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Section 2 <br />ERMUmakes annual normal capital investments in its water system. Annual water <br />capital improvements for the Study Period, as budgeted by ERMU, are shown in Table 2- <br />1below. <br /> <br /> <br />Fiscal Year20202021202220232024 <br />Water capital $1,526,800 $1,985,000 $1,228,000 $1,307,000 $1,662,000 <br />ERMUcurrently has outstanding water debt pursuant to a 2008 general obligation bond <br />issue and a 2010 bond issue related to the Elk River City Hall expansion. The 2008 issue <br />is scheduled to be paid in full in 2022 and the 2010 issue will be paid in 2023. It is <br />assumed the water utilities will participate with the electric utility in a new $13.59 million <br />bond issue in 2021related to expansion of the ERMU field service facilities. The debt <br />paymentsassociated with $1,359,000 ofthat issue have been allocated to the water <br />utility. <br />Projected Operating Results Existing Rates <br />Based on the assumptions outlined above, the resulting projected operating results <br />assuming continued application of the existing retail rates are summarized below in Table <br />2-2. A summarypresentation of the historical and projected operating results is also <br />shown in Exhibit 2-A. <br />-4- <br />184 <br />