Committee of the Whole Meeting Packets

COLUMBUS COMMON COUNCIL – COMMITTEE OF THE WHOLE MONDAY, APRIL 6, 2020 – 6:45 PM COLUMBUS CITY HALL Video Conference Address: https://zoom.us/j/240717497?pwd=Ulcyem1YU01WQzdaTU9lRUdnZEtyUT09 Meeting ID: 240 717 497 Password: 776216 OR Phone Conference Phone Number: 312-626-6799 Meeting ID: 240 717 497 Password: 776216 1. Roll Call 2. Notice of Open Meeting 3. Approve Agenda 4. Citizen Comments o Due to the COVID-19 health crisis, City staff need to minimize attendance at the Council meeting in City Hall per Governor Evers' Directive. Citizens wishing to make public comment at the meeting, please call 312-626-6799 by 6:15 pm. All comments are limited to 3 minutes in length. 5. Committee Minutes a. HLPC – 3/11/20 b. Library – 2/27/20 6. Enerpac donation of playground structures for Warner Street park 7. Consider and discuss site plan for butterfly garden near WWTP 8. Consider and discuss resolution providing for sale of $1,135,000 for Sewerage System Revenue Bonds, Series 2020 9. Discuss agreement for temporary accounting services 10. Motion to adjourn to closed session pursuant to 19.85 (1) (e) deliberating or negotiating the purchase of public properties, the investment of public funds, or conducting other public business, whenever competitive or bargaining reasons require a closed session, specifically to discuss potential developments in the City of Columbus Adjourn  Columbus Historic Landmarks and Preservation Commission Regular Meeting Agenda Wednesday March 11, 2020 6:00 PM Community Center Building Attendees: Carolyn Fredericks Beth Altschwager Retta Kurth Ruth Hermanson Eric Lukasavitz John Salzwedel 1. Call meeting to order: Carolyn Fredericks 2. Properly posted meeting: Check 3. Citizen comments on agenda items: None 4. Approve Agenda: (With corrections as noted) Motion: Kurth; Second: Lukasavitz; Moton carried. 5. Approve minutes from the February 13, 2020 meeting: Motion: Salzwedel; Second: Hermanson; Motion carried. 6. Treasurer Report-Attached: Motion: Lukasavitz; Second: Kurth; Motion carried. Salzwedel made a motion to put memorial money to Doris Hughes in the CHLPC account. Altschwager seconded it. Motion carried. 7. Old Business: A. Summer Concert Series – 2020: 1) June Band: Hermanson booked Bob Agnew (Bob & Todd – Monkeys). 2) Vendor Agreements signed from food and beverage vendors: Altschwager contacted Family Restaurant for June and will offer a contract. All contracts should be signed by next week. 3) Picnic license: Fredericks will apply for license through CCDC and agree to pay for the additional insurance. 4) Business list: Hermanson & Fredericks will combine lists and submit them to Lukasavitz. 5) Timeline for letters to go out – WebWisconsin: Sponsor letter approved with deadline set at April 15, 2020. Letters expected to be out by the weekend.  Hermanson made a motion to set the summer concert series expected expenses not to exceed $4000. Salzwedel seconded it. Motion carried. To include: 1) 2 3’ x 20’ banners 2) 100 large posters; 200 81/2” x 11” posters; 1000 ¼ sheet cards 3) Printing expense 4) July 4th ad 5) Pavilion security deposit 6) Insurance/picnic license 7) Bands Salzwedel, Hermanson, and Lukasavitz will get bids for printing services with advertising out by May 1. B. Pavilion projects/planning meeting – Thursday, Tuesday March 24, 2020 @ 4:00 p.m. at Kurth Brewery. Noted. C. Ad Hoc Committee – Ordinance Review Meeting – Thursday, Tuesday, March 24, 2020 @ 6:30 p.m. @ City Hall. Noted 8, New Business: A. Bills: 1) Hermanson made a motion to pay Fischer Trophy & Engraving $529 for the Alice Schmidt plaque for the CHLPC garden. Salzwedel seconded it. Motion carried. 2) Hermanson made a motion to pay $120 for the July 4th ad. Salzwedel seconded it. Motion carried. B. Pavilion Rental Contract and $200 deposit: Altschwager made a motion to pay the deposit for summer concerts. Kurth seconded it. Motion carried. C. Certificate of appropriateness – signage – Kim’s Kitchen: Salzwedel made a motion to approve the certificate. Hermanson seconded it. Motion carried. D: Exploratory work for windows at Pavilion: Tabled E: CHLPC’s own Employer’s Identification Number (EIN) – discussion from Kim Manley & Paul Johnson: Tabled . 9. Council Liaison Report: Traxler absent. 10. Adjourn: Motion: Altschwager; Second: Salzwedel; Motion carried. Meeting adjourned at 8:30. Respectfully Submitted, Retta Kurth, Sec. Columbus Public Library Library Board Meeting Tuesday, February 27, 2020 Phyllis Luchsinger Callahan Meeting Room Pete Kaland called the meeting to order at 5:00 p.m. This meeting is rescheduled from February 18 due to lack of a quorum for the regularly scheduled meeting. Present: Lindsey Ganz, Nora Vieau, Sharon Egan, Trina Reid, Sarah Sample, Merry Anderson Introduction of Visitors: Lindsey introduced Bethany Hultgren, the new Youth Services Coordinator. Adoption of the Agenda: Nora moved and Sarah seconded a motion to approve the Agenda. Motion carried. Disposition of Minutes: Nora moved and Sharon seconded a motion to accept the Board meeting minutes from the February 27, 2020 rescheduled meeting. Motion carried. New Business: School Superintendent Annette Deuman and School Board member Julia Hoffman presented information re: the school upgrade referendum on the April 7ballot. They described the proposed upgrades to the elementary, middle and high school, the proposed budget and the impact on property taxes. This was a community-led effort focusing on four key areas: aging infrastructure, elementary school capacity (i.e. bringing 3,4,5 back into building), high school upgrades in order to train students for jobs that do not yet exist and land purchase. The goal of project is a community-based school system with more spaces available to the entire community. There is a personal tax impact calculator on the Columbus School District website. Lindsey presented the required annual report form for approval. Pete noted that the report also includes the Board’s evaluation of SCLS, which was unanimously marked “effective.” Sue moved and Sarah seconded approval of the annual report. Motion carried. The Personnel Committee is developing a form and procedure for the director performance evaluation. It will be drafted and approved by the time Lindsey returns from leave. The Board voted to approve hiring of the new Youth Services Coordinator. Depending on her schedule and planned activities, she may be working three longer days. Sarah moved and Nora seconded to approve the hire. Motion carried. Financial Report: Jim was approved absent for meeting but a Foundation balance of $324,968.05 was provided. Approval of Bills: Bills of $33,248.31 included schedule payment to SCLS. Sue moved and Sarah seconded to approve financial report. Motion carried. Director’s Report: Monthly statistics provided. Carolyn Stanford Taylor, State Superintendent of Public Instruction, will visit CPL on Wednesday, March 4. Lindsey was welcomed as a member of the Columbus/Fall River Rotary Club. Linda Degnan presented a program for the 2019 Iditarod attended by 22 people in the Annex. Programs: Teen lock after hours activity on Friday, February 21. Saturday scrapbook craft activity for adults Saturday, March 14. Possible library “on wheels” programs include mobile hot spots in Fall River (@ approx. $40/mo), books to Larson House & At Home and a summer program in Fall River. Maintenance issues: new toilet in women’s rest room, new light fixture to be installed as well. HVAC in Annex inspected with minor repairs. The usual possible leaks checked. Friends of Library purchased a ceiling mounted overhead projector for Library meeting room but now the screen is too small. Evaluating purchase of reasonably priced screen or making the entire wall a white board. President’s Report: None Friends of the Library: Best sales ever in February--$200.00+. Kindred Kid donated large inventory of books and toys. Correspondence: None Committee Reports: Personnel and Policy Committees did not meet. New Business: None Prior to adjournment Sue asked for clarification on how items can be added to future agendas. It was agreed that specific suggestions be directed to Lindsey. Adjournment: Nora moved and Sharon seconded a motion to adjourn. Motion carried. Next scheduled board meeting March 17, 2020. Respectfully submitted. Merry Anderson Secretary  CITY OF COLUMBUS FOR MEETING OF: April 6, 2020 REQUEST FROM/DEPARTMENT: Recreation Department AGENDA ITEM/REQUEST: Donation of Playground structures from Enerpac *************************************************** DESCRIPTION AND SCOPE OF PROJECT/ITEM WITH KEY ISSUES NOTED: Enerpac would like to share their renderings and vision of play equipment that will be installed in Warner Park on Warner Street, as a donation to the City of Columbus. This is Phase 2 of the Enerpac Playground donation. Enerpac will work closely with the Recreation Department and the DPW before any work is to be completed. Installation date has not yet been determined. City Council will be made aware of the date prior to the work being done. PREVIOUS ACTION TAKEN (IF APPLICABLE): BUDGET AND FINANCING INFORMATION: Account #: _________________________ Department: __________________________ Acct. # Approved Budget: ______________ Current Balance in Acct #: ________________ Remaining Balance in Acct #: _______________ (after approval)  LEERECREATION.COM I 800.2GG.1250 Burke PI.AY THAT MOVES IOU- - -I -: .1; •. i I I - S. - - - - r.. — •1I • CHARCOAL •ORA)161 • PROPOSAL 142-1277GI-1 LEE ENERPAC PARI RECREATION LLC f/rN ITEM COMP. DESCRIPTION 1 370-0003 VITAL VORTEX CLIMBER om 2 370-0033 ODYSSEY POST LINK DOUBLE -am 3 370-0809 POWER PEAK W/OUT PANELS zOcM . 560-0032 RALLY ROUND 5 560-0453 STEP SPOT POD 8-16” 6 560-0464 FS SPIDER WEB CLIMBER L 560-0540 ROCKITENDPANEL 8 560-0541 ROCKITOFFSETPANEL 0) C 9 560-0542 ROCKIT CURVED PANEL ‘p. D 10 560-0545 ROCKIT END LADDER Qrrs 11 660-0136 ROCKIT 7 POST 88 314” 12 660-0139 ROCKIT Z POST 112 3/4” HIGH w C) CD 03 z C -I C CD 0 C) CD 0 C 3 Cd) -D Q) D r r C) -o 0 03 0 x CD m C) -k 0 D 0 CD a a. C C 3 QD r 03 ‘-I C) C 0) CD < C) 0 ‘<-a 01 -‘ 8D ow 0 or D CD C N) 01 CD (a) a) 0 CD H CD CD -D 0 D CD CD N) 0 CD N) Cb N) N) 0 r CD CD -n CD 0 -‘ C C) N) CD N) ö N) -.4 ::p N) 0 N) kC) 0  INFORMATION N MINIMUM FALL ZONE “ QCi)U) SURFACED WITH RESILIENT MATERIAL zrP’ AREA caW 848 SQ.FT. Ci) 7; -. PERIMETER 0) 111 FT. C) 0) aCD STRUCTURE SIZE -‘ D 0 38’ 3” x 29’ 10” U, C) STRUCTURE IS DESIGNED to z FOR CHILDREN AGES: C C C-) D 6-23 MONTH OLDS C) a 0 C 0 D 2-5YEAROLDS -D 0 5-12 YEAR OLDS D Sc r LI 13+YEAROLDS r C) -o 0 U, 0 ‘C Registered Registered to ‘.1 0 C) - 00to ISO 9001 j I to ISO 14001 a 0 CD C (0 rn a C 3 C) D r 0 0) CD 0 1 0 C -D Cl) 0) IPEMA C) U) -a CEATJFIED 0 0 0) D ASYM (I) C,.) D CD ,F1487, N) to verity product certification, visit www.lpema.org 0) 0 01 . Co I The play components identified in this plan are IPEMA certified. The use and layout of these components conform to the H CD requirements of ASTM F1487. CD To verify product certification, -D visit www.iperna.org 0 D CD Co The space requirements shown N) 0 here are to ASTM standards. Co Requirements for other standards N) may be different. N) N) 0 The use and layout of play components identified in this plan r conform to the CPSC guidelines. a U.S. CPSC recommends the a separation of age groups in playground layouts. 1 ADA ACCESSIBILITY GUIDELINE (ADAAG CONFORMANCE) NUMBER OF PLAY EVENTS: 14 WARNING! N) NUMBER OF ELEVATED PLAY EVENTS: 0 ACCESSIBLE SAFETY SURFACING MATERIAL IS REQUIRED BENEATH NUMBER OF ELEVATED PLAY EVENTS ACCESSIBLE BY RAMP: PROVIDED: 0 REUD: 0 AND AROUND THIS EQUIPMENT. NUMBER OF ELEVATED PLAY EVENTS ACCESSIBLE BY TRANSFER SYSTEM: PROVIDED: 0 NUMBER OF ELEVATED PLAY EVENTS ACCESSIBLE BY RAMP OR TRANSFER SYSTEM: REQfl 0 FOR SLIDE FALL ZONE SURFACING AREA SEE CPSC’s Handbook for -)O NUMBER OF GROUND LEVEL PLAY EVENTS: PROVIDED: 14 REOft 0 Public Playground Safety. NUMBER OF TYPES OF GROUND LEVEL PLAY EVENTS: PROVIDED: 3 REOD: 0 PLATFORM HEIGHTS ARE IN INCHES ABOVE RESILIENT MATERIAL.  2020 AGENDA ITEM Committee of the Whole Meeting date: __4-6-2020________________ Council Meeting date: __________ ___________ ITEM: ___Consider and discuss site plan for butterfly garden near WWTP DETAILED DESCRIPTION OF SUBJECT MATTER: Enclosed with your council packet is a conceptual site plan of the recreational area North of the WWTP. Please discuss the following items and other items as it pertains to this project. • Parking o Per 114-126 parking requirements for “Recreation or sports facility, outdoor” are determined by the plan commission. o Staff recommends providing off street parking, starting with a lot that could accommodate at least 10 cars, leaving space for the lot to be expanded if needed. • Naming o We should develop a name for the recreational area. Please note that we are not dedicating this property as parkland in case we need the lands for a future WWTP expansion. • Use of Excess Land o The land north of the existing driveway is approximately 5.5 acres (3.8 of which is tillable). The proposed butterfly garden is one (1) acre. • Future Trail Development along the river LIST ALL SUPPORTING DOCUMENTATION ATTACHED: Conceptual Site Plan ACTION REQUESTED OF COUNCIL: Consider and discuss site plan for butterfly garden near WWTP  Butterfly Garden 152'X284' 1 Acre Easement Truck Parking 62"X40' Visitor Parking 60'X90' Approx 20 Stalls Butterfly Garden Layout City of Columbus 105 N Dickason Blvd Columbus, WI 53925 DISCLAIMER: 920-623-5900 This map is not a survey of the actual boundary of any property this map depicts. The City of Columbus does not guarantee the accuracy of the material contained here 1,200.00 in and is not responsible for any misuse or misrepresentation of this information or its SCALE: 1 = 100' Print Date: 4/1/2020 derivatives.  Resolution No. __7-20___ RESOLUTION PROVIDING FOR THE SALE OF APPROXIMATELY $1,135,000 SEWERAGE SYSTEM REVENUE BONDS, SERIES 2020A WHEREAS the City of Columbus, Columbia County, Wisconsin, is presently in need of approximately $1,135,000 for the public purpose of paying the cost of additions, improvements and extensions to the City’s Sewerage System; and WHEREAS it is desirable to borrow said funds through the issuance of Sewerage System Revenue Bonds pursuant to Section 66.0621, Wis. Stats; NOW, THEREFORE, BE IT RESOLVED that: Section 1. The Bonds. The City shall issue its Sewerage System Revenue Bonds, Series 2020A in an approximate amount of $1,135,000 (the "Bonds") for the purpose above specified. Section 2. Sale of Bonds. The Common Council hereby authorizes and directs that the Bonds be offered for sale to Bankers' Bank. At a subsequent meeting, the Common Council shall consider any proposals or bids for the Bonds as may have been received and take action thereon. Section 3. Official Statement. The City Clerk (in consultation with Ehlers & Associates, Inc.) shall also cause an Official Statement to be prepared and distributed. The appropriate City officials shall determine when the Official Statement is final for purposes of Securities and Exchange Commission Rule 15c2-12 and shall certify said Official Statement, such certification to constitute full authorization of such Official Statement under this resolution. Adopted, approved and recorded April 21, 2020. _____________________________ Michael Thom Mayor ATTEST: ____________________________ Patricia Goebel City Clerk (SEAL) QB\62441823.1 April 6, 2020 Pre-Sale Report for City of Columbus, Wisconsin $1,135,000 Sewer System Revenue Bonds, Series 2020A Prepared by: Greg Johnson, Senior Municipal Advisor Brian Roemer Municipal Advisor Executive Summary of Proposed Debt Proposed Issue: $1,135,000 Sewer System Revenue Bonds, Series 2020A Purposes: The proposed issue includes financing for the following purposes: Finance sewer system improvements, primarily the Huber screen project. Debt service will be paid from sewer revenues. Authority: The Bonds are being issued pursuant to Wisconsin Statute(s):  66.0621 The Bonds are not general obligations of the City but are payable only from and secured by a pledge of income and revenue to be derived from the operation of the Sewer System. Term/Call Feature: The Bonds are being issued for a term of 20 years. Principal on the Bonds will be due on May 1 in the years 2021 through 2040. Interest is payable every six months beginning November 1, 2020. The Bonds will be subject to prepayment at the discretion of the City on May 1, 2027. or any date thereafter. Bank Qualification: Because the City is expecting to issue no more than $10,000,000 in tax exempt debt during the calendar year, the City will be able to designate the Bonds as “bank qualified” obligations. Bank qualified status broadens the market for the Bonds, which can result in lower interest rates. Rating: We recommend selling this issue non-rated as the cost of the rating would not be expected to be offset by the potential lower interest rates resulting from obtaining a rating. Basis for Recommendation: Based on our knowledge of your situation, your objectives communicated to us, our advisory relationship as well as characteristics of various municipal financing options, we are recommending the issuance of Bonds as a suitable option based on:  Net system revenues available for debt service that provide sufficient coverage for the estimated principal and interest payments of the proposed Bonds and existing parity debt.  The City’s policy and past practice of using revenue bonds to finance enterprise system improvements when needed to preserve G.O. borrowing capacity for non-utility projects. Presale Report April 6, 2020 City of Columbus, Wisconsin Page 1   The City’s current Capital Improvements Plan, which identified issuance of revenue bonds to finance these projects. Method of Sale/Placement: We will negotiate placement of the Bonds with Bankers’ Bank of Madison, WI. In the immediate aftermath of the COVID-19 pandemic in mid-March 2020, municipal bond yield spreads widened considerably on competitive bond sales conducted in Wisconsin. On a non-rated Water Revenue Bond competitively sold in Wisconsin on March 19, 2020 the spread between the winning bid and the cover bid was 63 basis points (1 basis point equals 0.01%). The winning bidder was Bankers’ Bank, and Bankers’ also won several other competitive sales within that same week. The City’s primary bank, Farmers & Merchants, has expressed a desire to partner with Bankers’ Bank demonstrating strong local interest for the City of Columbus’ bonds. Given market conditions have been more volatile amid the COVID-19 pandemic, Bankers’ Bank can leverage relationships with local financial institutions for purchase of the City’s bonds. A negotiated placement is recommended in lieu of a competitive sale given these conditions. Other Considerations: The Bonds will be offered with the option utilizing a term bond structure. By offering underwriters the option to “term up” some of the maturities at the time of the sale, it gives them more flexibility in finding a market for your Bonds. This makes your issue more marketable, which can result in lower borrowing costs. In the event that the underwriter utilizes a term bond structure, we recommend the City retain a paying agent to handle responsibility for processing mandatory redemption/call notices associated with term bonds. Review of Existing Debt: We have reviewed all outstanding indebtedness for the City and find that there are no refunding opportunities at this time for the City’s revenue debt. We will continue to monitor the market and the call dates for the City’s outstanding debt and will alert you to any future refunding opportunities. Continuing Disclosure: Because the City has more than $10,000,000 in outstanding debt (including this issue) and this issue is over $1,000,000, the City will be agreeing to provide certain updated Annual Financial Information and its Audited Financial Statement annually, as well as providing notices of the occurrence of certain reportable events to the Municipal Securities Rulemaking Board (the “MSRB”), as required by rules of the Securities and Exchange Commission (SEC). The City is already obligated to provide such reports for its existing bonds, and has contracted with Ehlers to prepare and file the reports. Arbitrage Monitoring: Because the Bonds tax-exempt obligations, the City must ensure compliance with certain Internal Revenue Service (IRS) rules throughout the life of the issue. These rules apply to all gross proceeds of the issue, including initial bond proceeds and investment earnings in construction, escrow, debt service, and any Presale Report April 6, 2020 City of Columbus, Wisconsin Page 2  reserve funds. How issuers spend bond proceeds and how they track interest earnings on funds (arbitrage/yield restriction compliance) are common subjects of IRS inquiries. Your specific responsibilities will be defined in the Tax Exemption Certificate prepared by your Bond Attorney and provided at closing. We recommend that you regularly monitor compliance with these rules and/or contract with Ehlers to assist you. Investment of Bond Proceeds: To maximize interest earnings, we recommend using an SEC registered investment advisor to assist with the investment of bond proceeds until they are needed to pay project costs. Ehlers is a registered investment advisor and can assist the City in developing an appropriate investment strategy if needed. Risk Factors: Utility Revenue: The City expects to pay the Bond debt service with:  Sewer Revenues In the event utility revenues are insufficient to pay debt service, the Common Council is committing to consider appropriating funds from any other available sources in an amount sufficient to cover the shortfall. If it chooses to do so, the City may levy a tax to make up a shortfall. Any amount levied for this purpose is exempted from levy limits. While the City is not required to appropriate the funds necessary to remedy any shortfall in revenues needed to pay debt service, failure to do so would result in either a lack of access to capital markets in the future, or access at a substantially higher cost. Other Service Providers: This debt issuance will require the engagement of other public finance service providers. This section identifies those other service providers, so Ehlers can coordinate their engagement on your behalf. Where you have previously used a particular firm to provide a service, we have assumed that you will continue that relationship. For services you have not previously required, we have identified a service provider. Fees charged by these service providers will be paid from proceeds of the obligation, unless you notify us that you wish to pay them from other sources. Our pre-sale bond sizing includes a good faith estimate of these fees, but the final fees may vary. If you have any questions pertaining to the identified service providers or their role, or if you would like to use a different service provider for any of the listed services please contact us. Bond Counsel & Disclosure Counsel: Quarles & Brady LLP Paying Agent: Bond Trust Services Corporation Presale Report April 6, 2020 City of Columbus, Wisconsin Page 3  Proposed Debt Issuance Schedule Pre-Sale Review by Committee of the Whole April 6, 2020 Pre-Sale Review by Common Council April 21, 2020 Due Diligence Call to review Official Statement: Week of May 4, 2020 Distribute Official Statement: May 11, 2020 Common Council Meeting to Award Sale of the Bonds: May 19, 2020 Estimated Closing Date: June 11, 2020 Attachments Estimated Sources and Uses of Funds Estimated Proposed Debt Service Schedule Debt Coverage Calculations Revenue Bond Index graph Ehlers Contacts Municipal Advisors: Greg Johnson (262) 796-6168 Brian Roemer (262) 796-6178 Disclosure Coordinator: Sue Porter (262) 796-6167 Financial Analyst: Kathy Myers (262) 796-6177 Presale Report April 6, 2020 City of Columbus, Wisconsin Page 4 Table 1 Capital Improvments Financing Plan City of Columbus, WI 2020 Revenue Bonds Sewer Improvements (Huber Screen) 1,000,000 1 CIP Projects 1,000,000 Net Borrowing Requirement 1,000,000 Debt Service Reserve Debt Service Reserve Funds On Hand (137,663) New Debt Service Reserve Requirement 211,450 Subtotal Reserve Fund Requirement 73,787 Municipal Advisor (Ehlers) 26,700 Bond Counsel (Quarles & Brady) 12,000 Disclosure Counsel 7,200 Maximum Underwriter's Discount 12.50 14,188 Paying Agent 850 Subtotal Issuance Expenses 60,938 TOTAL TO BE FINANCED 1,134,725 Estimated Interest Earnings 0.50% (1,250) Assumed spend down (months) 3 Rounding 1,526 NET BOND SIZE 1,135,000 Notes: 1) Project Total Estimates Table 2 Allocation of Debt Service - 2020 Revenue Bonds City of Columbus, WI Year Sewer Portion Year Totals Ending Principal Est. Rate Interest Total Ending Principal Interest Total 2020 10,118 10,118 2020 0 10,118 10,118 2021 45,000 1.56% 25,666 70,666 2021 45,000 25,666 70,666 2022 45,000 1.60% 24,955 69,955 2022 45,000 24,955 69,955 2023 50,000 1.65% 24,183 74,183 2023 50,000 24,183 74,183 2024 50,000 1.75% 23,333 73,333 2024 50,000 23,333 73,333 2025 50,000 1.85% 22,433 72,433 2025 50,000 22,433 72,433 2026 50,000 1.95% 21,483 71,483 2026 50,000 21,483 71,483 2027 50,000 2.05% 20,483 70,483 2027 50,000 20,483 70,483 2028 55,000 2.15% 19,379 74,379 2028 55,000 19,379 74,379 2029 55,000 2.25% 18,169 73,169 2029 55,000 18,169 73,169 2030 55,000 2.30% 16,918 71,918 2030 55,000 16,918 71,918 2031 55,000 2.35% 15,639 70,639 2031 55,000 15,639 70,639 2032 60,000 2.40% 14,273 74,273 2032 60,000 14,273 74,273 2033 60,000 2.45% 12,818 72,818 2033 60,000 12,818 72,818 2034 60,000 2.50% 11,333 71,333 2034 60,000 11,333 71,333 2035 60,000 2.55% 9,818 69,818 2035 60,000 9,818 69,818 2036 65,000 2.60% 8,208 73,208 2036 65,000 8,208 73,208 2037 65,000 2.65% 6,501 71,501 2037 65,000 6,501 71,501 2038 65,000 2.70% 4,763 69,763 2038 65,000 4,763 69,763 2039 70,000 2.75% 2,923 72,923 2039 70,000 2,923 72,923 2040 70,000 2.80% 980 70,980 2040 70,000 980 70,980 Total 1,135,000 314,369 1,449,369 Total 1,135,000 314,369 1,449,369 Notes: Table 3 Revenue Debt Coverage - Impact of Financing Plan , Sewer Revenue Debt Service Only Sewer G.O. and Revenue Debt Service Existing Proposed Total Existing Proposed Year Revenue Debt Revenue Debt Total Debt Coverage Debt Revenue Debt Total Debt Coverage Year $827,439 $827,439 2018 Net Revenues 2018 Net Revenues 2020 322,171 10,118 332,289 2.49 441,001 10,118 451,118 1.83 2020 2021 320,686 70,666 391,352 2.11 433,075 70,666 503,741 1.64 2021 2022 319,040 69,955 388,995 2.13 429,956 69,955 499,911 1.66 2022 2023 322,178 74,183 396,361 2.09 431,623 74,183 505,805 1.64 2023 2024 320,132 73,333 393,465 2.10 432,959 73,333 506,292 1.63 2024 2025 317,958 72,433 390,390 2.12 429,024 72,433 501,457 1.65 2025 2026 320,584 71,483 392,067 2.11 434,770 71,483 506,253 1.63 2026 2027 318,013 70,483 388,495 2.13 356,195 70,483 426,678 1.94 2027 2028 215,324 74,379 289,703 2.86 215,324 74,379 289,703 2.86 2028 2029 217,377 73,169 290,546 2.85 217,377 73,169 290,546 2.85 2029 2030 214,255 71,918 286,172 2.89 214,255 71,918 286,172 2.89 2030 2031 215,952 70,639 286,591 2.89 215,952 70,639 286,591 2.89 2031 2032 134,560 74,273 208,833 3.96 134,560 74,273 208,833 3.96 2032 2033 135,679 72,818 208,496 3.97 135,679 72,818 208,496 3.97 2033 2034 131,568 71,333 202,900 4.08 131,568 71,333 202,900 4.08 2034 2035 132,220 69,818 202,038 4.10 132,220 69,818 202,038 4.10 2035 2036 132,500 73,208 205,708 4.02 132,500 73,208 205,708 4.02 2036 2037 127,500 71,501 199,001 4.16 127,500 71,501 199,001 4.16 2037 2038 69,763 69,763 11.86 69,763 69,763 11.86 2038 2039 72,923 72,923 11.35 72,923 72,923 11.35 2039 2040 70,980 70,980 70,980 11.66 2040 Total 4,217,696 1,449,369 5,596,085 5,045,538 1,449,369 6,494,907 Total Notes:  5 YEAR TREND IN MUNICIPAL BOND INDICES The Bond Buyer “20 Bond Index” (BBI) shows average yields on a group of municipal bonds that mature in 20 years and have an average rating equivalent to Moody’s Aa2 and S&P’s AA. Source: The Bond Buyer The Revenue Bond Index (RBI) shows the average yield on a group of revenue bonds that mature in 30 years and have an average rating equivalent to Moody’s A1 and S&P’s A+.