Excess revenue after paying for O&M can support a bond. The use of the bond, in the order of priority, might include: ● Phase 1 capital contingency ● Affordable housing and community development programs ● Phase 2 capital costs Annual debt service payment is set constant at $3.8M/year for 30 years.
Bond Capacity
$35M
Deduct:
Debt Service Reserve
$3M
Cost of Issuance
$1M
Equals:
Net Proceeds
$30M
SCENARIO 2: CASH FLOW THE STITCH CONSTRUCTION PERIOD 2025-2036 ($ MILLIONS, ANNUAL ESCALATION APPLIED)
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
The Stitch: Construction Timeline
Phase 1
Phase 2
Phase 3
Bonding Assumptions
Issuance
Operating cost: Parks
$0.0
$0.0
$0.0
$0.0
$0.0
$6.0
$6.2
$6.4
$11.5
$11.8
$12.1
$12.5
Operating cost: Tunnels
$0.0
$0.0
$0.0
$0.0
$0.0
$4.8
$4.9
$5.1
$6.7
$6.9
$7.1
$7.3
Operating cost: Other community benefits
$0.0
$0.5
$0.5
$0.6
$0.6
$0.7
$0.7
$0.8
$0.8
$0.8
$1.4
$1.4
Operating cost: Stitch Org
$0.0
$2.7
$2.7
$2.8
$2.9
$2.1
$2.2
$2.2
$2.3
$2.4
$2.4
$2.5
Total Operating Cost
$0.0
$3.2
$3.3
$3.4
$3.5
$13.6
$14.0
$14.4
$21.2
$21.8
$23.0
$23.7
K-22
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