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\ Crowe Horwath. <br />Crowe Horwath LLP <br />Independent Member Crwx Ho th h1ameticnsl <br />10 West Market street, Suite 2000 <br />Indianapolis, Indiana 46204.2975 <br />Tel 317.632.1100 <br />Fax 317.635.6127 <br />w .crowehorwath.00m <br />SOUTH BEND MUNICIPAL SEWAGE WORKS <br />South Bend, Indiana <br />PURPOSE OF THE REPORT <br />Crowe Horwath LLP ( "Crowe ") has performed a study and analysis of the operating and <br />financial reports, budgets and other data pertaining to the City of South Bend Municipal Sewage <br />Works ( "Utility'). The results of our analysis are contained in this Rate and Financing Report <br />( "Report"). <br />The purpose of this Report is to estimate the Utility's cash flow and financial capacity to <br />meet its on -going revenue requirements for operation and maintenance expenses, present and <br />proposed debt service payments and to make capital improvements to the Utility's system. This <br />Report is based on data for the twelve months ended December 31, 2012. The historical <br />information used in this Report was taken from the books and records of the Utility. <br />In the course of preparing this Report, we have not conducted an audit of any financial <br />or supplemental data used in the accompanying Exhibits and Schedules. We have made <br />certain projections that may vary from actual results because events and circumstances <br />frequently do not occur as estimated and such variances may be material. We have no <br />responsibility to update this Report for events and circumstances occurring after the date of this <br />Report. <br />If you have any questions regarding this Report, please call John Skomp at (317) 269- <br />6699 or Jennifer Wilson at (317) 269 - 6696. <br />-1- <br />