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<br />Water Revenue Bonds <br />Agenda Item 7-C <br /> <br />. Key Business Terms <br />- Principal - $35.885 million (gross proceeds) <br />- Estimated interest rate - 4.80/0 <br />- 30 year term <br />- level debt service - $2.2 million/year <br />- Secured by water fund revenues <br />- No general fund commitment <br />- Rate covenant <br />- 1 st of 5 bond issues needed to complete the <br />project <br />- Ratings: "A+", "AA-", and "A 1 " <br /> <br />7 <br />