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Page 3 of 6 <br />August 21, 2026. <br />The current estimates indicate that the principal amount of the Bonds will be <br />approximately $14.15 million (below the not-to-exceed amount of $16.5 million). The principal <br />and interest payments, together, on the Bonds will be approximately $1.00 million each fiscal <br />year until final maturity. The term of the Bonds will be 25 years. The Bonds are expected to sell <br />at a premium, with proceeds expected to total about $15.2 million, including principal. <br />Pursuant to Government Code Section 5852.1, the following good faith estimates (obtained <br />from the Underwriter and the Municipal Advisor) are being disclosed at a public meeting in <br />connection with the authorization of the Bonds. <br /> <br /> <br />Bond Documents <br /> <br />The financing team has prepared a set of documents for the issuance, including the <br />documents referred to in the attached resolution and has submitted the documents, including <br />the Preliminary Official Statement, and other related economic and financial information to <br />S&P Global Ratings, a nationally recognized rating agency, to obtain a credit rating on the <br />Bonds. <br /> <br />Credit Rating <br /> <br />S&P Global Ratings assigned its 'AA' rating with a Stable outlook to the 2026 Bonds, affirming <br />the same rating on the City's existing water revenue debt. The 'AA' rating reflects S&P's view <br />of the water system's very strong financial profile, underpinned by strong debt service <br />coverage and the City's multi-year approved rate increase program, which S&P characterized <br />Page 5 of 205