Attachment C to AD NOAT 05-147
TABLE 3
THE CALIFORNIA STATE UNIVERSITY HOUSING PROGRAM
2005/06 Centrally Paid Cost - Debt Service Transfers Summary
Campus	05/06 Old Debt Service                                                        Principal           Interest                  Total				05/06 Series 2002-A Debt Service                                                        Principal                Interest               Total				05/06                 Series 2002-A         15% Program Reserve		05/06 Series 2003-A Debt Service                                                        Principal           Interest                  Total				05/06         Series 2003-A  15% Program Reserve	05/06 Series 2004-A Debt Service                                                        Principal           Interest                  Total				05/06         Series 2004-A  15% Program Reserve
Bakersfield	0	0	0		0		0	0	0		0		0	0	0	0	0	0		0
Channel Islands	0	0	0		0		0	0	0		0		0	0	0	303,707	834,325	1,138,032	(4)	170,705
Chico	483,544	266,875	750,419	(2)	0		0	0	0		0		0	0	0	0	0	0		0
Dominguez Hills	130,000	70,950	200,950	(2)	0		0	0	0		0		0	0	0	0	0	0		0
East Bay	0	0	0	(2)	0		0	0	0		0		0	0	0	0	0	0		0
Fresno	0	0	0		0		0	0	0		0		0	0	0	0	0	0		0
Fullerton	0	0	0	(2)	410,000		1,059,018	1,469,018	0	(2)	0		0	0	0	0	0	0		0
Humboldt	139,095	9,022	148,117	(2)	0		0	0	0		0		0	0	0	0	0	0		0
Long Beach	193,429	30,907	224,336	(2)	0		0	0	0		0		0	0	0	70,000	46,559	116,559		0	(2)
Los Angeles	0	0	0	(2)	0		0	0	0		0		0	0	0	0	0	0		0
Northridge	264,494	70,411	334,905	(2)	0		0	0	0		0		0	0	0	690,000	446,291	1,136,291		0	(2)
Pomona	125,198	8,120	133,318	(2)	0		0	0	0		435,000		1,146,115	1,581,115	171,917	0	0	0		0
Sacramento	0	0	0	(2)	0		0	0	0		0		0	0	0	0	0	0		0
San Bernardino	215,000	635,771	850,771	(2)	315,000		803,291	1,118,291	0	(2)	0		0	0	0	0	0	0		0
San Diego	279,413	98,394	377,807	(2)	0		0	0	0		0		0	0	0	0	0	0		0
San Francisco	232,922	41,514	274,436	(2)	0		0	0	0		0		0	0	0	115,000	316,775	431,775		64,766
San Jose	316,930	48,178	365,108	(2)	0		0	0	0		0		0	0	0	0	0	0		0
San Luis Obispo	161,589	10,481	172,070	(2)	910,000		2,392,784	3,302,784	0	(2)	0		0	0	0	0	0	0		0
San Marcos	0	0	0		0		0	0	0		0		0	0	0	0	0	0		0
Sonoma	530,000	1,336,880	1,866,880	(2)	660,000		1,924,190	2,584,190	387,629		0		0	0	0	0	0	0		0
Stanislaus	0	0	0		0		0	0	0		290,000		823,489	1,113,489	167,023	0	0	0		0
Total	3,071,614	2,627,503	5,699,117		2,295,000		6,179,283	8,474,283	387,629		725,000		1,969,604	2,694,604	338,940	1,178,707	1,643,950	2,822,657		235,471
Campus	05/06 Series 2005-A Debt Service                                                        Principal           Interest                  Total				05/06                   Series 2005-A Debt Service 15% Reserve		05/06 Series 2005-B Debt Service                                                        Principal           Interest                  Total				05/06              Series 2005-B Debt Service 15% Reserve		Savings Related to Refundings in 04/05 (CREDIT) (3)	05/06 Debt Service Transfers
Bakersfield	0	0	0		0		0	0	0		0		0	0
Channel Islands	0	0	0		0		0	0	0		0		0	1,308,737
Chico	0	0	0		0		0	0	0		0		0	750,419
Dominguez Hills	0	0	0		0		315,000	250,234	565,234		0	(2)	0	766,184			Net Revenue Debt Service Coverage Ratio (DSCR) Calculation
East Bay	0	0	0		0		200,000	108,411	308,411		0	(2)	0	308,411
Fresno	0	0	0		0		0	0	0		0		0	0			Example:
Fullerton	0	0	0		0		265,000	143,663	408,663		0	(2)	0	1,877,681			If annual revenue = $15,000,000
Humboldt	195,000	125,878	320,878		0	(2)	275,000	221,182	496,182		0	(2)	(79,473)	885,705			and annual operating expense = $10,000,000
Long Beach	0	0	0		0		695,000	274,980	969,980		0	(2)	0	1,310,875			then, annual net income = $5,000,000
Los Angeles	0	0	0		0		800,000	316,765	1,116,765		0	(2)	0	1,116,765
Northridge	0	0	0		0		1,650,000	1,228,640	2,878,640		0	(2)	0	4,349,836			If annual debt service payment = $750,000 (1)
Pomona	0	0	0		0		0	0	0		0		0	1,886,350			then, 15% reserve (of debt service payment) = $112,500 (1)
Sacramento	0	0	0		0		235,000	186,175	421,175		0	(2)	0	421,175			and annual debt service transfer = $862,500
San Bernardino	365,720	1,264,371	1,630,091	(4)	244,514		0	0	0		0		0	3,843,667
San Diego	805,000	1,876,621	2,681,621		0	(2)	840,000	546,071	1,386,071		0	(2)	(1,046,615)	3,398,884			Therefore, DSCR = $5,000,000/$750,000 = 6.67
San Francisco	0	6,574,889	6,574,889		534,690		0	675,952	675,952		0	(2)	0	8,556,508
San Jose	0	0	0		0		0	0	0		0		0	365,108
San Luis Obispo	0	0	0		0		0	0	0		0		0	3,474,854
San Marcos	0	0	0		0		0	0	0		0		0	0
Sonoma	0	0	0		0		410,000	253,582	663,582		0	(2)	0	5,502,281
Stanislaus	0	0	0		0		0	0	0		0		0	1,280,512
Total	1,365,720	9,841,759	11,207,479		779,204		5,685,000	4,205,655	9,890,655		0		(1,126,088)	41,403,952
(1) As noted on attachment A, this should be recorded as "Transfer Out" (680126) in FIRMS.
(2) 15% debt service reserves have been collected in prior years.
(3) Refunding of Housing System Revenue Bonds Series AU (Humboldt) and AY (San Diego) received "upfront" savings.
This entry adjusts for 2004/05 PFA transfers that did not reflect the refundings (refer to coded memo for details).
(4) This amount relates to housing portion. There is separate parking portion associated with this debt.