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• <br />• <br />City of Lino Lakes, Minnesota <br />May 16, 2006 <br />The City has three outstanding bond issues for which a portion of the debt service is payable from the net revenues of <br />the Utilities. The table below shows the net revenues available for debt service of the City's Utilities for fiscal year <br />ending 2005 and the projected maximum debt service payable in any future year on the outstanding Bonds and the <br />Utility Bonds. <br />2004 Net Revenues <br />Operating Revenues <br />Operating Expenses <br />Add: Depreciation <br />Add: Interest Earnings <br />Net Revenues Available for Debt Service <br />Less Max Annual DS on Existing Bonds <br />Net Revenues Available to Debt Service on <br />the Utility Bonds <br />Water Utility Sewer Utility <br />$979,075 $1,280,652 <br />(765,810) (1,130,994) <br />322,835 376,800 <br />8,846 25,987 <br />$544,946 $552,445 <br />($482,773) <br />$62,173 $552,445 <br />The net revenues of the water and sewer utilities that are available to pay debt service on the Utility Bonds are <br />estimated to be $614,618. The maximum debt service on the Utility Bonds is estimated to be $43,340. <br />Springsted Incorporated is pleased again to be of assistance to the City of Lino Lakes. <br />Respectfully submitted, <br />SPRINGSTED Incorporated <br />ss <br />Provided to Staff: Continuing Disclosure and Arbitrage Rebate Contract Amendments <br />- 6 2 - <br />Page 7 <br />