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<br />Library Expansion Financing <br />Page 2 <br /> <br />ASSUMPTIONS: <br /> <br />Project cost <br />Cash Avail. 12/31/93 <br />Amount to be Financed <br />Issuance Costs <br />Bond Issue <br /> <br />$500,000 <br />160,000 <br />340,000 <br />18,000 <br />$358,000 <br /> <br />Term - 20 years <br /> <br />Interest Rate - 6.25% for estimating purposes only; this is subject to <br />change either up or down at any time. <br /> <br />Tax Increment Pledge - 20% of total debt service (approximately <br />$127,000) <br /> <br />Annual Debt Service <br /> <br />2=-$3 1,800 <br /> <br />Annual Revenue Available $31,700 <br />(this assumes that revenue sources remain constant) <br /> <br />When reviewing this information, it is important to understand that there are many <br />variables in these projections that could significantly change these estimates. <br />