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7/17/2026 <br />5 <br />Financing Options (cont.) <br />•Annual debt service payments are estimated to range from $916K to $1.2M <br />•A public offering is the less expensive option <br />•A 30-year public offering will keep potential rate increases at a minimum and retain <br />capacity for future debt issuances <br />•The averaged annual debt service payment is $916K <br />9 <br />Public SaleBank LoanPublic Sale <br />$15,000,000$15,000,000$15,000,000Project Fund <br />30 Years20 Years20 YearsRepayment Term <br />LevelLevelLevelDebt Service <br />4.48%4.61%3.96%True Interest Costs (TIC) <br />$915,805 $1,155,724$1,097,813Average Annual Debt Service <br />$27,474,125 $23,114,500$21,956,250Total Debt Service <br />Financing Options (cont.) <br />•Issuance costs are estimated to be*: <br />•$189,000 for bond issuance including credit rating fees <br />•$130,000 for a bank loan <br />10 <br />*Does not include underwriter’s discount or bank loan origination fees <br />9 <br />10 <br />Page 234 of 373