We propose the following meetings:
• Kick-off meeting with staff to review background information – one (1) Wallace Group staff (Steve Tanaka, Principal Engineer) in attendance, one (1) meeting of 2-hour duration • Progress meetings with staff - two (2) Wallace Group staff in attendance (Steve Tanaka; Olivia Williams, Engineer III), three (3) meetings, 1-hour duration each Task 1.3: QA/QC and Work Product Reviews
We will provide in-house quality assurance and quality control (QA/QC) prior to submission of the draft and final UWMP Update. The review will be conducted by Kari Wagner, Principal Engineer. Wallace Group’s QA/QC program is similar to that of a public agency and provides an additional level of review prior to submitting to our clients.
TASK 2.0 REVIEW BACKGROUND INFORMATION
We have developed a list of additional information needed for development of this UWMP Update, based on review of the 2020 UWMP Update. We will prepare a list of references/bibliography to be added as an appendix to this updated UWMP.
We will update population projections based on available information from Monterey County projections and/or other data provided by the Association of Monterey Bay Area Governments (AMBAG 2022 or latest edition), City Planning Department Projections, and updates to the latest Water Master Plan prepared by Wallace Group (for the City).
TASK 3.0 DRAFT AND FINAL UWMP 2025 UPDATE
This task includes preparation of the draft and final UWMP Update, including deliverables.
Task 3.1: Prepare Draft UWMP
Wallace Group will prepare the draft UWMP Update to include elements as required in the “Guidebook to Assist Water Suppliers in the Preparation of a 2025 Urban Water Management Plan”, as prepared by the California DWR, updating sections of the City’s 2020 UWMP update.
This effort is based on the assumption that the City’s Water Shortage Contingency Plan (WSCP) (for the 2020 UWMP Update) is up to date, and therefore development of a new or updated WSCP is not included in this scope of work.
Task 3.2: Prepare Final UWMP
Wallace Group will respond to staff and public comments to the draft UWMP and prepare the Final UWMP Update. Drafting notices for the public hearings, coordinating with DWR, and submittal of deliverables to DWR is not included in this Scope of Services.
DELIVERABLES
• One (1) PDF of each of draft and Final UWMP
• Electronic files of draft and final versions of text and databases developed in MS Word, MS Excel (or other software formats), plus exhibits
Following is a preliminary list of the information we will need from the City:
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City of Greenfield
April 10, 2026
• 2020 UWMP Update, electronic copies of MS Word and Excel files, data, exhibits/figures [Note, Wallace Group already has the majority of these files], including electronic copy of the City’s Water Shortage Continency Plan.
• 2025 DDW Annual Report, Summary of Municipal Connections by Category • 2025 RWQCB Annual Report (WWTP).
• Current Population Data (if available), City Planning Department (otherwise, WG will rely on AMBAG 2022 forecast).
• Updates to New and Proposed Development Map Figure 3-5). • Updates to Planned Water Supply Projects (Well #8, 1.5 MG water storage tank at Corp Yard, future 1 MG water storage tank/booster station, others). • Status of Cannabis facilities (existing, new, proposed). • Status of Building Moratorium as it relates to Water Demand/Usage. • Completed AWWA 2020 to 2024 Water Audits
• Water Production (monthly, by individual municipal well), 2021 through 2025 • Water Sales (monthly, by individual account/meter), MS Excel or other compatible format, 2021 through 2025
• WWTP Update relative to Recycled Water Potential
• GIS Files pertinent to UWMP Update
• Water Rate updates (post-July 2023), if any
• Water Treatment, Production and Distribution Energy Bills, 2020 through 2025 • Groundwater Well Static Water Levels, 2021 through 2025 • Updates on City Demand Management Measures (DMMs), 2021 through 2025 • Monitoring reports for system loss/leakage determination, past 3 years • Demand Management Measures (DMM) Updates: ordinances, metering, rates/conservation pricing, public education/outreach, management of distribution system losses, water conservation programs, other DMMs if applicable.
We will review this list at the kickoff meeting and discuss any additions/modifications needed for this list of information.
SCHEDULE
The Work is anticipated to start early to mid-April 2026, and is expected to require up to 4 months to prepare. Meeting the July 1, 2026 DWR deadline is not likely given required timelines for public notifications and agency reviews; however, we will work as expeditiously as possible to complete this Work in a timely fashion. The City will endeavor to promptly provide all requested data/information to Wallace Group.
TO BE PROVIDED BY THE CLIENT
• Noticing (of City’s intent to update the UWMP) to member agencies and stakeholders • Water Shortage Contingency Plan (WG will incorporate City’s existing WSCP into the UWMP Update)
ITEMS NOT INCLUDED IN SCOPE OF SERVICES
The following services are not included in this Scope of Services or estimate of fees:
• Noticing (of City’s intent to update the UWMP) to member agencies and stakeholders (to be provided by City).
• Preparing Water Shortage Contingency Plan
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PP26-0021
City of Greenfield
April 10, 2026
PROJECT FEES
Wallace Group will perform the services denoted in this proposed Scope of Services on a time and materials basis. For budgeting purposes, our preliminary estimate is that our fees will be $32,000 to $50,000. These services will be invoiced monthly on an accrued basis in accordance with the attached Standard Billing Rates (Exhibit A). Reimbursables are included in the time and materials estimated fee amount stated above.
At your request, additional services to the Scope of Services will be performed by Wallace Group following the signature of our Contract Amendment or the initiation of a new contract.
TERMS AND CONDITIONS
In order to convey a clear understanding of the matters related to our mutual responsibilities regarding this proposal, we will perform the work in accordance with the City of Greenfield On-Call Services Agreement dated January 14, 2026 (executed March 23, 2026), and is considered a part of our proposal agreement. If this proposal meets with your approval, please sign where indicated and return to our office, which will serve as our notice-toproceed.
We want to thank you for this opportunity to present our proposal for professional services. If you would like to discuss this proposal in greater detail, please feel free to contact me.
Sincerely,
WALLACE GROUP, a California Corporation TERMS AND CONDITIONS ACCEPTED:
Steven G. Tanaka, PE C49779 ____________________________________ Principal Civil Engineer Signature
612 Clarion Court ____________________________________
San Luis Obispo Printed Name
California 93401 ____________________________________
T 805 544-4011 Title
F 805 544-4294 ____________________________________
www.wallacegroup.us Date
Attachments
JMR: PP26-0021, 2026, std
Exhibit A
Exhibit B
THIS PROPOSAL IS VALID FOR 60 DAYS FROM THE DATE OF THIS DOCUMENT. 184
MEMORANDUM: April 10, 2026
AGENDA DATE: April 14, 2026
TO: Mayor and City Council
FROM: Paul Wood, CPA
City Manager
TITLE: A RESOLUTION OF THE CITY OF GREENFIELD
AUTHORIZING THE EXECUTION AND DELIVERY OF AN
INSTALLMENT SALE AGREEMENT BY AND BETWEEN THE
CITY OF GREENFIELD AND THE STATE WATER RESOURCES
CONTROL BOARD RELATING TO THE FINANCING OF
CERTAIN WASTEWATER TREATMENT PLANT UPGRADES
AND APPROVING OTHER MATTERS IN CONNECTION
THEREWITH.
EXECUTIVE SUMMARY
Staff recommends that the City Council approve a resolution authorizing the a Construction Installment Sale Agreement with the CSWRCB to finance improvements to the City’s wastewater treatment plant (WWTP). The proposed financing will provide critical funding to upgrade aging infrastructure, maintain regulatory compliance, and ensure reliable wastewater service for the community.
The total project funding amount under the CSWRCB agreement is approximately $111.3 million, including a significant principal forgiveness component of $75 million, substantially reducing the City’s long-term debt obligation . The financed portion of $36.3 million will be repaid over time from a pledge of the wastewater enterprise’s net revenues.
Approval of this resolution is a required step for the City to proceed with construction and to meet State funding conditions, including executing and delivering the agreement and submission of legal opinions.
City Council Memorandum
599 El Camino Real Greenfield CA 93937 831-6745591
www.ci.greenfield.ca.us
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BACKGROUND:
The City of Greenfield has been planning for the replacement and upgrade of its wastewater treatment plant to address aging infrastructure, regulatory requirements, and future growth demands. The project has undergone environmental review in compliance with the California Environmental Quality Act (CEQA), with a Mitigated Negative Declaration adopted in July 2024.
The City previously took several actions to position the project for funding:
• March 11, 2025: Adoption of a Reimbursement Resolution (Resolution No. 2025-17) authorizing the City to seek State Revolving Fund (SRF) financing and reimburse prior project expenditures .
• December 9, 2025: Adoption of wastewater rate adjustments to ensure long-term financial sustainability of the sewer enterprise and support capital improvements . • December 9, 2025: Adoption of Ordinance No. 576 updating sewer rate provisions to maintain a financially sustainable system .
The CSWRCB has now issued the Construction Installment Sale Agreement (Agreement No.
D2501024), which must be executed within 30 days and accompanied by required closing documents, including this City Council resolution and legal opinions.
DISCUSSION
Project Description
The Wastewater Treatment Plant Improvement Project will modernize the City’s wastewater infrastructure, improve treatment capacity, and ensure compliance with State and federal regulations. The project is a critical investment in public health, environmental protection, and long-term community growth.
Financing Structure
The proposed financing is provided through the State’s Clean Water State Revolving Fund (CWSRF) program and is structured as an Installment Sale Agreement. Key terms include:
• Total Project Funding Amount: $111,303,626
• Principal Forgiveness: $75,000,000
• Amount to be Financed: $36,300,000
• Repayment Term: Through June 30, 2060
• Payment Start Date: June 30, 2031
The resolution references a financing component of approximately $36.3 million to be repaid at an estimated interest rate of approximately 2.2% over 30 years. This reflects the repayable portion after accounting for principal forgiveness and other funding considerations. 186
Security and Repayment
The City’s repayment obligation will be secured by the net revenues of the wastewater enterprise fund, as required under the agreement . The agreement also requires the City to:
• Maintain adequate wastewater rates and charges
• Establish and maintain enterprise and reserve funds
• Comply with additional debt, coverage, and tax requirements The City’s recent wastewater rate adjustments were specifically adopted to ensure sufficient revenue to meet these obligations.
Regulatory and Compliance Requirements
Execution of the agreement requires compliance with multiple State and federal requirements, including:
• Prevailing wage (DIR) and Davis-Bacon requirements
• Disadvantaged Business Enterprise (DBE) participation • Ongoing reporting and auditing requirements
• CEQA compliance as a Responsible Agency
The State Water Board has reviewed the project’s environmental documentation and determined that all impacts can be mitigated to less-than-significant levels.
Additionally, the City adopted a Debt Management Policy on March 24, 2026 (Resolution No. 2026-15), in accordance with amendments to Government Code section 8855(i) made by SB 1029, effective January 1, 2017, which imposed upon local agencies a mandate to adopt local debt policies prior to their issuing any debt after January 1, 2017. This Debt management Policy included each element dictated by the Legislature. The financing contemplated by this resolution and the agreement comply with the City’s Debt Management Policy.
Benefits of Financing
This financing package provides substantial advantages to the City:
• Significant grant-equivalent funding through principal forgiveness ($75 million) • Low-cost financing compared to private market alternatives • Long repayment period, reducing annual debt service burden • Support for critical infrastructure necessary for regulatory compliance and community growth
Without this funding, the City would face significantly higher costs or delays in completing the project.
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BUDGET AND FINANCIAL IMPACT:
The proposed CSWRCB financing provides a total project funding amount of approximately $111.3 million, of which $75 million is principal forgiveness and does not require repayment .
The remaining portion, approximately $36.3 million, represents the repayable portion of the project costs that will be financed. As required by the California Government Code, good faith estimates of the parameters of the financing are included in Exhibit A to the resolution.
Key Financing Assumptions
• Repayable Principal: ~$36,303,626
• Interest Rate: 2.20%
• Term: 30 years
• Payment Start Date: June 30, 2031
• Final Maturity: June 30, 2060
• Construction Period Interest: No interest due during construction but rather added to the final principal balance.
Estimated Debt Service
Based on the above assumptions, the City’s average annual debt service is estimated at approximately:
• ~$1.7 million to $1.8 million per year
Estimated Total Repayment
• Total Debt Service (Principal + Interest): ~$53–54 million • Total Interest Cost: ~$19–20 million
These costs are fully supported by wastewater enterprise revenues, not the General Fund.
Revenue Support
The City previously adopted wastewater rate increases (Resolution No. 2025-101) specifically to:
• Ensure adequate debt service coverage
• Fund operations and maintenance
• Support long-term capital replacement needs
The financing agreement requires the City to maintain rates sufficient to meet all obligations and maintain enterprise fund solvency.
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ESTIMATED DEBT SERVICE TABLE
City of Greenfield – Wastewater Financing (Estimated)
(Repayable Portion Only – ~$36.3 Million)
Notes:
(*) Figures are best estimates. No interest is due during construction and aggregated as Construction Period Interest under the Construction Installment Sale Agreement. These interest amounts are added to the final principal balance as estimated in the table above. o A final amortization will be provided by the CSWRCB after construction is complete as Schedule E in the Construction Installment Sale Agreement o Early years are more interest-heavy; later years are primarily principal.
Principal
FYE (6/30) Pmt # Payment Principal Interest Balance (*) 2031 1 1,773,691.20 923,317.65 850,373.55 37,730,025.47 2032 2 1,773,691.20 943,630.64 830,060.56 36,786,394.83 2033 3 1,773,691.20 964,390.51 809,300.69 35,822,004.33 2034 4 1,773,691.20 985,607.10 788,084.10 34,836,397.22 2035 5 1,773,691.20 1,007,290.46 766,400.74 33,829,106.77 2036 6 1,773,691.20 1,029,450.85 744,240.35 32,799,655.92 2037 7 1,773,691.20 1,052,098.77 721,592.43 31,747,557.15 2038 8 1,773,691.20 1,075,244.94 698,446.26 30,672,312.21 2039 9 1,773,691.20 1,098,900.33 674,790.87 29,573,411.89 2040 10 1,773,691.20 1,123,076.13 650,615.06 28,450,335.75 2041 11 1,773,691.20 1,147,783.81 625,907.39 27,302,551.94 2042 12 1,773,691.20 1,173,035.05 600,656.14 26,129,516.89 2043 13 1,773,691.20 1,198,841.82 574,849.37 24,930,675.06 2044 14 1,773,691.20 1,225,216.34 548,474.85 23,705,458.72 2045 15 1,773,691.20 1,252,171.10 521,520.09 22,453,287.61 2046 16 1,773,691.20 1,279,718.87 493,972.33 21,173,568.75 2047 17 1,773,691.20 1,307,872.68 465,818.51 19,865,696.06 2048 18 1,773,691.20 1,336,645.88 437,045.31 18,529,050.18 2049 19 1,773,691.20 1,366,052.09 407,639.10 17,162,998.09 2050 20 1,773,691.20 1,396,105.24 377,585.96 15,766,892.85 2051 21 1,773,691.20 1,426,819.55 346,871.64 14,340,073.30 2052 22 1,773,691.20 1,458,209.58 315,481.61 12,881,863.71 2053 23 1,773,691.20 1,490,290.19 283,401.00 11,391,573.52 2054 24 1,773,691.20 1,523,076.58 250,614.62 9,868,496.94 2055 25 1,773,691.20 1,556,584.26 217,106.93 8,311,912.67 2056 26 1,773,691.20 1,590,829.12 182,862.08 6,721,083.56 2057 27 1,773,691.20 1,625,827.36 147,863.84 5,095,256.20 2058 28 1,773,691.20 1,661,595.56 112,095.64 3,433,660.64 2059 29 1,773,691.20 1,698,150.66 75,540.53 1,735,509.98 2060 30 1,773,691.20 1,735,509.98 38,181.22 0.00
Totals 53,210,736.00 38,653,343.12 19,256,827.01
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ADDITIONAL FINANCIAL CONSIDERATIONS
1. Enterprise Fund Protection
The financing is structured so that:
• Only wastewater system revenues are pledged
• No impact to the General Fund
• Financial risk is contained within the utility enterprise
2. Rate Stability
Because of the large principal forgiveness component, the City avoids approximately $75 million in additional debt, significantly reducing pressure on future rate increases.
3. Coverage Requirements
The City will be required to maintain:
• Adequate debt service coverage ratios
• Sufficient reserve funds
• Ongoing rate adjustments if necessary
• Compliance with certain tax covenants
4. Long-Term Financial Sustainability
This financing structure:
• Aligns debt repayment with asset useful life
• Preserves affordability for ratepayers
• Ensures compliance with regulatory mandates
The financing agreement will result in long-term debt obligations to be repaid from the wastewater enterprise fund. However, the fiscal impact is mitigated by:
• $75 million in principal forgiveness
• Low interest rates and favorable repayment terms
• Previously adopted rate increases designed to support debt service The project will not impact the City’s General Fund.
LEGAL CONSIDERATIONS
Approval of the resolution authorizes execution of the Installment Sale Agreement and related documents. As required by the CSWRCB, the City must also provide:
190
• Opinion of General Counsel
• Opinion of Bond Counsel
The agreement constitutes a binding obligation of the City upon execution by both parties and is enforceable in accordance with its terms .
ENVIRONMENTAL REVIEW
The project has been reviewed under CEQA, and a Mitigated Negative Declaration was adopted by the City in July 2024. The State Water Board, acting as a Responsible Agency, has independently reviewed the document and determined that all environmental impacts are mitigated to less-than-significant levels.
PUBLIC OUTREACH
Public outreach has been conducted through the Proposition 218 process for wastewater rate adjustments, including public notice and hearings. The City did not receive a majority protest, allowing the rate increases necessary to support the project to be adopted.
CONCLUSION
The proposed financing agreement with the CSWRCB represents a critical opportunity for the City to secure substantial funding for essential wastewater infrastructure improvements under highly favorable terms. Approval of the resolution will allow the City to proceed with project implementation and meet State requirements for funding execution.
RECOMMENDATION
Adopt a Resolution authorizing the City Manager, or designee, to execute and deliver an Installment Sale Agreement with the California State Water Resources Control Board (CSWRCB) to secure financing for the City’s Wastewater Treatment Plant Improvement Project.
POTENTIAL MOTION:
I MOVE TO APPROVE/DENY A RESOLUTION OF THE CITY OF GREENFIELD
AUTHORIZING THE EXECUTION AND DELIVERY OF AN INSTALLMENT SALE
AGREEMENT BY AND BETWEEN THE CITY OF GREENFIELD AND THE STATE
WATER RESOURCES CONTROL BOARD RELATING TO THE FINANCING OF
CERTAIN WASTEWATER TREATMENT PLANT UPGRADES AND APPROVING OTHER MATTERS IN CONNECTION THEREWITH.
191
4911-9988-5197 1 City of Greenfield
Resolution Approving DWSRF Financing
RESOLUTION NO. 2026-37
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GREENFIELD
AUTHORIZING THE EXECUTION AND DELIVERY OF AN INSTALLMENT SALE
AGREEMENT BY AND BETWEEN THE CITY OF GREENFIELD AND THE STATE
WATER RESOURCES CONTROL BOARD RELATING TO THE FINANCING OF
CERTAIN WASTEWATER TREATMENT PLANT UPGRADES AND APPROVING
OTHER MATTERS IN CONNECTION THEREWITH
WHEREAS, the City of Greenfield (the “City”), proposes to undertake the financing of certain improvements to the City’s wastewater treatment plant (the “Project”); and WHEREAS, the State of California has established its Drinking Water State Revolving Fund (the “DWSRF”) pursuant to Section 116760 of the Health and Safety Code; and WHEREAS, this City Council adopted Resolution No. 2025-17 (“Reimbursement Resolution”) on March 11, 2025, and authorized the submission of the requisite application to the California State Water Resources Control Board (the “CSWRCB”); and WHEREAS, this City Council has determined that it is in the best interest of the City to obtain financing proceeds (the “Project Funds”) from the DWSRF for the purpose of financing all or a portion of the Project; and
WHEREAS, the Project Funds will be evidenced by an Installment Sale Agreement (the “Financing Agreement”) between the City and the CSWRCB; and WHEREAS, the terms of the Financing Agreement include a not to exceed amount of $36,300,000 with a 2.1% interest rate over 30 years; and WHEREAS, amendments to Government Code section 8855(i) made by SB 1029, effective January 1, 2017, impose upon local agencies a mandate to adopt local debt policies prior to their issuing any debt after January 1, 2017; and
WHEREAS, the City Council has previously approved and adopted a local debt policy (“Debt Policy”), which included each element dictated by the Legislature; and WHEREAS, this City Council has determined to authorize the execution and delivery of the Financing Agreement for the purpose of financing all or a portion of the Project.
NOW, THEREFORE, THE GREENFIELD CITY COUNCIL HEREBY FINDS, DETERMINES, DECLARES AND RESOLVES AS FOLLOWS:
1. The incurrence of the Project Funds in the principal amount estimated at $36,300,000 to finance all or a portion of the Project is hereby approved. The incurrence of the Project Funds is determined to be consistent with the City’s debt policy and to the extent the incurrence of the Project Funds is not in compliance with the Debt Policy, such noncompliance is waived in accordance with the terms of the Debt Policy.
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4911-9988-5197 2 City of Greenfield
Resolution Approving DWSRF Financing
2. The Financing Agreement in substantially the form on file with the City is hereby approved. The City Manager or their designee (each an “Authorized Officer’) is hereby authorized and directed to execute and deliver the Financing Agreement with such changes, insertions and omissions as may be recommended by the City Attorney and approved by the Authorized Officer executing the same, said execution being conclusive evidence of such approval.
3. Pursuant to the requirements of Government Code section 5852.1, the City is required to disclose at a public meeting certain information related to the financing. The City Council has obtained from the City’s municipal advisor good faith estimates of this required information and hereby discloses the estimates information as shown in Exhibit A attached hereto and incorporated herein by reference.
4. The Authorized Officers and any other proper officer of the City, are hereby each, acting alone, authorized, and directed to execute and deliver any and all documents and instruments, including amendments thereto, certifying disbursement requests on behalf of City, and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by the Financing Agreement and this resolution. All actions heretofore taken by officers, employees, and agents of the City that are in conformity with the purposes and intent of this resolution are hereby approved, confirmed, and ratified.
5. Unless otherwise defined herein, all terms used herein and not otherwise defined shall have the meanings given such terms in the Financing Agreement unless the context otherwise clearly requires.
This Resolution shall take effect immediately.
PASSED AND ADOPTED by the City Council of the City of Greenfield at a regularly scheduled meeting held on the 14th day of April, 2026, by the following vote:
AYES, and all in favor, thereof Councilmembers:
NOES, Councilmembers:
ABSENT, Councilmembers:
______________________________________
Robert White, Mayor of the City of Greenfield
Attest:
______________________
Ann F. Rathbun, City Clerk
193
4911-9988-5197 3 City of Greenfield
Resolution Approving DWSRF Financing
STATE OF CALIFORNIA
COUNTY OF MONTEREY
CITY OF GREENFIELD
I, Ann F. Rathbun, City Clerk of the City of Greenfield, do hereby certify that the foregoing resolution was duly adopted by the City Council of the City of Greenfield at their regular meeting on the 14th day of April, 2026, and carried by the following vote:
AYES, and all in favor, thereof Councilmembers:
NOES, Councilmembers:
ABSENT, Councilmembers:
________________
Ann F. Rathbun
City Clerk
tes
194
4911-9988-5197 A-1 City of Greenfield
Resolution Approving DWSRF Financing
EXHIBIT A
Specified Financial Information
The good faith estimates set forth herein are provided with respect to the City’s 2026 Wastewater Installment Sale Agreement (the “Wastewater Financing”). Such good faith estimates have been provided to the City by Del Rio Advisors, LLC, as municipal advisor. Each estimate is based on the City’s financing plan and current market conditions, including market interest rates prevailing at the time of preparation of the estimate.
Principal Amount. The estimated aggregate principal amount of the Wastewater Financing is $36,303,626 which future balance will be adjusted for Construction Period Interest as defined in the Construction Installment Agreement.
True Interest Cost. The estimated true interest cost of the Wastewater Financing, which means the rate necessary to discount the amounts payable on the respective Payment dates to the principal components of said Payments, is 2.06142%.
Finance Charge. The estimated finance charge for the Wastewater Financing, which means the sum of all fees and charges paid to third parties but not paid from proceeds of the Wastewater Financing (or costs associated with the Wastewater Financing), is $20,000.
Amount of Proceeds to be Received. The estimate of the amount of proceeds to be received by the City from the Wastewater Financing, less any finance charge paid from proceeds as estimated above, is $36,303,626. (No costs of issuance or capitalized interest is expected to be funded with proceeds of the Wastewater Financing.)
Total Payment Amount. The estimated total payment amount, which means the sum total of all payments the City will make to pay debt service on the Wastewater Financing, plus the finance charge as described above, not paid with the proceeds of the financing including estimated Construction Period Interest, calculated to the final maturity of the Wastewater Financing, is $53, 230,736.00.
The foregoing estimates are good faith estimates only. The actual figures may differ from the estimates owing to (a) differences between assumptions regarding the date of the Wastewater Financing, the principal amount of the financing, the amortization of the payment amounts, and market interest rates at the time of the financing and actual facts, (b) other market conditions, (c) changes in the City’s financing plan, or (d) a combination of such factors. 195
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