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~ruv ~o ~o t~•~J rR rRU JCVirUb r11Y~5tH G~O J4~ µ~(b IU y1~~J~~~~~3~f N.b~/1~ To: I3illy Wasson Dan Petrusich Crai~ Lcwis Fmm: Nancy Watkins Re: Marion County, Oregon -- Updated Preliminary Numbers Date: Novernber 6, 1998 Please find attached a revised set of numbers for your review. Y his is essentiaUy the base case that wc discussed. I have incorpc~rated the foIIowin~ major assumpiions from our Iast mcefing including (i) fu~st principal payment datc oF June l, 2001; (ii) nzt funciing of the construction fund ass~rning 4% reit~veshnent rat~; (ui) construction drawdawn schedule which begins March 1, 1999 and ~ssvmcs Ievel drawdawns until Ju1y 1, 2000; ar~d (iv) total construction fund requirement (includin~ interest) of $20,300,OOU. The one assumptian tha.t deviates slightly from our meeting relates to capitalized inlerest. The assunnption that we were goin~ to use was capitalizing inter~s-t through June I, 20(}4, assumin~ an estimated project compietion date of July 1, 20Q0. Rating agenci~.s will analyze the su 'fficiency of the capitaliz,~d interest account T~cy typically like to see interest capitali~~ed five to six monihs bcyond the cstimated completion clate, ln this case, that would result in the County capitali~.ing interest through D~cember 1, 20p0. 1~1s a proposEd compromise, I have asswned that inter~st is capitali~.ed through September 1, 2000. . Pleasc review these numbers carefully. As shown in the numbers, with the assumptions dcscribed above, the Cour~ty has a]eftover contin~ency of approxinnately $41,SOQ. I am curtcntly working on struciuri.~g rcfinements that we can incotporate to increase this contingency. If. you have any ques-tions please feel fiee to call me at (20b) 340-4U73, Scott Clements at (503}-289-4486 or Mark Ciardiner at (503)-221-1374. Thank you for your consideration. cc: Scott Clement,s Mark Gardiner John Moore ~ Prudentiai Sec-n~ities