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BSPII Project Phase 1 oev'l <br /> Development Phase <br /> Includes Project expenditures from inception <br /> through permitting activities up to financial close . <br /> To minimize current cost impact, we have funded <br /> these costs using bond pool interim financing <br /> from Midwest Consortium of Municipal Utilities <br /> (MCMU) managed by Minnesota Municipal Utility Association <br /> (MMUA) <br /> CMMPA participants are currently paying Principal and <br /> Interest on interim loan <br /> Will roll development cost principal balance into <br /> permanent bond issue at financial close <br /> Decision as to whether to reimburse participants for <br /> development costs still needs to be made <br /> Power Sales Agreement (PSA) with CMMPA participants allows the <br /> flexibility to do so <br /> 8 <br /> { <br />