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.- , , . . <br />� -,. . r,. -. � <br />E <br />�g�atda Ete€t� ��� <br />pr��erLy: (2� r�€�t�v�� a�u��a���* years c�€ graur�€furater �c�raitc���r�� �r�d ��t�s��:i�� remed°satior�p ar�� (3� �ay <br />�a��� the f�stt �bligaiian in Zt�i �8 dr�es nc�t e�nstitute a rr�uttj-year debt �Esligati€�n �vhich eequ�res <br />�ppravat frar� �E[ �E�� Nse�n��r Er�titfese He�wever, this as�ra�s�t was n€�t �r�clucfpd in th� �017 t�udget ac�ct <br />s�r�ce Authcsrity r�venues are ba�ed c�n fees s�t the year �ar�or, Ch� Authority ��r�c�c�t �saks bath t�� �av <br />Fart�ership p�y�nent �nd the fult CV�C� annuat taa� payrn�nti in 1�17, <br />Refert��r�t Req�est arod Lo�an Restructure Pian <br />ihe Authc�r�ty has pravided a wr�tten requ�st ta defer tE�e 2C�i'� p�incip�i payr���rsts €an i�s three C��� <br />t�ans, a�d t� re•amartiEe the p�ncipat ov�r �he remainir�g 14 years �� r�€�def ta rnaint�in �he ori�inai �� <br />y��r terr�. Vdi�h th� req��st, �he Authority pr�vided a Sc��dule of Est�rnated Sa�arces a�d �lses �f f���� <br />thra�g� th� ye�r 20�1. The Authority ha� comc�ittec4 ta st6El make payme�ts for actrued �nker�st �r� <br />each ic�a�'s respe�ttv� anr�uat paymer�t date fn 20i 1. <br />A summ�ry c�f the or�ginat loan terrt�s and the requested restrucCured toan t�rrr�s are preser�ted ir� �at�1� <br />2 f�r corrspar�son. !r� 20i7$ the A�thority`s anrsuat pricsc�paf and �nterest p�ymer�t w9li be reducec� frarn <br />57�4,650.58 te an interest c�nty payrneni af ��4(},�2Q.37. Th� c�sh savi�gs wit! �� towards tf�e �ay <br />Rart�ershfp settiement. Thc remaining a�n�at payments vv�lt ir►creas� fr�ra� $724,650.5� to <br />$7�6y�05e21 a As r�q�aired by the toan cc�ntracts, the Authority witE stall set asid� �Q% af �h� �r�nua� lc��� <br />payrr���t int� a resen+e account� beginnirt�, �t� 2037. <br />TABLE 2< SUMAAARY O� LOAN REST(tUCTURINCi <br />Discuss:�n <br />Rather than a shortfatl af revenues, the strain an 2Q17 cash ffs�w is the t°est�tt �tf a targe unantictp���� <br />cost result�c�g from th� acguis�tion caf the i3ay Partnership parce�. Coing fiarward, th� onty exp�n��s <br />ather than C�+IC� debt abti�ati�ns witl be the cost assoc�ated wsth d�cc�m�rrtio�g anci ha�ri�g FEMA <br />approv� the ne�re ftaodpt�Sn (pr�jec� to occur throaagf� 201�y, norari�! admirsistrative duties, and routir�� <br />rnainte�ance of its tMree prea��cts. �he kutharity's CWCB debt obi�gatiar� �v6ll rr�ake up �pproxisnatet}� <br />�695 ai its expe�ses after 20� 8. <br />!n car�ptiar�ce wi�h �W�B Financt�t F�at�cy �1Q, the Author�ty wilt pay tt�e accro�ed �crterest an ea�h <br />in�n's r�specczve 2�1i ann�a! {�aymer�t ciate. CoElateraE witq n�t chas��e and wTtl rer�aia� �r� corrapt�ar��� <br />vr�th C4VCB ��nan�iai Poticy #5. <br />�ttNCB Staff f9nds th� reqs��st for deferr�ent to b� rea��nable as it �ti�ws finar�ci�t ftexib6tity fc�r �h� <br />�4t������F� �i��i�Ri� t1�gc��lV��j 1E11�idC�iti� Cfi� ��CFS�E'UC�1�8� �UC1C�. <br />� h;s s�i��� a����m:��=,� ���9�s€����t Mar�a�er, ��xetder B�s�r� �i���or�al St�rrx�w�ter �€�thor�ty <br />J�r��a��s� R��k�➢ ���rarada Attars�ey G�erat's �ffi�� <br />