AgdaPkt 2006-01-23 - Laserfiche WebLink

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7e-'- ,e ý' The proceeds of the 2005 Bonds were used to finance (i) the accrued costs to date relating to the Recycled Water Project and which have been paid out of cash reserves of the Enterprise, and (ii) the additional costs of the portion of the Recycled Water Project located on the site of the SBSA treatment facility. The City currently expects that portion of the Recycled Water Project being constructed on the site of SBSA treatment facility to be completed between July and October, 2006, with the remainder of Phase 1 of the Recycled Water Project to be completed over the following three calendar years. The proceeds of the Bonds will be used to finance (i) the first two of three pipelines that will distribute recycled water to the Redwood Shores area of the City, (H) retrofits for certain landscape irrigation customers, and (Hi) one-half of the artificial turf installations. The Authority and the City anticipate that, in addition to utilizing the proceeds of the Bonds and the 2005 Bonds and certain capital and operating reserves of the Enterprise, the Authority will issue additional bonds in several series over several years to finance the remainder of Phase 1 of the Recycled Water Project, and that the total costs of Phase 1 of the Recycled Water Project will be approximately [$71.3] million, with [$25.6] million being required to construct the facilities located at the SBSA site, [$34.2] million being required to complete the acquisition and installation of the distribution system, [$5] million being required for the installation of the artificial surfaces at the athletic playing fields, and [$6.5] million required for customer retrofits. The City will proceed with Phase 2 of the Recycled Water Project, with an estimated cost of approximately [$12.8] million, if it determines there is sufficient demand for recycled water west of Highway 101. The City has received all permits and approvals necessary for the Recycled Water Project. Estimated Sources and Uses of Funds The table below sets forth the estimated sources and uses of Bond proceeds: Sources of Funds Par Amount of Bonds Less Net Original Issue Discount Less Underwriter's Discount Total Sources Uses of Funds Deposit to Project Fund Reserve Fund Costs of Issuance [1] Total Uses [1] Includes initial Trustee fees and expenses, financial advisor fees, legal fees, rating agency fees, printing costs, and other miscellaneous bond issuance and delivery costs. 4