:J.~gl:;; . JIi....__~_ ~ .~....._.___ _ _ _.. " <br /> <br />Fossil Creek Dam <br />NPICReservoirNo;15 ' <br />Park Creek Reservoir <br />Clark Lake Dam. <br />NPIC Reservoir No.2 <br />NPIC Reserv9ir Nos. 5 and 6 <br />Total <br /> <br />$1,115,656 Dam embankment, rip rap, etc <br />$1,00r,093Dam embankment, etc.. <br />$18,840 Res. site and water rights <br />$366;572' . Dam embankment, etc. <br />$317,5?7 Dam embankment, etc. <br />. . $1,671,866 Reservoir Nos. 5 and 6 <br />$4491,535 <br /> <br />'0 ~f <br /> <br />rVJ"~~ <br />" ,"ilJ t. <br /> <br />Staff believes that the collateral for the Park Creek and the Reservoir Nos. 5 and 6 loans <br />is more than adequate. We are, however, concerned. about the collateral on the other four <br />loans with a total balance of about $2.8 million. During the course of the feasibility work <br />on the present loan application, the staff discussed with the borrower the possibility of . <br />amending our existing contracts on the four loans to substitute other collateral. <br /> <br />The Company is requesting 20-year loans for both the $500,000 financing and for the <br />new loan of$1,107,OOO. The company is also requesting a loan for 90 percent ofproject <br />costs on the second financing. Thus, the NPIC will finance 25 percent of project costs for <br />the first increment of$500,000 and 10 percent of project costs for the second increment <br />of <br /> <br />~() \. ~'^ c",,~~~ A- ''''''f n4: 'l\j~ <br /> <br />_._nl <br />