Ordinance No. 9,628ORDINANCE NO. 9628
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS, APPROVING THE BUDGET FOR THE BAYTOWN AREA WATER
AUTHORITY (BAWA) FOR THE FISCAL YEAR BEGINNING OCTOBER 1,
2003, AND ENDING SEPTEMBER 30, 2004; AND PROVIDING FOR THE
EFFECTIVE DATE THEREOF.
WHEREAS, the Board of Directors of the Baytown Area Water Authority (BAWA) have
adopted a budget for BAWA for the fiscal year beginning October 1, 2003, and ending
September 30, 2004; and
WHEREAS, the General Manager of BAWA has submitted said budget to the City Council
of the City of Baytown for approval; and
WHEREAS, after full and final consideration, it is the opinion of the City Council of the City
of Baytown that the budget should be approved; NOW THEREFORE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS:
Section 1: That the City Council of the City of Baytown, Texas, hereby approves the
budget of the Baytown Area Water Authority (BAWA) for the fiscal year beginning October 1, 2003,
and ending September 30, 2004, in the amount of FIVE MILLION SEVEN HUNDRED NINETY -
ONE THOUSAND FIVE HUNDRED THIRTY -THREE AND NO /100 DOLLARS ($5,791,533.00).
A copy of the above - referenced budget for BAWA is attached hereto, marked Exhibit "A," and made
a part hereof for all intents and purposes.
Section 2: This ordinance shall take effect immediately from and after its passage bythe
City Council of the City of Baytown.
INTRODUCED, READ and PASSED by the affirmative vote of the City Council of the City
of Baytown this the 25th day of September, 2003.
Z�� C eg��
PETE C. ALFARO, Mayor
ATTEST:
,, k
GARY W. SI.2ITH, City Clerk
APPROVED AS TO FORM:
•
GNACIO RAM Z, SR. ttomey
F:Ueanene\My Documents \Council\ \ September \AdoptBAWABudget03- 04.doc
� Baytown Area Water Authority
(BAWA)
ANNUAL PROGRAM OF SERVICES
2003 -04
ADOPTED BUDGET
Submitted To Baytown Area Water
Authority Board
Gary Jackson
Fred Pack
. Donna Sams
General Manager
Plant Manager
Director of Finance
BAYTOWN AREA WATER
AUTHORITY
BOARD OF DIRECTORS
ROBERT L. GILLETTE, President
DAN MUNDINGER, Vice President
PETER R. BUENZ, Secretary
KNOX BEAVERS
DAN CONEJO
2(i
BAYTOWN AREA WATER AUTHORITY
7425 Thompson Road, Baytown, Texas 77521 -1056 (281) 426- 3517 " FAX
(281) 426 -3519
1
September 17, 2003
President and Members of the Baytown Area Water Authority Board
' Baytown Area Water Authority
Baytown, Texas
t It is my pleasure to present the Adopted 2003 -04 Budget with the attached technical adjustments
for the Baytown Area Water Authority (BAWA) Board. The Budget sets forth the revenues and
appropriations for the fiscal year October 1, 2003 through September 30, 2004. The financial
' guidance provided by the Board has resulted in BAWA's strong financial position exhibited by
an above average working capital balance. The use of non - recurring revenues to fund a portion
of the capital improvement program will reduce the amount of future debt issues.
The 2004 budget includes the design of the second water supply line serving the City of
Baytown. This project will provide reliability to BAWA's largest customer, the City of
Baytown, which currently constitutes 88% of BAWA's water sales.
BAWA submitted a loan application to the Texas Water Development Board (TWBD) for
' funding of the second water supply line and Phase II improvements. The BAWA projects ranked
9th out of the 49 projects submitted for funding. The TWBD will award funding in priority order
until all available funding has been exhausted. The TWBD will meet in September 2003 to
' determine funding. In the event that the TWDB loan is not approved, we propose to issue
revenue bonds as originally planned.
' Revenue estimates for water sales in the proposed budget are based upon sales in a typical year.
However, we have experienced a trend in recent years of lower than anticipated water sales due
to weather conditions.
Major improvements are currently underway at BAWA that will provide the foundation for
assuming growth in sales and continued reliable service to the customers served. I look forward
to reviewing this document with you in detail.
' Sincere y,
Gary Ja
General
2
BAYTOWN AREA WATER AUTHORITY FUND
TECHNICAL ADJUSTMENTS & AMENDMENTS
2003 -04 BUDGET
Attachment
Proposed Adjustment Adopted
Expenditures:
Baytown Area Water Authority Fund $ 5,774,833 $ 16,700 $ 5,791,533
$ 5,774,833 $ 16,700 $ 5,791,533
Summary of Technical Adjustments
Proposed Adjustment Adopted
Expenditures:
Baytown Area Water Authority Fund
71031 Contract Personnel BAWA $ 844,714 $ 16,700 $ 861,414
$ 844,714 $ 16,700 $ 861,414
The Technical Adjustments are based on the following adjustments to the 2003 -04 Baytown
Area Water Authority (BAWA) Budget.
Adjustment #1:
• Updates include the budgeted expenditures for the BAWA Fund to fund a 2.5%
salary increase to employees who work at the Baytown Area
Water Authority. $ 13,500
Adjustment #2
• Updates include the budgeted expenditures for the BAWA Fund for health costs
that were underestimated during the original budget process. 3,200
TOTAL $ 16,700
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MAJOR BUDGET ISSUES
Fiscal Year 2003 -04
BAYTOWN AREA WATER AUTHORITY
' This fund accounts for the activities of the Baytown Area Water Authority (BAWA). BAWA is a
water authority created by the Texas Legislature to supply water for the City of Baytown (City)
and surrounding communities. The City comprises approximately 88% of BAWA's annual
' sales. BAWA is a separate legal entity; however, it is considered a component unit of the City.
BAWA has experienced no shortages of raw water supply to the plant or interruptions to service
to its customers.
REVENUES
1 The 2003 -04 budget projects sales of $5,647,178 for 12.21 million gallons per day (MGD) based
upon average rainfall years. Fluctuations to average rainfall can significantly impact actual sales.
BAWA services a total of eight customers. No increases are projected to BAWA's current rate
structure of $1.26 per 1,000 gallons for the City of Baytown and $1.29 per 1,000 gallons for
customers outside the city. Since the inception of the BAWA plant in April 1981, there have
tbeen three rate increases in 1988, 1993 and 1999. The 1999 increase provided funding for the
issuance of debt for plant expansion.
' EXPENDITURES
' Total adopted operating expenditures for the 2003 -04 budget are $3,722,583, an increase of
$45,910 from 2003. The depreciation expense increased to recognize one full year of
' depreciation on the Phase I improvement project. Highlights of major operating changes were as
follows:
• Annualization of prior year compensation program and 2004
increases for 2002 -03. $39,029
• A decrease in maintenance expenses. ($2,300)
• Various increases in other supplies & services. $9,181
Raw Water Supply Cost — BAWA purchases raw water from the City of Houston. The raw
water supply contract with the City of Houston is in effect through the year 2020 and sets the
maximum amount of raw water to be delivered to the BAWA plant at 11.9 MGD without
penalties. BAWA anticipates no rate increase from the City of Houston for next year; therefore,
' there will be no pass through increase in the cost of raw water for the 2004 f scal year. The
surcharge for water purchased over the 11.9 MGD is nominal at this time.
10 Debt Service — The current debt service requirement for 2003 -04 is $1,319,950. There is a
decrease of $513,243 from the 2003 fiscal year. The final payment on the 1994 Revenue bonds
Iwas made in 2003.
' • There is currently one line supplying water to BAWA's major customer, the City of
Baytown. The design for a second line is planned in 2004 at an estimated cost of
$700,000 for design. The total estimated cost will be $7,000,000. Debt will be issued for
' construction.
WORKING CAPITAL
' In order to maintain fiscal stability, governmental entities maintain a working capital balance to
meet daily liquidity needs. Appropriate levels of working capital vary from entity to entity based
' on the relative impact of particular circumstances or financial conditions. The goal for working
capital is 90 days. Working capital is defined as current assets (e.g. cash, investments, accounts
receivable) less current liabilities (e.g. accounts payable). Projected working capital is estimated
to be 103 days as of September 2004.
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MAJOR BUDGET ISSUES
Fiscal Year 2003 -04
'
CAPITAL IMPROVEMENT PROGRAM.
The Capital Improvement Program for BAWA includes four major projects. The projects are
'
funded primarily from bonds. The 2004 budget includes funding from retained earnings
designated for capital improvements for the second water supply line project design cost. The
'
2004 budget includes a transfer to the BAWA Capital Improvement Program (CIP) of $475,000,
which represents non - operating revenues received from a mineral royalty. The retained earnings
of the BAWA CIP Fund is estimated to be $1,379,117 by the end of 2004. Utilizing non-
'
operating funds in the CIP program will reduce the amount of debt issued in the future.
• Phase II of BAWA's plant improvement is on hold pending the Texas Commission on
Environmental Quality (TCEQ) study to develop new recommendations pertaining to
disinfection programs (Ozone). The study should be complete by 2003 with
recommendations available in 2004. Phase II was originally estimated at $6,000,000.
• Phase III of BAWA's plant improvement is currently underway. This included the
replacement of equipment that has reached its useful life; pumping improvements to
'
achieve a firm capacity of 26 MGD; and safety improvements. Phase III began in the
summer of 2002 and is scheduled to be complete September 2003. The estimated cost for
this project is $5,800,000 funded from the 1999 and 2002 Revenue Bonds issued.
'
• The master meters for BAWA's seven outside customers are being replaced. Th
g p e meters
'
for the City of Baytown are not being replaced due to the volume of meters. The purpose
of this program is to change the master meters from a turbine meter to a fire - service
compound meter. This will bring BAWA into compliance with the UL -FM Code for Fire
Protection as well as measure water usage at lower flows more accurately. The 2004
'
budget includes $210,000 for this project.
' • There is currently one line supplying water to BAWA's major customer, the City of
Baytown. The design for a second line is planned in 2004 at an estimated cost of
$700,000 for design. The total estimated cost will be $7,000,000. Debt will be issued for
' construction.
WORKING CAPITAL
' In order to maintain fiscal stability, governmental entities maintain a working capital balance to
meet daily liquidity needs. Appropriate levels of working capital vary from entity to entity based
' on the relative impact of particular circumstances or financial conditions. The goal for working
capital is 90 days. Working capital is defined as current assets (e.g. cash, investments, accounts
receivable) less current liabilities (e.g. accounts payable). Projected working capital is estimated
to be 103 days as of September 2004.
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BAYTOWN AREA WATER AUTHORITY FUND 510
BUDGET SUMMARY BY FUND
Actual Budget Estimated Adopted
2001 -02 2002 -03 2002 -03 2003 -04
xevenues
822,385
819,521
861,414
1,998,998
Sale of Water - Baytown $
4,641,698 $
4,927,829 $
4,642,691 $
4,941,329
Sale of Water - Other
586,889
703,921
630,197
705,849
Interest Revenue
38,764
87,600
18,350
12,000
Mineral Royalties
313,625
320,000
475,000
475,000
Total Revenues
5,580,976
6,039,350
5,766,238
6,134,178
Expenditures
' Personnel Services
Supplies
Maintenance
Services
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781,202
822,385
819,521
861,414
1,998,998
2,258,700
2,129,900
2,258,200
187,189
142,300
133,200
140,000
439,887
453,288
444,553
462,969
Total Operating 3,407,276
3,676,673
3,527,174.
3,722,583
Transfers Out - Capital Improvement
313,625
320,000
Capital Outlay
43,021
30,000
29,269
234,000
Debt Service:
$ 1,396,180 $
1,535,664 $
1,297,782 $
1,640,427
Principal
1,250,000
1,015,000
1,015,000
565,000
Interest
813,938
818,193
818,193
754,950
Transfers Out - Capital Improvement
313,625
320,000
475,000
475,000
Contingency
-
40,000
-
40,000
Total Expenditures
5,827,860
5,899,866
5,864,636
5,791,533
Excess (Deficit) Revenues
Over Expenditures
(246,884) 139,484 (98,398) 342,645
Working Capital - Beginning
1,643,064
1,396,180
1,396,180
1,297,782
Working Capital - Ending
$ 1,396,180 $
1,535,664 $
1,297,782 $
1,640,427
No. of Working Capital Days
87
95
81
103
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BAYTOWN AREA WATER AUTHORITY FUND 510
OPERATING RESULTS
Actual Budget Estimated Adopted
2001 -02 2002 -03 2002 -03 2003 -04
Operating Revenues
Sale of Water - Baytown $ 4,641,698 $ 4,927,829 $ 4,642,691 $ 4,941,329
Sale of Water - Other 586,889 703,921 630,197 705,849
Total Revenues 5,228,587 5,631,750 5,272,888 5,647,178
Operating Expenses
Personnel Services
781,202
822,385
819,521
861,414
Raw Water Purchases
1,585,340
1,679,600
1,615,435
1,725,393
Supplies
413,658
579,100
514,465
532,807
Maintenance
187,189
142,300
133,200
140,000
Services
439,887
493,288
444,553
502,969
Depreciation
351,650
350,000
344,400
512,000
Total Expenditures
3,758,926
4,066,673
3,871,574
4,274,583
Operating Income 1,469,661 1,565,077 1,401,314 1,372,595
Non - Operating
Interest Revenue and Other
352,389
407,600
493,350
487,000
Interest Expenses and Other
(813,938)
(818,193)
(818,193)
(754,950)
Transfers Out - Capital Improvement
(313,625)
(320,000)
(475,000)
(475,000)
Total Non - Operating Expenses
775,174
(730,593 )
(799,843
742,950
Net Income $ 694,487 $ 834,484 $ 601,471 $ , 629,645
Reconciliation of Net Income (Loss) to Revenues Over (Under) Expenses:
Net Income
$ 694,487 $
834,484 $
601,471 $
629,645
Principal Debt Retirement
(1,250,000)
(1,015,000)
(1,015,000)
(565,000)
Capital Outlay
(43,021)
(30,000)
(29,269)
(234,000)
Depreciation
351,650
350,000
344,400
512,000
Revenues Over (Under) Expenditures
$ (246,884 ) $
139,484 $
98,398 $
342,645
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BAWA - CAPITAL IMPROVEMENT PROGRAM FUND
BUDGET SUMMARY BY FUND
Actual Budget Estimated Adopted
2001 -02 2002 -03 2002 -03 2003 -04
xevenues
Transfer Royalties From BAWA $ 313,625 $ 320,000 $ 475,000 $ 475,000
Total Revenues 313,625 320,000 475,000 475,000
Expenditures
Design Water Supply Line - City of Baytown - - - 700,000
Total Operating - - - 700,000
Total Expenditures - - - 700,000
Excess (Deficit) Revenues
Over Expenditures
Retained Earnings - Beginning
Retained Earnings - Ending
313,625
320,000
475,000
(225,000)
815,492
1,129,117
1,129,117
1,604,117
$ 1,129,117
$ 1,449,117
$ 1,604,117
$ 1,379,117
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CITY OF BAYTOWN
SERVICE LEVEL BUDGET
3070 BAYTOWN AREA WATER AUTHORITY
Actual Budget Estimated Adopted
Acct# Acct Descri tion 2001 -02 2002 -03 2002 -03 2003 -04
"/1UU Personnel Services
71031 Contract Personnel Services
Total Personnel Services
7200 Supplies
72001 Office
72002 Postage
72007 Wearing Apparel
72016 Motor Vehicle
72021 Minor Tools
72026 Cleaning & Janitorial
72031 Chemical
72032 Medical
72041 Educational
72051 Untreated Water
72055 Laboratory Supplies
Total Supplies
7300 Maintenance
73011 Buildings
73021 Filtration Plants
73022 Sanitary Sewers
73025 Streets Sidewalks & Curbs
73027 Heating & Cooling System
73028 Electrical Maintenance
73041 Furniture & Fixtures
73042 Machinery & Equipment
73043 Motor Vehicles
73045 Radio & Testing Equipment
Total Maintenance
7400 Services
74001 Communication
74002 Electric Service
74011 Hire Of Equipment
74021 Special Services
74022 Audits
74036 Advertising
74041 Travel & Reimbursables
74042 Education & Training
74051 Rents
74071 Association Dues
74210 General Liability Insurance
74220 Errors & Omissions
74240 Auto Liability
74271 Mobile Equipment
$ 1 781,202 $ 822,385 $ 819,521 $ 861,414
781,202 822,385 819,521 861,414
2,242
2,000
2,000
2,000
322
400
400
400
3,293
4,700
4,700
4,700
2,475
4,500
4,000
4,000
1,496
1,800
1,800
1,800
2,007
2,000
2,000
2,000
377,516
493,000
465,000
493,000
274
600
600
600
503
1,300
1,300
1,300
1,585,340
1,725,400
1,625,100
1,725,400
23,530
23,000
23,000
23,000
1,998,998
2,258,700
2,129,900
2,258,200
2,413
3,000
3,000
3,000
43,333
15,000
3,000
15,000
1,717
600
1,600
-
376
700
100
500
6,432
6,500
12,000
6,000
27,717
50,000
50,000
50,000
1,035
1,000
1,000
1,000
93,117
60,000
60,000
60,000
10,869
5,000
2,500
4,000
180
500
-
500
187,189
142,300
133,200
140,000
7,661
6,550
6,550
6,550
358,602
363,481
363,481
363,481
6,479
8,000
4,000
5,000
12,709
17,850
12,850
28,850
8,060
10,800
10,800
10,800
373
500
500
500
3,624
4,000
4,000
4,000
8,961
11,600
11,600
11,600
5,555
5,640
6,000
6,000
832
800
800
800
4,188
3,686
3,686
4,242
6,052
5,325
5,325
6,300
615
801
825
696
285
-
284
298
1 9
CITY OF BAYTOWN
SERVICE LEVEL BUDGET
3070 BAYTOWN AREA WATER AUTHORITY
Actual Budget Estimated Adopted
Uct# Acct Description 2001 -02 2002 -03 2002 -03 2003 -04
/4.Z/2 Keal & Personal property
74280 Bonds
Total Services
Total Operating
4
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11,653 $ 10,255 3 13,852 $ 13,852
4,238 4,000 - -
439,887 453,288 444,553 462,969
3,407,276 3,676,673 3,527,174 3,722,583
- 19,000 18,478 234,000
43,021 11,000 10,791 -
43,021 30,000 29,269 234,000
2,063,938
8000 Capital Outlay
1,833,193
84042 Machinery & Equipment
313,625
84043 Motor Vehicles
'
Total Capital Outlay
2,377,563
9000 Other Financing Uses
2,308,193
91511 To BAWA Debt Service
91518 To BAWA Capital Improv
Total Other Financing Uses
9900 Contingencies
99001 Contingencies
tTotal
Contingencies
TOTAL DEPARTMENT
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11,653 $ 10,255 3 13,852 $ 13,852
4,238 4,000 - -
439,887 453,288 444,553 462,969
3,407,276 3,676,673 3,527,174 3,722,583
- 19,000 18,478 234,000
43,021 11,000 10,791 -
43,021 30,000 29,269 234,000
2,063,938
1,833,193
1,833,193
1,319,950
313,625
320,000
475,000
475,000
2,377,563
2,153,193
2,308,193
1,794,950
40,000 - 40,000
- 40,000 - 40,000
$ 5,827,860 $ 5,899,866 $ 5,864,636 $ 5,791,533
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CITY OF BAYTOWN
BAYTOWN AREA WATER AUTHORITY REVENUE BONDS
LONG TERM DEBT AMORTIZATION SCHEDULES
Amount Requirements Amount
Revenue Amount of Outstanding Fiscal Year 2003 -04 Outstanding
Bonds Issue October, 2003 Principal Interest Total Sept., 2004
series, 199/ $ 1,35U,000 $ 1,150,UUU $
2U5,0U0 $
52,256 $
257,256
$ 945,000
Series, 1999 9,095,000 9,095,000
210,000
506,145
716,145
8,885,000
Series, 2002 3,800,000 3,800,000
150,000
196,549
346,549
3,650,000
$ 14,045,000 $
565,000 $
754,950 $
1,319,950
$ 13,480,000
Combined BAWA Debt, All Series
Debt Requirements to Maturity
Fiscal
Principal
Total
Total
Year
5/01
Interest Requirement
2004
$ 565,000
$ 754,950 $
1,319,950
2005
595,000
723,031
1,318,031
2006
630,000
689,189
1,319,189
2007
660,000
653,199
1,313,199
2008
100,000
615,429
1,315,429
2009
740,000
574,994
1,314,994
2010
780,000
533,194
1,313,194
2011
815,000
493,219
1,308,219
2012
860,000
451,141
1,311,141
2013
905,000
407,819
1,312,819
2014
950,000
361,679
1,311,679
2015
995,000
312,289
1,307,289
2016
1,050,000
259,931
1,309,931
2017
1,100,000
204,291
1,304,291
2018
1,160,000
145,991
1,305,991
2019
1,220,000
83,351
1,303,351
2020
320,000
16,480
336,480
$ 14,045,000
$ 7,280,176 $
21,325,176
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CITY OF BAYTOWN
BAYTOWN AREA WATER AUTHORITY REVENUE BONDS
DETAIL DEBT AMORTIZATION SCHEDULES
Fiscal Interest Principal Interest Interest Annual Principal Total
Year Rate Due 5101 Due 5101 Due 11 /01 Requirement Outstanding Outstandin
Revenue Bond, Series
1997 Date of Issue - December 4, 1997
745,000
112,944
Term - 10 Years
2000
3,395,000
$ -
$ 33,503
$ 33,503 $
67,006 $
1,350,000
$ 1,715,523
2001
5.565%
-
33,503
33,503
67,006
1,350,000
1,648,516
2002
5.565%
-
33,503
33,503
67,006
1,350,000
1,581,510
2003
7.375%
200,000
33,503
33,503
267,006
1,150,000
1,314,504
2004
4.375%
205,000
26,128
26,128
257,256
945,000
1,057,248
2005
4.450%
215,000
21,644
21,644
258,288
730,000
798,960
2006
4.550%
230,000
16,860
16,860
263,720
500,000
535,240
2007
4.600%
245,000
11,628
11,628
268,255
255,000
266,985
2008
4.700%
255,000
5,993
5,993
266,985
-
-
2008
7.000%
$ 1,350,000
$ 216,264
$ 216,264 $ 1,782,529
707,095
7,915,000
Revenue Bond, Series
1999 Date of Issue - November 1, 1999
745,000
112,944
Term - 20 Years
970,888
3,395,000
3,875,000
2016
5.400%
785,000
93,015
$ 16,019,675
2000
5.565%
$ -
$ 253,073
$ - $
253,073 $
9,095,000
15,766,603
2001
5.565%
-
253,073
253,073
506,145
9,095,000
15,260,458
2002
5.565%
-
253,073
253,073
506,145
9,095,000
14,754,313
2003
5.565%
-
.253,073
253,073
506,145
9,095,000
14,248,168
2004
7.000%
210,000
253,073
253,073
716,145
8,885,000
13,532,023
2005
7.000%
225,000
245,723
245,723
716,445
8,660,000
12,815,578
2006
7.000%
235,000
237,848
237,848
710,695
8,425,000
12,104,883
2007
7.000%
245,000
229,623
229,623
704,245
8,180,000
11,400,638
2008
7.000%
265,000
221,048
221,048
707,095
7,915,000
10,693,543
2009
5.700%
550,000
211,773
211,773
973,545
7,365,000
9,719,998
2010
5.000%
585,000
196,098
196,098
977,195
6,780,000
8,742,803
2011
5.100%
610,000
181,473
181,473
972,945
6,170,000
7,769,858
2012
5.150%
645,000
165,918
165,918
976,835
5,525,000
6,793,023
2013
5.200%
675,000
149,309
149,309
973,618
4,850,000
5,819,405
2014
5.300%
710,000
131,759
131,759
973,518
4,140,000
4,845,888
2015
5.350%
745,000
112,944
112,944
970,888
3,395,000
3,875,000
2016
5.400%
785,000
93,015
93,015
971,030
2,610,000
2,903,970
2017
5.400%
825,000
71,820
71,820
968,640
1,785,000
1,935,330
2018
5.500%
870,000
49,545
49,545
969,090
915,000
966,240
2019
5.600%
915,000
25,620
25,620
966,240
-
-
$ 9,095,000
$ 3,588,874
$ 3,335,801
$ 16,019,675
12
CITY OF BAYTOWN
BAYTOWN AREA WATER AUTHORITY REVENUE BONDS
DETAIL DEBT AMORTIZATION SCHEDULES
Fiscal Interest Principal Interest Interest Annual Principal Total
Year Rate Due 5101 Due 5101 Due 11 /01 Requirement Outstanding Outstanding
'
Revenue Bond, Series
2002 Dale of Issue - January 10, 2002
_
Term - 19 Years
$ 6,040,949
2002
$ -
$ 81,895
$ - $
81,895 $
3,800,000
5,959,054
'
2003
2004
5.50090
-
150,000
98,274
98,274
98,274
98,274
196,549
346,549
3,800,000
3,650,000
5,762,505
5,415,956
2005
5.500%
155,000
94,149
94,149
343,299
3,495,000
5,072,658
2006
5.500%
165,000
89,887
89,887
344,774
3,330,000
4,727,884
'
2007
5.500%
170,000
85,349
85,349
340,699
3,160,000
4,387,185
2008
5.500%
180,000
80,674
80,674
341,349
2,980,000
4,045,836
2009
5.500%
190,000
75,724
75,724
341,449
2,790,000
3,704,388
2010
5.500%
195,000
70,499
70,499
335,999
2,595,000
3,368,389
'
2011
5.350%
205,000
65,137
65,137
335,274
2,390,000
3,033,115
2012
4.700%
215,000
59,653
59,653
334,306
2,175,000
2,698,809
'
2013
2014
4.800%
4.900%
230,000
240,000
54,601
49,081
54,601
49,081
339,201
338,161
1,945,000
1,705,000
2,359,608
2,021,446
2015
5.000%
250,000
43,201
43,201
336,401
1,455,000
1,685,045
2016
5.000%
265,000
36,951
36,951
338,901
1,190,000
1,346,144
2017
5.000%
275,000
30,326
30,326
335,651
915,000
1,010,493
'
2018
5.10090
290,000
23,451
23,451
336,901
625,000
673,591
2019
5.125%
305,000
16,056
16,056
337,111
320,000
336,480
'
2020
5.150%
320,000
$ 3,800,000
8,240
$ 1,161,422
8,240 336,480
$ 1,079,527 $ 6,040,949
-
-
13