On January 30, 2006, the Revenue Bond Oversight Committee awarded a financial consulting contract to the team of Robert Kuo Consulting, LLC and Lawrence Doyle to conduct a financial review of the use of Commercial Paper to finance the Public Utilities Commission’s Water System Improvement Program for the period from July 1, 2003 through December 31, 2005. In certain cases, our review included data through March 1, 2006. This Report is the product of our financial review.

It is attached as a PDF below.