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-,_ �, -.�, .. . <br />� ; . �,.. -. <br />��end� €c�e� 2�� <br />t � s - s • • 3 - t � . � -�'. i. l ; <br />r♦ ,> 1 a�. • - �-� +, -s <br />w t t . ♦.',_ = n �- � a _ - . ■ ; ,., ► �.� - �:' s �.- . �, <br />' ' ' t. '1 i�.. ' " f y;� • ': )• <br />� :-.� i. .i ' + ,). }. ,�. _ <br />Referm�nt Request and Loan Restructuce Plan <br />The Autharity has prcav9ded a wr�iter� sequest ta defer ti�e 2017 p�ncipa! p�ym�€�t� mra its ti�ree ���� <br />toar�sg �nd t� se-amartiz� the pr��r�ipat over tk�e remai�ti�rg 14 years #s� sarc�er i� rnaissi�in �h� e�s-�g�nal 1� <br />year i�rrn. Vdith ihe regu�st, the Autharity provided a Sct��dut� of Estimated S�urces a€�d llse� e�� f�nc�� <br />thr�a�gh the y�ar 2.t�31. Th� Au�h�r�ty has eomcnitted t� stilt e�ake payments f�r ac�r�ed it�terest �r� <br />�dC�1 Ei3�fle5 6`�Sj�@Ct1V@ SC9Fi4Jdi �5djftTl2d�� £�8�� i[t ZQ1T. <br />!� sumrr��ry of the origt�ai toan terms and the requested re�tructured ��an t�rrros are presented �r� �a�t� <br />2 for cmrnparisc�n< i�r 2(�i7, �he Authar�ty`s ar�nuat principa[ �nd lnter��t �ayment v�rili be reducec� frc�r� <br />$724,b5�.5� ta an interest �anty paymen� af $240,6�Q.�i. The cash s�vlrsgs v�Et g� towards t6�e Ray <br />Partraer§hip settter��rate Th� re€nainin� annuat payments witE �ncrease fr�sn $7�4,65C3,5� to <br />�7�6,7�5.21. As r�quired Es� Ch� toa� cc�ntracts, th� Ac��harit�+w�Et si.itt s��� �Gi�t� ��'�k g�� �_��r �r������ ���4� <br />payr�erat 3nto a res�rve aecou�t� beginning �� 2017. <br />TABLE 2e SElAAMAftY 4F LOAN RESTRUC�'Uli��t��� � <br />t7iscvssion <br />Rathet th�� a shortia[t €�f rever�ues, th� strain �n 2�1� cash ftaw is the resutt of a targe unantic��a��c� <br />cast resuiting fror� th� acquss�tian of the €�ay Partne�ship parce�. {�oting f�rward, the onty expens�s <br />atFaer than CWCB debt �bt'a�ations wvilt be the cgst assocfat�d vv�ih dacurr�errting and h�vi�� FEN�t <br />approve the new ftoodp��irr �pres�ect ta occur thraugh 20�8}, n�rr�at �drrainiskrativ� d�ties, anci rautin� <br />r�aint�r�ance ofi its three �ro�e���. �'�� A�thc�rity's CW�B debt c�btfgaki�rn witE r�ake up appr�xim�tely <br />�69b of its exper�ses �fter 2Qi�a <br />!n corr�piian�e with CWCB Financ�at P�iicy �1Q, th� A�athor�ty �tt pay the ae�rued interest �r� each <br />t���'s respective ZQ1i a�nual payr�e�t da�e. Coit�teral v�i!! rrot change and witl r�r�a�n in compl�artc� <br />raith CW�B Fnanciat Poi�cy �5. <br />�1+��� Staff finds lhe r�qu�st fac deferment ta be reasQna€ai� a� it �tto�vs finar�c�at ffexi�itity far th� <br />Aukharaty v��hout �egativedy 2r�p�c�it�� the �c�nstructic�� �`��d. <br />i► i'.' ♦. • •i {. <br />: .i ! . t'.��: i �-` <br />Atta�t�r��er�t: GV��� �ir��rsci�! P�t�cji #1C} <br />