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<br /> Elk River-Substation 8 Feeders
<br /> Variable Rate Financing Projection
<br /> Financing Term(yrs) 15
<br /> Pmts per Yr- 12 2 Prin per Yr
<br /> Financing Size $3,560,000 00 LOC+Liquidrty Fee 0 600%
<br /> 111111 Prop Share COI^' ($55,377 78) Administrative Fee 0 150%
<br /> Prop Share Exp Fund $0 00 Remarketing Fee 0 100%
<br /> Legal Fees incl $3,504,622 Project Prop Share Yrly Trustee Fee(snit) 0 006% 8 47 yrs Wtd Avg Mat
<br /> Net Financing Proceeds $3.504,622 22 +lyr Cap Int+Fees Prop Share Yrly Rating Fee(inn) 0 008% 3 837•/. All-in Yield
<br /> $0 00
<br /> Pmt Variable Rate Financing Projection Principal Total Annual 3.837%
<br /> I Investment � Total T
<br /> Date # Principal I Rate' I Interest(AcVActil Balance Total Fees" Earnings(est)"' Debt Service [Debt Service Present Value
<br /> lOyr Avg BMAilbp FYEMo 9
<br /> 1/1/2017 136 0 00 2 945% 2,881 03 1.155,000 00 913.34 - 3,794.37 2,457 91
<br /> 2/12017 137 0 00 2 945% 2,881 03 1,155,000 00 913.34 - 3,794.37 2,450 07
<br /> 3/1/2017 138 135,000 00 2 945% 2,609 35 1.020.000 00 857 30 - 138,466.65 89,124 71
<br /> 4/1/2017 139 0 00 2 945% 2,551 26 1.020,000 00 817 18 3,368.44 2,161 20
<br /> 5/1/2017 140 0 00 2945%
<br /> 2,468.96 1,020,000 00 800 20 3,269.16 2.090 82
<br /> 6/1/2017 141 0 00 2945% 2.551 26 1,020,000 00 817 18 3,368.44 2,147 45
<br /> 7/1/2017 142 0 00 2 945% 2,468 96 1,020,000 00 80020 - 3,269.16 2,077.51
<br /> 8/1/2017 143 0 00 2 945% 2,551 26 1,020,000 00 817 18 - 3,368.44 2.133 78
<br /> I 9/12017 144 140 000 00 2 945% 2,551 26 880,000 00 817 16 - 143,368.44 317,226 36 90.528 87
<br /> 10/1/2017 145 0 00 2945% 2,130 OB 880,000.00 701.12 2,831.20 1,782-04
<br /> 11/1/2017 146 0 00 2 945% 2,201 08
<br /> 880,000.00 715 77 2,916.85 1,830 10
<br /> 12/1/2017 147 0 00 2 945% 2,130 08 880,000 00 701 12 - 2,831.20 1,770 70
<br /> 1/1/2018 148 0 00 2 945% 2,201.08 880,000 00 715 77 - 2,916 85 1,818 45
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<br /> 2/12018 149 0 00 2 945% 2,201 08 880,00000 715 77 2,916.85 1,812 65
<br /> 3/1/2018 150 140,000 00 2945% 1,988 08 740,00000 671 83 142,659.91 88.372 27
<br /> 4/1/2018 151 0 00 2945% 1,850 91 740.000 00 614 37 2,465 28 1,522 28
<br /> 5/1/2018 152 0 00 2 945% 1,791.21 740,000 00 602 05 - 2,393 26 1,473 10
<br /> 6/12018 153 0 00 2 945% 1,850.91 740,000 00 614 37 - 2,465.28 1,512 59
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<br /> 7/12018 154 0 00 2945% 1,791.21 740,000 00 602 05 2,383.26 1,463 72
<br /> 8/1/2018 155 0 00 2945% 1,850 91 740,000 00 614 37 2,465.28
<br /> 147,465.281,502 96
<br /> 9/1/2018 156 145 000 00 2945% 1,850.91 595.000 00 614 37 316,720 50 89,615 77
<br /> 10/1/2018 157 0 00 2 945% 1,440.23 595,000 00 499 43 - 1,939.66 1,174 99
<br /> 11/1/2018 158 0 00 2 945% 1,488 23 595,000 00 509 34 - 1,997.57 1.206 21
<br /> 12/1/2018 159 0 00 2 945% 1,440 23 595,000 00 499 43 - 1,939.66 1.167.51
<br /> 1112019 160 0 00 2945% 1,488 23 595,000.00 509 34 1,997.57 1.198 53
<br /> 2)12019 161 0 00 2.945% 1,488 23 595,000 00 509 34 1,997.57
<br /> 146,821831,194 71
<br /> 3/1/2019 162 145,000 00 2945% 1,344 21 450,000 00 479 62 87.532 99
<br /> 4/1/2019 163 0 00 2 945% 1,125 55 450,000 00 404 31 - 1,529.86 909.16
<br /> 5/1/2019 164 0 00 2 945% 1,089 25 450,000 00 396 81 - 1,436.06 880 32
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<br /> 6112019 165 0 00 2945% 1,125 55 450,000 00 404 31 - 1,529.86 903 37
<br /> 7/1/2019 166 0 00 2945% 1,089 25 450,000.00 396 81 1,486.06 874 71
<br /> 8/1/2019 167 0 00 2945% 1,125 55 450,000 00 404 31 1,529.86 897 62
<br /> 9/1/2019 168 150,000 00 2 945% 1,125 55 300,000 00 404 31 - 151,529.86 315,787 42 88,624 54
<br /> 10/1/2019 169 0 00 2 945% 726 16 300,000 00 290 66 - 1,018 82 592 81
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<br /> 11/7/2019 170 0 00 2945% 750 37 300,000 00 295 65 - 1,046.02 607 89
<br /> 12/1/2019 171 0 00 2945% 726 16 300,000.00 290.66 1,016.82 589 03
<br /> 1/1/2020 172 0 00 2.945% 750 37 300,00000 295 65 1,046.02 604 02
<br /> 2/1/2020 173 0 00 2 945% 750 37 300,000 00 295 65 - 1,046.02 602 09
<br /> 3/1/2020 174 150,000 00 2 945% 700 04 150,000 00 285 27 - 150,985.31 86,630 54
<br /> t 4/12020 175 0 00 2945% 374 16 150.00000 186 79 - 560.95 320.83
<br /> 5/1/2020 176 0 00 2 945% 362 09 150.000 00 184 30 546.39 311 51
<br /> 6/12020 177 0 00 2945% 374 16 150,00000 186 79 560.95 318 79
<br /> 7/1/2020 178 0 00 2 945% 362 09 150,000 00 184 30 - 546.39 309.52
<br /> 8/1/2020 179 0 00 2 945% 374 16 150,000 00 186 79 - 560.95 316.76
<br /> 9/1/2020 180 150,00000 2945% 374.16 - 18679 - 150,560.95 309,49359 84,747.96
<br /> 3.560.000 00 887,536 99 272,560 89 (58,143 84) 4,661,954.04 4,661,954 04
<br /> Current Bond 15yr Avg BMA.1bp '-Fees include credit,liquidly,admin,remarketing,trustee,rating(last 3 at max proportion-mel be less)
<br /> 2 620% 2 945% •••-Assumes even monthly draws over I year,10%reserve,investment rate or 3 07%
<br /> I ""Assumes COI 5700,000•Creeping NABS or SO 00(poraon refundable)el Bond Sue of 550,000,000
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<br /> if° NOTE IMsnst computed at assumed rata shown,actual rate will vary over term.
<br /> Lawrensor)Services Inc Page 3 8111/2005 Model MMUA'OSB Financing Elk River 535601(15yr oar xis
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