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Home My WebLink About20031112Application.pdfConley E. Ward (ISB No. 1683) GIVENS PURSLEY LLP 601 W. Bannock Street P. O. Box 2720 Boise, ill 83701-2720 Telephone No. (208) 388-1200 Fax No. (208) 388-1300 cew(fYgi venspursl ey. com HECE\\JED it en~- It_l...-tJ 'l.fill1 N(N \ 2 PK 2: 31 U1\~\ES l~~~;~S\ON Attorneys for Cambridge Telephone Company S:\CLIENTS\1256\32\Application of Cambridge Telephone Company.doc BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION IN THE MATTER OF THE APPLICATION OF CAMBRIDGE TELEPHONE COMPANY FOR AUTHORITY TO BORROW FROM THE RURAL UTILITIES SERVICE ("RUS" AND THE RURAL TELEPHONE BANK RTB") IN THE AMOUNT OF NOT MORE THAN $17 500 000 Case No. f1"" r- IJ 1"'eJ;).." APPLICATION OF CAMBRIDGE TELEPHONE COMPANY Cambridge Telephone Company ("Cambridge" or "Applicant"), by and through its attorneys Givens Pursley LLP, makes this Application pursuant to Idaho Code ~ 61-901 for authority to execute a Loan Agreement in the amount of not more than Seventeen Million Five Hundred Thousand Dollars ($17 500 000) with the Rural Utilities Service ("RUS") and the Rural Telephone Bank ("RTB"). In support of its Application, Cambridge states as follows: Applicant is a certificated telephone corporation organized under the laws of the State of Idaho providing telecommunication services including local exchange service within the state of Idaho. All notices and communications with regard to this Application should be served upon: Conley E. Ward GIVENS PURSLEY LLP 601 W. Bannock Street P. O. Box 2720 Boise, ID 83701-2720 OR\G\NAL APPLICA nON OF CAMBRIDGE TELEPHONE COMPANY - 1 Rick Wiggins Cambridge Telephone Company 130 Superior Street P. O. Box 88 Cambridge, ID 83610 The proposed RUS and RTB loan proceeds will be used to pay for and partially reimburse general funds to: (1) implement a long-range network migration strategy that will enable Cambridge to upgrade its system to provide ubiquitous broadband service, (2) provide new fiber optic and buried cable, (3) purchase new work trucks and test equipment, (4) to refund certain existing loans, and (5) for related system improvements. The proposed funding is structured as three separate loans: a $7 500 000 loan from RUS, and concurrent loans of$6 096 000 from RUS and $3 547 950 from RTB. The 500 000 RUS loan will qualify as a hardship loan with an interest rate of five percent (5%) per annum. The interest rate on the other two loans will be at RUS's and RTB's then current market rates at the time advances are made. Copies ofRUS's commitment letter and preliminary loan study letter are attached as Exhibits A and B, respectively. The proposed transaction is consistent with the public interest. Construction the upgraded facilities will improve service for Cambridge s existing Idaho customers. Construction will further serve the goals of universal service. A copy of the Applicant's most recent Annual Report showing the authorized and outstanding classes of Applicant's securities is on file with the Commission, and the Applicant respectfully requests the Commission take official notice thereof. A certified copy of Applicant' Board of Directors' resolution authorizing the proposed transaction is attached hereto as Exhibit A Proposed Order granting this Application is attached hereto as Exhibit D. Notice of this Application will be published within seven (7) days in The Idaho Statesman (Boise). A copy of this Notice is attached as Exhibit E. Applicant submits that the public interest does not require a hearing on this matter and it requests that the Commission process this Application and determine this matter by APPLICATION OF CAMBRIDGE TELEPHONE COMPANY - 2 Modified Procedure, pursuant to Rule 23 of the Commission s Rules of Practice and Procedure. In the event the Commission determines that formal proceedings on this Application are necessary, Applicant stands ready for immediate hearing. 10.Applicant has attached its filing fee, calculated pursuant to Section 61-905, Idaho Code, in the amount of ONE THOUSAND DOLLARS ($1 000.00). WHEREFORE, Applicant respectfully requests an Order of this Commission: Granting the foregoing Application of Cambridge Telephone Company to execute and deliver to the Rural Utilities Service AND Rural Telephone Bank loan agreement in an aggregate amount not to exceed $17 500 000; Granting such other relief as the Commission deems just and reasonable in this matter. RESPECTFULLY SUBMITTED this 1ih day of November 2003 APPLICA nON OF CAMBRIDGE TELEPHONE COMPANY - 3 CERTIFICATE OF SERVICE I HEREBY CERTIFY that on this 1ih day of November 2003 I caused to be served, via hand delivery, a true and correct copy of the foregoing document to the following: Jean D. Jewell, Secretary Idaho Public Utilities Commission 472 W. Washington Street Boise, ID 83702 APPLICA nON OF CAMBRIDGE TELEPHONE COMPANY - 4 ConI ~ent By: Ctc Telecom;20825733i 0;Oct-03 9: i 3AM;Page 2/2 Unlt8d Ita- ~l1mtnt Of AQrI~ulture Rural C8VBlcpmOl'lt "ural Blllinn~\It serviCe. Rural HOLt"ng S&rv1CB . Rural U~Mme8 Servk:e Wuhington, DO 20250 SEP 24 Mr. Kermit L. Wiggins President Cambridge Telephone Company . O. Box 86 Cambridge, Idaho 83610 Dear Mr. Wiggins: We are pleased to advise that a loan In the amount of $7,500.000 from the Rural Utilities Service (RUB), under Section 305(d) (1) of the Rural Electrification Act of 1936, as amended at an interest rate of 5.00 percent per annum. and concurrent loans in the amounts of is OSG,OCtO from the RU Sand $3 547 950 from the Rural Telephone Ba nk have been .,pproved for your organization. The Interest rate for each advance will be determIned In accordance with our letter of April 28, 2003. The loan contract and other documents will be folWSrded in the near future for execution. These loans are approved with the understanding that the loan contract will be authorized and executed by your organization and returned to us by the date which will be set forth in the letter transmitting the loan contract. fl'YI fJJ-U-u ROBERTA D. PURCELL Assistan1 Administrator and Ass istant Govemor oo~Mr. Riohard Wiggins, General ManaGer !VIllI ~Iop/PlOlllll" 8ft 0f'p00ftJII1rf I.MIdI,r~t:*dMimllIIIIIaII-..G"-1II: --.y d. ~. , DC IlUUO CAMBRIDGE TELEPHONE COMPANY LOAN APPLICATION EXHIBIT A ""I~ ~!y. \JCw """""w\JII''::'\JU'::"";f WWI V ",gy -.::. -...J" , "):!~ ... 1(1 United States ~paf'ImiInt af Agriculture Aurw D8Y8lopment Rural BuslneM-Cooperawe Sefvic8. Rural Housing Seoice . Aural Utilities S8rv\ee WashinS\Ot'I, DC 20250 Mr. Kermit l. Wiggins President Cambridge Telephone Company P. O. Box 86 Cambridge, Idaho 83610 APR 2 8 2003 Dear Mr. Wiggins; We have completed our preliminary studies of your organization s "G" loan application and aresubmitting the results of these studies for your consideration. They show that your organization qualifies for a hardship loan in the amount of $7,500 000 made by the Rural Utilities Service (RUS) and COnCUITent loans in the amount of $4,395 000 made by the RUS and $2 558,850made by the Rural Telephone Bank (RT8). The concurrent loan ratio belvveen RUg and the RTB is based on the total amount of funds appropriated for Fiscal Year 2003 for RUS cost-of-money loans and RIB loans. The hardship loan will bear interest at 5.0 percent and the concurrent loans will bear interest at the rate applicable to each advance of loan funds based on the average yield on outstanding marketable obligations of the United States having final maturity of the advance. The RUS cost. of-money loan interest rate will be fixed at the time of each advance. The interest rate on each RTB loan advance, however, will be an interim rate. A permanent interest rate will be determined on each RTB loan advance at the end of the fiscal year in which the advance is made based on RTB's cast"of.money rate for the fiscal year. Interest rates of 4.35 and 5. percent for the contemplated RUS cost-of"money loan and the RTB loans, respectively, were used in our feasibility study. It should be understood that this letter is not a commitment that a roan wilJ be approved. Hardship loans are approved quarterly using a priority system (see RUS regulation 7 CFR 1735.30). Specifically, RUS will rank all applications at the end of the quarter based on criteria provided in the regulation. At that time , you will be notified of the status of your organization loan application. In accordance with the regulation, the hardship portion of your loan has been limited to $7 500,000 to more equitably distribute the amount of hardship funds among the greatest number of qualified borrowers, Our studies show that $14 332,000, of the above funds will be needed to: 1) connect 15 new subscribers, 2) replace the existing Dca central offices, 3) add DSL capability in 3 exchanges. 4) add fiber optic and buried Gabie facilities , 5) purchase new work trucks and test equipment and perform other system improvements. In addition to the funds required for construction, the enclosed Preliminary Telephone Loan Budget, RUS Form 493 , includes $121,850 for investment in RT8 Class B Stock. Ru~ i~ Ii11 EqLJI!I I.Itndec~11IIi oIlI8er~ I:0Il s6/ri 10:s.ar~ 01 ' ~'" Wa8hlA;Ico'I, DC .aoa&b CAMBRIDGE TELEPHONE COMPANY LOAN APPLICATION EXHIBIT B )t;flC ~y. \.tCI-' '~.L~'-'I.I"'"'UC",,'-'/YYII.I """Y "'" " 1.1 v I."",", "'""\:1" W/ U Mr. Kermit L. Wiggins Also, enclosed is a copy of the "Forecast of Revenues and Expenses" for the proposed system. It is based on the number of subscribers proposed to be served. existing local service rates without mileage and zone charges. and other revenues and expenses outlined in the form. Before a loan can be approved, RUS must receive evidence that your organization has obtained written acknowledgement from CoBank, ACB that the preliminary RUS financial studies indicate certain minimum financial standards will be met in accordance with Article 1 Section 1 (b) of the Restated and Consolidated Mortgage, Security Agreement and Financing Statement dated as of June 1 , 2001. If a loan is approved. no "G" loan funds will be released until your organization has furnished to RUS, among other things, all of the documents, opinions, and other evidence listed in the loan contract applicable to this loan , inciuding; evidence that your organization has duly authorized executed, recorded, and filed a security instrument, in form and substance satisfactory to RUS. No "G" Joan funds will be advanced for construction that requires clearance from ttle Natura! Resources Conservation Service, U S Fish and Wildlife Service, The State Historic Preservation Office or Triba1 Historic Preservation Office if applicable, State Game and Fish and Corps of Engineers, until RUS has received and approved project speCific environmental reviews. Please note that your loan contract wi1l contain a covenant that your organization must request and receive approval from RUS prior to making future Investments in crc Te!ecom. Debt service payments are to be made on a monthly basis. This requirement will be included in the mortgage note. Outstanding loans will continue to be biUed as required by the mortgage note for that loan. The mortgage will contain a provIsion requiring your organization 10 maintain a TIER of at least 0 throughout the forecast period ending December 31 , 2006, After this date your organization will be required to maintain a TIER of at least 1.45. The maturity period of your "G" loan is 15 years as you requested in your loan application package. The pdi1C1palrepayment period win be 13 years. The approximate amounts to' repaid will be $10,214.000 at a monthly payment of $65 500 for the RUS hardship loan portion 759 000 at a monthly payment of $36 900 for the RUS cost-or-money portion and $3,485,000 at a monthly payment of $22,000 for the RTB portion, assuming the interest rates used in the feasibility study. The actual repayrnenl of the loan will depend on the schedule of advances of loan funds. A savings in interest costs over the life of the 1oan would result if a shorter amortization period were selected. H" '" ~,. VI."" ""-"""""""'---_.....~~,....""", - ........, . ...._, .... -',," - ',- Mr. Kermit L. Wiggins We would appreciate any suggestions you may have with respect to the matters discussed in this letter. If you concur in the above requirements, please let us know by facsimile (202~690-4654) with a follow-up letter from an officer of your organization. Our office should, however, beadvised of your decision 110 later than 15 days from receipt of this letter. Sincer~ ( / /Sk $\orJERRY H. BRENT, Director Northwest Area Telecommunications Program Rural Utilities Service \S. Enclosures cc:Mr. Richard A. Wiggins '- -,. --- .. ---.... - , USDA.RUS PliliLlMINAR Y TELKPHONE LOAN BUDGET NAME OF BORROWER C~mbridgc Telephone Company BORROWER Ilm1 LOAN DESTGNA nON idaho 512-G12 & 015 Cambridge BUDGET ITEM FlUOR LOAN RJi.:SJ:i;.RV I';S AS OF: RF.':F.RV"f', IIIII.ANCI'.S 7/23/2002 AVAILABLE FOR NEW PROJECTS l~. I. rONSTlHJCTJON a. CENfHAL. OH"lCh $300 000 128,856I). ()\rr~IIJK "LANT I), LAND ....,d BUILDINGS d. ~l'~:ClAI. 1'ltOJI'.CT~ 2, liNl.iINhm-\IN(;n. PRELo, J. Of'ERATlNG EQUIPMENT h. (:()N~THU(,:"I"ION B. OFFICE EQUJPMENT b. VliHIC:LIi:-,l ;111(\ WOI.I( 1i!.)1lTl"MI1,'T 4. ~. OV!":RITI'.M) r.XPJ7.NnrrI,lRJ7.S b. CLASS B STOCK - RURiu. TELEPHONE BANK 5. Cif'ERATTNGF'tJNDS I.. ("'FINANCING ""'lTH L(JAN HiNDS 7. ACQU!S(TION~ g OTHliR ~. ' 1()"f"AU;$428 856 12. TOTALNE\\! LOAN FUNDS \3. HARDS!!!!' LOAN W. LES-S AVAILABLE FROM I'RIOR LOANS (COL L', iTEM II) II. 1.f'.1-11-1 NON!.OAN FUNDS 14. CC1N(;\lRRF.NT. r:n!':T OF MnNF, l~- CONC1JJ.:B.EN'1' - RURAL T~I..J:WH(JNI:O I:IAr,K 16. (ilJARANTEEn I.OAN l7. OTHER LOAN H. j'R1OH t.O;;r4S nr,,~ J '~IJ..N 7'Ci'l'."L, tF.A I.O,l,N. RTE LOAN~ 10. r:t1MIII.A'IWF.ADVAN~E.AS\IFFR~#. IU'.A RTB PFB IWO: 21, ENt:\JM8ERED 81)1' trtorAD'IAN!'.F.n nrNi:';; J9. 110NLUl,N E'UNDo, AS .'DJUS1ED $4.838.000 NUNL'V..~I'UNl)~,iIJ(JI(Wtw 838.000 S!lw01;1'1.:I:)I'uJn~ nrHp.f' I~I -:)A"~ t)IIARAWMUU, 1.1),,",~ rOT/~..1KNlOAN P1!NDR $5 062 22. RETIRED PLAN'T N"W,~ ",cQnml1rl ARr,"~ "" '~' I1N"; ARI1A. JjSTIMf,'r~.l' ')R!ulNl\L Luo-r OF RE11RED FLANT (~II.I(,"'i !;~1'IM"'T1\ro SArNA!";. VAI.IV. (II' KiJ'l'JIU.~!) I'WlNT (ln~ 1..'1 600 0(10 $173.000 NOTES RctirC111e.nfs: COB - $4,(i million and Outside Plam - $2 million Salvage: COR - $173 000 nus FORM 493 (Rev. 05,.-95) NEW PROJEC- BUDGET 380 000 171 000 132,000 20,000 304 000 32S ,000 12 1 ,R50 $14 453 850 $14 453,850 500 000 395 000 558,850 $4.406 562 , """".--. ."""'.. SS2 98, Excel V 5. -..... J' --- . - ---... CORPORATE NAlvIE AND ADDRESS FORECAST OF UEVEN1JF$ AND EXPENSRS Cambl'idse Telephone Company Cambridge, Idabo r ,OAN DESIGN A TJON SUFlscmnnR rQ"Rnr:A:,T' Idaho 512.G12 & G 15 Cambridge Local Network Service Reven\!e. ... .........,;..........."........... ............................................... 2,Access, Long Distlmce NCtw()rk, ant;:! Carricr Billing& Collection Kevcnues................... Mi.sceTlaneous Revenues. .................................................................................................. Less Unc-oJ!ectlble l-tevenl1es........,......."....",......,...........""...."......".....""... "" "...".. "...", Net Operating Revenues.,............................................................................"..................... Plant Specific Operations Rxpcnse........................................... .,.............................""""'" Piflll! NclJlspe,ific, Operation!; F:xren~e..,...,...........................................,............................ 8.Dcprcciatioti EXpCI1SC.......................................,..,....,.................... "...................,............... Alnortization Expense....".........,.",.,....",......."........",.....,....,...........................,.......,.....,... 1 O.CustoDIer ()perations Expensc... ....... ........ ....... ....... ....... .......,....., "'"" ...... ......... ......... ...... 11 .Corporate Operatinns.Expcnse....,........... ...........,..".,.........................."........................... 12.0theJ' Operating Income and Ex:pense.""..,...........,................................................,.. ""'" i3.Taxes Excluding F.I.T. .................,...................................... ........................................".. 14.Total Fixed Charges (lrtt.erest).....,......"....".,...........................................................,........ 1S.Nonoperating Net Income (i::Xpn~fif;t;d with the opposite arithmetic sign)...."................... 16.Extraordinary Ikll1S... ................~................................................,..................................... 17. .-..,. .,.",-. 18.NunreglLlatcd NI.~t lnt.otnc;..............................................................................".."..........." 19,Total Expenses, Excluding Fc,dcrallnCOrilc Taxes.............. .............................".............. lO.Ne1lncome B!:)forc Fcdcrailncome Taxes..................".................................................... 21.Jiederal !nc,otne Taxes....."....................................................................,... ....................".. 22.Net Tncome After Federallnc(..)mc Taxes........,......................................................... ....... 23.Add Tntere.st..................................................,.....................n....."""""""""""""""""'" 24.Net Operating lIlcomc.... ............",.,..,..""...,.....,....,............."........................................... 25.Add: T)epreciation And Amortizatiot1................. .........,....."...............,...,....................... 26.AvI'I:ilable For Ir~tcrcst And Principal Paymellts....................".......................................... 27.Schcduktl Interest And Print.ipal Pa)'nwnts...........,................"....................................... 28.Available For Plant AdditiollS. Replac.ement~, Etc. ...................... .................................. 29.Timc:;; Interest El:lmcd Ratio (Line 24 Line, 23)...........",...".....".......,............................ Hem 14 (interest) Outm,nding Loan Balancc(s)..,....0! 3.41%. CUITcnt Loan(s)...."....................(~j~ 4.80% $2,318,407.00 $14 453,850.00 = Total Outside Fi..nancing...............(gJ 6.80% $3 039 411,00 = Total Inte.re.st..... ........................,.,...............................................,........................ *Loci:11 St:rvice Rt:venues Based 011 Appl'oved Rates 045 $1,042 101 568,843 18,916 270 $4,627 ,590 $467,937 28,385 734 898 173.-496 17.8 3.85 492 947 460 981,795 (29 570) (16,000) 037 733 $589 857 139 454 $450,403 981,795 $1,432,198 908 394 $3,340 592 ();('1\J86 319 206 1.45 $80 989 $694,126 $206,680 $981 795 CERTIFIED COpy OF MINUTES AUTHORIZING LOAN APPLICATION AND AGREEMENT , do hereby certify that: I am the Secretary of Cambridge Telephone Company (the "Member The following is a true and correct copy of excerpts from the minutes of a meeting of the Board of Directors of the Member held , as they appear in the Minutes Book of the Member, said resolutions duly adopted thereat; the meeting was duly and regularly called in accordance with the bylaws of the Member; the Loan Applications and Agreements (the "Agreements ) submitted herewith or to be submitted to Rural Utilities Service and Rural Telephone Bank are substantially similar to the forms of the Agreement as presented to said meeting, the execution of which was authorized by the Board of Directors and said resolutions have not been modified or rescinded: The Board of Directors of Cambridge Telephone Company having been advised by its counsel that the Member is legally constituted, is in compliance with all applicable statutory, regulatory and other legal requirements and is in good standing, and that an application to be made to Rural Utilities Service ("RUS") for loans and their approval by RUS, together with the execution of an agreement as authorized by the Board, in the form of the Agreements presented at this meeting, will constitute valid and binding obligations of the Member, enforceable by and against the Member, in accordance with the terms of these documents; RESOLVED, that the Member borrow from the Rural Utilities Service RUS") and the Rural Telephone Bank ("RTB") an amount which shall not exceed in the aggregate $17 500 000.00 for terms as set forth in the Agreements and at such interest rate or rates as shall be prescribed in the Agreement executed by and on behalf of the Member and delivered to RUS and RTB, the proceeds of such loans to be used for purposes set forth in the Agreements and consistently with the requirements of existing agreements and security documents of the Member; and RESOLVED, that the President of the Member be and is hereby authorized to execute, on behalf of the Member, agreements substantially in the form of the Agreements presented to this meeting, to revise and modify said Agreements within the amount so authorized; and to apply such further documents as may be need to comply with RUS's and RTB's requirements; and CAMBRIDGE TELEPHONE COMPANY LOAN ApPLICATION EXHIBIT C RESOLVED, that the President is authorized on behalf of the Member to request and receive funds pursuant to the Agreements and is directed to deposit such funds in a bank account used for the general funds of the Member; and RESOLVED, that the appropriate officers are authorized to take all actions they deem advisable to carry out the purpose of these resolutions. IN WITNESS WHEREOF, I have hereunder set my hand and affixed the seal of the Member, this day of November, 2003. Secretary CAMBRIDGE TELEPHONE COMPANY LOAN ApPLICATION EXHIBIT C Conley Ward, Idaho State Bar # 1683 GIVENS PURSLEY LLP 277 North 6th Street, Suite 200 P. O. Box 2720 Boise, ID 83701 (208) 388-1200 (208) 388-1201 (fax) BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION In the Matter of the Application of Cambridge Telephone Company for Authority to Borrow from the Rural Utilities Service ("RUS") and the Rural Telephone Bank ("RTB") in the Amount of Not More Than $17 500 000 PROPOSED ORDER Case No. On November 12, 2003, Cambridge Telephone Company (hereinafter Applicant), filed an Application for Loan Approval with this Commission requesting authority to execute loan contract amendments and supplemental mortgages in the amount of not more than $17 500 000 with the United States of America, acting through the Rural Utilities Service ("RUS") and the Rural Telephone Bank ("RTB" In support of said Application, Applicant alleges that the proposed RUS and RTB loan proceeds will be used to pay for, and partially reimburse general funds to: (1) implement a long-range network migration strategy that will enable Cambridge to upgrade its system to provide ubiquitous broadband service, (2) provide new fiber optic and buried cable, (3) purchase new work trucks and test equipment, (4) to refund certain existing loans, and (5) for related system improvements. After examining the Application and supporting documents and being fully advised in the premises, the Commission hereby finds that a hearing in this matter is not required, and that the proposed transaction is consistent with the public interest and the Applicant's proper performance of its duties as a public utility. CAMBRIDGE TELEPHONE COMPANY LOAN ApPLICATION EXHIBIT D IT IS THEREFORE ORDERED that the Application of Cambridge Telephone Company, for authority to execute a loan contract amendment and supplemental mortgage with the RUS and RTB in an amount not to exceed $17 500 000 be, and the same is hereby granted. DONE by Order of the Idaho Public Utilities Commission this day of 2003. Paul Kjellander, President Dennis S. Hansen, Commissioner Marsha Smith, Commissioner ATTEST: CAMBRIDGE TELEPHONE COMPANY LOAN ApPLICATION EXHIBIT D LEGAL NOTICE OF CAMBRIDGE TELEPHONE COMPANY APPLICATION FOR AUTHORITY TO BORROW FUNDS NOTICE IS HEREBY GIVEN that on November 12 2003 , Cambridge Telephone Company completed and filed with the Idaho Public Utilities Commission an Application for authority to borrow up to $17 500 000 from the United States of America, acting through the Rural Utilities Service and the Rural Telephone Bank and in connection with the borrowing, to execute a telephone loan contract amendment and a supplemental mortgage. The Application is on file and is available for public inspection at the Idaho Public Utilities Commission. Any person desiring to comment on said Application must file petitions or protests with the Idaho Public Utilities Commission within fourteen (14) days of the filing date. If no protests are received within this time limit, the Commission may consider the Application and enter its Order without setting the matter for hearing. written protests are filed with the Commission within the time limit set, the Commission will consider the same, and in its discretion, may set a hearing. Petitions or protests must be filed with: Jean Jewell, Secretary, Idaho Public Utilities Commission, Statehouse Boise, Idaho .83720. Jean Jewell, Secretary Idaho Public Utilities Commission CAMBRIDGE TELEPHONE COMPANY LOAN ApPLICATION EXHIBIT E