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<br />Memorandum <br /> <br />From: Debra Feazelle, City Manager <br /> <br /> <br />To: LAPAWA Board Members <br /> <br />Date: 6/10/2004 <br /> <br />Re: South East Plant Upgrade <br /> <br />The latest estimate from the City of Houston for our share of the South East Plant's <br />upgrade is currently $833,181 dollars. To insure we maintain our bond covenants, <br />the Water Authority intends to borrow $500,000 dollars from the City of La Porte <br />Utility Fund and pay it back over a six year period with an annual interest cost of <br />two percent. These estimates are based on current consumption and are subject to <br />change, The remaining $331, 181 dollars will be paid from the Water Authority's <br />available reserves. <br /> <br />1 <br />