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6/11/2010 <br />Rate Study <br />Overview (cont'd) <br />• January 2010, City established a Rate Maintenance <br />Policy. The Rate Maintenance Policy requires the <br />setting of rates to achieve and maintain: <br />• Net utility revenues equal to 1.1 times the principal and <br />interest payments on all outstanding debt of the Water and <br />Wastewater Utility; <br />• Interest and Sinking Fund to pay the next maturing principal <br />and interest payment; <br />• Reserve Fund equal to the average annual principal and <br />interest payments for all outstanding debt issues; and, <br />• Contingency Fund of $500,000. <br />4 <br />J ~ <br />2 <br />