HomeMy WebLinkAboutItem 2D: Res./EWEB Refund.BndEUGENE CITY COUNCIL
AGENDA ITEM SUMMARY
Adoption of Resolution 4844 Authorizing the Issuance and Sale of Water Utility System
Revenue Bonds in the Aggregate Principal Amount of Not to Exceed Twenty-Two
Million Five Hundred Thousand Dollars ($22,500,000) for the Purpose of Advance
Refunding or Defeasing Certain Outstanding Water Utility System Revenue Bonds; and
Providing for Certain Details and Related Matters
Meeting Date: June 27, 2005 Agenda Item Number: 2D
Department: Central Services Staff Contact: Dee Ann Hardt
www. cl. eugene, or. us Contact Telephone Number: 682-5041
ISSUE STATEMENT
The Eugene Water and Electric Board (EWEB) is requesting authority to proceed with the refinancing
of the Series 2000 Water Revenue Bonds in order to achieve interest cost savings. Unexpended bond
proceeds of the Series 2002 Water Revenue Bonds will also be used to reduce the outstanding principal
amount of the bonds.
BACKGROUND
On September 13, 1999, the City Council adopted Resolution No. 4601 authorizing EWEB to issue up
to $36 million of Water Utility System Revenue Bonds to improve the water utility system. Pursuant to
that resolution, EWEB subsequently issued the Series 2000 Water System Revenue Bonds in the amount
of $21,405,000. There is currently $19.5 million outstanding of these bonds.
On April 8, 2002, the City Council adopted Resolution No. 4712 authorizing EWEB to issue up to $11
million for the purpose of developing and constructing a ground water backup water supply. Pursuant to
that resolution, EWEB subsequently issued the Series 2002 Water System Revenue Bonds in the amount
of $10 million.
Market interest rates are favorable at the current time. An advance refunding of the Series 2000 bonds is
projected to provide debt service savings.
In addition to proceeding with a refunding for interest rate savings, EWEB would also like to apply
unexpended bond proceeds to reduce the amount of Series 2002 bonds outstanding. EWEB drilled
several test wells to demonstrate the availability of ground water in sufficient quantities to obtain 20
million gallons per day of sustained production. While the test wells proved sufficient water at the well
sites, evaluation of the test results also indicated that the shallower wells of surrounding water districts
were significantly affected. This has prompted an extended negotiation over water rights in the area
surrounding the proposed well field.
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Based on the current status of the water rights negotiations, EWEB does not believe that it will need to
spend the additional bond proceeds for the originally intended purpose. Therefore, EWEB proposes
using $8 million ofunexpended bond proceeds to reduce the amount of debt outstanding.
The combination of a refunding at lower interest rates plus applying unexpended bond proceeds to
reduce the amount of debt outstanding is expected to save approximately $600,000 annually in debt
service or about 1% of the retail water rates.
One of the requirements for issuance of advance refunding bonds is that the City Council approve a plan
of refunding. EWEB has prepared such a plan and it is included as Attachment B.
RELATED CITY POLICIES
None.
COUNCIL OPTIONS
The council may approve or deny the request to authorize refunding of these bonds.
CITY MANAGER'S RECOMMENDATION
The City Manager recommends approval of the proposed resolution authorizing the refunding of EWEB
Water System Revenue Bonds in an amount not to exceed $22,500,000. Note that the amount included
in the bond resolution reflects the application of $8 million ofunexpended bond proceeds to reduce the
amount of debt outstanding.
SUGGESTED MOTION
Move to approve Resolution 4844 authorizing the issuance and sale of Water Utility System Revenue
Bonds in the aggregate principal amount of not to exceed twenty-two million five hundred thousand
dollars ($22,500,000) for the purpose of advance refunding or defeasing certain outstanding Water
Utility System Revenue Bonds; and providing for certain details and related matters.
ATTACHMENTS
A. Proposed Resolution
B. Plan of Refunding
FOR MORE INFORMATION
Staff Contact: Dee Ann Hardt, Finance Director
Telephone: 682-5041
Staff E-Mail: Deeann. Hardt~ci. eugene, or.us
EWEB Contact: Jim Origliosso, Treasurer
EWEB Telephone: 484-3753
EWEB E-Mail: Jim. Origliosso~eweb.eugene.or.us
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ATTACHMENT A
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF WATER UTILITY
SYSTEM REVENUE BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT
TO EXCEED TWENTY-TWO MILLION FIVE HUNDRED THOUSAND DOLLARS
($22,500,000) FOR THE PURPOSE OF ADVANCE REFUNDING OR DEFEASING
CERTAIN OUTSTANDING WATER UTILITY SYSTEM REVENUE BONDS; AND
PROVIDING FOR CERTAIN DETAILS AND RELATED MATTERS
The City Council of the City of Eugene finds that:
A. On September 13, 1999, the City Council adopted Resolution No. 4601 to authorize the City
of Eugene (the "City"), acting through the Eugene Water & Electric Board ("EWEB"), to
issue water utility revenue bonds in an aggregate principal amount of not to exceed
$36,000,000, for the purpose of providing ~unds for the acquisition of real and personal
property, to develop, construct, equip and improve the City's water utility system (the
"Water Utility System") which is operated by EWEB, and all equipment and appurtenances
necessary, useful or convenient thereto (the "2000 Project") and on September 19, 1999,
there was published the Notice of Revenue Bond Authorization in The Register-Guard, a
newspaper of general circulation within the geographical boundaries of the City and sixty
(60) days elapsed since the publication of such Notice of Revenue Bond Authorization and
no voters residing within the geographical boundaries of the City filed a petition with the
City asking to have the question whether to issue the water utility system revenue bonds
referred to a vote (the "1999 URBA Authorization").
B. Pursuant to the 1999 URBA Authorization, the City, acting by and through EWEB, issued
its City of Eugene, Oregon, Water Utility System Revenue Bonds, Series 2000, in the
original aggregate principal amount of $21,405,000 (the "Series 2000 Bonds").
C. On April 8, 2002, the City Council adopted Resolution No. 4712 to authorize the City,
acting through EWEB, to issue water utility revenue bonds in an aggregate principal amount
of not to exceed $11,000,000, for the purpose of providing funds for the development,
construction and improvement of a ground water backup supply system (the "2002 Project")
as part of a long-term water supply plan approved by EWEB to improve and expand the
Water Utility System and on April 16, 2002, there was published the Notice of Revenue
Bond Authorization in The Register-Guard, a newspaper of general circulation within the
geographical boundaries of the City and sixty (60) days elapsed since the publication of such
Notice of Revenue Bond Authorization and no voters residing within the geographical
boundaries of the City filed a petition with the City asking to have the question whether to
issue the water utility system revenue bonds referred to a vote (the "2002 URBA
Authorization").
D. Pursuant to the 2002 URBA Authorization, the City, acting by and through EWEB, issued
its City of Eugene, Oregon, Water Utility System Revenue Bonds, Series 2002, in the
original aggregate principal amount of $10,000,000 (the "Series 2002 Bonds").
E. ORS {}288.605 to {}288.695 authorize the City to issue bonds without an election to refund
outstanding bonds, including advance refunding bonds, in order to effect a favorable
reorganization of debt and/or a net present value savings and to issue bonds to refund
revenue bonds that were previously issued in accordance with the Uniform Revenue Bond
Act without further implementation of the procedures prescribed in ORS {}288.815.
F. The Series 2000 Bonds are callable as to principal and interest on August 1, 2010 without
premium and the Series 2002 Bonds are callable as to principal and interest on August 1,
2012 without premium, and a favorable reorganization of debt and/or a net present value
savings may be achieved by issuing refunding bonds for the purpose of advance refunding
or defeasing all or a portion of the outstanding Series 2000 Bonds and/or the Series 2002
Bonds and thereby calling such refunded or defeased bonds on their earliest call date,
August 1, 2010 or August 1, 2012, respectively.
G. EWEB has requested the City Council to adopt this Resolution authorizing and setting the
terms for the issuance and sale of not to exceed $22,500,000 principal amount of bonds (the
"Refunding Bonds") which proceeds, together with available bond proceeds, will provide
funds for the advance refunding, defeasance, redemption or payment of all or a portion of
the outstanding Series 2000 Bonds and/or the Series 2002 Bonds on August 1, 2010 or
August 1, 2012, respectively, and to pay the costs of issuance of the Refunding Bonds.
H. ORS {}288.620 requires that the Oregon State Treasurer (the "State Treasurer") review and
approve a refunding plan prior to the sale and issuance of advance refunding bonds such as
the Refunding Bonds.
I. EWEB, by resolution, has undertaken to cause to be prepared a plan showing that EWEB's
estimated Water Utility System revenues are sufficient to pay the estimated debt service on
the Refunding Bonds authorized by this Resolution.
BE IT RESOLVED BY THE CITY CO[INCIL OF THE CITY OF E[IGENE, A
M[INICIPAL COPORATION OF THE STATE OF OREGON AS FOLLOWS:
Section 1. Authorization of Refunding Bonds; Purpose of Issue; Conditions of
Issuance. Based on the above findings, the Council hereby authorizes EWEB, on behalf of the
City, to issue and sell "City of Eugene, Oregon Water Utility System Revenue Refunding Bonds,
Series 2005" (the "Refunding Bonds") in one or more series, in the aggregate principal amount
of not to exceed $22,500,000, subject to the following terms and conditions prescribed by the
City Council:
(a) The Refunding Bonds of each series shall: (i) mature not later than the last
scheduled maturity of the bonds to be refunded; (ii) be sold at par or with a net original issue
discount/premium that does not exceed one hundred and seven percent (107%) of the aggregate
principal amount thereof, (iii) have an effective interest rate of not to exceed six percent (6.00%)
per annum; and (iv) not exceed $22,500,000 in total principal amount.
(b) The proceeds of the Refunding Bonds shall be used only for the following
purposes: An amount of not to exceed $22,500,000 shall be used for the purpose of advance
refunding or defeasing all or a portion of the outstanding Series 2000 Bonds and/or the Series
2002 Bonds on August 1, 2010 or August 1, 2012, respectively, provided that such refunding
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will result in a favorable reorganization of debt and/or a net present value savings of at least 3%
in accordance with Oregon Administrative Rule 170-062-0000 and to pay related costs of
issuance of the Refunding Bonds.
Section 2. Delegation of Authority for Terms of Refunding Bonds; Provisions for
Issuance. Pursuant to ORS {}288.825(4)(a), ORS {}288.520(4), ORS {}288.540 and ORS
{}288.545, EWEB, or any individual designated by EWEB, is hereby authorized and directed to
determine, with respect to the Refunding Bonds, the form of bond and series designation, the
manner of disbursement of proceeds of the Refunding Bonds, the maturity dates, principal
amounts, redemption provisions, interest rates or the method for determining a variable or
adjustable interest rate, denominations, form and authorized signatory and other terms and
conditions of the Refunding Bonds because the same cannot be determined by the Council at this
time. Prior to the issuance of the Refunding Bonds, EWEB shall: (i) prepare a plan showing that
the estimated Water Utility System revenues are sufficient to pay the estimated debt service on
the Refunding Bonds; (ii) adopt a bond resolution and provide a copy of such resolution to the
City; and (iii) provide to the City a resolution determining that any and all acts, conditions and
things required to exist, to happen and to be performed precedent to and in the issuance of the
Refunding Bonds, exist, have happened and have been performed in due time, form and manner
as required by the Constitution and statutes of the State of Oregon, the Charter of the City of
Eugene and this Resolution. Additionally, prior to the issuance of any Refunding Bonds, EWEB
shall comply with Section 8 of this Resolution.
Section 3. Statement on Form of Refunding Bond. All Refunding Bonds shall
include a statement on their face to the effect:
(a) That they do not in any manner constitute a general obligation of EWEB
or of the City, or create a charge upon the tax revenues of the City, or upon any other revenues or
property of the City, or property of EWEB, but are charges upon and are payable solely from the
revenues of the Water Utility System operated by EWEB, or any portion thereof, pledged to the
payment thereof; and
(b) That the holders thereof may look for repayment only to the revenues of
the Water Utility System which are pledged for the payment thereof, and may not directly or
indirectly be paid or compensated through the property of the City, or EWEB, or by or through
the taxing power of the City.
Section 4. Refunding Bonds Payable Solely from Revenues. The Refunding
Bonds shall not be general obligations of the City, nor a charge upon its tax revenues, but shall
be payable solely from the revenues and funds which EWEB pledges to the payment thereof
pursuant to the 1999 URBA Authorization, the 2002 URBA Authorization, the provisions of
City Council Resolutions 4601 and 4712, ORS {}288.825 and in accordance with this Resolution.
Section 5. Refunding Bonds Reporting. EWEB shall submit to the City by May
1 of each year the following annual reports commencing after the first sale of any Refunding
Bonds or other evidences of indebtedness hereunder and each year thereafter until the Refunding
Bonds have been paid and retired:
(a) A report on the funds for each series of Refunding Bonds describing the
funds established, the amounts in each fund, expenditure from each fund, the manner in which
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the monies in each fund have been invested, the income from such investments and the
application of such income; and
(b) A report on Refunding Bond payments describing amounts paid and
amounts scheduled to be paid and the source of such payments.
If the contents of the reports required by subsections (a) and (b) above are
included in the yearly audit report of EWEB, then EWEB may comply with this section 5 by
transmitting a copy of its yearly audit report to the City.
Section 6. Appointment of Professionals. EWEB is authorized to appoint bond
counsel, disclosure counsel, financial advisors, a registrar, paying agent and escrow agent and
any other professional assistance that EWEB determines is necessary or convenient to
accomplish the issuance and sale of any or all of the Refunding Bonds.
Section 7. Official Statement; Sale Documents. EWEB or any party designated
by EWEB is authorized to prepare and distribute or direct the preparation and distribution of one
or more preliminary official statement(s) or other disclosure document(s) for any of the
Refunding Bonds or in connection with a preliminary official statement or other disclosure
document for any other bonds, as determined to be necessary by EWEB, to obtain bond
insurance or other credit enhancement or commitments therefor, if required, to obtain a rating on
any or all of the Refunding Bonds from Moody's Investors Service, Inc., Standard & Poor's
and/or Fitch Ratings, if required, and to issue and publish such notices of sale of the Refunding
Bonds as may be necessary or required to accomplish the public competitive sale of the
Refunding Bonds in accordance with this Resolution.
Section 8. Approval of Plan of Advance Refunding and Submission to Oregon
State Treasurer for Review and Approval. The Council hereby approves the advance refunding
plan for the advance refunding or defeasance of all or a portion of the Series 2000 Bonds and/or
the Series 2002 Bonds and the issuance of the Refunding Bonds (the "Refunding Plan")
presented to the Council that was prepared by EWEB's independent financial advisor, Seattle
Northwest Securities Corp., in compliance with Oregon Administrative Rule 170-062-0000.
Pursuant to ORS {}288.620, the Council hereby directs that the Refunding Plan be submitted to
the State Treasurer for review and approval. In accordance with ORS {}288.620, the Refunding
Bonds may not be sold until the State Treasurer has authorized or is deemed to have authorized
the sale of such Refunding Bonds.
Section 9. Effective Date of Resolution. This Resolution shall become
effective immediately upon its adoption.
The foregoing Resolution adopted by the City Council this __ day of__.,
2005.
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City of Eugene, Oregon
(Eugene Water & Electric Board)
Preliminary_ Advance Refunding Plan
June 16, 2005
June 16, 2005
Ms. Laura Lockwood-McCall
Debt Management Division
Oregon State Treasury
350 Winter Street NE
100 Labor and Industry Building
Salem, Oregon 97310
Dear Laura:
On behalf of Eugene Water & Electric Board ('EWEB"), I am hereby requesting
preliminary approval of an Advance Refunding Plan for the Water Utility System
Revenue Bonds, Series 2000.
Purpose of Issue
EWEB seeks approval of its advance refunding plan for debt service savings purposes.
Bonds to be Refunded
The Bonds to be refunded are the Utility's outstanding Water Utility Revenue Bonds,
Series 2000, dated June 1, 2000. The Series 2000 Bonds are subject to optional
redemption on August 1, 2011, at a price of par. The refunded Bonds will be escrowed
to their first call date.
Refunding Obligations
The Refunding Bonds will be sold as a single series, expected to mature August 1, 2011
through August 1, 2030. Final decision on the terms of the Refunding Bonds will be
supplied in the final plan. Competitive bidding of the Refunding Bonds is tentatively
scheduled for July 26, 2005 with closing occurring on August 3, 2005.
Personnel
The following personnel are involved in this transaction:
Issuer
Jim Origliosso Telephone: (541) 484-3753
e-marl: jim.origliosso@eweb.eugene.or.us
Cathy Bloom Telephone: (541) 344-6311
e-marl: cathy.bloom@eweb.eugene.or.us
Garilyn Johnston Telephone: (541) 344-6311
e-mail: garilyn.johnston@eweb.eugene.or.us
Tammy Denouden Telephone: (541) 684-5843
e-marl: tammy.denouden@eweb.eugene.or.us
Eugene Water & Electric Board
500 East 4th Avenue
Eugene, Oregon 97440-2148
Bond Counsel
Mr. Chip Eady, Esq. Phone: (415) 984-8460
e-marl: ceady@nixonpeabody.com
Mr. Larry Jensen, Esq. Phone: (415) 984-8264
e-marl: ljensen@nixonpeabody.com
Ms. Etta Herbach, Esq. Phone: (415) 984-8274
e-mail: eherbach@nixonpeabody.com
Ms. Katy McNeil, Paralegal Phone: (415) 984-8304
e-marl: kmcnefl@nixonpeabody.com
Nixon Peabody LLP
Two Embarcadero Center 2700 FAX: (866) 382-8937
San Francisco, CA 94111-3996
Disclosure Counsel
James Shannon Telephone: (503) 226-6400
e-marl: jshannon@mershanlaw.com
Pearl Petredis Telephone:: (503) 226-6400
e-mail: ppetredis@mershanlaw.com
Mersereau & Shannon, LLP FAX: (503) 226-0383
One S.W. Columbia, Suite 1600
Portland, Oregon 97258
Financial Advisor
Christine Pihl Telephone: (206) 628-2876
e-marl: cpihl@snwsc.com
Jeb Spengler Telephone: (206) 628-5491
e-marl: jspengler@snwsc.com
Seattle-Northwest Securities Corporation FAX No.: (206) 343-2103
1420 Fifth Ave, Suite 4300
Seattle, Washington 98101
Underwriter
(Competitive Sale)
Escrow Agent/Paying Agent
Beth Moyer Telephone: (503) 886-1366
e-mail: beth.a.moyer@wellsfargo.com
Wells Fargo Bank, National Association FAX No.: (503) 886-3300
1300 S.W. Fifth Avenue, 11th Floor
Portland, OR 97201
Verification Agent
Ms. Stephanie Seroogy Telephone: (612) 677-5109
e-mail: Stephanie.Seroogy@gt.com
Grant Thornton LLP FAX No.: (612) 332-8984
500 Pillsbury Center North
200 South Sixth Street
Minneapolis, MN 55402
Escrow Account
The Escrow will be funded with State and Local Government Securities or Open Market
Treasury Securities.
Enclosures
Enclosed you will find the following:
· the numerical analysis for the outstanding issue and the Refunding Bonds; and
· estimated costs of issuance associated with the Refunding Bonds.
The following have already been sent to you under separate cover:
· a copy of the draft preliminary official statement;
· $200.00 advance refunding application fee;
· a copy of the financial advisor's contract;
· a copy of the resolution authorizing the submission of this plan.
Copies of the bond counsel opinion, escrow agreement, final official statement and
escrow verification report will be sent following the sale.
Please do not hesitate to contact me if you have questions or need additional
information.
Sincerely,
Jeb Spengler
Senior Associate
CC:
Mr. Jim Origliosso
Ms. Cathy Bloom
Ms. Garilyn Johnston
Ms. Tammy Denouden
Mr. Chip Eady
Mr. Jim Shannon
Ms. Beth Moyer
Ms. Christine Pihl
Ms. Stephanie Seroogy
Eugene Water & Electric Board
Preliminary Advance Refunding Plan
Table of Contents
1) Refunding Obligations
2) Escrow Reports
3) Refunded Bonds
Refunding Obligations
· Summary of Refunding Results
· Sources and Uses of Funds
· Costs of Issuance
· Savings
· Bond Pricing
· Refunding Bond Debt Service
SUMMARY OF REFUNDING RESULTS
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Dated Date 08/02/2005
Delivery Date 08/02/2005
Arbitrage yield 4.332745%
Escrow yield 3.824565%
Bond Par Amount 12,320,000.00
True Interest Cost 4.586335%
Net Interest Cost 4.667402%
All-In TIC 4.711093%
Average Coupon 4.894113 %
Average Life 17.033
Par amount of refunded bonds 19,470,000.00
Average coupon of refunded bonds 5.806696%
Average life of refunded bonds 17.316
PV of prior debt to 08/02/2005 (~ 4.332745% 22,826,386.08
Net PV Savings 1,099,478.73
Percentage savings of refunded bonds 5.647040%
Percentage savings of refunding proceeds 8.539102%
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 1
SOURCES AND USES OF FUNDS
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Dated Date 08/02/2005
Delivery Date 08/02/2005
Sources:
Bond Proceeds:
Par Amount 12,320,000.00
Premium 555,811.60
12,875,811.60
Other Sources of Funds:
2002 Bond Proceeds 8,640,486.15
21,516,297.75
Uses:
Refunding Escrow Deposits:
Cash Deposit 1.17
SLG Purchases 21,175,881.00
21,175,882.17
Delivery Date Expenses:
Cost of Issuance 158,350.00
Underwriter's Discount 80,080.00
Bond Insurance (. 35%) 79,064.46
Surety Bond (2.5%) 19,725.00
337,219.46
Other Uses of Funds:
Additional Proceeds 3,196.12
21,516,297.75
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 2
COST OF ISSUANCE
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Cost of Issuance $/1000 Amount
Bond Counsel (Est.) 6.08766 75,000.00
Moody's Rating Fee 0.86039 10,600.00
S&P Rating Fee 0.64529 7,950.00
Escrow Verification 0.20292 2,500.00
Escrow Trustee 0.24351 3,000.00
Paying Agent 0.04870 600.00
OS Printing & Mailing 0.32468 4,000.00
State Treasurer 0.42208 5,200.00
Financial Advisor 3.85552 47,500.00
Financial Adivsor Expenses 0.16234 2,000.00
12.85308 158,350.00
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 3
SAVINGS
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Present Value
Prior Refunding Annual to 08/02/2005
Date Debt Service Debt Service Savings Savings ~ 4.3327453%
02/01/2006 561,113.75 292,357.97 268,755.78 263,088.31
08/01/2006 561,113.75 293,991.25 267,122.50 535,878.28 255,944.75
02/01/2007 561,113.75 293,991.25 267,122.50 250,517.61
08/01/2007 561,113.75 293,991.25 267,122.50 534,245.00 245,205.54
02/01/2008 561,113.75 293,991.25 267,122.50 240,006.12
08/01/2008 561,113.75 293,991.25 267,122.50 534,245.00 234,916.94
02/01/2009 561,113.75 293,991.25 267,122.50 229,935.68
08/01/2009 561,113.75 293,991.25 267,122.50 534,245.00 225,060.04
02/01/2010 561,113.75 293,991.25 267,122.50 220,287.78
08/01/2010 561,113.75 293,991.25 267,122.50 534,245.00 215,616.72
02/01/2011 561,113.75 293,991.25 267,122.50 211,044.71
08/01/2011 1,111,113.75 688,991.25 422,122.50 689,245.00 326,433.35
02/01/2012 546,401.25 287,118.25 259,283.00 196,255.61
08/01/2012 1,126,401.25 697,118.25 429,283.00 688,566.00 318,041.48
02/01/2013 530,741.25 279,758.75 250,982.50 182,001.74
08/01/2013 1,140,741.25 699,758.75 440,982.50 691,965.00 313,000.82
02/01/2014 513,966.25 272,030.75 241,935.50 168,079.89
08/01/2014 1,158,966.25 712,030.75 446,935.50 688,871.00 303,915.62
02/01/2015 496,067.50 263,758.75 232,308.75 154,620.04
08/01/2015 1,176,067.50 718,758.75 457,308.75 689,617.50 297,921.43
02/01/2016 477,027.50 255,000.00 222,027.50 141,576.45
08/01/2016 1,197,027.50 730,000.00 467,027.50 689,055.00 291,486.69
02/01/2017 456,777.50 243,125.00 213,652.50 130,519.76
08/01/2017 1,216,777.50 743,125.00 473,652.50 687,305.00 283,217.55
02/01/2018 435,307.50 230,625.00 204,682.50 119,793.45
08/01/2018 1,235,307.50 750,625.00 484,682.50 689,365.00 277,652.58
02/01/2019 412,507.50 217,625.00 194,882.50 109,272.09
08/01/2019 1,257,507.50 762,625.00 494,882.50 689,765.00 271,600.48
02/01/2020 388,213.75 204,000.00 184,213.75 98,956.08
08/01/2020 1,283,213.75 779,000.00 504,213.75 688,427.50 265,110.65
02/01/2021 362,258.75 189,625.00 172,633.75 88,844.43
08/01/2021 1,312,258.75 794,625.00 517,633.75 690,267.50 260,746.88
02/01/2022 334,708.75 174,500.00 160,208.75 78,990.49
08/01/2022 1,339,708.75 809,500.00 530,208.75 690,417.50 255,874.78
02/01/2023 305,563.75 158,625.00 146,938.75 69,407.91
08/01/2023 1,365,563.75 823,625.00 541,938.75 688,877.50 250,561.79
02/01/2024 274,823.75 142,000.00 132,823.75 60,108.02
08/01/2024 1,394,823.75 837,000.00 557,823.75 690,647.50 247,084.61
02/01/2025 242,343.75 124,625.00 117,718.75 51,037.14
08/01/2025 1,427,343.75 854,625.00 572,718.75 690,437.50 243,037.98
02/01/2026 207,534.38 106,375.00 101,159.38 42,017.57
08/01/2026 1,462,534.38 876,375.00 586,159.38 687,318.76 238,304.65
02/01/2027 170,668.75 87,125.00 83,543.75 33,244.73
08/01/2027 1,500,668.75 897,125.00 603,543.75 687,087.50 235,076.71
02/01/2028 131,600.00 66,875.00 64,725.00 24,675.44
08/01/2028 1,541,600.00 916,875.00 624,725.00 689,450.00 233,116.91
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 4
SAVINGS
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Present Value
Prior Refunding Annual to 08/02/2005
Date Debt Service Debt Service Savings Savings ~ 4.3327453%
02/01/2029 90,181.25 45,625.00 44,556.25 16,273.67
08/01/2029 1,580,181.25 935,625.00 644,556.25 689,112.50 230,425.09
02/01/2030 46,412.50 23,375.00 23,037.50 8,061.14
08/01/2030 1,626,412.50 958,375.00 668,037.50 691,075.00 228,798.85
39,049,576.26 22,589,844.72 16,459,731.54 16,459,731.54 9,736,768.76
Savings Summary
PV of savings from cash flow 9,736,768.76
Less: Prior funds on hand -8,640,486.15
Plus: Refunding funds on hand 3,196.12
Net PV Savings 1,099,478.73
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 5
BOND DEBT SERVICE
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Dated Date 08/02/2005
Delivery Date 08/02/2005
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
08/02/2005
02/01/2006 292,357.97 292,357.97
08/01/2006 293,991.25 293,991.25 586,349.22
02/01/2007 293,991.25 293,991.25
08/01/2007 293,991.25 293,991.25 587,982.50
02/01/2008 293,991.25 293,991.25
08/01/2008 293,991.25 293,991.25 587,982.50
02/01/2009 293,991.25 293,991.25
08/01/2009 293,991.25 293,991.25 587,982.50
02/01/2010 293,991.25 293,991.25
08/01/2010 293,991.25 293,991.25 587,982.50
02/01/2011 293,991.25 293,991.25
08/01/2011 395,000 3.480% 293,991.25 688,991.25 982,982.50
02/01/2012 287,118.25 287,118.25
08/01/2012 410,000 3.590% 287,118.25 697,118.25 984,236.50
02/01/2013 279,758.75 279,758.75
08/01/2013 420,000 3.680% 279,758.75 699,758.75 979,517.50
02/01/2014 272,030.75 272,030.75
08/01/2014 440,000 3.760% 272,030.75 712,030.75 984,061.50
02/01/2015 263,758.75 263,758.75
08/01/2015 455,000 3.850% 263,758.75 718,758.75 982,517.50
02/01/2016 255,000.00 255,000.00
08/01/2016 475,000 5.000% 255,000.00 730,000.00 985,000.00
02/01/2017 243,125.00 243,125.00
08/01/2017 500,000 5.000% 243,125.00 743,125.00 986,250.00
02/01/2018 230,625.00 230,625.00
08/01/2018 520,000 5.000% 230,625.00 750,625.00 981,250.00
02/01/2019 217,625.00 217,625.00
08/01/2019 545,000 5.000% 217,625.00 762,625.00 980,250.00
02/01/2020 204,000.00 204,000.00
08/01/2020 575,000 5.000% 204,000.00 779,000.00 983,000.00
02/01/2021 189,625.00 189,625.00
08/01/2021 605,000 5.000% 189,625.00 794,625.00 984,250.00
02/01/2022 174,500.00 174,500.00
08/01/2022 635,000 5.000% 174,500.00 809,500.00 984,000.00
02/01/2023 158,625.00 158,625.00
08/01/2023 665,000 5.000% 158,625.00 823,625.00 982,250.00
02/01/2024 142,000.00 142,000.00
08/01/2024 695,000 5.000% 142,000.00 837,000.00 979,000.00
02/01/2025 124,625.00 124,625.00
08/01/2025 730,000 5.000% 124,625.00 854,625.00 979,250.00
02/01/2026 106,375.00 106,375.00
08/01/2026 770,000 5.000% 106,375.00 876,375.00 982,750.00
02/01/2027 87,125.00 87,125.00
08/01/2027 810,000 5.000% 87,125.00 897,125.00 984,250.00
02/01/2028 66,875.00 66,875.00
08/01/2028 850,000 5.000% 66,875.00 916,875.00 983,750.00
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 8
BOND DEBT SERVICE
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
02/01/2029 45,625.00 45,625.00
08/01/2029 890,000 5.000% 45,625.00 935,625.00 981,250.00
02/01/2030 23,375.00 23,375.00
08/01/2030 935,000 5.000% 23,375.00 958,375.00 981,750.00
12,320,000 10,269,844.72 22,589,844.72 22,589,844.72
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 9
Escrow Reports
· Escrow Requirements
· Escrow Sufficiency
· Escrow Cost
· Proof of Arbitrage Yield
· Proof of Composite Escrow Yield
· Present Value of Requirements at Arbitrage Yield
ESCROW REQUIREMENTS
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Period Principal
Ending Interest Redeemed Total
02/01/2006 561,113.75 561,113.75
08/01/2006 561,113.75 561,113.75
02/01/2007 561,113.75 561,113.75
08/01/2007 561,113.75 561,113.75
02/01/2008 561,113.75 561,113.75
08/01/2008 561,113.75 561,113.75
02/01/2009 561,113.75 561,113.75
08/01/2009 561,113.75 561,113.75
02/01/2010 561,113.75 561,113.75
08/01/2010 561,113.75 19,470,000.00 20,031,113.75
5,611,137.50 19,470,000.00 25,081,137.50
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 10
ESCROW SUFFICIENCY
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Escrow Net Escrow Excess Excess
Date Requirement Receipts Receipts Balance
08/02/2005 - 1.17 1.17 1.17
02/01/2006 561,113.75 561,114.21 0.46 1.63
08/01/2006 561,113.75 561,113.99 0.24 1.87
02/01/2007 561,113.75 561,113.69 -0.06 1.81
08/01/2007 561,113.75 561,113.37 -0.38 1.43
02/01/2008 561,113.75 561,113.94 0.19 1.62
08/01/2008 561,113.75 561,114.05 0.30 1.92
02/01/2009 561,113.75 561,113.14 -0.61 1.31
08/01/2009 561,113.75 561,113.73 -0.02 1.29
02/01/2010 561,113.75 561,114.23 0.48 1.77
08/01/2010 20,031,113.75 20,031,112.98 -0.77 1.00
25,081,137.50 25,081,138.50 1.00
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 11
ESCROW COST
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Type of Maturity Par Total
Security Date Amount Rate Cost
SLG 02/01/2006 162,205 3.130% 162,205.00
SLG 08/01/2006 157,389 3.310% 157,389.00
SLG 02/01/2007 162,584 3.430% 162,584.00
SLG 08/01/2007 165,372 3.590% 165,372.00
SLG 02/01/2008 168,341 3.690% 168,341.00
SLG 08/01/2008 171,447 3.720% 171,447.00
SLG 02/01/2009 174,635 3.750% 174,635.00
SLG 08/01/2009 177,910 3.780% 177,910.00
SLG 02/01/2010 181,273 3.810% 181,273.00
SLG 08/01/2010 19,654,725 3.830% 19,654,725.00
21,175,881 21,175,881.00
Purchase Cost of Cash Total
Date Securities Deposit Escrow Cost
08/02/2005 21,175,881 1.17 21,175,882.17
21,175,881 1.17 21,175,882.17
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 12
PROOF OF ARBITRAGE YIELD
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Present Value
to 08/02/2005
Date Debt Service ~ 4.3327453%
02/01/2006 292,357.97 286,192.78
08/01/2006 293,991.25 281,689.18
02/01/2007 293,991.25 275,716.14
08/01/2007 293,991.25 269,869.76
02/01/2008 293,991.25 264,147.34
08/01/2008 293,991.25 258,546.27
02/01/2009 293,991.25 253,063.96
08/01/2009 293,991.25 247,697.90
02/01/2010 293,991.25 242,445.62
08/01/2010 293,991.25 237,304.72
02/01/2011 293,991.25 232,272.82
08/01/2011 688,991.25 532,806.76
02/01/2012 287,118.25 217,324.58
08/01/2012 697,118.25 516,471.69
02/01/2013 279,758.75 202,869.04
08/01/2013 699,758.75 496,675.18
02/01/2014 272,030.75 188,987.96
08/01/2014 712,030.75 484,180.09
02/01/2015 263,758.75 175,552.52
08/01/2015 10,918,758.75 7,113,207.82
18,051,594.72 12,777,022.14
Proceeds Summary
Delivery date 08/02/2005
Par Value 12,320,000.00
Premium (Discount) 555,811.60
Arbitrage expenses -98,789.46
Target for yield calculation 12,777,022.14
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 13
PROOF OF ARBITRAGE YIELD
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Assumed Call/Computation Dates for Premium Bonds
Net Present
Value (NPV)
Bond Maturity Call Call to 08/02/2005
Component Date Date Price (~ 4.3327453%
SERIAL 08/01/2016 08/01/2015 100.000 -16,593.39
SERIAL 08/01/2017 08/01/2015 100.000 -14,886.73
SERIAL 08/01/2018 08/01/2015 100.000 -12,809.40
SERIAL 08/01/2019 08/01/2015 100.000 -11,566.78
SERIAL 08/01/2020 08/01/2015 100.000 -9,282.49
SERIAL 08/01/2021 08/01/2015 100.000 -6,705.49
SERIAL 08/01/2022 08/01/2015 100.000 -4,370.99
SERIAL 08/01/2023 08/01/2015 100.000 -1,804.45
SERIAL 08/01/2024 08/01/2015 100.000 998.40
SERIAL 08/01/2025 08/01/2015 100.000 4,070.88
SERIAL 08/01/2026 08/01/2015 100.000 6,827.24
SERIAL 08/01/2027 08/01/2015 100.000 9,838.70
SERIAL 08/01/2028 08/01/2015 100.000 13,104.06
SERIAL 08/01/2029 08/01/2015 100.000 15,892.32
SERIAL 08/01/2030 08/01/2015 100.000 18,977.27
Rei ected Call/Computation Dates for Premium Bonds
Net Present
Value (NPV)
Bond Maturity Call Call to 08/02/2005 Increase
Component Date Date Price ~ 4.3327453% toNPV
SERIAL 08/01/2016 - -14,593.80 1,999.59
SERIAL 08/01/2017 - -10,765.39 4,121.34
SERIAL 08/01/2018 - -6,514.02 6,295.38
SERIAL 08/01/2019 - -2,951.33 8,615.45
SERIAL 08/01/2020 - 1,846.37 11,128.86
SERIAL 08/01/2021 - 7,059.52 13,765.01
SERIAL 08/01/2022 - 12,143.51 16,514.50
SERIAL 08/01/2023 - 17,564.02 19,368.47
SERIAL 08/01/2024 - 23,317.00 22,318.60
SERIAL 08/01/2025 - 29,602.86 25,531.98
SERIAL 08/01/2026 - 35,869.67 29,042.43
SERIAL 08/01/2027 - 42,517.75 32,679.05
SERIAL 08/01/2028 - 49,536.21 36,432.15
SERIAL 08/01/2029 - 56,184.93 40,292.61
SERIAL 08/01/2030 - 63,467.04 44,489.77
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 14
PROOF OF COMPOSITE ESCROW YIELD
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
All restricted escrows funded by bond proceeds
Present Value
Security to 08/02/2005
Date Receipts ~ 3.8245651%
02/01/2006 332,160.57 325,962.21
08/01/2006 332,160.34 319,845.63
02/01/2007 332,159.90 313,843.63
08/01/2007 332,159.32 307,954.13
02/01/2008 332,160.12 302,176.40
08/01/2008 332,160.54 296,506.74
02/01/2009 332,159.81 290,942.45
08/01/2009 332,159.47 285,482.91
02/01/2010 332,161.00 280,127.40
08/01/2010 11,857,731.78 9,812,553.51
14,847,172.85 12,535,395.00
Escrow Cost Summary
Purchase date 08/02/2005
Purchase cost of securities 12,535,395.00
Target for yield calculation 12,535,395.00
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 15
PV OF ESCROW AT ARB YIELD
Eugene Water & Electric Board
Preliminary Advance Refunding Plan
Present Value
to 08/02/2005
Date Cashflow ~ 4.3327450%
02/01/2006 561.113.75 549,281.09
08/01/2006 561.113.75 537,633.94
02/01/2007 561.113.75 526,233.75
08/01/2007 561.113.75 515,075.30
02/01/2008 561.113.75 504,153.46
08/01/2008 561.113.75 493,463.21
02/01/2009 561.113.75 482,999.64
08/01/2009 561.113.75 472,757.94
02/01/2010 561.113.75 462,733.41
08/01/2010 20,031,113.75 16,168,773.28
25,081,137.50 20,713,105.03
Valuation date 08/02/2005
Amount 20,713,105.03
Target for yield calculation 20,713,105.03
Jun 16, 2005 10:28 am Prepared by Seattle-Northwest Securities - JEBS 0 Page 1
Refunded Bonds
· Summary of Bonds Refunded
· Prior Bond Debt Service
· Aggregate Debt Service
SUMMARY OF BONDS REFUNDED
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
Water Utility System Revenue Bonds, Series 2000, 2000:
SERIAL 08/01/2011 5.350% 550,000.00 08/01/2010 100.000
08/01/2012 5.400% 580,000.00 08/01/2010 100.000
08/01/2013 5.500% 610,000.00 08/01/2010 100.000
08/01/2014 5.550% 645,000.00 08/01/2010 100.000
08/01/2015 5.600% 680,000.00 08/01/2010 100.000
08/01/2016 5.625% 720,000.00 08/01/2010 100.000
08/01/2017 5.650% 760,000.00 08/01/2010 100.000
08/01/2018 5.700% 800,000.00 08/01/2010 100.000
08/01/2019 5.750% 845,000.00 08/01/2010 100.000
08/01/2020 5.800% 895,000.00 08/01/2010 100.000
TERM 08/01/2021 5.800% 950,000.00 08/01/2010 100.000
08/01/2022 5.800% 1,005,000.00 08/01/2010 100.000
08/01/2023 5.800% 1,060,000.00 08/01/2010 100.000
08/01/2024 5.800% 1,120,000.00 08/01/2010 100.000
TERM01 08/01/2025 5.875% 1,185,000.00 08/01/2010 100.000
08/01/2026 5.875% 1,255,000.00 08/01/2010 100.000
08/01/2027 5.875% 1,330,000.00 08/01/2010 100.000
08/01/2028 5.875% 1,410,000.00 08/01/2010 100.000
08/01/2029 5.875% 1,490,000.00 08/01/2010 100.000
08/01/2030 5.875% 1,580,000.00 08/01/2010 100.000
19,470,000.00
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 16
PRIOR BOND DEBT SERVICE
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
08/02/2005
02/01/2006 561.113.75 561,113.75
08/01/2006 561.113.75 561,113.75 1,122,227.50
02/01/2007 561.113.75 561,113.75
08/01/2007 561.113.75 561,113.75 1,122,227.50
02/01/2008 561.113.75 561,113.75
08/01/2008 561.113.75 561,113.75 1,122,227.50
02/01/2009 561.113.75 561,113.75
08/01/2009 561.113.75 561,113.75 1,122,227.50
02/01/2010 561.113.75 561,113.75
08/01/2010 561.113.75 561,113.75 1,122,227.50
02/01/2011 561.113.75 561,113.75
08/01/2011 550,000 5.350% 561.113.75 1,111,113.75 1,672,227.50
02/01/2012 546.401.25 546,401.25
08/01/2012 580,000 5.400% 546.401.25 1,126,401.25 1,672,802.50
02/01/2013 530.741.25 530,741.25
08/01/2013 610,000 5.500% 530.741.25 1,140,741.25 1,671,482.50
02/01/2014 513,966.25 513,966.25
08/01/2014 645,000 5.550% 513,966.25 1,158,966.25 1,672,932.50
02/01/2015 496,067.50 496,067.50
08/01/2015 680,000 5.600% 496,067.50 1,176,067.50 1,672,135.00
02/01/2016 477,027.50 477,027.50
08/01/2016 720,000 5.625% 477,027.50 1,197,027.50 1,674,055.00
02/01/2017 456,777.50 456,777.50
08/01/2017 760,000 5.650% 456,777.50 1,216,777.50 1,673,555.00
02/01/2018 435,307.50 435,307.50
08/01/2018 800,000 5.700% 435,307.50 1,235,307.50 1,670,615.00
02/01/2019 412,507.50 412,507.50
08/01/2019 845,000 5.750% 412,507.50 1,257,507.50 1,670,015.00
02/01/2020 388,213.75 388,213.75
08/01/2020 895,000 5.800% 388,213.75 1,283,213.75 1,671,427.50
02/01/2021 362,258.75 362,258.75
08/01/2021 950,000 5.800% 362,258.75 1,312,258.75 1,674,517.50
02/01/2022 334,708.75 334,708.75
08/01/2022 1,005,000 5.800% 334,708.75 1,339,708.75 1,674,417.50
02/01/2023 305,563.75 305,563.75
08/01/2023 1,060,000 5.800% 305,563.75 1,365,563.75 1,671,127.50
02/01/2024 274,823.75 274,823.75
08/01/2024 1,120,000 5.800% 274,823.75 1,394,823.75 1,669,647.50
02/01/2025 242,343.75 242,343.75
08/01/2025 1,185,000 5.875% 242,343.75 1,427,343.75 1,669,687.50
02/01/2026 207,534.38 207,534.38
08/01/2026 1,255,000 5.875% 207,534.38 1,462,534.38 1,670,068.76
02/01/2027 170,668.75 170,668.75
08/01/2027 1,330,000 5.875% 170,668.75 1,500,668.75 1,671,337.50
02/01/2028 131,600.00 131,600.00
08/01/2028 1,410,000 5.875% 131,600.00 1,541,600.00 1,673,200.00
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 17
PRIOR BOND DEBT SERVICE
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Period Annual
Ending Principal Coupon Interest Debt Service Debt Service
02/01/2029 90,181.25 90,181.25
08/01/2029 1,490,000 5.875% 90,181.25 1,580,181.25 1,670,362.50
02/01/2030 46,412.50 46,412.50
08/01/2030 1,580,000 5.875% 46,412.50 1,626,412.50 1,672,825.00
19,470,000 19,579,576.26 39,049,576.26 39,049,576.26
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 18
AGGREGATE DEBT SERVICE
Eugene Water and Electric Board
Refunding 2000 Water Bonds
Preliminary Advance Refunding Plan
Refunding 2000 Unrefunded Aggregate Annual
Date Water Bonds Bonds Debt Service Aggregate D/S
02/01/2006 292,357.97 50,935.00 343,292.97
08/01/2006 293,991.25 50,935.00 344,926.25 688,219.22
02/01/2007 293,991.25 50,935.00 344,926.25
08/01/2007 293,991.25 500,935.00 794,926.25 1,139,852.50
02/01/2008 293,991.25 39,235.00 333,226.25
08/01/2008 293,991.25 509,235.00 803,226.25 1,136,452.50
02/01/2009 293,991.25 26,897.50 320,888.75
08/01/2009 293,991.25 521,897.50 815,888.75 1,136,777.50
02/01/2010 293,991.25 13,780.00 307,771.25
08/01/2010 293,991.25 533,780.00 827,771.25 1,135,542.50
02/01/2011 293,991.25 293,991.25
08/01/2011 688,991.25 688,991.25 982,982.50
02/01/2012 287,118.25 287,118.25
08/01/2012 697,118.25 697,118.25 984,236.50
02/01/2013 279,758.75 279,758.75
08/01/2013 699,758.75 699,758.75 979,517.50
02/01/2014 272,030.75 272,030.75
08/01/2014 712,030.75 712,030.75 984,061.50
02/01/2015 263,758.75 263,758.75
08/01/2015 718,758.75 718,758.75 982,517.50
02/01/2016 255,000.00 255,000.00
08/01/2016 730,000.00 730,000.00 985,000.00
02/01/2017 243,125.00 243,125.00
08/01/2017 743,125.00 743,125.00 986,250.00
02/01/2018 230,625.00 230,625.00
08/01/2018 750,625.00 750,625.00 981,250.00
02/01/2019 217,625.00 217,625.00
08/01/2019 762,625.00 762,625.00 980,250.00
02/01/2020 204,000.00 204,000.00
08/01/2020 779,000.00 779,000.00 983,000.00
02/01/2021 189,625.00 189,625.00
08/01/2021 794,625.00 794,625.00 984,250.00
02/01/2022 174,500.00 174,500.00
08/01/2022 809,500.00 809,500.00 984,000.00
02/01/2023 158,625.00 158,625.00
08/01/2023 823,625.00 823,625.00 982,250.00
02/01/2024 142,000.00 142,000.00
08/01/2024 837,000.00 837,000.00 979,000.00
02/01/2025 124,625.00 124,625.00
08/01/2025 854,625.00 854,625.00 979,250.00
02/01/2026 106,375.00 106,375.00
08/01/2026 876,375.00 876,375.00 982,750.00
02/01/2027 87,125.00 87,125.00
08/01/2027 897,125.00 897,125.00 984,250.00
02/01/2028 66,875.00 66,875.00
08/01/2028 916,875.00 916,875.00 983,750.00
02/01/2029 45,625.00 45,625.00
08/01/2029 935,625.00 935,625.00 981,250.00
02/01/2030 23,375.00 23,375.00
08/01/2030 958,375.00 958,375.00 981,750.00
22,589,844.72 2,298,565.00 24,888,409.72 24,888,409.72
Jun 16, 2005 10:24 am Prepared by Seattle-Northwest Securities - JEBS (EUGENE:WATER-R00WAT,R00WAT) Page 19