2022 Revenue BondsBoard of Directors/ Finance Committee
November 12, 2021
Evaluate Scenarios
Emergency Intertie Project (EIP)
EIP + Additional Funding Needs
Funding Needs exclusive of EIP
2
Schedule
Nov 12 Finance Comm discussionJan 4 Board/Auth public hearingJan 12 Rating Agency callsJan 19 Receive RatingsJan 26 Bond SaleFeb 9 Closing
3
Scenario 1: EIP Only
4
Proceeds $100 million
Annual Debt Service $5.2 million
First Payment 2023
Rate Effects 5%
DS Coverage 1.56
*Note: Rate effect in addition to baseline of 4%
*
Scenario 2: EIP + Additional Funding Needs
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Proceeds $150 million
Annual Debt Service $7.8 million
First Payment 2023
Rate Effects 7.3%
DS Coverage 1.32
*
*Note: Rate effect in addition to baseline of 4%
Scenario 3: Funding needs exclusive of EIP
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Proceeds $60 million
Annual Debt Service $3.2 million
First Payment 2023
Rate Effects 3.0%
DS Coverage 1.98
*Note: Rate effect in addition to baseline of 4%
*
Priority Project Funding Needs
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Project Description Cost (mil)
Pine Mtn Tunnel $10
Emerg Transmission System Upgrades
Remove flow restriction between MMWD, North Marin Aqueduct and SCWA pipleline for winter water
20
AMI District-wide upgrade and conversion to industry 20standard technology
Smith Saddle Tanks Rehabilitation of two core transmission storage 22tanks that provide water to customers
Ross Reservoir Replacement of 1 MG concrete storage tank built 8in 1927 that is severely undersized
Replacement of critical transmission storage tank that is over 100 years old
Priority Project Funding Needs (continued)
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Project Description Cost (mil)
SGTP Clarifier Seismic upgrade of critical treatment plant $17.5
North Marin Line Transmission pipeline replacement feeding water 6supply to primary treatment plant
Pump Station Repl Replacement of 5 of the 95 pump stations operated 7.5by MMWD of various ages and conditions
Peacock Gap RW Expansion of recycled water distribution system 11from Terra Linda to Peacock Gap to provide droughtproof supply to numerous customers
TOTAL $122.0
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Priority Program Funding NeedsProgram Description Cost (mil)
Conservation Cash for Grass turf replacement $3 - 5
Next Steps
Dec 9 Continued Discussion of Use of Proceeds
Jan 4 Board/Auth public hearing
Feb 9 Closing
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