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<br />Table 5 - $5M Grant
<br />Redwood City Water Financing Plan
<br />Debt Service Estimates
<br />
<br />With $5 Million Grant Awarded Jan-06
<br />
<br />2004 Update
<br />
<br />2005
<br />Bonds
<br />
<br />2006
<br />Bonds
<br />
<br />2007
<br />Bonds
<br />
<br />2008
<br />Bonds
<br />
<br />2009
<br />Bonds
<br />
<br />Total
<br />
<br />Anticipated Issuance Date Jan-05 Jan-06 Jan-07 Jan-08 Jan-09
<br />Target Project Funding Requirement $32,621,500 $16,477,000 $15,331,500 $6,858,500 $12,774,500 $84,063,000
<br />Less Grant Funding 0 J5,OOO,OOOl 0 0 0 J5,OOO,OOOl
<br />Bond Proceeds Required $32,621,500 $11,477,000 $15,331,500 $6,858,500 $12,774,500 79,063,000
<br />
<br />Bond Issue Size $35,800,000 $12,760,000 $17,035,000 $7,715,000 $14,220,000 $87,530,000
<br />Proceeds for Project 32,622,000 11,477,000 15,334,000 6,859,000 12,775,000 79,067,000
<br />Issuance Costs*
<br />Underwriter's Discount (0.75%) 269,000 96,000 128,000 58,000 107,000 658,000
<br />Costs of Issuance 150,000 150,000 150,000 150,000 150,000 750,000
<br />Bond Insurance (0.70%) 478,000 179,000 246,000 112,000 205,000 1,220,000
<br />Reserve Fund 2,276,000 854,000 1,172,000 531,000 978,000 5,811,000
<br />Mis c/ co n tin g e n cy / ro u n din g 5,000 4,000 5,000 5,000 5,000 24,000
<br />Total 3,178,000 1,283,000 1,701,000 856,000 1,445,000 8,463,000
<br />Bond Terms*
<br />Term (years) 30 30 30 30 30
<br />Est. Average Interest Rate 4.80% 5.25% 5.50% 5.50% 5.50%
<br />Debt Service
<br />Gross Annual Payment 2,276,000 854,000 1,172,000 531,000 978,000 5,811,000
<br />Less Interest on Rsrv Fund (at bond rate) J109,OOOl J45,OOO} J64,OOO). J29,OOOl J54,OOOl J301,OOOl
<br />Net Annual Payment 2,167,000 809,000 1 , 1 08,000 502,000 924,000 5,510,000
<br />Total Payments Over Life of Bonds 68,280,000 25,620,000 35,160,000 15,930,000 29,340,000 174,330,000
<br />Total Net Payments Over Life of Bonds 62,734,000 23,416,000 32,068,000 14,529,000 26,742,000 159,489,000
<br />
<br />* Estimated for planning purposes; assumes availability of bond insurance and a cash-funded reserve fund.
<br />
<br />BARTLE WELLS ASSOCIA TES
<br />F:\Jobs\Redwood City\1921\ \Redwood City Tables 12-20-04\Financing $5M, 12/21/2004,6:07 PM
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