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Large Users Meeting 2010 Large User True-Up Report Review of Changes Implemented

Large Users Meeting 2010 Large User True-Up Report Review of Changes Implemented in This Year’s Report. Changes. Change to the FY 2010 Large User True-Up Report Report will be updated to include the federal interest subsidy for the 2010 Bonds received by the City in FY 2010.

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Large Users Meeting 2010 Large User True-Up Report Review of Changes Implemented

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  1. Large Users Meeting 2010 Large User True-Up Report Review of Changes Implemented in This Year’s Report

  2. Changes • Change to the FY 2010 Large User True-Up Report • Report will be updated to include the federal interest subsidy for the 2010 Bonds received by the City in FY 2010. • Changes based on data corrections • Changes to ensure the report methodology matches the requirements set forth in the Large User Agreement

  3. Changes Based on Data Corrections • Correction of capacity figures to match figures in Large User Agreements/Addendums • Correction of 2003 bond proceeds allocation to water and sewer based on actual use of proceeds

  4. Correction of Capacity Figures • Prior reports listed Broward County capacity reservation as 4.20 MGD • Large User Agreement between Broward County and the City of Hollywood calls for 5.3 MGD (Page 12). • Prior reports did not correctly reduce the reserved capacity for Miramar by 4.00 MGD as a result of the 4th Amendment to the Large User Agreement. • The resultant reserved capacity figures for Miramar, Hollywood and Hallandale were adjusted.

  5. Changes So Report Methodology Matches Large User Agreement • Inclusion of debt service coverage associated with outstanding bonds/loans per Article I.3. of the Large User Agreement. • Bond debt service allocated correctly based on the agreement – not based solely on flow • Inclusion of FFGFC Debt service instead of letting Large Users fund it through RR&I contributions • Removal of True Up calculations based on Actual Flow

  6. Inclusion of Debt Service Coverage in Large User True-Up Report • Per the Large User Agreement, Large Users should pay their share of principal, interest and debt service coverage. • Article I.3 defines Debt Service Charges for the Large Users as the: “…applicable share of principal, interest, and coverage requirements…”.

  7. Correct Allocation of Bond Debt Service • Bond debt service should be allocated correctly based on the agreement – not based solely on flow as has been done in the past. • Article IV.2.b of the Large User Agreement sets forth the methodology based on the type of project: • Treatment • Collection • Improvement & upgrading

  8. Inclusion of FFGFC Debt Service in True-Up Report • The Large User Agreement calls for all debt service to be included in the Large User True Up Report. • In the past, Large Users have paid the FFGFC debt service through their RR&I contributions.

  9. Removal of True Up Calculations Based on Actual Flow • 4th Amendment to the Large User Agreement between Miramar and Hollywood called for Miramar to reduce their WWTP flow/capacity requirements • Hollywood and Hallandale agreed to absorb this “diverted” capacity/flow such that no other Large User was financially impacted. • True Up calculations are now based on “diverted” flow/capacity.

  10. Questions

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