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• <br /> Tuna >3t ly <br /> Analyze Future Debt Capacity <br /> to assess the City o Centerville's ability to raise debt ca <br /> In order uY f tY capital in P <br /> financial model may be developed the future, a computerized ed to assess the P <br /> ability of alternative financing strategies t o _ economically p rovide the <br /> required level of funding over time. The first step is the identification of <br /> the key assumptions that will be common to all strategies. The second step <br /> is to structure each alternative and evaluate its feasibility. <br /> Once the model is constructed, existing debt structures of the City will be <br /> incorporated to test the impact of each alternative financing strategy on <br /> the overall financial statements and financing plan. As a result, the current <br /> financing program can be evaluated by itself and in concert with previous <br /> or future financings or refundings depending on the financing policies <br /> established from the outset (e.g., minimize debt service, maintain level <br /> debt service, lengthen or shorten maturities, etc.). <br /> Finally, the financial model will have the flexibility to project the capital <br /> program using both "constant" and "current" dollar scenarios. This will <br /> prevent the issuer from embarking on a financing plan that, while feasible <br /> using constant dollars. becomes suspect or unfeasible when the impact of <br /> inflation is recognized. <br /> Identify Financing Alternatives <br /> As a full service financial advisor, Juran & Moody is a uniquely qualified <br /> to identify financing alternatives to efficiently and effectively raise funds <br /> for capital projects. Our underwriting business is important because it <br /> allows Juran & Moody develop capital financing plans for our clients <br /> which incorporate a full range of financing alternatives; as your advisors, <br /> we are not blindly committed to the notion that a municipal financing must <br /> result in the issuance of municipal bonds. We will illustrate various <br /> financing alternatives, including the following: <br /> • Pay -as- you -go Financing <br /> • Tax- Exempt Bonds <br /> • Taxable Bonds <br /> • Lease - Appropriation Obligations /Certificates of Participation <br /> • Tax- Exempt Commercial Paper <br /> City of Centerville. Minnesota - 5 - <br />