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• DEBT SERVICE COVERAGE <br /> Set forth below is the debt service coverage information for the Bonds. In arriving at the amount <br /> of annual Tax receipts for this calculation, the City examined year collections of the Existing Tax <br /> for the twelve-month period ended April 30, 2012. <br /> Actual Tax receipts collected by the City will depend upon, among other things, the level of <br /> retail activity within the City, the economic health of the City and surrounding trade area, <br /> possible future actions by the people of the State or General Assembly of the State defining <br /> transactions subject to the Taxes and granting exemptions from the Taxes, such as exemptions <br /> for food sales. The figure set forth below is only an estimate and there can be no assurance that <br /> actual Tax receipts will equal the estimate shown below. See THE TAX, Future Tax Receipts. <br /> Based upon the estimated Tax receipts, debt service coverage is as follows: <br /> Estimated Tax Receipts Available $3,381,981 <br /> for Debt Service(A) <br /> Maximum Annual 1,622,500 <br /> Debt Service(B)(1) <br /> Debt Service Coverage(A/B) 2.08x <br /> (1) Using a year ending September 1; assuming an average coupon rate of 3.79% for the Bonds. <br /> • <br /> [Remainder of page intentionally left blank.] <br /> • <br /> 22 <br />