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r: Z <br /> farazt &Moody ' <br /> Section 111 <br /> Financial Planning & <br /> Debt Management <br /> Services: <br /> Juran & Moody views capital planning as an essential component of the <br /> issuer's overall debt issuance and financing program. Having an idea of <br /> future financing needs will enable the issuer to structure current debt <br /> offerings to ensure cost -effective financings in the future. Establishing <br /> policies regarding the capital plan provides fonnal written procedures for <br /> measuring and making financial decisions, In addition, rating agencies <br /> look favorable on debt issues that are part of a well - conceived long -term <br /> plan as opposed to financings that are carried out in a fragmented, <br /> disorganized manner; establishing long -term policies and plans <br /> demonstrates sophisticated financial management. Ultimately, <br /> implementing financing and debt policies will enable the issuer to carry <br /> out capital expansion or debt restructuring plans more efficiently while <br /> preserving market access for future debt. <br /> Juran & Moody is driven not by financial transactions, but by financial <br /> planning. We believe our performance can be successful only if our clients <br /> have developed a long-term capital plan which includes financial policies <br /> and the identification of alternative revenues such as assessments, grants, <br /> service fees, and other revenues. After assisting the issuer to develop a <br /> capital plan which is customized to meet its needs, Juran & Moody will <br /> ensure that each successive financing is executed in a manner consistent <br /> with the policies set forth in the long -term plan. <br /> Review Existing Debt Structure <br /> As your financial advisor, Juran & Moody will analyze the financial <br /> resources available to the issuer by considering the types of revenues <br /> available, their stability over time, and their forecasts for growth. The <br /> results will be compared to the existing debt structure to determine how <br /> much debt can be issued while still maintaining sufficient cash flow <br /> coverage. Finally, a review of the legal structure will provide the basis for <br /> the consideration of financing alternatives that are currently available. <br /> Review Capital Budget <br /> In order to determine the optimal method of issuing debt, some estimate of <br /> the amount of capital needed to finance planned projects included in the <br /> issuer's capital plan is required. Juran & Moody will review the City's <br /> capital budget to determine the amount and source of fimds you are <br /> willing and able to commit to funding its infrastructure needs. The goal of <br /> this review is to determine the optimal match of the sources of capital <br /> funding with the infrastructure funding needs. <br /> City of Centerville. Minnesota - 4 - <br />