| EXHIBIT 15-B | ||||
| Financing Scenarios for Completing Phase I of ASR Project | ||||
| Use of Financing Pool | ||||
| Pooled Bond Issue | ||||
| Funds Required 2005-06 [1] | $345,000 | $345,000 | $345,000 | |
| Funds Required 2006-07 & 2007-08 [2] | 2,660,000 | 2,660,000 | 2,660,000 | |
| Total Funds Required | $3,005,000 | $3,005,000 | $3,005,000 | |
| Bond Amount | $3,090,000 | $3,090,000 | $3,090,000 | |
| Interest Rate | 4.25% | 4.50% | 4.75% | |
| Term | 10 | 15 | 20 | |
| Annual Payment | $385,700 | $287,700 | $242,700 | |
| Total Cost | $3,857,000 | $4,315,500 | $4,854,000 | |
| User Fee Required | 1.33% | 0.99% | 0.84% | |
| Present Value of Payments [3] | $2,978,300 | $2,986,200 | $3,024,600 | |
| [1] Phase I labor and expenses included in 2005-06 budget | ||||
| [2] Phase I cost estimate for 2006-07 & 2007-08 (see attached) | ||||
| [3] Present value is today's value of each stream of payments discounted at a | ||||
| rate of 5%, discount rate, also called the time value of money | ||||
| Preliminary Cost Summary | ||||
| Second ASR Well and Associated ASR Facilities Construction | ||||
| for | ||||
| Phase I Seaside Basin ASR Project | ||||
| (Preliminary cost estimates -- subject to revision) | ||||
| 12-May-05 | ||||
| Fiscal Year | Probable Completion Date | Facilities | Cost Estimate | |
| SMTIW II ASR Well (i.e., second well at existing site) | ||||
| 2006-2007 | Summer 2006 | Permitting (MCHD, Army, Seaside, SWRCB, CDHS, etc.) | $30,000 | |
| 2006-2007 | Summer 2006 | Backflush pit, site grading, fencing | $75,000 | |
| 2006-2007 | Summer/Fall 2006 | Well construction, pump, motor, downhole FCV | $820,000 | |
| 2006-2007 | Fall 2006 | PG&E coordination / service upgrade to 750 KVA | $50,000 | |
| 2006-2007 | Fall 2006 | Monitor well construction | $100,000 | |
| 2006-2007 | Summer/Fall 2006 | Engineering and construction management | $200,000 | |
| 2006-2007 | Summer/Fall 2006 | Summer / Fall project contingency (20%) | $255,000 | |
| FY 2006-2007 subtotal (Q1 - Q2) | $1,530,000 | |||
| ASR Facilities (i.e., on-site facilities) | ||||
| 2006-2007 | Fall 2006/Winter 2007 | Chemical / electrical bldg. const. (1,200 Sq.Ft.) | $225,000 | |
| 2006-2007 | Fall 2006/Spring 2007 | Permanent piping and instrumentation | $100,000 | |
| 2006-2007 | Fall 2006/Spring 2007 | Electrical system (i.e., MCC, switchboard, VFD, X-fer sw.) | $250,000 | |
| 2006-2007 | Fall 2006/Spring 2007 | Engineering and construction management | $200,000 | |
| 2006-2007 | Fall 2006/Spring 2007 | Fall / Spring project contingency (20%) | $155,000 | |
| FY 2006-2007 subtotal (Q2 - Q4) | $930,000 | |||
| 2007-2008 | Summer/Fall 2007 | Access road improvements | $65,000 | |
| 2007-2008 | Summer/Fall 2007 | Disinfection treatment system | $55,000 | |
| 2007-2008 | Summer/Fall 2007 | Engineering and construction management | $45,000 | |
| 2007-2008 | Summer/Fall 2007 | Summer / Fall project contingency (20%) | $33,000 | |
| FY 2007-2008 subtotal | $198,000 | |||
| Project Total (FY 2006-2007 and 2007-2008) | $2,658,000 | |||