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36 Table 3 DSRSD, Pleasanton and Livermore Sewer Systems Summary of Projected Debt Service Coverage by Member Fiscal Year Ended June 30 (1) 2022 2023 2024 2025 2026 Livermore Livermore’s Member Net Revenue 12,407,520 13,514,861 14,349,983 15,258,499 14,819,878 Livermore’s Share of LAVWMA Debt Service* 2,054,936 1,890,130 1,890,241 1,890,965 1,890,826 LAVWMA Debt Service Coverage* 6.04x 7.15x 7.59 8.07x 7.84x DSRSD/Pleasanton Rate Covenant Debt Service Coverage DSRSD/Pleasanton Member Net Revenues (2) $7,169,856 $9,400,406 $7,589,759 $7,367,526 $9,040,650 Rate Covenant Debt Service (3)* 1,463,294 1,463,591 1,470,830 1,464,053 1,464,007 Debt Service Coverage* 4.90x 6.42x 5.16x 5.03x 6.18x Comparison of Regional Capacity Reserve Fees and Expansion Project Debt Service Regional Capacity Reserve Fees(4) 5,390,728 8,746,658 5,978,054 3,930,409 7,290,850 Expansion Project Debt Service* 5,773,648 5,774,820 5,803,382 5,776,643 5,776,462 * Preliminary; subject to change. Based on debt service on the 2021 Bonds, based on estimated current market conditions. (1) Terms in line items are defined in the Sewer Service Contract. See “SECURITY FOR THE 2021 BONDS – Sewer Service Contract”. (2) DSRSD’s Member Net Revenues do not include Regional Capacity Reserve Fee revenues, which are deposited in the Rate Stabilization Fund held by DSRSD. Transfers from the Rate Stabilization Fund are based on assumed new connections as described in Tables 12 (DSRSD/Pleasanton) and 24 (Livermore). (3) Rate Covenant Debt Service is defined in the Sewer Service Contract as (1) amounts payable by DSRSD, for itself and on behalf of Pleasanton, as Fixed Cost Allocation for Debt Service; plus (2) Debt Service on Obligations of DSRSD that are payable from Charges (of which there are currently none); less the Actual Rate Stabilization Fund Draw. The Rate Stabilization Fund is funded from Regional Capacity Reserve Fees. (4) If the Regional Capacity Reserve Fees are below the Expansion Project Annual Debt Service please complete thought_______________________ Source: Livermore-Amador Water Management Agency.
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