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<br />Water Financing Plan - 2005 Update <br />2006 Bond sizing: <br />. Plan implementation is right on track <br />. Significant pipeline construction scheduled for <br />next 3+ years <br />. Financial capacity exists to increase net <br />proceeds from $16.5M to $23.6M: Adds $7.1 M <br />to cover 18 months of costs, vs. 12 months <br />. Assumption is that financing rates will go up in <br />2006: Lock in low rates now & create additional <br />future flexibility <br />. Current short-term investment rates are higher <br />than bond rates <br />