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<br />. <br /> <br /> Table 4 - Financial Ratios <br /> Financial Ratio Withont the Proiect With the Proiect <br /> Operating Ratio 129% (strong) 125% (strong) <br /> (revenue/expense) <br /> Debit Service Coverage Ratio 137% (strong) 132% (strong) <br /> (revenues-expenses)/debt service <br /> Cash Reserves to Current Expense 36% (weak) 35%(weak) <br />. Annual Cost per Acre-Foot $4,00 (strong) $40,00 (weak) <br /> <br />Alternative Financing Sources <br /> <br />The JPSP actively sought alternative financing but was not able to find competitive funding elsewhere, <br />They requested a loan from their local bank but were turned down because the bank does not provide long- <br />tenn fixed rate financing for agricultural projects, <br /> <br />Collateral <br /> <br />As security for the loan the JPSP will pledge facilities, water rights, and/or other real property of value <br />equal to the loan amount, and which is not encumbered by existing debt, Because of the variation in <br />Partnership income stream, loan approval should also be subject to a lender title policy verifying ownership <br />by the partnership, and an appraisal confinning the value of the property pledged, This security is in <br />compliance with the CWCB Loan Policy #5 (Collateral), <br /> <br />. <br /> <br />Social and Physical Impacts <br /> <br />The project will have no significant social impacts, since it will assure the continued operation of a <br />currently existing water delivery system, The project will not have any physical impacts, other than the <br />improvement of the private roadway into the site, as well as an increase in the surface area of the reservoir, <br />since the borrow materials to be used in the embankment reconstruction will be excavated from the east end <br />of the existing reservoir. <br /> <br />. <br /> <br />Martin Cull Darn Rehabilitation Feasibility Study <br /> <br />May 2002 <br /> <br />Page 8 <br />