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<br />Table 15 2004 Update
<br />Redwood City Water Financing Plan
<br />Add itional Debt Test
<br /> 2004/05 2005/06 2006/07 2007/08 2008/09
<br />Projected Bond Issues
<br />Issuance Date Feb-1 Feb-1 Feb-1 Feb-1 Feb-1
<br />Principal Amount $35,800,000 $18,250,000 $17,035,000 $7,715,000 $14,220,000
<br />Additional Debt Tesj1
<br />Rate revs from prior year 13,452,423 17,050,000 18,909,000 20,980,000 23,529,000
<br />Other revs from prior year 1,309,570 460,340 692,000 793,000 901,000
<br />Add! revs: current -¥I future rate inc 2,141,626 4,337,520 4,810,450 4,044,944 3,158,180
<br />Total test revenues 16,903,619 21,847,860 24,411 ,450 25,817,944 27,588,180
<br />O&M expenses from prior year 11,352,417 14,966,811 15,337,350 16,563,000 17,675,000
<br />O&M adjustments 0 0 0 0 0
<br />Total test O&M expenses 11,352,417 14,966,811 15,337,350 16,563,000 17,675,000
<br />Adjusted net revenues 5,551,202 6,881,049 9,074,100 9,254,944 9,913,180
<br />Projected total gross debt svc 2,280,000 3,500,000 4,670,000 5,200,000 6,180,000
<br />Add'i Debt Test Coverage 2.43 1.97 1.94 1.78 1.60
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<br />1 Calculated according to the additional debt test covenant included in the draft Preliminary Official Statement for the
<br />Water Revenue Bonds, Series 2005A.
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<br />BARTLE WELLS ASSOCIA TES
<br />F:\Jobs\Redwood City\1921\ \Redwood City Tables 12-20-04\Addl Debt Test,12/21/2004,5:54 PM
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