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<br />;;~?r <br /> <br />i <br /> <br />. <br /> <br />. <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />The UpperYampa WCD File <br /> <br />FROM: <br /> <br />Bill Green <br /> <br />DATE: <br /> <br />July 5, 1997 <br /> <br />RE: <br /> <br />Financial Update - Debt Service Coverage <br /> <br />I reviewed the Upper Yampa WCD financial statements for 1995 and 1996 to estimate <br />current debt service coverage and to estimate future coverage with the Stagecoach <br />refinancing. <br /> <br />Based on the numbers in the 1996 financial statement (non-GAAP basis) the debt service <br />coverage for 1996 looks to be about 1.27 as shown in Table 1 which indicates very <br />acceptable coverage. <br /> <br />Table 1. <br />U er Yam a WeD - Actual Debt Service Covera e 1996 <br />Total Operating Actual Debt Service <br />Year Revenues Ex ense Debt Service Covera e <br />1996 $2,008141 $448,782 $1,230,095 1.27 <br /> <br />I estimated debt service schedules for 1995 and 1996 with the Stagecoach refinancing in <br />place which implies that the loan to the USBR would be paid off and that the District <br />would have a $2.0 million Construction Fund loan with annual payments of about <br />$154,000 per year as well as the existing debt as shown in Tables 2 and 3. <br /> <br />Table 2. <br />Upper Yampa WeD - Estimated Long-Term Debt Schedule 1995 <br /> <br />with Staaecoach Refinancina <br /> Annual Payment <br />Item Princinal and Interest <br />CWCS $7.9m Staoecoach Loan $470,252 <br />CWCB $1.5m Yamcolo Loan $72,400 <br />$3.9m GO Refundino Bonds $408,754 <br />CWCB $2.0m Staoecoach Refinance(1) $154,000 <br />Total $1,105,406 <br /> <br />(1) Estimated annual payment <br />