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<br />plumbing" ordinance for certain new commercial construction, such as office buildings, for <br />internal toilet-flushing and self-contained cooling systems. <br /> <br />The proceeds of the Bonds will be used to finance (i) the accrued costs to date relating <br />to the Recycled Water Project and which have been paid out of cash reserves of the Enterprise, <br />and (ii) the additional costs of the portion of the Recycled Water Project located on the site of the <br />SBSA treatment facility. The City currently expects that portion of the Recycled Water Project <br />being constructed on the site of SBSA treatment facility to be completed by July 3,2006, with the <br />remainder of Phase 1 of the Recycled Water Project to be completed over the following three <br />calendar years. The Authority and the City anticipate, in addition to utilizing the proceeds of the <br />Bonds and certain capital and operating reserves of the Enterprise, the Authority will issue <br />additional bonds in several series over several years to finance the remainder of Phase 1 of the <br />Recycled Water Project, and that the total costs of Phase 1 of the Recycled Water Project will be <br />approximately $71.3 million, with $25.6 million being required to construct the facilities located at <br />the SBSA site, $34.2 million being required to complete the acquisition and installation of the <br />distribution system $5 million being required for the installation of the artificial surfaces at the <br />athletic playing fields, and $6.5 million required for customer retrofits. The City will proceed with <br />Phase 2 of the Recycled Water Project, with an estimated cost of approximately $12.8 million, if it <br />determines there is sufficient demand for recycled water west of Highway 101. <br /> <br />The City has received all permits and approvals necessary for the Recycled Water <br />Project. <br /> <br />Estimated Sources and Uses of Funds <br /> <br />The table below sets forth the estimated sources and uses of Bond proceeds: <br /> <br />Sources of Funds <br />Par Amount of Bonds <br />Plus Net Original Issue Premium <br />Less Underwriter's Discount <br />Total Sources <br /> <br />Uses of Funds <br />Deposit to Project Fund <br />Reserve Fund <br />Costs of Issuance [1] <br />Total Uses <br /> <br />[1] Includes initial Trustee fees and expenses, financial advisor fees, legal fees, rating agency fees, <br />printing costs, premium for the bond insurance policy, and other miscellaneous bond issuance and <br />delivery costs. <br /> <br />THE BONDS <br /> <br />Authority for Issuance <br /> <br />The Bonds are being issued pursuant to <br /> <br />. <br /> <br />the laws of the State, including the Bond Law, <br /> <br />. <br /> <br />the Indenture, <br /> <br />4 <br />