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State Revolving Fund (SRF) or other Loans -Loans from outside sources, such as SRF loans <br />aze considered appropriate when it is not practical, in terms of timing, magnitude or equity, for <br />the Commission to finance lazge capital projects on apay-as-you-go basis. <br />Revenue Bonds -Revenue bonds also are considered appropriate when it is not practical, in <br />terms of timing, magnitude or equity, for the commission to finance large capital projects on a <br />pay-as-you-go basis. <br />Any incurrence of debt, whether a loan or a bond sale, should be timed and structured to ensure <br />optimal rates and terms, by timing, phasing, and/or combining capital projects as appropriate. In <br />all cases where debt is incurred, the projected life of the asset financed must meet or exceed the <br />life of the debt instrument. <br />2005 MWMC Financial Plan Page 9 <br />