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<br />EXHIBIT XXXI-C
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<br />CASH FLOW AND PRESENT VALUE ANALYSIS
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<br />5
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<br /> <---------------" ANNUAL -------------> <--------------- -------~------_. ---- SEMI - ANNUAL --------- --- ----------------- ---------------->
<br />(a) (b) ( c;) (d) (e) (f) (9) (h) (i) U)
<br /> Original Estimated Captured Est. TI. Less: Available Cumulative <------ Present Value ------>
<br /> Tax Tax Tax (d) x Admin Tax Avail. Tax Semi Annual Cumulative
<br />Date Capacity Capacity Capacity 1.19094 Fees Increment Increment Balance Balance
<br /> (see assumptions) (c)-(b) - St. Aud. Fee (e) x (e)-(f) Total of (9) PV of (g) Total of (i)
<br /> 5.0% Inflation (prev. year) 0.000% 10.00% 6.75% 06/01/04
<br />06/01/03 43,806 43,806 0 0 0 0 0 0
<br />12/01/03 43,806 43,806 0 0 0 0 0 0
<br />06/01/04 43,806 43,806 0 0 0 0 0 0 0
<br />12/01/04 43,806 43,806 0 0 0 0 0 0 0
<br />06/01/05 43,806 173,751 0 0 0 0 0 0 0
<br />12/01/05 43,806 173,751 0 0 0 0 0 0 0
<br />06/01/06 43,806 173,751 129,945 77,379 7,738 69,641 69,641 60,982 60,982
<br />12/01/06 43,806 173,751 129,945 77,379 7,738 69,641 139,281 58,991 119,973
<br />06/01/07 43,806 173,751 129,945 77,379 7,738 69,641 208,922 57,065 177,038
<br />12/01/07 43,806 173,751 129,945 77,379 7,738 69,641 278,563 55,202 232,240
<br />06/01/08 43,806 182,439 129,945 77,379 7,738 69,641 348,204 53,400 285,640
<br />12/01/08 43,806 182,439 129,945 77,379 7,738 69,641 417,844 51,656 337,296
<br />06/01/09 43,806 191,561 138,633 82,552 8,255 74,297 492,141 53,311 390,606
<br />12/01/09 43,806 191,561 138,633 82,552 8,255 74,297 566,437 51,570 442,177
<br />06/01/10 43,806 201,139 147,755 87,984 8,798 79,185 645,623 53,169 495,346
<br />12/01/10 43,806 201,139 147,755 87,984 8,798 79,185 724,808 51,433 546,779
<br />06/01/11 43,806 211,196 157,333 93,687 9,369 84,318 809,126 52,979 599,758
<br />12/01/11 43,806 211,196 157,333 93,687 9,369 84,318 893,444 51,249 651,007
<br />06/01/12 43,806 221,755 167,390 99,676 9,968 89,708 983,152 52,745 703,752
<br />12/01/12 43,806 221,755 167,390 99,676 9,968 89,708 1,072,860 51,023 754,775
<br />06/01/13 43,806 232,843 177,950 105,964 10,596 95,367 1,168,228 52,471 807,247
<br />12/01/13 43,806 232,843 177,950 105,964 10,596 95,367 1,263,595 50,758 858,005
<br />06/01/14 43,806 244,485 189,037 112,566 11,257 101,309 1,364,905 52,160 910,165
<br />12/01/14 43,806 244,485 189,037 112,566 11,257 101,309 1,466,214 50,457 960,622
<br />06/01/15 43,806 256,710 200,680 119,499 11,950 107,549 1,573,763 51,816 1,012,438
<br />12/01/15 43,806 256,710 200,680 119,499 11 ,950 107,549 1,681,312 50,124 1,062,562
<br />06/01/16 43,806 269,545 212,904 126,778 12,678 114,100 1,795,412 51,441 1,114,004
<br />12/01/16 43,806 269,545 212,904 126,778 12,678 114,100 1,909,512 49,762 1,163,766
<br />06/01/17 43,806 283,022 225,739 134,421 13,442 120,979 2,030,490 51,039 1,214,805
<br />12/01/17 43,806 283,022 225,739 134,421 13,442 120,979 2,151,469 49,373 1,264,178
<br />06/01/18 43,806 297,173 239,217 142,446 14,245 128,202 2,279,671 50,613 1,314,791
<br />12/01/18 43,806 297,173 239,217 142,446 14,245 128,202 2,407,873 48,960 1,363,751
<br />06/01/19 43,806 312,032 253,368 150,873 15,087 135,786 2,543,658 50,164 1,413,915
<br />12/01/19 43,806 312,032 253,368 150,873 15,087 135,786 2,679,444 48,526 1,462,441
<br />06/01/20 43,806 327,634 268,226 159,721 15,972 143,749 2,823,192 49,694 1,512,135
<br />12/01/20 43,806 327,634 268,226 159,721 15,972 143,749 2,966,941 48,072 1,560,207
<br />06/01/21 43,806 344,015 283,828 169,011 16,901 152,110 3,119,051 49,207 1,609,414
<br />12/01/21 43,806 344,015 283,828 169,011 16,901 152,110 3,271,161 47,601 1,657,015
<br />06/01/22 43,806 361,216 300,210 178,766 17,877 160,889 3,432,050 48,704 1,705,719
<br />12/01/22 43,806 361,216 300,210 178,766 17,877 160,889 3,592,939 47,114 1,752,834
<br />06/01/23 43,806 379,277 317,410 189,008 18,901 170,108 3,763,047 48,187 1,801,021
<br />12/01/23 43,806 379,277 317,410 189,008 18,901 170,108 3,933,154 46,614 1,847,635
<br />06/01/24 43,806 398,241 335,471 199,763 19,976 179,787 4,112,941 47,658 1,895,293
<br />12/01/24 43,806 398,241 335,471 199,763 19,976 179,787 4,292,728 46,102 1,941,395
<br />06/01/25 43,806 418,153 354,435 211,055 21,106 189,950 4,482,678 47,118 1,988,514
<br />12/01/25 43,806 418,153 354,435 211,055 21,106 189,950 4,672,628 45,580 2,034,093
<br />06/01/26 43,806 439,061 374,347 222,912 22,291 200,621 4,873,249 46,569 2,080,662
<br />12/01/26 43,806 439,061 374,347 222,912 22,291 200,621 5,073,870 45,048 2,125,710
<br />06/01/27 43,806 461,014 395,255 235,362 23,536 211,826 5,285,696 46,011 2,171,722
<br />12/01/27 43,806 461,014 395,255 235,362 23,536 211,826 5,497,522 44,509 2,216,231
<br />06/01/28 43,806 484,064 417,208 248,435 24,843 223,591 5,721,113 45,447 2,261,678
<br />12/01/28 43,806 484,064 417,208 248,435 24,843 223,591 5,944,705 43,964 2,305,642
<br />06/01/29 43,806 508,267 440,258 262,161 26,216 235,945 6,180,649 44,878 2,350,520
<br />12/01/29 43,806 508,267 440,258 262,161 26,216 235,945 6,416,594 43,413 2,393,933
<br />06/01/30 43,806 533,681 464,462 276,573 27,657 248,916 6,665,510 44,304 2,438,237
<br />12/01/30 43,806 533,681 464,462 276,573 27,657 248,916 6,914,425 42,858 2,481,095
<br /> 7,682,695 768,269 6,914,425 6,914,425 2,481,095 2,481,095
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<br />XXXI-C-3
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