California Water Service Group Annual Report 2005

	Series	Interest Rate	Maturity Date	2005	2004
First Mortgage Bonds:	J	8.86%	2023	$3,600	$3,800
	K	6.94%	2012	5,000	5,000
	CC	9.86%	2020	18,100	18,200
Total First Mortgage Bonds:				26,700	27,000
	A	7.28%	2025	20,000	20,000
	B	6.77%	2028	20,000	20,000
	C	8.15%	2030	20,000	20,000
	D	7.13%	2031	20,000	20,000
	E	7.11%	2032	20,000	20,000
	F	5.90%	2017	20,000	20,000
	G	5.29%	2022	20,000	20,000
	H	5.29%	2022	20,000	20,000
	I	5.54%	2023	10,000	10,000
	J	5.44%	2018	10,000	10,000
	K	4.58%	2010	10,000	10,000
	L	5.48%	2018	10,000	10,000
	M	5.52%	2013	20,000	20,000
	N	5.55%	2013	20,000	20,000
Total Senior Notes				240,000	240,000
California Department of Water Resources loans		3.0% to 7.4%	2008-32	2,546	2,673
Other long-term debt				6,029	6,248
Total long-term debt				275,275	275,921
Less current maturities				1,133	1,100
Long-term debt excluding current maturities				$274,142	$274,821

The first mortgage bonds and unsecured senior notes are obligations of Cal Water. All bonds are held by institutional investors and secured by substantially all of Cal Water’s utility plant. The senior notes are held by institutional investors and require interest only payments until maturity, except series G and H, which have an annual sinking fund requirement of $1.8 million starting in 2012. The Department of Water Resources (DWR) loans were financed under the California Safe Drinking Water Bond Act. Repayment of principal and interest on the DWR loans is through a surcharge on customer bills. Other long-term debt includes a term loan of $3.4 million for New Mexico Water and other equipment and system acquisition financing arrangements with financial institutions. Aggregate maturities and sinking fund requirements for each of the succeeding five years (2006 through 2010) are $1,133, $1,115, $1,095, $1,026, and $965, and $269,941 thereafter.

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