Investor Presentaiton
WPCLF Water Quality Debt Service Schedule and Coverage
As of 9/30/2013
Repayments (a)
12/1/2013
6/1/2014
12/1/2014
6/1/2015
12/1/2015
6/1/2016
12/1/2016
6/1/2017
12/1/2017
6/1/2018
12/1/2018
6/1/2019
12/1/2019
6/1/2020
12/1/2020
6/1/2021
12/1/2021
6/1/2022
12/1/2022
6/1/2023
12/1/2023
6/1/2024
12/1/2024
6/1/2025
12/1/2025
6/1/2026
12/1/2026
6/1/2027
123,302,734.73
Total
Estimated
Direct Payments
(Build America
Bonds Subsidy
Payments) (b)
3,402,668.87
126,725,846.79
3,402,668.87
130,212,190.18
3,402,668.87
139,052,676.54
146,670,533.97
147,666,336.82
147,974,138.10
146,301,169.59
145,165,084.17
143,865,023.23
140,999,874.09
3,402,668.87
3,402,668.87
3,402,668.87
3,402,668.87
3,402,668.87
3,402,668.87
3,402,668.87
3,402,668.87
139,505,282.18
3,402,668.87
137,720,749.52
136,827,213.29
134,644,611.29
3,381,124.32
3,357,926.97
3,334,333.75
133,614,859.05 110,094,978.93
142,455,345.41 113,305,000.36
150,073,202.84 113,733,029.16
151,069,005.69 112,010,844.41
151,376,806.97 110,743,443.81
149,703,838.46 109,422,144.41
148,567,753.04 107,210,492.51
147,267,692.10 85,419,244.61
144,402,542.96 79,688,977.26
142,907,951.05
141,101,873.84
140,185, 140.26
137,978,945.04
Total
Projected
Payments
126,705,403.60
130,128,515.66
Combined
Outstanding
Water Quality
Debt Service
110,108,702.61
108,946,463.61
Hypothetical
Water Quality
Series Note
Debt Service (c)
1,689,716.89
1,689,716.89
Total
1,689,716.89
1,689,716.89
1,689,716.89 113,700,561.29
1,689,716.89 112,433,160.69
1,689,716.89
1,689,716.89
1,689,716.89
Debt Service
110,108,702.61
110,636, 180.49
111,784,695.82
114,994,717.24
115,422,746.04
Estimated
Gross
Surplus
16,596,700.99
19,492,335.16
Gross
Net
Coverage (d)
Coverage (e)
115.07%
111.98%
117.62%
114.54%
21,830,163.23
119.53%
116.48%
27,460,628.16
123.88%
120.92%
34,650,456.80
130.02%
127.07%
37,368,444.40
132.87%
129.87%
38,943,646.27
134.64%
131.61%
111,111,861.29
108,900,209.39
87,108,961.49
38,591,977.17
134.73%
131.67%
39,667,543.65
136.43%
133.30%
60,158,730.61
169.06%
165.16%
67,941,627.26
75,509,969.61
60,692,292.11
59,804,600.93
1,689,716.89
1,689,716.89
1,689,716.89
1,689,716.89
81,378,694.14
69,631,344.14
63,023,848.82
177.45%
173.26%
73,276,606.91
205.24%
200.35%
77,199,686.50
63,902,187.34
182.78%
178.40%
62,382,009.00
77,803,131.27
224.72%
219.34%
1,689,716.89
61,494,317.82
76,484,627.22
224.38%
218.95%
131,176,806.64
3,308,921.09
134,485,727.73
57,271,653.83
1,689,716.89
58,961,370.72
75,524,357.02
228.09%
222.48%
128,985,598.22
3,281,763.61
132,267,361.83
46,981,303.63
123,561,910.27
121,420,374.11
120,122,102.64
115,761,213.90
111,359,628.09
110,098,352.15
106,430,336.39
103,255,279.56
3,255,134.36
3,248,670.73
3,242,207.09
3,226,532.81
3,210,824.97
2,996,172.08
2,765,809.50
2,541,199.90
100,532,795.83
2,314,605.12
126,817,044.63
124,669,044.84
123,364,309.73
118,987,746.71
114,570,453.06
113,094,524.23
109,196,145.89
105,796,479.46
102,847,400.95
39,042, 106.28
1,689,716.89
1,689,716.89
48,671,020.52
40,731,823.17
83,596,341.31
271.76%
265.02%
86,085,221.46
311.35%
303.35%
38,073,521.28
1,689,716.89
39,763,238.17
84,905,806.67
313.53%
305.36%
32,769,048.78
1,689,716.89
34,458,765.67
88,905,544.07
358.01%
348.60%
32,313,470.93
1,689,716.89
34,003,187.82
84,984,558.89
349.93%
340.44%
54,782,792.03
1,689,716.89
56,472,508.92
58,097,944.15
202.88%
197.19%
54,134,164.15
51,938,239.30
51,186,009.90
52,997,678.73
98,798,269.64
12/1/2027
6/1/2028
12/1/2028
6/1/2029
12/1/2029
6/1/2030
12/1/2030
6/1/2031
12/1/2031
6/1/2032
12/1/2032
92,274,154.66
89,890,449.93
2,067,834.37
1,823,210.86
100,866,104.01
94,097,365.52
51,580,354.00
1,689,716.89
1,689,716.89
1,689,716.89
1,689,716.89
1,689,716.89
55,823,881.04
57,270,643.20
202.59%
197.22%
53,627,956.19
52,875,726.79
55,568,189.71
203.62%
198.46%
52,920,752.67
200.09%
195.28%
54,687,395.62
48,160,005.34
188.06%
183.83%
53,270,070.89
47,596,033.12
189.35%
185.47%
46,516,368.95
1,601,072.62
91,491,522.55
44,805,580.03
79,195,200.04
1,380,960.08
6/1/2033
12/1/2033
6/1/2034
12/1/2034
6/1/2035
12/1/2035
6/1/2036
69,632,048.37
62,863,968.26
60,515,678.62
58,835,819.90
56,973,267.96
53,918,832.63
49,699,210.95
45,724,810.54
42,693,244.94
39,559,505.65
33,486,389.88
30,664,294.65
27,095,872.34
16,661,413.41
6,975,530.65
2,536,371.84
4,377,332,197.14
1,197,431.67
1,067,381.75
958,763.72
857,316.68
761,865.70
624,482.74
499,618.60
398,090.53
315,482.49
234,616.55
158,004.59
106,106.16
54,126.70
98,403,618.55
80,576,160.12
70,829,480.04
63,931,350.01
61,474,442.34
59,693,136.58
57,735,133.66
54,543,315.37
50,198,829.55
46,122,901.07
43,008,727.43
39,794,122.20
33,644,394.47
30,770,400.81
27,149,999.04
16,661,413.41
6,975,530.65
2,536,371.84
4,475,735,815.69
36,643,139.85
29,228,218.10
23,960,303.35
22,557,163.38
20,716,112.98
19,248,739.88
17,290, 122.65
1,689,716.89
1,689,716.89
1,689,716.89
1,689,716.89
1,689,716.89
1,689,716.89
1,689,716.89
1,689,716.89
1,689,716.89
48,206,085.84
45,891,279.68
195.20%
191.42%
46,495,296.92
44,996,225.63
196.78%
193.33%
38,332,856.74
30,917,934.99
25,650,020.24
42,243,303.38
210.20%
206.60%
39,911,545.06
229.09%
225.22%
38,281,329.78
249.24%
245.08%
24,246,880.27
37,227,562.07
253.54%
249.58%
22,405,829.87
20,938,456.77
37,287,306.72
266.42%
262.59%
36,796,676.89
275.74%
272.10%
18,979,839.54
35,563,475.83
287.38%
284.08%
14,034,195.70
1,689,716.89
15,723,912.59
34,474,916.96
319.25%
316.07%
11,393,526.35
1,689,716.89
13,083,243.24
33,039,657.83
352.53%
349.49%
10,929,819.33
10,161,357.23
6,880,702.50
6,734,452.53
6,842,958.60
1,689,716.89
1,689,716.89
1,689,716.89
12,619,536.22
11,851,074.12
30,389,191.21
340.81%
338.31%
27,943,048.08
335.78%
333.81%
8,570,419.39
25,073,975.08
392.56%
390.72%
6,734,452.53
6,842,958.60
24,035,948.28
456.91%
20,307,040.44
16,661,413.41
6,975,530.65
2,536,371.84
396.76%
455.33%
395.97%
2,315,644,915.79
67,588,675.44 2,383,233,591.23
2,092,502,224.46
(a) The amounts shown are the pledged amounts required to be paid by Local Governmental Agencies under the Existing WPCLF Loan Agreements which amounts are to be deposited in the
Principal Fund and have been pledged as security for either currently issued or additional Water Quality Bonds. Amounts shown are semi-annual repayment amounts and do not include
interest earnings thereon. Payments by the Local Governmental Agencies are due semi-annually.
(b) As of December 1, 2011, the definition of Projected Payments include Direct Payments received by the Authority in connection with Water Quality Bonds issued as Build America
Bonds (Series 2010B Water Quality Bonds). See THE WATER POLLUTION CONTROL LOAN FUND PROGRAM - Amendment to Trust Agreement. The amount expected to be received
from the BAB's subsidy has been reduced by 5.1% for all periods. This reduction reflects BAB's subsidy reductions included in the Budget Control Act of 2011 and the American Taxpayers
Relief Act of 2012.
(c) Hypothetical equal payment Debt Service of $50,000,000 Water Quality Series 2012A Floating Rate Notes.
Coverage is calculated based on pledged payments due on Existing WPCLF Loans as of September 30, 2013 plus the Direct Payments on the Series 2010B Water Quality Bonds.
As additional WPCLF Loans are made and the pledged payments become due thereon, coverage will increase, subject to the Authority's exercise of its rights under the Trust Agreement to
(d) issue additional Water Quality Bonds and to depledge Pledged Revenues.
(e) Coverage is calculated as described in (d) above except that the Direct Payments on the Series 2010B Water Quality Bonds has been deducted from Total Projected Payments
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