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Big Stone II Financing:• <br /> Time Schedule <br /> Development Costs <br /> ■ One-time ERMU development cost true-up payment <br /> $2.6 million <br /> True-up for costs from project start through 8/31/09. <br /> Payment due November 1, 2009 <br /> ▪ Ongoing monthly development cost payments <br /> A Costs starting 9/1/09 <br /> n $51k/month <br /> Continues to financial close in Fall 2010. <br /> Permanent Financing <br /> ■ Financial close in Fall 2010 (assume 9/1/2010) <br /> • Can roll-in development costs into permanent financing . <br /> 1 . As in the RW Beck study, as a conservative estimate this figure does not include <br /> potential revenue benefits to ERMU of transmission ownership. <br /> 2. At ERMU's option, CMMPA can accomplish bonding to finance all ERMU participation 6 <br /> in the Project, including development costs and interest. <br />