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<br /> <br />This document is incorporated <br />into the contract by reference. <br /> <br />Rate Maintenance <br /> <br />1992 Bond <br /> <br />The District shall establish, levy, and collect rents, rates, and other charges <br />for the products and services provided by the system in an amount sufficient to <br />(1) meet the operation and maintenance expenses of the system, (2) to comply with <br />all covenants in the bond resolution, and (3) pay at least 100% of the debt <br />service on all indebtedness. <br /> <br />2004 Operating Revenues <br /> <br />2,528,049 <br /> <br />2004 Operation and Maintenance Expenses <br /> <br />1,546,742 <br /> <br />2004 Net Revenue as Defined in 1992 <br />Loan Resolution <br /> <br />981,307 <br /> <br />Maximum Annual Debt Requirement <br /> <br />From Combined Debt Service Schedule as of December 1, 2005 <br />is $842,737 <br /> <br />125 % of the Averaqe Annual Debt Requirements <br /> <br />Average Annual Debt Requirement is Calculated as Follows: <br /> <br />Total Principal and Interest Payments <br />per Attached Schedule 14,633,317 <br /> <br />Divided by 22 years (2006-2027) 22 <br /> <br />Average Annual Debt Requirement 665,151 <br /> <br />2005 Loan Requirement to be 125% of the <br />Average Annual Debt Requirement x 125% <br /> <br />125% of Averaqe Annual Debt Requirement 831,439 <br />