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Options Considered <br /> It is my understanding the City explored a lease option,however the lease option came with higher <br /> interest rates. <br /> Schedule and Issuance <br /> The proposed schedule for putting the project financing in place is as follows: <br /> January 4,2022 Initiate Application to MRWA <br /> February 1,2022 Approve Borrowing proposal/Award <br /> February 15,2022 Closing <br /> If the Council determines that it is appropriate to proceed with the proposed project financing,it would <br /> be appropriate to authorize application to Minnesota Rural Water. I have included an application to <br /> MRWA with this letter. <br /> Thank you for your time and consideration of this material. Please feel free to contact me with any <br /> questions. <br /> Respectfully, <br /> Jason Murray,Associate <br /> David Drown Associates,Inc. <br /> Enclosures <br />