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Park Center Water District January 20, 2009 -Updated January 27, 2009 Page 4 of 6 Table 1. Financial Summary Agenda Item l la PROJECT/LOAN Total Project Cost $1,500,000 CWCB Loan $1,000,000 CWCB Loan (Includin 1% Service Fee) $1,010,000 CWCB Annual Loan Pa ent $55,000 CWCB Annual Loan Obli ation (Includin 10% Reserve Fundin) $60,500 Current Number of Ta s 1,415 Avera a Monthl Cost Per Ta for Project Before With Project $28.00 $31.23* *Note: The District plans to set aside cash reserves for the CWCB debt reserve account rather than assess its users the additional amount. Creditworthiness: The District has three existing loans with USDA Rural Development as shown in Table 2. The District is in good standing on all three loans. The collateral on the existing debt is a pledge of assessment revenues, which is the same collateral the CWCB will take; therefore, the CWCB will require a parity agreement from Rural Development as part of the standard contracting process. Table 2. Existing Loans from Rural Development Loan Descri tion Remainin Amount Annual Pa ent Maturit Date District Im rovements $218,000 $20,125 2023 Treatment Plant Construction $629,900 $43,187 2033 Treatment Plant Construction (2) $135,400 $9,260 2034 Even with the Project, the District's monthly rates are within the State average. In the event that the Project runs over budget, the District will pay all additional costs with its cash reserves.