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02-19-1991 - Workshop/Special . . ... ."." CITY COUNCIL OF EDGEWATER WORKSHOP/SPECIAL MEETING FEBRUARY 19, 1991 MINUTES Mayor Tanya Wessler called the meeting to order at 7:33 p.m. in the Edgewater Library. ROLL CALL Mayor Tanya Wessler Councilman Kirk Jones Councilperson Louise Martin Councilperson NoraJane Gillespie Councilman Michael Hays Interim City Attorney Nikki Clayton City Manager Elly Johnson City Clerk Susan Wadsworth Police Chief Lawrence Schumaker Present Present Present Present Present Arrived later Present Present Present Also present were: Ron Ferland of Dyer, Riddle, Mills & Precourt, Inc; Stan Livengood of Raymond James and Associates; and Bill Zvara of Livermore, Klein & Lott. Agreement between City and Jose' B. Alvarez - Mayor Wessler stated this will wait until the Attorney arrives. Presentation and discussion on Capital Improvement Program finance plan - Mr. LivenQood, Financial Advisor, distributed copies of a report and explained in detail the estimated costs, how it's to be financed, and how it1s expected to be repaid. A copy of the report is attached to these minutes. Mr. Ferland pointed out these are estimated costs and contracts have not been bid and interest rates are what are available in the market today. He explained the $2.1 million is truly free money. He said the State Revolving Fund loans should be about 4-1/2% interest rate repaid over 20 years after the project is completed. Ms. Clayton arrived at 7:47 p.m. Mr. Livengood reviewed the details of the $14,665,000 water system improvements. That detail is also attached to these minutes. Councilperson Gillespie asked if they'll pullout $152,000 for the North u.S. water line and fire hydrants they1ve gone to bid for the Park Avenue project of about $37,000 from the water impact fees which would reduce the amount on hand Mayor Wessler asked if the $2.1 million grant has to go to the wastewater treatment plant or if it can be used for the Florida Shores sewer. Mr. Ferland replied it was granted for the wastewater treatment plant but he'll check into it. Mr. Livengood pointed out calculations to date apply the full $2.1 million to the 50% funding portion of Florida Shores. Councilperson Gillespie stated they talked to Mr. Mansfield and he told them the rate was 4.23% with a cap at 4.68%, and asked if that's why he used 4-1/2%. Mr. Livengood replied yes. Councilperson Gillespie said it makes a little difference with that amount of money. Mr. Livengood stated they're comfortable with these numbers based on current conditions and interest rates but there's an estimating error involved. Councilman Hays asked if estimates are based on retail prices that could vary 5% such as pipe. Mr. Livengood said these are future events and there IS uncerta i nty and some figures are more conservat i ve than others. Mr. Ferland explained the cost estimate is based on average construction costs from other construct ion projects whether 1 abor or materi a 1 s and other comparab le costs but because of the depressed economy he feels they.ll have lower construction and material costs than estimated because times are rough. Mayor Wessler asked if the building lot is 2 lots. Mr. Ferland replied they're talking about 2-1/2 buildable lots, the same as used to get 100 foot frontage. Mayor Wessler asked when they.ll start paying the portion on the sewer. Mr. Ferland replied approximately 1 year after completion of construction but it could be less depending on the time the tax rolls come out and when construction ends. Mr. Livengood stated the bond cannot be used until Council takes action on the water and sewer rate recommendations which were before them. , . ~ ~ Presentation and discussion on Capital Improvement Proaram finance plan (Continued) Councilperson Gillespie asked about the $4.7 million BAN percentages. Mr. Livengood explained the breakdown is included and there was activity in water and sewer and there were legal costs associations and costs of issuance and interest costs on the 1989 BANis that were paid at maturity. Councilman Hays asked how the amount for construction management and resident inspection could be a fixed fee of $216,000. Mr. Livengood replied those numbers are contained in the total estimated cost. Councilman Hays asked if it's a percentage. Mr. Ferland explained these are estimated numbers and he assumed the construction period and percentage of time the resident inspector would be on site and his estimated hourly rate. He said construction management was estimated based on the degree of difficulty and delays of construction, number of shop drawings, pay requests, and site inspections by the construction manager. Councilman Hays and Mr. Ferland discussed the duties of the engineers and resident inspectors. Mr. Ferland noted Dyer, Riddle did the construction management design but for resident inspector they may hire an engineering firm for that inspection but they've recommended the City hire a resident inspector on staff who will then be blended into the utility system as operator as additional utility staff will be needed in the future and held coordinate activities with the construction management. Councilman Hays asked if he'd be an engineer on site rather than a firm. Mr. Ferland explained construction management is usually done by the design engineers because they understand what they meant with design drawings and the resident inspector does not have to be schooled in engineering, but should be familiar with construction techniques and be watch dog for the City and engineer to insure construction's in accordance with the design intent. He also explained if for some reason it cannot be done according to the plans, construction management will come in and tell him how to change drawings. He said the construction engineer on a more complex job would be reviewing shop drawings and making decisions. Mayor Wessler asked if it's 50% construction management and 50% resident inspector. Mr. Ferland replied it's much more resident inspector. Mayor Wessler asked if they have a contract with Dyer, Riddle for construction management. Mr. Ferland replied yes, but not for resident inspection and it's hard to know a resident inspector figure until they know the construction date. Ms. Clayton and Mr. Livengood discussed the pledged revenues. Ms. Clayton asked if they have construction ready plans. Mr. Ferland replied they have every document required for the water plant and status of the various permits required. He said conceptually the only thing missing is the permit from DER for the transmission main and the funding. Ms. Clayton asked if there are any more engineering fees to be incurred other than on page 2 and the balance being construction related compared to design related. Mr. Ferland said there are minor things to look at ways to cut costs on the water system and if any redesign comes about because of that, then there will be fees. He said they're in the process of resolving some conflicts in the Florida Shores distribution system because of interaction with the water and reuse and paving and drainage. He added that's still within the numbers for the project. Ms. Clayton asked if all engineering fees are in these numbers. Mr. Ferland replied yes and they've extrapo 1 ated fees wi th construct i on management and there shou 1 dn 't be any additional fees associated with it. Ms. Clayton said the position was the water system was the most critical need and asked if they could phase it because they wanted to lay the reuse pipe when the ground is open and the same is true with water distribution lines. She said it may be a false economy to delay it. Mr. Ferland pointed out if they delay it, they don't have a future growth potential and currently it's designed for 5 MGD and existing is at 2.4 MGD maximum capacity and he's questioning the existing because of age and condition whether it could effectively supply that 2.4 daily. Ms. Clayton and Mr. Ferland discussed current usage and softening capacity and downsizing with preliminary design encompassing to 2000-2005. Ms. Clayton asked if they're replacing existing lines. Mr. Ferland replied they're a 11 new. Councilperson Gillespie asked if they're going to run the new line down and cut off at Willow Oak and 19th and then have a continuation line to the water tower. Mr. Ferland agreed, with 12" line. Councilperson Gillespie asked if they'll upgrade the project on U.S. 1 where the fire station's on a 2" line as she wants 2 Council Workshop/Special Meeting February 19, 1991 .. ....... Presentation and discussion on Capital Improvement Proqram finance plan (Continued) all those lines taken care that were never upgraded to meet minimum standards. Mr. Ferland explained that's not in the CIP but it's a project identified for the ongoing repair and replacement requirements through the City. Councilperson Gillespie and Mr. Ferland discussed their prior conversations regarding the age and size of the lines. Mr. Ferland pointed out wastewater is on a Ilgo it alone" basis even though they operate as a combined utility. Mayor Wessler asked if every lot in Florida Shores will pay this on wastewater. Mr. Ferland explained every lot that's unsewered, including vacant and developed or undeveloped. A gentleman in the audience asked the size of equivalent. Mr. Ferland replied it's 100 feet and it's pro rated. The gentleman asked about a lot with two meters. Mr. Ferland explained it's one for the gravity collection system but for the total plant, because they have two meters and two services, it will be considered two equivalent units. Charles Clark, Florida Shores, stated they still don't know exactly what this will cost and the date they'll pay for an existing home. Mr. Ferland explained he can't tell a date, it's when the sewer's complete. Mr. Clark asked if it's when all of Florida Shores is completed. Mr. Ferland said it's when they're connected, and some th i ngs haven't been worked out and there's comp 1 ex i ty of interim collection between tax billing years. He added it's based on a 100 foot frontage for wastewater and gravity collection system is $2,850, and if it's one house they pay one treatment plant special assessment component of $34 a year, or $410 total. Mr. Clark asked if it's double if it's a duplex. Mr. Ferland replied you'd pay 2 ERU's. Mr. Clark asked about sewer assessment. Mr. Ferland replied it's strictly by front footage. Mr. Clark said the trunk line doesn't go to the side and the owner will have another $250-$300 to go over to his home. Mr. Ferland pointed out it's when he develops his lot, and if they want the lateral to go to their lot, the contractor can put that in and may only charge about $100 but they'll have to initiate the contact with the contractor. Mayor Wessler asked what's on top of the $3,450. Mr. Livengood replied that's the total assessment. Mayor Wessler asked if it's about $605 to abandon the septic tank. Mr. Ferland agreed. Mayor Wessler asked if they can do it whomever they wish. Mr. Ferland replied yes. Mayor Wessler asked the current connection fee for sewer. Mr. Ferland replied $250, in addition to $3,400. Mayor Wessler asked if those are the only two charges on top of the special assessment. Mr. Ferland replied therels a deposit when you initiated new service. There was discussion about the deposit required and Mr. Ferland noted they don't need to change it if they don't want to because nothing's jeopardized by it. Mayor Wessler asked if the $3,450 is a high estimate. Mr. Ferland replied he hopes so because he doesn't want to be the low bidder. Councilperson Gillespie said the $150 fee was discussed over the last 6 years. Mayor Wessler asked if the $150 is included in the rate study. Mr. Ferland replied the connection fees are in there but held have to research if the connection fees are counted on. Mayor Wessler asked if they want to pay it up front, do they pay as soon as the sewer is in. Mr. Ferland said the most advantageous time is at the time of actual construction which is when you'll start paying user fees. He referred to Mr. Billick's and Mr. Naill's suggestions about setting aside a certain amount each year if you know you'll have the expense at a certain time so you don't get assessed each year and it not on the tax record and there's no lien. He added theylre looking at a 3-year period, give or take 6 months. Mayor Wessler asked if water rates go into effect when adopted. Mr. Ferland replied they need to go into effect as soon as possible. Councilman Jones asked if the increased water rates have to be done to get the bonds. Mr. Livengood agreed it's to get the bond money. Mr. Ferland explained the rate increase report shows if they use 10,000 gallons now they pay $22.25 for water and in 1995 they'd pay $34,33, or $12.00 a month in 5 years. Councilman Jones asked the average and Mr. Ferland replied it's 6,000 which would be an increase of $8.00 a month at the end of the 5th year, and sewers would increase about $5.00 a month at the end of the 5 years. Councilman Jones pointed out people can use the reuse water for their yards and keep their rates down. Councilperson Gillespie reviewed how some cities go by the number of bathrooms instead of by gallons for a sewer charge. Mr. Ferland noted charging by the bathroom is usually inequitable because they're billing wastewater based on the amount rendered and the measuring stick is metered water consumed. 3 Council Workshop/Special Meeting February 19, 1991 "'" "WI' Presentation and discussion on Capital Improvement Pro"ram finance plan (Continued) Councilman Hays stated the $2.1 million grant money has to be used by the sewer and isn1t reclaim part of the sewer system, or is it entirely different. Mr. Ferland said it's different. Councilman Hays said to do reclaimed water they're looking at the same total amount and couldn1t they use the grant money for the reclaimed water for the rest of the area since it's essential for the future. Mr. Ferland explained the grant regulatory language that structured the grant is it's for the wastewater treatment plant and to get it changed would require action by the ERC. He pointed out they applied the $2.1 million to the Florida Shores assessment area whether to the treatment plant, collection system, or reclaimed water distribution system associated with special assessment. He pointed out if they put it all on the collection system, then the treatment plant would be higher, or if it1s put on the reclaim water system. Councilman Hays stated they.re looking at making everyone pay their fair share and it's difficult and in the past there were grant monies used in the sewered part. He asked if this is a fair way to do it and if it's the goal to have reclaimed water City- wide. Mr. Ferland said if he can get it changed at DER level he can, but hels applied it all to Florida Shores and itls compensation to those that paid in the past. He added it's a definite hardship and he's applied it all there and they could apply 50% to Florida Shores special assessment and 50% to the rate base. Councilman Hays said they looked at 6,000 units as a build out but is this realistic and when does he see it as there's a slowing in that trend. Mr. Ferland said they counted 6,400 lots and there were 5,934 ballots sent out with the mail out for the low pressure system so they rounded to 6,000. He explained it will be tied down in the preparation of the assessment rolls. There was further discussion about the number of lots and potential growth. Mr. Ferland noted if the number were 5,000, it would be about $20. Draft resolution for establish;n" special assessment district (initial assessment resolution) - Mayor Wessler asked if when they do the special assessment rolls and see how much it will cost, are they bound once they do it. Ms. Clayton replied not until they get to the final assessment resolution. Mayor Wessler stated they want to see the exact figures. Ms. Clayton reviewed the necessary steps that remain. She said she brought copies of a special assessment ordinance and resolution for discussion. She noted the initial resolution and ordinance donlt obligate them to do anything but to set up framework. She noted the rate ordinance for water and sewer will need to be in place and they.ll have time to look at it after the March 12th deadline is met. She said theylll have notices mailed to property owners and newspapers and will decide how to get a supply of information to various meetings points within the City Mayor Wessler called a recess at 8:55 p.m. Ms. Clayton distributed copies of the documents. Mayor Wessler called the meeting back to order at 9:11 p.m. Ms. Clayton stated they want to establish a frame work for the City under home rule powers that the City possesses pursuant to Florida Constitution and Chapter 166. She said they have authority in the Charter under Sections 7 and 43 to assess property for special benefits and special improvements and to undertake sewer and water improvements. She said there were a couple they could have used to undertake the project and it had been anticipated they. d do it as many jurisdictions do by using Chapter 170 which outlines a supplemental and alternative method of establishing special districts for public improvements. She recommended that if they have home rule authority to establish special assessment districts they undertake it under the home rule authority and she checked with DER to see if it met their requirements and they said itls acceptable. She explained when they do the home rule ordinance which establishes the frame work on how they1d proceed, they do the initial special assessment resolution which says they're creating a special assessment district providing for wastewater and reuse improvements. She added they'll establish an assessment corresponding to the special benefit that each lot or parcel will receive, and then establish a final resolution which will be noticed both in the newspaper and by mail to each person on the tax rolls within the special district. She added they.ll have 20 days from the time they advertise until they hold a hearing, and if they decide to proceed, adopt the final resolution, and then sit as an equalization board to hear individual complaints, objections, and concerns about how the project affects them so everyone is treated fairly and the amount paid corresponds as closely as possible to the benefit they receive. 4 Council Workshop/Special Meeting February 19, 1991 ~ "",." Draft resolution for establishing special assessment district (initial assessment resolution) (Continued) She again said they have to have something in DER hands by March 12th and Chapter 166 provides a technique by which the City will adopt its ordinance and the Code or Charter has a supplemental requirement for adopting ordinances and they must have 2 readings with advertisement 10 days prior to adoption in a newspaper of general circulation. She pointed out the Charter says they have to have 2 readings at regularly scheduled Council meetings unless Council waives that requirement and they have only regular meeting scheduled between now and the 12th so they'll have to schedule one more meeting and waive the provision in the Charter regarding adoption of the ordinance and say it will be adopted and have two readings and the separation will be appropriate and advertisements will be complied with. She pointed out this ordinance will be available to use in the future anytime they want to do any special assessment districts for paving, street lighting, or anything of that nature, and it will give them a process and sets out step by step and it will be in the Code. She noted they can improve upon it as time goes by or eliminate things that become unnecessary. She stated Mr. Johnson suggested the dates of the 25th and then the 11th. Councilperson Gillespie asked if they need to do anything additional to meet SRF requirements. Ms. Clayton replied not at the moment as far as she was informed and that was what DER told her when she spoke to them. Mr. Johnson said it's to show good faith. Mayor Wessler said adopting the resolution is by the 12th. Mr. Ferland explained if they adopt the first resolution it would indicate a good faith motion to proceed with the assessment funding. Ms. Clayton sated at the first meeting on the 25th the majority of Council has to clearly state for the records they waive the requirement to be read twice at regular meetings and it will be read twice at special meetings, the first on the 25th, and the second on the 11th. Mr. Johnson asked if the resolution has to be published also. Ms. Clayton said they have a notice attached to the resolution for the newspaper and that will be published as well as the ordinance. Mr. Johnson asked if it's after or before. Ms. Clayton replied before and she and the City Clerk will work on it. Ms. Clayton and Mrs. Wadsworth briefly discussed the newspapers used and the circulation capabilities. A gentleman in the audience asked dates and times. Mayor Wessler replied February 25th at 7:30 in the Community Center and March 11th at 7:00 p.m. in the Community Center, if it's available, to adopt the resolution to set up the special assessment district. Ms. Clayton noted the ordinance and resolution will be at the second reading. William Anderson said the City's about to undertake a substantial increase in the cost of 1 iving and he wondered if they determined per capita income. Councilperson Gillespie said it shows $14,999 and average age of 37 in County demographics used by VCOG. Mr. Johnson said the new figure by the census is a bout 20,000 and helll make the information available to him at City Hall. Mr. Anderson said 37 seems young. Mr. Johnson said it's 37-40. Mr. Livengood stated this is the first cut in the resolution and they'll look at the final adopted ordinance. Mr. Ferland said he didn't see it before and isn't sure if some things are in it. Ms. Clayton said when they had the organization session they discussed questions theylll have to work out such as vacant lot assessments and statements that the person wonlt subdivide a lot in the future. Mr. Simanowski stated nobody here gets $37,00. Mayor Wessler explained it's 20,000 people and the average age is 37. Henrv Dardinski stated if they have an affidavit with the residents of deeds held stay away from it as it1s dangerous. Mayor Wessler explained Ms. Clayton just wants to consider the fairness aspect looking at whether they should give exceptions. Mr. Dardinski said he built on 3 and could build on the other 3 and doesn't mind paying it and it will increase value of his property and the engineering firm has done a good job. Councilman Hays said they need to make a motion to waive the regular meetings and establish special meeting dates. Ms. Clayton said then they'll repeat it at the other meetings to be absolutely sure and the substance of the motion is in view of the timing in order to give due consideration to the ordinance and the initial assessment resolution they decided to establish February 25th and 5 Council Workshop/Special Meeting February 19, 1991 ~ ...., Draft resolution for establishing special assessment district (initial assessment resolution) (Continued) March 11th as the dates for two readings of the ordinance and March 11th as the date for adoption of the initial assessment resolution. She added according to the Charter they're required to have two readings no less than a week apart at regular meetings, and since these dates are not regular meetings they're going to waive the date for regular meetings and specify that special meetings for those requirements will be satisfactory. Councilman Hays so moved. Councilperson Gillespie seconded the motion to waive the Charter and Code requirement for regular meeting readings and set the dates for February 25th and March 11th. Councilman Jones stated the Charter says they will have two regular meetings. Ms. Clayton noted the Charter says unless the majority of Council waives the requirements. Motion CARRIED 5-0. Appointment of Council member to Consultants Competitive Negotiations Committee for the Park Avenue and reclaim water plan projects - Council person Martin nominated Counci lperson Gi llespie. Counci lman Hays seconded. Counci lperson Gillespie accepted. Motion CARRIED 5-0. Agreement between City and Jose' B. Alvarez Ms. Clayton stated she has a meeting scheduled with Mr. Alvarez tomorrow and believes they'll be able to resolve everything along the lines they expected according the last meeting where they authorized the extension. Councilman Hays asked if that1s without eliminating anything from the agreement. Ms. Clayton said there will be a few points where he'll want to fill in the dates but there's no substantial change to the document. Anv other business related to the foregoing Councilman Hays asked when they'll start reviewing and interviewing attorney applicants. Mayor Wessler said they have 19 applications and suggested they each go over them and narrow down to 3 or 4 and bring them back and the ones with the majority will be asked for interview. Councilman Hays asked if they could set a workshop to address that because it's a big decision for all of them. Mr. Johnson said they only have one item on the 25th. Councilperson Gillespie suggested they could each bring in 4. Ms. Clayton noted discussions are needed on how they want to set the law offices up. She said advertising was pretty broad so they'll have a lot of applications from young and inexperienced and from firms and she's not sure if they decided to have someone in house or retain services of a full service firm within the County. She said they need to consider how they structure personnel because they need to think about what they want from that lawyer, such as being there and building up day to day under- standing and exclusively do City business. She said they're paying enough now in legal fees to afford that. Councilman Hays said he doesn1t think they can do that on the 25th and they need to discuss it at a workshop. Mayor Wessler suggested they look at what they pay legal now including settl ing LDRA and anything else and compare it to fees they received in the letters. Councilperson Gillespie asked if a date is set for the LDRA meeting because they'd requested the Attorney be present. Dominick Fazzone said March 14th. Council person Gillespie stated Ms. Clayton will be in Tallahassee so they'll need to set a special meeting. Ms. Clayton said if she1s still around theylll set up a special meeting because they need to have an extensive workshop of what they can and cannot do and where they're going with the plan. Mayor Wessler asked Mrs. Wadsworth to set it up between now and the 14th. Ms. Clayton agreed she'd be available between now and the 13th. Councilperson Gillespie asked Council to consider when to meet with the Industrial Development Board who requested an emergency meeting with them. Mr. Johnson noted their minutes showed they wanted it in the next 4 weeks. Council- person Gillespie said they changed it from emergency. Mrs. Wadsworth noted their regular meeting is February 7th. Joe Martin, Industrial Development Board Chairman, said sometime within the next 4 weeks. Mr. Johnson suggested they look at dates on the 25th. Counc il person Mart i n moved to adjourn. Counc il person Gill esp i e seconded the motion. Meeting adjourned at 9:49 p.m. Minutes submitted by: Lura Sue Koser 6 Council Workshop/Special Meeting February 19, 1991 ... ~ ~~~~':A)~~~ to I '- Z NE ONE ,/ ~ ft-- / ATTEST: A~. roved this I day of ~../ ,199~. ~~a~J)~J MAYOR ~ 7 Council Workshop/Special Meeting February 19, 1991 ..... ..", RJA 2/19/91 CITY OF EDGEWA TER UTILITY CAPITAL IMPROVEMENT PROGRAM FINANCING SUMMARY Component Estimated Cost Financed Bv Financing; Reoaid Bv Fla. Shores S 17,092,721 1991 & 1992 Special Assessments Within Fla. Shores Gravity SRF Loans (S285O/equiv.lot; S240/yr - S20/mo.) Collection System Fla. Shores S 2,288,541 1991 & 1992 50% - City Wide Sewer Rates (- S88,OOO/yr) 50% Reclaimed SRF Loans Special Assessments Within Fla. Shores Water Ssytem (S190/equiv.lot; SI6/yr; SI.35/mo.) Wastewater S 9,106,987 1990 SRF 50% - City Wide Sewer Rates (- $320,OOO/yr) Treatement Loan- State State Grant (S2,100,000) Special Assessments Plant Grant Within Fla. Shores ($4lO/equiv.lot; S34/yr., S2.85/mo.) Subtotal - S28,488,249 S26,559,000 Fla. Shores Special Assessments (S345O per equiv. Sewer System 1990, 1991 & lot; S290/yr., S24.20/mo.) City Wide Sewer Rates Portion of 1992SRF ($408,OOO/yr.) S2,100,000 State Grant Program Loans + S2,100,000 State Grant = S28,659,000 Water System $14,665,000. S14,665,000 City Wide Water Rates (87.5% - $1,066,(00) and Improvements Series 1990 City Wide Sewer Rates (12.5% - $152,250) (Treatment Water & Sewer Plant, Well Revenue Bonds Field, Transmission & Distribution Lines) TOTAL $43,153,249 $26,559,000 Fla. Shores Special Assessments ($345O/equiv. lot. 1990, 1991 & - S290/yr. - $24.20/mo.) City Wide Water Rates 1992 SRF ($1,066,000/yr) and City Wide Sewer Rates Loans - (5f:IJ,250/yr.) - $2,100,000 State Grant S2,100,000 State Grant - S14,665,000 Series 1990 Water & Sewer Rev. Bonds .See Page 2 for Details <IV' -1- # RJA 2/19/91 'w" "-W' DETAILS OF $14,665,000 WATER SYSTEM IMPROVEMENTS I Component Water Treatment Plant, Well Field, Transmission & Distribution Lines Less: Engineering Costs - Paid from BANs Well Field Land - Paid from BANs Sewer Engineering Costs - Paid from BANs & Reimbursed by SRF Loans BANs Proceeds Remaining Water Impact Fees on Hand Interest Earnings During Construction Net Series 1990 Bond Proceeds Required to Fund Water System Improvements Plus: Repay 1990 BANs P & I @ June, 1991 Maturity Pay Series 1990 W & S Revenue Bonds Issue Cost Pay 20 Months Capitalized Interest on Series 1990 Bonds Fund Series 1990 Bonds Debt Service Reserve Fund Series 1990 Bonds Issue Size e/ -2- I Estimated Cost $10,040,167 (824,sn) (510,000) (1,101,010) (690,000) (400,000) (325.00Q) $ 6,189,285 5,017,250 475,000 1,771,865 1.211.600 $ 14,665,000