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Town of Bennett <br /> March 5, 2015 <br /> • Debt service on the proposed debt to be issued was calculated based on a projected <br /> loan amount of $1,454,400, with an estimated interest rate of 3.25%, with a projected <br /> loan date of April 1, 2015, and projected to mature on April 1, 2045 (30 years). <br /> Conclusion <br /> • Based on 2014 revenues (i.e., resulting from the current water rate structure), assuming <br /> no significant change in the customer base, and assuming that the level of operations <br /> and maintenance requirements are consistent, the Town has capacity to issue the new <br /> debt described in the assumptions. <br /> We were not engaged to and did not conduct an examination in accordance with generally <br /> accepted auditing standards in the United States of America, the objective of which would be <br /> the expression of an opinion on the financial statements of the Town. Accordingly, we do not <br /> express such an opinion. We performed our engagement as a consulting service under the <br /> American Institute of Certified Public Accountants' ("AICPA") Statement of Standards for <br /> Consulting Services. Had we performed additional procedures, other matters might have come <br /> to our attention that would have been reported to you. <br /> CliftonLarsonAllen LLP <br /> 0f/J-0-74?• LLB <br /> Certified Public Accountants & Consultants <br /> Enclosure <br /> 2 <br />