Kentucky Public Service Commission

Final Order Entered: 1. Butler County is authorized to enter into an agreement with KRWFC to borrow no more than $1 ,402,5005 for the purpose of refunding the outstanding indebtedness, but only under such terms and conditions that will produce both positive gross savings and net present value savings. 2. If the actual terms and conditions of the agreement with KRWFC differ from those set forth in its application, Butler County shall , within 30 days of executing the loan agreement, file with the Commission amortization schedules and work papers showing the actual gross savings and net present value savings that will result from the refinancing. 3. Within 30 days of executing the proposed agreement, Butler County shall file a copy of the executed Assistance Agreement and any documents referenced in the executed Assistance Agreement that Butler County has not previously filed with the Commission. 4. The proceeds from the Assistance Agreement shall be used only for the lawful purposes specified in Butler County's application. 5. Any documents filed pursuant to ordering paragraphs 2 and 3 of this Order shall reference the number of this case and shall be retained in the utility's general correspondence file.

No deficiency letter

Butler County Water System, Inc. Revised Exhibit D

Acknowledge Receipt of Filing

APPLICATION OF THE BUTLER COUNTY WATER SYSTEM, INC. TO ISSUE SECURITIES IN THE APPROXIMATE PRINCIPAL AMOUNT OF $1,275,000 FOR THE PURPOSE OF REFUNDING CERTAIN OUTSTANDING INDEBTEDNESS OF THE ASSOCIATION PURSUANT TO THE PROVISIONS OF KRS 278.300 AND 807 KAR 5:001