TABLE 3
THE CALIFORNIA STATE UNIVERSITY HOUSING PROGRAM
2003/04 Centrally Paid Cost - Debt Service Transfers Summary
Campus	03/04 Old Debt Service                                                        Principal                  Interest                     Total			03/04 Series 2002-A Debt Service                                                       Principal                  Interest                     Total			03/04 Series 2003-A Debt Service                                                        Principal                  Interest                     Total			03/04               Total Debt Service Payments	15% Reserve	03/04 Debt Service Transfers
Bakersfield	0	0	0	0	0	0	0	0	0	0	0	0
Chico	444,339	301,424	745,763	0	0	0	0	0	0	745,763	111,864	857,627
Dominguez Hills	350,000	489,700	839,700	0	0	0	0	0	0	839,700	125,955	965,655
Fresno	0	0	0	0	0	0	0	0	0	0	0	0
Fullerton	210,900	241,767	452,667	385,000	1,086,818	1,471,818	0	0	0	1,924,485	288,673	2,213,158
Hayward	159,100	182,386	341,486	0	0	0	0	0	0	341,486	51,223	392,709
Humboldt	484,502	551,571	1,036,073	0	0	0	0	0	0	1,036,073	155,411	1,191,484
Long Beach	837,179	600,604	1,437,783	0	0	0	0	0	0	1,437,783	215,667	1,653,450
Los Angeles	696,446	550,860	1,247,306	0	0	0	0	0	0	1,247,306	187,096	1,434,402
Northridge	1,976,919	2,882,760	4,859,679	0	0	0	0	0	0	4,859,679	728,952	5,588,631
Pomona	116,564	15,244	131,808	0	0	0	0	581,089	581,089	712,897	106,935	819,832
Sacramento	165,000	305,843	470,843	0	0	0	0	0	0	470,843	70,626	541,469
San Bernardino	190,000	663,209	853,209	290,000	824,441	1,114,441	0	0	0	1,967,650	295,148	2,262,798
San Diego	1,549,070	3,163,788	4,712,858	0	0	0	0	0	0	4,712,858	706,929	5,419,787
San Francisco	804,962	1,130,814	1,935,776	0	0	0	0	0	0	1,935,776	290,366	2,226,142
San Jose	295,418	66,225	361,643	0	0	0	0	0	0	361,643	54,246	415,889
San Luis Obispo	150,445	19,675	170,120	855,000	2,454,959	3,309,959	0	0	0	3,480,079	522,012	4,002,091
San Marcos	0	0	0	0	0	0	0	0	0	0	0	0
Sonoma	810,319	1,808,919	2,619,238	0	0	0	0	0	0	2,619,238	392,886	3,012,124
Stanislaus	0	0	0	0	0	0	0	0	0	0	0	0
Total	9,241,164	12,974,786	22,215,952	1,530,000	4,366,218	5,896,218	0	581,089	581,089	28,693,259	4,303,989	32,997,248
	Net Income Coverage Calculation
	Example:
	If annual revenue = $15,000,000
	and annual operating expense = $10,000,000
	then, annual net income = $5,000,000
	If annual debt service payment = $750,000
	then, 15% reserve (of debt service payment) = $112,500
	and annual debt service transfer = $862,500
	Therefore, Net Income Coverage = $5,000,000/$750,000 = 6.67