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<br />MOORESVILLE (WDLANA) MUNICIPAL SEWAGE WORN$
<br />PRO FORMA ANNUAL REVENUE REMMMENTS
<br />AND ANNUAL OPERATING RECEIPTS
<br />See Explanation of References, page 3.
<br />(Amounts rounded to the nearest $100)
<br />Proposed Closing Date
<br />June 30, 2022
<br />July 11, 2022
<br />June 30, 2022
<br />July 11, 2022
<br />interest Rate
<br />3.560%
<br />3.58$%
<br />3.660%
<br />3.585%
<br />Total Interest Cost
<br />$432,465.83
<br />$433,I25.79
<br />$538,03525
<br />$524,632.95
<br />Revenue Requirements:
<br />Operation and maintenance disbursements (1)
<br />Debt service:
<br />Outstanding 2010 Revenue Bonds (2)
<br />Proposed debt service - 2022 Bonds (2)
<br />Proposed debt service reserve - 2022 Bonds (3)
<br />Replacements and improvements (4)
<br />Total Annual Revenue Requirements
<br />Less test year interest income (5)
<br />Less miscellaneous receipts (5)
<br />Less sewer liens (5)
<br />Net Annual Revenue Requirements
<br />Annual Receipts -
<br />Collection and treatment (6)
<br />Annual TCF revenues (7)
<br />Total Available Receipts
<br />Additional Receipts Required
<br />Bond Coverage
<br />June 30, 2022
<br />3.750%
<br />$837,109.36
<br />$2,465,800 $2,465,800 $2,465,800 $2,465,800 $2,465,800
<br />597,500
<br />597,500
<br />597,500
<br />597,500
<br />597,500
<br />260,800
<br />261,200
<br />228,400
<br />227,800
<br />104,700 -
<br />46,100
<br />46,200
<br />39,600
<br />39,500
<br />14,900
<br />437,300
<br />436,800
<br />476,200
<br />476,900
<br />624,600
<br />3,807,500 3,807,500 3,807,500 3,807,500 3,807,500
<br />(2,600)
<br />(2,600)
<br />(2,600)
<br />(2,600)
<br />(2,600)
<br />(172,500)
<br />(172,500)
<br />(172,500)
<br />(172,500)
<br />(172,500)
<br />(70,000)
<br />(70,000)
<br />(70,000)
<br />(70,000)
<br />(70,000)
<br />$3,562,400
<br />$3,562,400
<br />$3,562,400
<br />$3,562,400
<br />$3,562,400
<br />$3,262,400
<br />$3,262,400
<br />$3,262,400
<br />$3,262,400
<br />$3,262,400
<br />300,000
<br />300,000
<br />300,000
<br />300,000
<br />300,000
<br />$3,562,400
<br />$3,562,400
<br />33,562,400
<br />$3,562,400
<br />$3,562,400
<br />$0 $0 $0 $0 $0
<br />156% I56°/ 162% 163% 191%
<br />Bond Coverage (without TIF revenues) 121% 121% 126% 126% 148%
<br />Note; Regions Bank also proposed to move callable dates forward one year for each alternative, wbich resulted in the following.
<br />Optional Redemption Date
<br />Interest Rate
<br />Total Interest Cost
<br />10 Year Level 12 Year Level 12 You Wrap
<br />July 15, 2026 July 15, 2027 July 15, 2027
<br />3.64% 3.73% 3.82%
<br />$442,184.17 $548,325.54 $852,735.42
<br />Although interest costs appear to be higher with these altematives, the benefitwauld be realized if interest rates become lower in the future. Having a
<br />quicker Optional redemption date wonld allow the Town to refund these bonds sooner to potentially save on interest costs in the future.
<br />(Continued on next page)
<br />(Subject to the attached letter dated lune 21, 2022)
<br />(Preliminary -Subject to Change)
<br />(Internal Use Only)
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