entergy new orleans , inc . and subsidiaries management 2019s financial discussion and analysis entergy new orleans 2019s receivables from the money pool were as follows as of december 31 for each of the following years. .

Table:
2016 | 2015 | 2014 | 2013
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
$ 14215 | $ 15794 | $ 442 | $ 4737
see note 4 to the financial statements for a description of the money pool .
entergy new orleans has a credit facility in the amount of $ 25 million scheduled to expire in november 2018 .
the credit facility allows entergy new orleans to issue letters of credit against $ 10 million of the borrowing capacity of the facility .
as of december 31 , 2016 , there were no cash borrowings and a $ 0.8 million letter of credit was outstanding under the facility .
in addition , entergy new orleans is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations under miso .
as of december 31 , 2016 , a $ 6.2 million letter of credit was outstanding under entergy new orleans 2019s letter of credit facility .
see note 4 to the financial statements for additional discussion of the credit facilities .
entergy new orleans obtained authorization from the ferc through october 2017 for short-term borrowings not to exceed an aggregate amount of $ 100 million at any time outstanding .
see note 4 to the financial statements for further discussion of entergy new orleans 2019s short-term borrowing limits .
the long-term securities issuances of entergy new orleans are limited to amounts authorized by the city council , and the current authorization extends through june 2018 .
state and local rate regulation the rates that entergy new orleans charges for electricity and natural gas significantly influence its financial position , results of operations , and liquidity .
entergy new orleans is regulated and the rates charged to its customers are determined in regulatory proceedings .
a governmental agency , the city council , is primarily responsible for approval of the rates charged to customers .
retail rates see 201calgiers asset transfer 201d below for discussion of the transfer from entergy louisiana to entergy new orleans of certain assets that serve algiers customers .
in march 2013 , entergy louisiana filed a rate case for the algiers area , which is in new orleans and is regulated by the city council .
entergy louisiana requested a rate increase of $ 13 million over three years , including a 10.4% ( 10.4 % ) return on common equity and a formula rate plan mechanism identical to its lpsc request .
in january 2014 the city council advisors filed direct testimony recommending a rate increase of $ 5.56 million over three years , including an 8.13% ( 8.13 % ) return on common equity .
in june 2014 the city council unanimously approved a settlement that includes the following : 2022 a $ 9.3 million base rate revenue increase to be phased in on a levelized basis over four years ; 2022 recovery of an additional $ 853 thousand annually through a miso recovery rider ; and 2022 the adoption of a four-year formula rate plan requiring the filing of annual evaluation reports in may of each year , commencing may 2015 , with resulting rates being implemented in october of each year .
the formula rate plan includes a midpoint target authorized return on common equity of 9.95% ( 9.95 % ) with a +/- 40 basis point bandwidth .
the rate increase was effective with bills rendered on and after the first billing cycle of july 2014 .
additional compliance filings were made with the city council in october 2014 for approval of the form of certain rate riders , including among others , a ninemile 6 non-fuel cost recovery interim rider , allowing for contemporaneous recovery of capacity .

Question: what is the maximum target authorized return on common equity under the formula rate plan?
Answer: 10.35
Calculation: divide(40, const_100), add(#0, 9.95)