Replenishment of MOERR-RSF Sample Clauses

Replenishment of MOERR-RSF. The need to fully replenish PWW’s MOERR-RSF fund at this time is based on the Company’s financial structure as a debt-only funded entity. Cash flow coverage is paramount in order for PWW to remain a financially viable entity. Further, the Company’s ability to maintain adequate cash coverage ultimately benefits ratepayers by enabling PWW to (1) access the debt markets to obtain the financing it needs, and (2) attract the lowest cost of borrowings possible. PWW’s overall ability to maintain proper liquidity, in both its operating cash accounts and its RSF funds, and its ability to refill and maintain those funds, is the highest risk factor that the Company currently faces as exemplified by the recent small downward adjustment in its credit rating. Although the Company’s actual credit rating going forward is difficult to predict mainly due to factors relative to the economy as a whole, the Settling Parties agree that the combined effect of replenishing the MOERR-RSF with proposed modifications to PWW’s overall rate structure, subsequently described in this Agreement, should have a positive impact on the credit rating agency’s view of PWW. Therefore, PWW currently estimates that approximately $5.5 million of the total proceeds from the proposed financing will be required in order to achieve full replenishment of its MOERR-RSF to its authorized imprest level of $2,850,000 and to repay amounts borrowed on Pennichuck Corporation’s working capital line-of-credit used to finance the deficit in that fund, as detailed in Appendix 2, Attachment B. This is intended to be a one-time replenishment of the MOERR-RSF in this manner, as the current deficit is viewed as the result of the previously described deficiency in the Company’s ratemaking structure. With proposed modifications to PWW’s rate structure, it is anticipated that future reconciliations of the MOERR-RSF will be achieved via either charge or credit adjustments to PWW’s revenue requirements in subsequent rate proceedings, as further described in this Agreement. The final amount of the bond financing designated to replenish the MOERR-RSF and repay the amounts borrowed on the Pennichuck Corporation line-of-credit will be determined at the actual time of the bond issuance. If the total line-of-credit to be repaid is less than estimated, as of the date of repayment and closing of this refinancing, then the resulting bond issuance will decrease by an equivalent amount.
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Related to Replenishment of MOERR-RSF

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