Bee Branch Watershed Application, Tab B, Appendix A, (A) SRF Award and Application~\Wl'r,. ~ a ,~ -, ~
Field s of Opportunities
CHESTER J. CULVER , GOVERNOR
PATTY J UDGE , LT. GOV ERNOR
October 4, 2010
Mike Van Milligen ,
City Manager
City of Dubuque
50 West 13 th St.
Dubuque , IA 52001
RE : Upper Bee Branch Creek
Dubuque, Iowa
Subj: SRF Green Reserve Application and Eligibility
Dear Mr. Mill igen :
STATE OF I O \NA
DEPARTMENT OF NATURAL RESOUR CES
PATR IC IA L . B O D D Y , INTE R IM DI RECTOR
I like to express a thank you to you and your team for your interest in applying for the CWSRF
green reserve funding for the Upper Bee Branch Creek project . Your team 's presentation has
been most informative. I personally felt encouraged the city has opted for this environmentally
friendly approach to solve the flooding and surcharging problems of Upper Bee Branch Cree k
sewer .
The purpose of this letter is to define the Iowa DNR's role in this project. The Department 's role
is twofold . The Department and Iowa Finance Authority are the joint funding agencies for all
Iowa 's SRF funded projects . There are other partnerships with some other agencies pertaining
to non-point source projects of the SRF program . However, the determination of the Upper Bee
Branch Creek project eligibility for SRF funding remains with the Department. Also, the second
role of the Department includes evaluation and review of the project from an engineering
perspective to meet applicable standards and accepted engineering methods.
The Iowa Department of Agricultural and Land Stewardship (IDALS) has offered to consult with
your city and its consultants . IDALS is a good resource; and has great experience and expertise
in hydro-modification projects . I believe it is a good idea for IDALS to have a site visit and to be
in consultation on site . However, unfortunately as a regulatory and a funding agency it would be
inappropriate for us to be present in your planning and design meetings or consultations. The
Department will have to decline a visit at this time. We can reschedu le for another visit soon and
after IDALS has conducted their visit. We will consider our future visit as part of proposal
presentation and not for planning and design purposes .
In closing , I like to add the project outlined in the City 's briefing dated Sep 20 , 2010 is consistent
with EPA's project guidance for the Green Reserve. However, we cannot determine the
project 's eligibility at this time until a formal application has been made for IUP inclusion due on
Dec 1, 2010. I encourage the City to keep the Department advised during the development of
the project's IUP application.
502 EAST 9th STREET / DES MOINES, IOWA 50319-0034
PHONE 515-281 -5918 FAX 515-281-8895 www .iowadnr.gov
INVESTING IN IOWA’S WATER
July 2010 www.iowasrf.com
Clean Water SRF Intended Use Plan Application
USE FOR GREEN PROJECTS ONLY
This packetincludes the materials and information you need to apply for inclusion
on the Clean Water State Revolving Fund (SRF) Intended Use Plan. Please use
the checklist below to ensure that your application is complete before submitting it.
Instructions are included on the next page.
To Be Completed by Applicant For DNR Use
Applicant Name: Yes No
1. DNR Project Number (e.g. S2010-####): S Yes No
2. DNR Project Manager Name: Yes No
3. Project Identification (from DNR Design
Schedule A):
Yes No
4. Three copies of certified Facility Plan
If previously submitted: Certified date:
Submitted date:
Yes No
5(a). Iowa Construction Permit Application
Schedule A
Yes No
5(b). Schedules F and G if needed for the
project:
OR N/A
If N/A, state reason
Yes No
N/A
6. Exhibit 5, SRF Environmental Review
Checklist and Attachments
Yes No
7. EPA pre-award compliance form completed
with DUNS number and authorized signature
Yes No
8. Property assurance form completed with
authorized signature
OR N/A
If N/A, state reason
Yes No
N/A
For DNR Use: Decision
Date IUP application packet received: Application packet compete Yes No
SRF Reviewer: Date:
To Be Completed by Applicant For DNR Use
9. Project initiation meeting was held on: Yes No
10. Flows and loads concurrence by DNR on: OR N/A
If N/A state reason
Yes No
N/A
11. Wasteload allocation of concurred flow was
completed on:
OR N/A
If N/A state reason
Yes No
N/A
For DNR Use: Decision
The Applicant has followed DNR Construction Permitting Process (Steps 1 - 17) and submitted a Facility
Plan at Step 18: Project is considered ready to be placed on the Fundable List Yes No
If No, the Project is not ready for FP review and must be placed on the Contingency List
Project Manager: _________________ Date: ___________
2
GabeLee,PE
UpperBeeBranchCreekRestoration
Project
11/30/10
12/1/10
NA,StormwaterProject
Stormwater
Project
NA,Env.reviewalreadycompletedfor
project,FONSIissued(attached)
9/21/2010
Stormwater
Project
Stormwater
Project
CityofDubuque,Iowa
INVESTING IN IOWA’S WATER
July 2010 www.iowasrf.com
Clean Water SRF Intended Use Plan Application
USE FOR GREEN PROJECTS ONLY
Checklist Instructions
Item No. 1. All wastewater projects for construction are assigned unique project numbers
for tracking by DNR. Projects numbers are given by Ronda Hensley when a project
manager is assigned to a project and a file is created. Her telephone number is 515-281-
8982.
Item No. 2. A project manager is assigned to each SRF project after an initial contact to the Department
as described in Steps 2 and 3 of the wastewater construction permitting
process manual.
Item No. 3. A brief description of the project is required in Design Schedule A, General Information. The
project description must fall under the project scope established at the project initiation meeting. An
accurate description is necessary because multiple construction contracts may have the same project
number.
Item No. 4. At Step 18 (after completing Steps 1 through 17 of the wastewater construction permitting
procedures), submit three copies of the Facility Plan (FP) certified by an Iowa licensed professional
engineer along with the applicable design schedules and Intended Use Plan (IUP) application. Three
copies of the FP are not required with an IUP application submittal if the FP has been submitted
previously to the wastewater engineering section. However, an IUP application without the FP included
must reference the actual certification and submittal dates.
Item No. 5 (a). Design Schedule A must be certified by both the applicant and the design engineer. This
form is required for all wastewater projects. Design Schedule A should indicate that CWSRF loan funds
will be requested.
Item No. 5 (b). Design Schedules A, F and G are required for a site survey request, Paragraph 567 IAC
60.4(1)“c”.
Item No. 6. The environmental review checklist is provided as Exhibit 5. This checklist and information
must be included as an attachment to the IUP application.
Item No. 7. The EPA Pre-Award Compliance form must be completed, signed, and submitted to DNR
with the IUP application. A DUNS number for the applicant is required. If the applicant does not have a
DUNS number, go to http://fedgov.dnb.com/webform to request one. This form must be approved by the
U.S. Environmental Protection Agency before a CWSRF loan can be signed.
Item No. 8. Purchase of land typically is not eligible for the Clean Water SRF. Please check with your
project manager to confirm. However, if land is being purchased for the project, the applicant must
comply with federal property acquisition requirements and submit this form.
Item No. 9. The project initiation meeting is Step 9 of the wastewater construction permitting procedures.
If CWSRF funding program requirements were not anticipated and discussed at the project initiation
meeting, a second project initiation meeting is required. A second project initiation also may be needed if
a project has been inactive or the project scope is revised. The proposed project must be in conformance
with the long range planning of the area. The project initiation meeting may include representatives from
the Iowa Finance Authority and the DNR Field Office, NPDES permits section and Environmental Review
(ER) services. Project coordination and a determination of readiness for FP review is intended to improve
staff efficiency and should not be confused with the readiness criteria of other funding agencies (e.g., IFA,
INVESTING IN IOWA’S WATER
July 2010 www.iowasrf.com
IDED, USDA, EPA, etc.). If the information requested in Items No. 1 through No. 6 has
been addressed, but Steps 1-17 of the wastewater construction permitting procedures
have not been followed, the project will remain on the IUP contingency list until it can be
added to the fundable list.
Item No. 10. DNR concurrence with the proposed design flows and loadings is Step 12 of
the wastewater construction permitting procedures. Our agreement with the proposed
design criteria will be forwarded to the applicant in writing by the project manager.
Item No. 11. The waste load allocation (WLA) for preparation of the FP must be based on
current rules (including all applicable TMDLs) and the DNR concurred design flows and
loadings per Steps 11 and 12. A WLA might not be necessary for projects involving only sewers,
pumping stations or sludge handling. Most WLAs prior to 2006 are outdated. All WLA requests after the
project initiation meeting should be routed through the project manager. The WLA is calculated by the
Water Resources Section (Step 14).
July 2010 Page 5 of 10
Section 2: Project Schedule
Anticipated facility plan approval date:
Anticipated preliminary plans and specifications submittal date:
Anticipated final plans and specifications submittal date:
Anticipated construction notice to proceed date:
Anticipated loan agreement execution date:
Section 3: Project Information (Attach additional pages if necessary.)
Green Project Category
(check all that apply)
Water efficiency
Energy efficiency
Green infrastructure
Other environmentally innovative project
Describe the reasons or the needs for the proposed project: (i.e. specific water quality problem
or system improvement)
Describe the scope of the proposed project: (i.e., specific solution to the water quality problem,
or proposed system improvement). Explain how the project is eligible for the green project
category or categories checked above. Outline the expected project results, e.g. for
water efficiency projects, indicate percent of water loss reduced; for energy efficiency
projects, percent savings or reductions in kWh, KW, or therms; for other projects,
describe environmental and water quality benefits. Some green projects may require a
business case.
Which other funding programs
are you considering to assist
in completion of this project?
Check all that apply:
Community Development Block Grant (CDBG)
Rural Development Grant and/or Loan
Reserve Funds
Other:
January1,2011
April1,2011
June1,2011
September1,2011
September1,2011
RECAT&FEMAHMGP(eligibilityisinquestionforboth)
The daylighting of the Bee Branch Creek will improve water quality by exposing the now buried
creek to air, sunlight, vegetation, and soil, all of which will help transform, bind up, or otherwise
neutralize pollutants. Exposing the creek to sunlight air, and soil allows growth of aquatic and
riparian vegetation that will improve water quality by taking up organic and inorganic pollutants.
It will result in a 20% improvement in dissolved oxygen; a 13% reduction is suspended sediment,
a small reduction in phosphorus, nitrogen, and lead; and a 15% reduction in bacteria. Finally,
daylighting the creek will increase the biodiversity within the creek and the restored floodplain.
Attachment 2, Green Project Preserve: Guidance for Determining Project Eligibility, states that
the “EPA used an inclusive approach to determine what is and is not a `green' water project.”
And Public Law 111-88 indicates that State's must make available grant funding for “projects to
address green infrastructure . . . or other environmentally innovative activities.” The proposed
design of the Upper Bee Branch Creek Project creek is consistent with the EPA's definition of a
“green” project and certainly qualifies as an innovative project. Attachment 2 also outlines
“categorically eligible projects.” And Section 1.2-7 of Part A - CWSRF, establishes that creek
day lighting is a Categorical (Green Infrastructure) Project.
July 2010 Page 6 of 10
Section 4: Project Cost
Cost Category Total Estimated
Project Costs
Costs to be
Covered from
Other Funds
Allowable Loan
Costs
Administrative Expenses
Legal Expenses
Land and Easements
Relocation Expenses
Engineering Planning Fees
Engineering Design Fees
Engineering Construction Fees
Construction
Equipment
Interest During Construction
Miscellaneous
PROJECT SUBTOTAL
Supporting materials may be requested to document funding requests and system needs.
SRF staff will evaluate eligibility for green project reserve and determine the percentage
of principal forgiveness that will apply to the final SRF loan amount. A loan initiation fee
of 1% will be charged on the non-forgivable loan portion.
Please include the following items with your application:
Three official copies of the Facility Plan.Some green projects may require less planning
than a traditional wastewater project; please check with DNR staff. The scope of the FP
should be established at the project initiation meeting.
Iowa Construction Permit Application Schedules A, F and G, if applicable. Design Schedule
A is required for all projects.
Materials included in Exhibit 5: SRF Environmental Review Checklist, if applicable. An
environmental review is not required for projects classified as “nonpoint source.”
$8,145,000 $8,145,000
$918,000 $918,000
$450,000 $450,000
$22,390,000 $8,991,000 $13,399,000
$31,903,000 $17,136,000 $14,767,000
S f ec Ion 5 EPA P A re-war de r ompllance
FORM Approved OMB No . 2030-0020 Expires: 12-31-2011
United States Environmental Protection Agency
Washington, DC 20460
Preaward Compliance Review Report for
All Applicants Requesting EPA Financial Assistance
Note: Read Instructions on next Qage before comQleting form.
I. ApplicantlRecipient (Name, Address, State, Zip Code) I DUNS No.
City of Dubuque, Iowa; 50 West 13th Street, Dubuque, Iowa, 52001 (IA) 093105302
II. Is the applicant currently receiving EPA assistance?
Yes
III. List all civil rights lawsuits and administrative complaints pending against the applicant/recipient that allege discrimination based on race, color,
national origin, sex, age, or disability. (Do not include employment complaints not covered by 40 C.F.R. Parts 5 and 7. See instructions.)
McDonough vs. City of Dubuque, Iowa Civil Rights Commission file: 04-09-57044; Webb vs . City of Dubuque Iowa , Iowa Civil Rights Commission file : 12-08-56484
IV. List all civil rights lawsuits and administrative complaints decided against the applicant/recipient within the last year that allege discrimination
based on race, color, national origin, sex, age, or disability and enclose a copy of all decisions . Please describe all corrective action taken. (Do not
include employment complaints not covered by 40 C.F.R. Parts 5 and 7. See instructions.)
None
V. List all civil rights compliance reviews of the applicant/recipient conducted by any agency within the last two years and enclose a copy of the
review and any decisions, orders, or agreements based on the review. Please describe any corrective action taken (40 C.F.R.§ 7.80(c)(3))
None .
VI. Is the applicant requesting EPA assistance for new construction? Ifno, proceed to VII; if yes, answer (a) and/or (b) below.
Yes
a. Ifthe grant is for new construction, will all new facilities or alterations to existing facilities be designed and constructed to be readily
accessible to and usable by persons with disabilities? If yes, proceed to VII; if no, proceed to VI(b). Yes
b. If the grant is for new construction and the new facilities or alterations to existing facilities will not be readily accessible to and usable by
persons with disabilities, explain how a regulatory exception (40 C.F.R. § 7.70) applies .
VII. * Does the applicant/recipient provide initial and continuing notice that it does not discriminate on the basis of race, color, national origin, sex,
age, or disability in its programs or activities? (40 C.F.R. § 5.140 and § 7.95)
a. Do the methods of notice accommodate those with impaired vision or hearing? Yes
b. Is the notice posted in a prominent place in the applicant's offices or facilities , or, for education programs and activities , in appropriate
periodicals and other written communications? Yes
c. Does the notice identify a designated civil rights coordinator? Yes
VIII.* Does the applicant/recipient maintain demographic data on the race, color, national origin, sex, age , or handicap of the population it serves?
(40 C.F.R. § 7.85(a)) Yes
IX.* Does the applicant/recipient have a policy/procedure for providing access to services for persons with limited English proficiencY?Yes
x.* If the applicant/recipient is an education program or activity, or has 15 or more employees, has it designated an employee to coordinate its
compliance with 40 C.F.R. Parts 5 and 7? Provide the name, title, position, mailing address, e-mail address, fax number, and telephone number of
the designated coordinator. Yes, See attachments
XI.* If the applicant/recipient is an education program or activity , or has 15 or more employees, has it adopted grievance procedures that assure the
prompt and fair resolution of complaints that allege a violation of 40 C.F.R. Parts 5 and 7? Provide a legal citation or Internet address for, or a copy
of, the procedures. Yes, See attachments
For the ApplicantlRecipient
I certify that the statements I have made on this form and all attachments thereto are true, accurate, and complete. I acknowledge that any knowingly
false or misleading statement may be punishable by fme or imprisonment or both under applicable law. I assure that I will fully comply with all
applicable civil rights statutes and EPA regulations.
~~i ~~aAu~~:J f.~\i~~~/(1VJ B. Title of Authorized Official C. Date
City Manager 12/1/2010
I v V~ V .~ l: For the U.S. Environmental Protection Agency
I have reviewed the information prOVIded y the applicant/recipient and hereby certify that the applicant/recipient has submitted all pre award
compliance information required by 40 C.F.R. Parts 5 and 7; that based on the information submitted, this application satisfies the pre award
provisions of 40 C.F.R. Parts 5 and 7; and that the applicant has given assurance that it will fully comply with all applicable civil rights statutes and
EPA regulations.
A. Signature of Authorized EPA Official B. Title of Authorized EPA Official C. Date
See * * note on next page.
EPA Form 4700-4 (Rev. 3/2008). Previous editions are obsolete.
July 2010 Page 7 of 10
July 2010 Page 8 of 10
July 2010 Page 9 of 10
Section 6: Acquisition of Property by SRF Applicants
Note: Purchase of land typically is not eligible for the Clean Water SRF. Please check
with your project manager to confirm.
U.S. ENVIRONMENTAL PROTECTION AGENCY
ASSURANCE WITH RESPECT TO REAL PROPERTY ACQUISITION
OF TITLE III OF THE UNIFORM RELOCATION ASSISTANCE AND REAL PROPERTY
ACQUISITION POLICIES ACT OF 1970 AS AMENDED
The (Applicant) hereby assures that it has authority under
applicable State and local law to comply with Section 213 of the Uniform Relocation
Assistance and Real Property Acquisition Policies Act of 1970, Public Law 91-646, 84
Stat. 1894 (42 U.S.C. 4601) as amended by the Surface Transportation and Uniform
Relocation Assistance Act of 1987, Title IV of Public Law 100-17, 101 Stat. 246-256 (42
U.S.C. 4601 note) and 49 CFR 1.48(cc); and certifies, assures and agrees that,
notwithstanding any other provision set forth in the application.
1. For projects resulting in the displacement of any person:
a. It will adequately inform the public of the relocation payments and services
which will be available as set forth in Subparts A, C, D and E of 49 CFR 24.
b. It will provide fair and reasonable relocation payments to displaced persons as
required by Subparts D and E of 49 CFR 24.
c. It will provide a relocation assistance program for displaced persons offering
services described in Subpart C of 49 CFR 24.
d. Comparable replacement dwellings will be available pursuant to Subpart F of
49 CFR 24, or provided if necessary, a reasonable period in advance of the time any
person is displaced.
e. In acquiring real property, it will provide at least 90 days written notice to each
lawful occupant of real property acquired, stating the date such occupant is required to
move from a dwelling or to move his business or farm operation.
2. For projects resulting in the acquisition of real property:
a. It will fully comply with the requirements of Subpart B of 49 CFR 24.
b. It will adequately inform the public of the acquisition policies, requirements and
payments which apply to the project.
c. It will make every effort to acquire real property expeditiously through
negotiation.
CityofDubuque(IA)
State Revolving Fund Loan Application
Applicant: City of Dubuque
Tax ID Number:
NPDES Number (if applicable): NA
PWSID Number (if applicable):
Contact person/Title:
Address:
City County State IA Zip Code:
Telephone Number: Fax Number:
E-mail address:
Amount of Loan Request: $ 7,850,000 Clean Water SRF or Drinking Water SRF
(circle one)
Description of project: Lower Bee Branch Creek Restoration Project
Have you obtained all permits and authorizations required for this project?
(DNR technical staff can inform you of the permits and authorizations needed for your project.)
Yes No N/A Date Obtained Date Expected
Operating Permit
Construction Permit 8/12/10
Others: 6/23/10
Is the system under any regulatory compliance order? Yes No
Have construction bids been awarded? Yes No
If no, what is the projected bid award date?
What is the expected construction start date?
What is the expected project completion date?
Clean Water SRF (Sanitary Sewer) Clean Water SRF (Storm Sewer)
Treatment Storage/Detention
Infiltration/inflow correction Treatment
Sewer system rehabilitation
New collectors to existing communities Interceptor/Trunk Line
New interceptors Collector
Correction of Combined Sewer Overflow Other
Non Point Source Project
Drinking Water SRF
Treatment Storage
Transmission & Distribution purchase or consolidation of systems
Source (wells) land acquisition
42-6004596
52001 Dubuque Dubuque
Kenneth J. TeKippe, Finance Director
50 West 13th Street
563.589.4133
ktekippe@cityofdubuqe.org
563.589.0890
X
X
X
X
X
X
X
8/30/10
9/10/11
2
PROFESSIONAL CONSULTANTS (provide if known)
Project Engineer: Strand & Associates
Name of Contact Person: Mike Bridwell, PE
Mailing Address: 910 West Wingra Drive
City, State, and Zip Code: Madison, WI 53715
Telephone Number: 608.251.4843
E-mail address: mike.bridwell@strand.com
Bond Counsel: Ahlers & Cooney, LLP
Bond Counsel: William Noth
Mailing Address: 100 Court Ave.
City, State, and Zip Code: Des Moines, IA 50309-2256
Telephone Number: 515-246-0332
E-mail address: wnoth@ahlerslaw.com
Financial Advisor (if any):
Name of Contact Person:
Mailing Address:
City, State, and Zip Code:
Telephone Number:
E-mail address:
SOURCE OF FUNDS/COST BREAKDOWN FOR PROJECT
Source of Funds
Amount requested from SRF (this application) $ 7,772,500
Federal grant or loan- Specify $
Applicant’s share (GO Bonds) $ 4,744,600
Other- Specify (I-JOBS II Grant) $ 3,965,500
Total Source of Funds $ 16,482,600
Project Cost Breakdown
Administrative & Legal expenses $
Land and easements $ 2,618,100
Relocation expenses $
Planning & Design expenses $ 1,040,000
Engineering construction fees $ 369,900
Construction $ 8,760,400
Equipment $
Interest during construction $
Miscellaneous $
Contingency $ 844,200
Other- Specify (Bridge Construction) $ 2,850,000
Total Project Cost $ 16,482,600
Minus Funds from other sources($ 8,710,100 )
SRF Loan Request $ 7,772,500
1% origination fee (.01 x SRF amount) $ 77,725
Total SRF Loan (Rounded to Nearest $1,000) $ 7,850,000
3
Type of debt requested (check one): G.O. Revenue Combination
If GO – Has bond counsel calculated GO debt capacity for this project? Yes No
If Yes – enter debt capacity information
Constitutional Debt Limit $174,325,144
Outstanding constitutional debt $ 99,701,067
Constitutional Debt Capacity $ 74,624,077
Remaining % of capacity left 42.81 %
If No – STOP – application cannot be completed without this analysis – contact bond counsel ASAP
to calculate debt capacity
If Revenue: Do you have any outstanding debt payable from the system revenues? Yes No
If Yes, please list:
Existing System Debt:
Current Balance Interest
Rate
Year
Issued
Maturity
Date
Annual Payment
(Principal + Interest)
Revenue Bonds (SRF) 1,268,8203.252009202886,774
Revenue Bonds (SRF) 688,3713.252008202746,454
Revenue Bonds (SRF) 419,1703.252009202828,667
Revenue Bonds (SRF) 1,689,5713.2520092028126,215
GO Bonds 1,510,0004.2720032023153,908
GO Bonds 1,405,0004.2820052024132,973
GO Bonds 2,480,0004.1720062025219,788
GO Bonds 3,645,0004.5720082028303,590
GO Bonds 1,155,0003.292009202978,693
Other Debt
(Payable from System Revenues)
Has bond counsel reviewed parity debt provisions for outstanding debt? Yes No
Have ordinances related to rates been adopted for financing this project? Yes No
If no – is the city planning on adopting ordinances? Yes No
If yes – When will these ordinances be adopted?
If no – Why are new ordinances not being adopted?
How much of the SRF loan being requested, if any, will be used to refinance existing debt? $ 0.00
Does your system or city have a current bond rating? Yes No I don’t know
If yes, what is it? Aa1
Which rating agency rated your city? Moody’s S&P Fitch
X
X
X
X
X
X
4
Summary Statement of Revenue and Expenditures for System
REVENUES 2 years ago Last Year Current Year Next Year 2 yrs from now
Residential 1,143,603 1,160,9201,515,7161,647,078 2,047,671
Non-Residential 1,005,914 1,064,6951,390,0841,510,558 1,877,947
Deferred Charges
Other- Misc. Rev. & Fees 121,057 109,287122,017132,999 164,918
TOTAL REVENUES: $ 2,270,574 $ 2,334,902 $ 3,027,817 $ 3,290,635 $ 4,090,536
EXPENDITURES:
Operation and
Maintenance 466,213 470,332(75,281)(77,539) (79,866)
Depreciation and
Amortization
Other- Net transfer to
Construction 293,449 (32,172)3,665,633931,643 747,959
TOTAL
EXPENDITURES: $ 759,661 $ 438,160 $ 3,590,352 $ 854,104 $ 668,093
NET OPERATING
INCOME: $ 1,510,912 $ 1,896,742 $ (562,535) $ 2,436,531 $ 3,422,443
OTHER INCOME:
Interest & Inv. Earnings 76,067 46,50720,00025,000 30,000
Other: Explain
TOTAL OPERATING
AND OTHER
INCOME: $ 1,586,980 $ 1,943,248 $ (542,535) $ 2,461,531 $ 3,452,443
INCOME DEDUCTIONS:
Interest on debt 359,408 471,919645,962827,843 845,823
Debt Retired 443,000 490,0001,581,6491,606,455 1,626,354
Other- Explain
NET INCOME: $ 784,572 $ 981,330 $ (2,770,146) $ 27,233 $ 980,266
RETAINED EARNINGS:
Beginning of Year: $ 2,751,259 $ 3,535,831 $ 4,517,160 $ 1,747,014 $ 1,774,247
Ending of Year: $ 3,535,831 $ 4,517,160 $ 1,747,014 $ 1,774,247 $ 2,754,513