Loading...
HomeMy WebLinkAboutRES NO 76-71RESOLUTION NO. -76-71 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD CONSENTING TO THE INCLUSION OF THE LANDS WITHIN THE CITY IN THE PROPOSED URBAN BAKERSFIELD AREA IMPROVEMENT DISTRICT UNDER SPECIFIED CONDITIONS. WHEREAS, the Kern County Water Agency is authorized to establish an improvement district for providing supplemental water to the Urban Bakersfield Area, and WHEREAS, the Kern County Water Agency adopted a resolution on December 10, 1970, declaring its intent to form an improvement district for the purpose of bringing supplemental water to the Urban Bakersfield Area, and WHEREAS, by letter dated May 24, 1971, the City of Bakersfield approved a'plan for delivery of imported water to the U.rban Bakersfield Area by way of a Cross-Valley Canal subject to more detailed plans for the construction of the canal and partici- pation thereof, and WHEREAS, plans have been drawn, cost figures presented on a joint participation basis, and other data prepared by the Kern County Water Agency in the implementation of the proposed Urban Bakersfield Improvement District, and WHEREAS, Section 99-14.9 of the Kern County Water Agency Act as amended by Statutes 1968 Chapter 369 provides that the legislative body of the City of Bakersfield must file a resolution adopted by a majority vote of the City Council consenting to the inclusion of lands within the improvement district. NOW, THEREFORE BE IT RESOLVED by the City Council of the City of B~kersfi~l~ ~s fQ!iQ~; 1. That the report entitled "Second Supplemental Report Plan for Delivery of Water to and a Financial Plan for an Urban Bakersfield Area Improvement District by Walter G. Schulz, Consultant October, 1971" is hereby made a part of this Resolution as if fully set forth herein. 2. That the costs, alternative plans, proposals contained therein, conditions, delivery schedules, revenues, capital con- struction and joint participation as contained in said report be substantially complied with as a condition of consent to the inclusion of the lands within the City of Bakersfield within the proposed improvement district. 3. The City of Bakersfield consents to the inclusion of the lands within the City of Bakersfield in the proposed improvement district subject to paragraphs 1 and 2 above· o0o I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the Council of the City of Bakersfield at a regular meeting thereof held on the 1st day of November, 1971, by the following vote: AYES: COUNCILMEN BLEECKER, HEISEY, MEDDERS, REES, RUCKER, THOMAS, WHITTEMORE .ABSENT COUNCILMEN ABSTAINING COUNCILMEN: APPRO~y~R~ MAY C j rk of the LE a 1 [~%~-t ~d o~ Nove 9 ~~C~Bakersfield APPROVED: SECOND SUPPLEMENTAL REPORT Paler or Delivery of Water to and a Financial Plan for an Urban Bakersfield Area Improvement District by Walter G. Schulz, Consultant October 1971 The Board of Directors of Kern County Water Agency adopted a resolution on December 10, 1970, declaring its intent to form an improvement district for the purpose of bringing supplemental water to the urban Bakersfield area. Hearings were held on February 17, April 1 and July 22 to consider evidence with respect to the plan of physical works and financing of the improvement district. Two reports have been prepared in which such a plan was detailed. The included features are designated as the Cross- Valley Canal, the Cross-Valley Canal Extension, groundwater recharge facilities, a water treatment plant, and, pipelines and apDurtenant pumping plants. The reports also included a description of the method and degree of participation of other member units of the Agency in the Cross-Valley Canal and its extension. Cost allocation procedures and repayment schedules were also presented. Subsequent to the July 22 hearing, further analysis was made of the special problems inherent in delivery of supplemental water to East Niles Community Services District, North of the River Municipal Water District and the City of Bakersfield. The "George Nickel Plan" as presented at the hearings was explored including the elements of an exchange of State Water Pro.~ect water for a portion of the Kern River entitlement of Buena Vista Water Storage District. As a result of these negotiations, further refinements were made in the Cross-Valley program and these are described in this second supplemental report. Only the changes and alternatives are discussed herein. For other details refer- ence is made to the two prior reports. Cross-Valley Canal At the July 22 session of the hearing, Pond-Poso Improvement District of Semitropic Water Storage District stated that it no longer desired to be included in the -1- Cross-Valley Canal. It is considered to be in the best interests of the urban area to have Pond-Poso Improvement District withdraw in view of the complications involved in exchanging water with Arvin-Edison Water Storage District and arranging for use of the Friant-Kern Canal. Also at the July 22 session of the hearing, Kern Delta Water District stated it desired to participate on a somewhat different basis than previously proposed. This request has been recognized and there is presented herein a plan for Kern Delta Water District to take one-half its allocation through the Cross-Valley Canal for groundwater recharge or interim sale to Rag Gulch Water District, and the other one-half from Kern River into the canal system serving the eastern part of its district in an exchange with Buena Vista Water Storage District. The district is urged to vigorously pursue the necessary'exchange and sale arrange- ments. In presenting his plan, Mr. George Nickel took exception to the alignment of the Cross-Valley Canal. He urged very strongly that a routing along the south side of the r~.ver was preferable and also that an exchange be entered into with Buena Vista Water Storage District. Both recommendations have been considered. First, the routing of the Cross-Valley Canal is not dependent on an exchange, but rather would revolve about selecting the most feasible route from. both engineering and economic considerations during the final design stage. Thus, the various alternative alignments that could be considered in addition to that presented in prior reports would include at least the following: (a) Use of the Buena Vista main canal from near the California Aqueduct to the crossing of Interstate Highway No. 5 in either a concrete-lined or unlined state. In the latter case a portion of West Kern County Water District entitlement would be carried to the extent of the seepage losses which would be credited to its groundwater recharge program. (b) Continuation in the Buena Vista main canal from Interstate Highway No. 5 across the Kern River and thence parallel to the Kern River Canal to a point near Pioneer Weir where facilities would divide to service the participants in the program. °2- (c) Use of Buena Vista main canal as in , thence northeasterly to an alignment ~ miles south of Stockdale Highway and thence generally along the route originally proposed. These are possible alternatives, but the route set forth for analysis herein has not been changed in order that cost comparisons may be realistic and on the same basis. In the reopening of discussions of an exchanKe with Buena Vista Water Storage District a firm indication of the cost was requested. The district offered to exchange from forty to forty-five thousand acre-feet of firm, regulated water for a payment of $7.00 per acre-foot. It was determined that costs to the urban area for the plan proposed by the prior reports to the Agency would be reduced by an amount equal to cost of the exchange offered by the district, but in making this savinK there would be a transfer of $800,000 in capital costs to agricultural member units. Thus, there would be a net loss to the agri- cultural participants. If a more economical routing is available as has been contended then the savings to the urban area would be proportionately less since the area s financial obligation would be expressed by a percentage of a smaller amount. Exchanges with Kern River interests are not pre- cluded by a Cross-Valley program either on an interim or permanent basis. This is particularly the case if all member units are considered as with Kern Delta Water District. The adjusted allocation ratios for the participants in the Cross-V~lley Canal program, computed in the same manner as previously, are set forth in Table 1 and the capital and annual equivalent costs to each participant are shown tn Table 2, both attached. Cross-Valley Canal Extension Reach I of the Cross-Valley Canal Extension ham not been changed from tha~ presented in the ,July 1071 report for the case in which it would be used jointly by the urban serv{.ce area and Cawelo Water District. The capital, annual and allocated costs areas set forth in Tables 7 and 8 of the July 1971 report. -3- Reach II of the Cross-V~lley Canal Extension has been materially revised once again in this supplemental report by virtue of a change in location of the proposed treatment plant. Thus, Reach II. as set forth in the July 1971 report, or some modification thereof. would become the sole responsibility of the Cawelo Water District to construct and operate. It is estimated that the capital cost to convey the entitlement of that district from the treatment plant site near Calloway Weir to the BeardsIcy Canal at Airport Drive would be about eight percent more than the ~oint use facility described in the July 1971 report,. Treatment and D~livery Facilities The resolution of the Agency Board that announced its intent to form an improvement district included among the facilities for the project a treatment plant and pipelines and pumping plants to dellNet treated water. The features were considered in the February 1971 report as separable facilities in connection with the then proposed exchange with First Point interests on Kern River. In the July 1971 report there was no detailed discussion of these facilities other than suggesting a deferment in time. It was also considered in that report that the supply for East Niles Com- munity Services District would be delivered through the Arvin- Edison Canal. There are certain uncertainties with respect to a large scale groundwater recharge program and there is no question that the greatest benefit to the Kroundwater basin' can be achieved by a substantial and immediate reduction in draft. This can be accomplished in the desired manner by direct delivery of State Project water into the systems of the major purveyors within the urban area with a corresponding- positive reduction in draft. Furthermore, losses by evapo- transpiration of the imported supply would be reduced by such an operation. Thus, it is now considered that a treatment plant should be an initial facility of the urban area plan and that the appropriate location for the plant would be near the end of Reach I of the Cross-Valley Canal Extension and in the general vicinity of Calloway Weir. Additionally, pipellnes would extend northward and eastward from the treatment plant to those portions of the service area most in need of direct service. These are: East Niles Community Services District, since it would not be permitted to take State Pro~ect water in any quantit or dilution into its existing DE ~reatment plant as would Kave -4- occurred if the plan to use the Arvin-Edison Canal had been followed, and North of the River Municipal Water DiStrict for replacement of the water of unsatisfactory quality now served in a portion of its service area. These areas will be able to receive their supplemental supply as soon as the treatment plant and biDelines are in operation. Pro~ect Costs The recomputation of the project costs of the Cross- Valley Canal from those ~et forth in Table 13 of the July 1971 report, based on the revised participation by agri- cultural member units, is set forth in Table 3 attached. This tabulation atso contains costs of State Project water and of the Cross-Valley Canal Extension which are unchanged from those shown in Table 13 of the July 1971 report. Only the values based on continuously escalated costs for operation and maintenance are shown. There is an increase in cost for the urban area's share of the participation in the Cross- Valley Canal between this report and the last one that averages about 15 percent. The explanation for this increase was pre- sented in the comparison of five assumptions of degrees of participation in the Cross-Valley Canal as described on pages 12 to 14 of the July 1971 report. A further inclusion in this tabulation, one which was contained only in the February 1971 report, is the cost of the treatment plant and conveyance facilities. It may be noted that no general water charge or demand unit cost computations are shown in Table 3 as in its counterpart previously. Later in this report there is a reanalysis of the water demand in the urban area from that shown in Column 2 of Table 13 of the July 1971 report, which indicates a higher use throughout the buildup period based on current knowledge of the urban demand for the new population projections within the urban area and the agri- cultural demands which were not previously included. The treatment and delivery system would comprise the following works and have the followinR capital costs at 1972 price levels: -5- Facility Treatment Plant: First stage 22.5 MGD Nominal Capacity Pipelines & Booster Pumping ,P, lants ) North of River: 24" and 18 pipeline ) aggregating 16,000 feet plus 2 Booster Pumping Plants- 470 HP Bakersfield-East Niles: 15" to 36" pipeline aggregating 34,000 feet plus 3 Booster Pumping Plants aggregating 1800 HP ) ) ) ) ) ) Capital Cost $5,570,000 $3,715,000 The annual costs for debt service of these facilities and the operating costs of the treatment plant are also set forth in Table 3 and their general location is shown on the attached map. Annual operating costs, including power costs~ for conveyance facilities are to be borne by the respective water purveyors. Population Projection and Water Demand A question has been raised during discussions of the improvement district plan concerning the reliability of the estimates of water demand in view of the reduced rate of growth in California as shown by the 1970 census. The water demand schedule used throughout the prior studies were those set forth in the report entitled "Alternate Sources of Water Supply for Bakersfield Urban Area" by Thomas M. Stetson, dated 1 July 1966, An earlier report issued in August 1963 by Boyle Engineering to the City of Bakersfield entitled "Imported Water Supply for Urban Bakersfield" also contained population and water demand schedules. However, both those reports were directed only toward an estimation of the municipal and industrial water require- ments of an area that was essentially the same as proposed for the Urban Bakersfield Area Improvement District. The Stetson report indicates a minimum supplemental demand in 1990 for such purposes of 66,000 acre-feet and the Boyle -6- report predicted 100,000 acre-feet for the same date. Neither took cognizance of the current or continuing demands for agricultural water. A comparison of the population projections in those two reports and that developed for this report, based on the latest census data, are as follows: This Boyle Stetson Report 1960 155,000 1965 186,000 1970 217,000 201,000 185,000' 1975 255,000 235,000 205,000 1980 300,000 270,000 220,000 1985 348,000 304,000 235,000 1990 404,000 336,000 250,000 2000 280,000 2010 310,000 2020 340,000 *Census data The differences are due to the marked decrease in growth as a result of a lesser migration to California and reduced family size. For example, the population of Kern County increased by 28 percent in the decade of the lq50's and only 12 percent in the past census demand. The urban Bakersfield area's rate of growth has been somewhat greater than the entire County. A survey made by the Department of Water Resources in 1969 showed that the pattern of land use in the urban service area was as follows: Urbanized 24,200 acre~ Agricultural 21,100 acres Idle 21,600 acres Total 66,900 acres Records of the California Water Service Company and the studies of the Department of Water Resources indicate a per capita demand over the 1958-1970 period of slightly more than 325 gDcd. The average rate of applied water for agri- culture in the area is at least 3.5 acre-feet Per acre. Table 13 of the July 1971 report shows a demand for urban service in 1969 of 76,000 acre-feet as compared to -7- 68,000 acre-feet by computation from the land use survey. However, the inclusion of the agricultural demand more than offsets the decrease due to a lesser population. It is also unquestioned that future urban growth will encroach on both the agricultural and presently idle lands. For purposes of estimation, it is asstuned that there would be a more rapid decline in agricultural land use than an increase in urban use. On this basis, the future water demand may be somewhat as follows: Urban ASricuI~ural Use Demand Area Water Total (Ac.ft.) (a__c.__) (ac.ft.) (ac.ft.) 1970 68 000 21,000 74,000 142,000 1980 80r000 17.000 60,000 140,000 1990 91,000 14,000 4q,000 140,000 2000 102,000 12,000 42,000 144,000 2010 113,000 11,000 38.000 151,000 2020 124,000 10,000 35,000 159,000 The total supply available to the urban service area is in the probable range of the following: State Project Entitlement Safe yield from groundwater Agricultural return flows M&I return flows Range 77,000 - 77,000 acre-feet 10,000 - 30,000 acre-feet (11,000 - 23,000)acre-feet (38,000 - 20,000)acre-feet 136,000 to 150,000 acre-feet Based on the foregoing assumptions. it appears that there is a demand for imported water in the urban service area in the amount allocated to it and that this quantity is required to develop a balanced supply for the area. Furthermore. the allocated amount plus an allowance for an entitlement to the safe yield of the groundwater basin and credit for return flows will serve the urban area until after the turn of the century, considering that the return flows add to the basinwide balance. Costs and Revenues The project construction costs have been developed on the basis of lq70 prices and then escalated at five percent annually to the year of construction. Capital funds for construction are pr~sun~a to be obtai~d through ~uance -8- of general obligation bonds with a 30-year term and bearing seven percent interest. Operation, maintenance and replacement costs of the Cross-Valley facilities were estimated at current prices and escalated at 2-1/2 percent annually throughout the period of project repayment analysis. The State facilities operation and maintenance costs were escalated in the same manner. State project capital costs for Delta facilities, as yet not con- structed, and for additional storage facilities to maintain the total pro~ect yield are included in the total as is escalation thereon. Pumping costs were based on Pacific Gas and Electric Company schedules. The annual values for each of the foregoing items of cost are set forth in Table 3 attached. The resolution of the Agency Board, in which the intent to form an improvement district, established a limit on the roundwater extraction charge of $20,00 per acre-foot and ~0.20 per hundred dollars of assessed valuation on the ad valorem tax for purposes other than payment of principal and interest on bonds. Furthermore, the Board may establish different rates in setrinK the groundwater extraction charges for different classes of service. There are two classes of service within the urban area: namely, agricultural and municipal-industrial for which different rates may be set provided the ratio does not exceed two. In the ensuing revenue analysis the permissible maximum rates stated above and a lower rate of $14 per acre-foot as the cost for agri- cultural water will be utilized. The latter is considered to be about comparable to the costs for water service including S~ate water charges incurred byneighboring agricultural member units and thus, does not create an economic advantage for one over the other. Direct delivery for urban use from the treatment plant will be assigned a cost equal to that of the groundwater extraction charge. The potential project revenues under the foregoing conditions, using water demand estimates developed herein and assessed valuations presented in previous reports, are set forth in Table 4 attached for each year from 1973 to 2005, and each 5 years thereafter to 2020. It must be recognized that any presentation of a cost and revenue schedule is for illustrative purposes only and many combinations are possible. The Agency Board must conduct a public hearing each year on the establishment of the groundwater extraction charge and the ad valorem tax rate for costs other than payment of principal and interest -9- on the general obligation bonds. The latter will always have available the full tax base of the improvement district in the event the other sources of revenue do not meet debt service requirements. Throughout the financial analysis of the urban area program, an amortization schedule involving 30 equal annual payments for debt service at 7 percent interest has been used. Under such a schedule the annual payment for debt service would be the amount of the interest due on the then outstanding bonds plus the principal on an annually increasing number of bonds to be retired. In view of the flow of revenues, as set forth in Table 4, it would be appropriate to schedule bond maturities somewhat differently to achieve the most financially attractive plan. The exact schedule would be developed by the Agency's financial consul- tants at the time a bond prospectus is being prepared. However, by review of the flow of revenues set forth in Table 4, it would appear that a higher rate of maturities in the first 10 years would be desirable. With a reduction thereafter, the short term maturities should demand a lower interest rate. A computation of the flow of revenues as related to payment obligations under the foregoing assumptions, including the constraint of uniform annual amortization of the bonded debt over a 30 year period, is set forth in Table 5 attached. The annual differences between costs and revenues are shown for individual years and are also accumulated with 4 percent interest compounded annually on the unused balance. The following may be postulated from an examination of Table 5: 1. The project could generate.revenues in excess of annual costs starting with the first year of operation and extending through 1983 that would aggregate $4.0 million, and if these funds were accumulated in a bond reserve fund bearing only 4 percent interest compounded annually, they would have a value at the beginning of 1984 of $5.3 million. 2. There would be a deficiency in revenues as related to annual costs between 1984 and 2002 that would aggregate $7.9 million but these deficiencies could be met by drawing on the bond reserve fund, the balance of which would continue to draw interest. Thus, after redemption of the last bond in 2002 there would still be a surplus of $0.47 million considering only a 4 percent rate of reinvested capital. -10 - 3. After 2002 when the capital cost of the Agency constructed facilities has been repaid, the project could still produce surplus revenues of about $0.65 million annually until 2015 and more thereafter when a large portion of the State Water Project capital costs are repaid. 4. If the Agency Board chooses to reduce groundwater extraction and direct delivery charges, and ad valorem taxes for the years prior to 1984, so that no surplus revenues were collected', it would be necessary to use other means of financin~ the deficiencies in revenues between 1984 and 2002 which could include: (a) Levying an ad valorera tax for debt service in the amount of 1.3¢ per $100 of assessed valuation in 1984, increasing uniformly more or less each year to a maximum rate of 14¢ in 1994, and then reducing to 13¢ in 2002, and nothing there- after; or (b) Passing certain operating costs to the accounts of water purveyors; or (c) Creating a zone of benefit and establish- ing assessment rates thereon for the purpose of making payments to the State of California. Thus, it may be concluded that the plan as presented before this hearing for delivery of a supplemental supply of water from the State Water Project to the proposed Urban Bakersfield Area Improvement District is physically feasible and financiall~ sound. The plan has been developed for the mutual benefit of the proposed urban improvement district and agricult- ural member units of the Agency. Thus, if participation in the Cross-Valley Canal by agricultural member units of the Agency is not realized, an input of additional capital and a rearrange- ment of the financial plan for the improvement district would be required. The'estimates of interest rates for an Agency bond issue on behalf of the proposed improvement district are considered to be materially higher than would be obtained under present market conditions, and the inclusion of cost eScalation in the operation and maintenance charges places a conservative aspect on the financial analysis. If construction cost savings can be achieved as well, the project's posture will be further enhanced, although the long period through which this hearing has been continued makes it appear that construction and -11 - delivery of water will be delayed one year. Whether 'this will have any bearing on estimated capital costs in view of the current governmental action against inflation cannot be pre- dicted. Therefore, it would seem reasonable to consider the same values as Dresented as being appropriate to either 1972 or 1973. In any event, the proposed improvement district could not levy ad valorem taxes prior to the 1973-74 fiscal- year and a groundwater extraction charge would not, be appro- priate until a portion of the supplemental supply has been brought to the urban service area. It is now imperative that the required resolutions from public agencies within the boundaries of the proposed improve- ment district be obtained without further delay and that negotiations of contracts with Rosedale-Rio Bravo Water Storage District, Kern Delta Water District and Cawelo Water District be undertaken immediately to specify the participation of each in the Cross-Valley facilities. With resDect to any public entities that are purveyors of municipal and industrial water, or within which such water is delivered by others, but which public agencies do not become a part of the proposed improvement district by resolution of their directors, it will be necessary for the Agency to establish a zone of benefit under the provisions of Section 14.2 of the Agency Act. The funds collected therein would be used in making payments to the State and such payments should be credited to the account of the Urban Bakersfield Area Improvement District. Walter G. Schulz Leeds, Hill and Jewerr, Inc. San Francisco, California October 20, 1971 -12 - TABLE 1 CROSS-VALLEY CANAL COST ALLOCATION RATIOS District Maximum Annual Entitle-Maximum Entitle- ment Capacity ment Ratio Required (1000 AF) .CFS Capacity Ratio Average Ratio (2)+(4) 2 (1) (2) (3) (4) (5) Rosedale-Rio Bravo WSD Cawelo WD Kern Delta WD Urban Bakersfield Area ID TOTAL REACH I 35.0 45.0 15.0 77.0 172.0 0.2035 .2616 .0872 .4477 1.0000 90.0 135.0 45.0 141.0 411.0 0.2190 .3285 .1095 .3430 1.0000 0.2112 .2950 .0984 .3954 1.0000 ROsedale-Rio Bravo WSD Cawelo WD Kern Delta WD Urban Bakersfield Area ID TOTAL REACH II 23.3 45.0 15.0 77.0 160.3 0.1454 .2807 .0936 .4803 1.0000 60.0 135.0 45.0 '141.0 381.0 0.1575 .3543 .1181 .3701 1.0000 .1515 .3175 .1058 .4252 1.0000 Cawelo WD Kern Delta WD Urban Bakersfield Area ID TOTAL REACH III 45.0 15.0 77.0 137.0 0.3285 .1095 .5620 1.0000 135.0 45.0 141.0 321.0 0.4206 0.1402' .4392 1.0000 .3746 .1248 .5006 1.0000 TABLE 2 CROSS-VALLEY CANAL ALLOCATION OF CAPITAL COSTS District Rosedale-Rio Bravo WSD Cawelo WD Kern Delta WD Urban Bakersfield Area ID TOTAL Capital Cost $ 1,381,200 3,013,000 1,004,300 4,034,500 9,433,000 Annual Equivalent cost 1_/ $ 111,300 242,900 80,900 325,100 760,200 Percentage. of Total Cost 14.64 31.94 10.65 42.77 100.00 1_/ 30 years at 7 percent t TABLE 3 PROJECT COSTS URBAN BAKERSFIELD AREA IMPROVEMENT DISTRICT · Thousands of Dollars Cross Valley State Canal Water Captta~ OM&R Year Cost I 2 1968 293.0 69 333.0 1970 509.4 1971 502.5 72 622.2 73 683.0 74 755.1 1975 814.3 1976 915.6 77 985.4 78 1073.4 79 1082.6 1980 1135.6 1981 1156.8 82 1224.8 83 1304,3 e4 1357.7 1985 1436.4 1986 1527.3 87 1574.6 88 1612.9 89 1651.4 1990 1734.4 1991 1722.0 92 1732.2 93 1735.6 94 1788.6 1995 1792.1 1996 1799,5 97 1799.1 96 1602.7 99 1806.4 2000 1810.3 2001 1814,2 02 1818.2 03 1822.3 04 1826.5 2009 1830.9 2010 1859.2 2015 1803,0 2020 1S12,2 ~0JS 1531,6 2030 1554,9 2035 1582,5 Cost Cost 3 4 C Caplta~~ OX&X Capita OM&R 2+4+6+8 11+12~13 Cost ~et ~st ~st C~t Cost +10 S 6 ? 8 9 lO 11 12 13 14 · 325,l 21,6 103,3 60,5 446,6 224,0 299,3 325,1 44,0 103-3 62,0 448,6 230,0 299,3 325.1 ?J,4 103,3 63.6 448.6 236.0 299.3 325-1 · ?8,9 103.3 65-2 448.6 242.0 299.3 325.1 86,8 103,3 66.8 448.6 248.0 299.3 3~5-1 96,6 103-3 66,5 446,6 254,0 299,3 325.l 105,8 103.3 7002 448.6 260.0 299.3 325-1 115.6 103.3 ?1.9 448.6 266.0 299.3 325,1 119.? 103-3 73-? 448.6 273.0 299.3 325.1 124,1 103,3 ?5,6 448.6 280.0 299.3 3~5,1 130,3 103,3 ??.4 448.6 287.0 299.3 395,1 136.9 103,3 ?9.4 448.6 294.0 299.3 325.1 Idl.S 103,3 61.a 448.6 301.5 299.3 3~6-1 145.5 103.3 83.4 446.6 309.0 299.3 325-1 152,9 103,3 85,5 448.6 317.0 299.3 325-l 159-4 103-3 87-6 446.6 325.0 299,3 365.1 166,3 103,3 89,8 448.6 333.0 299.3 325.1 172.9 103-3 92,1 448.6 341.0 299.3 325.1 111.2 103,3 94.4 448.6 349.0 299.3 305,1 181~ 103,3 96-? 448.6 358.0 299.3 325.J ~ 6-2 103-3 99.1 448.6 367.0 299.3 3~5,1 190,8 103,3 101,6 448.6 376.0 299.3 325,J 195,6 103,3 104.2 448,6 386,0 299,3 325.1 200,5 103,3 106-8 448.6 396.0 299.3 325.1 205.5 103,3 109.4 448.6 406.0 299.3 325,1 210,6 103-3 · 112,2 448,6 416,0 299,3 385,1 215 a 103,3 115,0 446.6 426.0 299,3 326-t 221,3 Io3-3 117,6 448,6 436,0 299,3 305,1 2264 103,3 120,8 448.6 447.0 299.3 325-1 030,5 103,3 123.8' 448.6 458.0 299.3 · 0 e38,3 ,0 186*9 ,0 469.0 00 · 0 244.3 *0 13001 00 481.0 00 -0 e50,a ,0 133,3 ,o 494.0 -0 ~ ~303 eO .150,8 eO 560.0 · 0 3ee.s ,o 170,7 ,o 625.0 .o · 0 360.6 *0 193,1 .O 716.0 *0 · o 41o,8 ,0 tl8,S ,0 810.0 ,O · 0 46&B .O 261.0 ,0 935.0 · 0 085,e ,0 279.1 ,0 1035.0 00 63.0 1176.3 989.0 2226.3 70.6 1176,3 1091.3 2338.2 76.8 1176.3 1165.2 2440.3 83.9 1176.3 1301.7 2561.9 91.6 1176,3 1387.0 2655.1 97.0 1176.3 1491.0 2764.3 102.2 1176.3 1518.6 2797.1 107.3 1176.3 1569.1 2872.7 113.0 1176.3 1623.2 2912,5 120.6 1176.3 1705.1 3002.0 126.0 1176,3 1799.0 3101,3 133,6 1176,3 1868.0 3177.9 141,5 1176,3 1962,8 3280,6 146.9 1176.3 2065.2 3388.4 154.6 1176.3 2130.0 3461.1 160.2 1176.3 2184.9 3521.4 165.4 1176.3 2240.5 3582.2 * 173.2 1176.3 2340.4 3689.9 173.2 1176.3 2342.6 3692.1 173.2 1176,3 2368.3 3717.8 173.2 1176.3 2387.9 3737.4 173.2 1176.3 2457.0 3806.5 173.2 1176.3 2477.9 3827.4 173.2 1176.3 2498.8 3849,3 173.2 1176.3 2520.0 3969.5 173.2 1176.3 2541.5 3891.0 173.2 1176.3 2563.3 3912,8 173.2 1176,3 2585.4 3934.9 173.2 1176,3 2608.8 3958.3 173,2 1176.3 2632.5 3982.0 173.2 173.2 173.2 173.2 173.2 173.2 173.2 173.2 173,2 · 0 2656.5 2829.7 · 0 2661.9 2655.1 · 0 2708.6 2661.8 00 2853.3 3026.5 · 0. 2919.2 3092.4 · 02782.7 2955.9 · 02970.4 3143.6 · 03181,3 3354.5 00 3422,4 3595,6 Year 19 1968 69 1970 1971 72 73 74 1975 1976 77 78 79 1980 1981 82 83 84 1985 1986 87 88 89 1990 1991 92 93 94 1995 1996 97 98 99 2000 2001 02 03 04 2005 2010 2015 2020 2025~ 2030 .2035 Allocated capJill mot (19728) is 84,034,500. AlXoeatad aepLtel coot (19728) is 11,282,200. Capital colt (19728) il $5,570,000. Capital a~et (19121) is $3,115,000, Power anet is $2.24/sare foot. 711019 TABLE 4' POTENTIAL PROJECT REVENUES (Thousands of Dollars} Year 1973 1974 1975 1976 1977 1978 1979 · 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2010 2015 Hun ic ip al Industrial Revenue 1432.0 1456.0 1480.0 1504.0 1528.0 1552.0 1576.0 1600.0 1622.0 1644.0 1666.0 1688.0 1710.0 1732.0 1754.0 1776.0 1798.0 1820.0 1842.0 1864.0 1886.0 1908.0 1930.0 1952.0 1974.0 1996.0 2018.0 2040.0 2062.0 2084.0 2106.0 2128.0 2150.0 2260.0 2370.0 Agricultural Revenue 977.2 957.6 938.0 918.4 898.8 879.2 859.6 854.0 824.6 809.2 793.8 778.4 763.0 747.6 732.2 716.8 701.4 686.0 676.2 666.4 656.6 646.8 637.0 627.2 617.4 607.6 597.8 588.0 582.4 576.8 571.2 565.6 560.0 532.0 511.0 Ad Valorem Tax Revenue 60O.0 606.0 612.0 618.2 624.4 630.6 637.0 643.2 649.8 656.2 662.8 669.4 676.0 682.8 689.6 696.6 703.6 710.6 717.6 724.8 732.2 739.4 746.8 754.2 761.8 769.4 777.2 785.0 792.8 800.8 808.8 816.8 825.0 867.0 911.2 Total Revenue 3009.2 3019.6 3030.0 3040.6 3051.2 3061.8 3072.6 3097j2 3096.4 3109.4 3122.6 3135.8 3 149.0 3162.4 3175.8 3189.4 3203.0 3216.6 3235.8 3255.2 3274.8 3294.2 3313.8 3333.4 3353.2 3373.0 3393.0 3413.0 3437.2 3461.6 3486.0 3510.4 3535.0 3659.0 3792.2 2020 2480.0 490.0 957.8 3927.8 TABLE 5 PROJECT RE'~AYHENT (Thousands of Dollars) Year 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2010 2015 Annual Surplus (Deficit) 780.9 681.4 589.7 478.7 396.1 297.5 275.5 224.5 183.9 107.4 21.3 (226.0) (285.3) (456.3) (462.6) (518. (519. (521.9) (521.1) (520.4) 656.3 655.3 653.2 632.5 699.8 Balance Including In~'erest 780.9 1493.5 2143.0 2707.4 3211.8 3637.8 4058.8 4445.6 4807.4 5107.0 5332.6 5503.8 5592.4 5590.1 5528.4 5417.5 5255.0 4991.9 4735.3 4462.1 4178.0 3832.8 3472.5 3096.5 2704.1 2294.2 1866.2 1419.0 954.6 472.4 2020 971.8 - 0n-