Laserfiche WebLink
SOURCES AND USES OF FUNDS <br /> The Series 2016A Bonds <br /> The composition of the Series 2016A Bonds is estimated to be as follows: <br /> Sources of Funds: <br /> Principal Amount $10,000,000 <br /> Total Sources of Funds $10,000,000 <br /> Uses of Funds: <br /> Deposit to Project Account $ 9,068,058 <br /> Deposit to Reserve Account 711,467 <br /> Allowance for Discount Bidding 130,000 <br /> Costs of Issuance 90,475 <br /> Total Uses of Funds $10,000,000 <br /> The Series 2016B Bonds <br /> The composition of the Series 2016B Bonds is estimated to be as follows: <br /> Sources of Funds: <br /> Principal Amount $1,460,000 <br /> Transfers from Prior Issue Debt Service <br /> Reserve Funds 287,500 <br /> Transfer from Prior Issue Debt Service Funds 30,700 <br /> Total Sources of Funds $1,778,200 <br /> Uses of Funds: <br /> Deposit to Refunding Account $1,570,817 <br /> Deposit to Reserve Account 146,000 <br /> Costs of Issuance 51,163 <br /> Allowance for Discount Bidding 10,220 <br /> Total Uses of Funds $1,778,200 <br /> SECURITY AND FINANCING <br /> The Bonds are special limited obligations of the City payable, together with the Outstanding Bonds, <br /> solely from Net Revenues of the Electric System. Net Revenues of the Electric System are defined as <br /> Gross Revenues less Operating Expenses. Operating Expenses are defined as the current expenses of <br /> operation, maintenance and minor or current repair of the Electric System for any specified period. <br /> Operating Expenses include, without limitation, administrative expenses of the Commission relating to <br /> the Electric System, franchise fees, premiums for insurance relating to the Electric System, and amounts <br /> necessary to accumulate and maintain the Operating Reserve Requirement. Operating Expenses do not <br /> include depreciation, amortization, or interest expense. Gross Revenues are defined as all revenues and <br /> receipts from rates, fees, charges, and rentals imposed by the Commission for the availability,benefit,use <br /> and products of the Electric System or any part thereof, and any penalties and interest thereon, and <br /> income from the investment thereof. Gross Revenues do not include amounts received from the sale of <br /> property which is part of the Electric System or amounts borrowed with respect to the Electric System. <br /> - 11 - <br /> 129 <br />