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Purpose of the Study <br />Parameters <br />1. Assure funds pay for <br />• Capital outlay <br />• Operations <br />• Annual debt service, if applicable <br />2. Provide sufficient cash reserves for <br />• Six months of operating and capital expenses (including depreciation) <br />✓ 25% is the operations reserve minimum per policy <br />• Next years' annual debt service (if applicable) <br />�'ZEHLERS <br />10 PUBLIC FINANCE ADVISORS <br />Page 56 of 78 <br />