HomeMy WebLinkAboutResolution 4999 Authorizing Interfund Loan and City Warrants for SID 750, North Tracy Avenue Reconstruction RESOLUTION NO. 4999
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
MONTANA, RELATING TO SPECIAL IMPROVEMENT DISTRICT NO. 750;
AUTHORIZING INTERFUND LOAN AND CITY WARRANTS IN CONNECTION
WITH FINANCING COSTS OF CERTAIN LOCAL IMPROVEMENTS TO NORTH
TRACY AVENUE BETWEEN VILLARD STREET AND PEACH STREET.
WHEREAS, on the 4"'day of February, 2019, the City Commission (the "Commission")
of the City of Bozeman, Montana (the "City") adopted Commission Resolution No. 4983 (the
"Resolution of Intention"), stating its intent to create Special Improvement District No. 750 (the
"District") to finance the costs of various improvements within the District as described therein
(the "Improvements"); and
WHEREAS, as set forth in the Resolution of Intention, the Commission committed other
Street Maintenance District funds to the costs of the project; and
WHEREAS, on February 10, 2019 and February 17, 2019, the City Clerk published a
Notice of Passage of the Resolution of Intention to Create SID No. 750 in accordance with Sect.
7-12-4106, MCA, and mailed said notice to each person, firm, or corporation or the agent of the
person, firm or corporation having real property within the proposed District; and
WHEREAS, the Bozeman City Commission conducted a public hearing on protests
submitted to the creation of the District on March 4, 2019 and passed on all such protests, and,
having found the written protests not sufficient to bar the Commission from proceeding with
creation of the District, did create the District by adopting Resolution 4984 (the "Resolution of
Creation"); and
WHEREAS,the Bozeman City Commission on March 4, 2019 adopted Resolution 5000,
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Resolution 4999,Authorizing Warrants for SID 750,North Tracy Reconstruction
authorizing the transfer of excess monies of the Special Improvement District Revolving Fund(the
"Revolving Fund") to the General Fund to purchase warrants (the "Warrants") to make funds
available to finance the District's share of the costs of the Improvements including the Incidental
Costs ("District's Share of Improvements"), such Warrants to be held by the General Fund and
drawn against the SID 750 North Tracy Avenue Special Assessment Fund (the "Special
Assessment Fund"); and
WHEREAS, the Resolution of Intention and Resolution of Creation conternplate that
special assessments levied against benefited properties in the District will repay the City's General
Fund for the District's Share of the Improvements plus Incidental Costs in connection with the
Improvements.
WHEREAS,the City Finance Director has notified the City Clerk,pursuant to Section 7-
6-4603, that the designated amounts have been invested; and
WHEREAS, the City Commission desires to authorize, ratify, and confirm the sale of
warrants for the purpose of purchasing said hnprovements from the General Fund.
NOW, THEREFORE,BE IT RESOLVED by the City Commission of the City of
Bozeman, Montana, as follows:
Section 1
Construction Funds Accounts and Amounts. In anticipation of the receipt of special
assessments levied against the benefitted properties in the District, the General Fund of the City
will transfer to the SID 750 Construction Account(the"Construction Account")of the City a total
of$224,500 to pay the District's Share of Improvements (the"Interfund Loan").
Section 2
Special Assessments and SID Account. In accordance with the Resolution of Intention,the
City determined to charge interest on the principal amount of the special assessments at the rate of
2.5% per annum for a period of twenty years in accordance with §7-12-4189, MCA. The City
created the Special Assessment Fund for deposit of special assessments levied by the City and paid
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Resolution 4999,Authorizing JT'arrants for SID 750,North Tracy Reconstruction
by the owners of benefitted properties in the District. Levies of special assessments, using the lot
frontage method of assessment,are levied against the benefitted properties in the District such that
the special assessments come due on November 30 and May 31 of each fiscal year,with the initial
installment of special assessments becoming due November 30, 2019, and the final installment
coming due on May 31, 2039.
Section 3
Repayment of General Fund. The Commission confirms the obligation of the District to
repay from amounts on hand in such account from receipts of special assessments amounts loaned
by the General Fund to pay costs of the Improvements, together with interest thereon. The
Commission authorizes the issuance by the City of serial warrants evidencing the right of the
General Fund to repayments for amounts lent to finance costs of the Improvements and to be repaid
by special assessment receipts deposited in the Special Improvement District Fund. The serial
warrants also evidence an investment of the City of monies in the General Fund, with such
investment being made from amounts the City has under its control in the General Fund and for
which there is not immediate demand. Such warrants are 20 in number, and are due and owing
annually on June 30th, commencing June 30, 2020 and concluding June 30, 2039. The obligation
of the Special Assessment Fund to repay the General Fund is further evidenced by a Memorandum
of Interfund Loan in substantially the form attached hereto as Exhibit A,which includes an exhibit
thereto setting forth the form of City warrants.
Section 4
Compliance with Montana Law. Section 7-12-4201, MCA, provides that all costs and
expenses incurred in any special improvement district in the acquisition or construction of any
improvement specified in Title 7, chpt. 12,part 41,MCA, shall be paid from special improvement
district bonds or warrants. The warrants substantially in the form attached hereto as Schedule 2 to
Exhibit A are drawn against the advances made by the General Fund to the Construction Account
and the corresponding advances made from such construction account to pay costs and expenses
of the Improvements. In accordance with Section 7-12-4203 through 7-12-4206, MCA, the
Commission finds that the terms of the Interfund Loan described above, given due consideration
to the range of financing options available to the City,the fixed interest rate of 2.0% on such loan
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Resolution 4999,Authorizing Warrants for SID 750,North Tracy Reconstruction
for a term of twenty years results in the lowest possible level of special assessments against
benefited properties in the District and therefore the most affordable financing alternative for the
owners of such properties as the City could not reasonably obtain financing for costs of the
Improvements from third-party sources at a lower fixed interest rate for a term of twenty years. In
particular, the City finds the fixed interest rate on the warrants of 2.0% per annum satisfies the
"highest and best bidder" standard set forth in Section 7-12-4204, MCA. This Commission
determines that it has funds under its control in the General Fund for which there is no immediate
demand and that in the judgment of the Commission it would be advantageous to invest such
amount in warrants of the City. Accordingly, the Commission determines to invest $224,500 of
funds in the General Fund in the purchase of warrants issued by the SID to be held by the General
Fund of the City,with the acquisition of such warrants being evidenced by transfers of funds from
the General Fund to the Construction Account to pay costs of the Improvements in anticipation of
the receipt of special assessments in the Special Improvement District Fund to repay such warrants
together with interest thereon. Special assessments levied by the City under Title 7,Chapter 2,Part
41,MCA to repay the warrants create a priority lien against each benefited property in the District
in favor of the city for the repayment of the warrants that may be enforced and foreclosed in the
manner provided by law to repay the warrants.
Section 5
Details Regarding Warrants. The total aggregate principal amount of the warrants acquired
by the General Fund of the City is$195,344.50,to consist of twenty(20)separate warrants payable
annually on June 30th, with interest commencing on the date of making the Interfund Loan by
transferring $224,500 of funds in the General Fund to the Construction Account, such date also
being the date of registration of the warrants per 7-12-4203(1)(a)) with the first warrant due on
June 30,2020 and the last warrant due on June 30,2039. Each warrant bears interest on the amount
outstanding at the rate of 2.0% from the date of issue thereof until its payment date as set forth on
the face of each warrant, resulting in a total interest payment of$55,271.28 over the twenty-year
term. The warrants shall be registered in the offices of City Clerk and the City Treasurer and the
determination of the City Treasurer to purchase the warrants from amounts in the General Fund,
with such purchase being evidenced by the transfer of funds from the General Fund to the
Construction Account and subsequent transfers from the Construction Account to pay costs and
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Resolution 4999,Authorizing Warrants for SID 750,North Tracy Reconstruction
expense of the Improvements, is hereby authorized. The warrants shall bear the signatures of the
Mayor and City Clerk. The City Treasurer has notified the City Clerk to draw the warrants in
substantially the form attached hereto as Schedule 2 to Exhibit A.
Section 6
Effect of Resolution.The Commission hereby confirms the General Fund,which shall hold
the warrants, is entitled to repayment, with interest, of the amounts made available for the
Improvements, and that the Warrants constitute an investment by the City of available amounts in
the General Fund.
PASSED,ADOPTED, AND APPROVED by the City Commission of the City
of Bozeman,Montana, at a regular session thereof held on the 161h day of September,2019.
YNTHIA L. ANDRUS
Mayor
ATTEST: S OZ''
•.
• 4; '.
ROBIN CROUGH ' * • _.'_�`1
City Clerk y ' $$3 • ��
9TIN co.r�o APP VED AS FORM:
RE LLIVAN
City Attorney
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Resolution 4999,Authorizing Warrants for SID 750,North Tracy Reconstruction
EXHIBIT A
MEMORANDUM OF INTERFUND LOAN
The City of Bozeman, Montana(the "City")hereby acknowledges and confirms the terms of an
interfund loan (the "Loan") by the General Fund of the City to pay the costs of certain
Improvements (described below) and the obligation of the SID 750 North Tracy Avenue Special
Improvement District Fund (the "Special Improvement District Fund")to repay the Loan from
the special assessments levied against certain benefitted properties in connection with
improvements to North Tracy Avenue between Villard Street and Peach Street(the
"Improvements")to be undertaken pursuant to the creation of Special Improvement District
("SID")No. 750 (the "District").
Background:
A. The City, by Resolution No. 4983, adopted by the City Commission(the "Commission") on
February 4, 2019 (the "Resolution of Intention") sought to create the District for the purpose
of financing costs of the Improvements in anticipation of the receipt of special assessments
levied against benefited properties in the District to repay the Loan to be made by the
General Fund to finance the District's share of the estimated costs of the Improvements of
$224,500 as stated in Resolution No. 4983.
B. The City duly mailed and caused to be published a notice of passage of the Resolution of
Intention and afforded owners of the benefited properties the opportunity to protest the
creation of the District in accordance with Montana law. The owners of two parcels within
the District boundaries, representing 5.75% of the total costs of the Improvements,protested
the creation of SID 750.
C. Following a public hearing and finding that insufficient protests by owners of benefited
properties were timely made,the Commission, on March 4, 2019, adopted Resolution No.
4984 creating SID 750.
D. The City intends to levy special assessments to give rise to funds to repay the Loan and
desires to acknowledge and set forth certain details with regard to the Loan, including the
issuance by the City of certain warrants held by the General Fund to evidence the obligation
of the Special Assessment Fund to repay the Loan.
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Resolution 4999,Authorizing Warrants for SID 750,North Tracy Reconstruction
NOW, THEREFORE, the City hereby declares as follows:
1. Terms of Interfund Loan. The City hereby authorizes the making of the Loan
effective as of November 1, 2019 (the "Transfer Date") of$195,344.50from the General Fund to
the SID 750 Construction Account of the City (the "Construction Account") from available
amounts in the General Fund, the terms of the Loan, and the obligation of the Special
Improvement District Fund to repay the Loan from available amounts deposited in the Special
Improvement District Fund from collections of special assessments levied against benefited
properties in the District. In accordance with Resolutions 4983 and 4984, the total principal
amount of the Loan is $195,344.50, the interest rate on the principal outstanding under the Loan
is 2.0%per annum,the term of the Loan is approximately twenty years commencing on the
Transfer Date and concluding June 30, 2039, and the Loan is payable in twenty (20) annual
installments of principal and interest, with each installment in an equal amount (except that the
initial installment may be in a different amount), as evidenced by the amortization schedule
attached hereto as Schedule 1.
2. Obligation to Make Repayments. The City will levy special assessments against the
benefited property in the District in accordance with Resolutions 4983 and 4984. Special
assessments when received by the City must be deposited in the Special Assessment Fund on or
before June 30th,to make installment payments on the Loan to the General Fund, commencing
June 30, 2020 and concluding June 30, 2039.
3. Right to Receive Pam. To evidence the Loan and a City investment of available
funds, the General Fund will hold serial warrants, with each warrant corresponding to each of the
annual payments. Such warrants,which are to be issued in accordance with Section 7-12-4204,
MCA, (the City having found that the fixed interest rate of 2.0%per annum for 20 years makes
the City the "highest and best bidder") are registered in the offices of the City Treasurer and the
City Clerk, drawn in accordance with the instructions of the City Treasurer, and outstanding until
canceled upon receipt of the applicable installment payment from the Special Assessment Fund.
The warrants are in substantially the form of the attached Schedule 2. Special assessments levied
by the City under Title 7, Chapter 12, Part 41, MCA,to repay the warrants create a priority lien
against each benefited property in the District in favor of the City for the repayment of the
warrants that may be enforced and foreclosed in the manner provided by law to repay the
warrants.
4. Details of Patents. Payments from the Special Improvement District Fund to the
General Fund in satisfaction of each warrant are to be made solely from the collection of special
assessments levied against benefited properties in the District. Each warrant may be prepaid if
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Resolution 4999,Authorizing Warrants for SID 750,North Tracy Reconstruction
the City so elects from available amounts in the Special Improvement District Fund, or,to
maintain a level repayment schedule, the City may elect to hold amounts in the Special
Improvement District Fund to make payments as scheduled by each warrant. The amounts
repaid to the General Fund in satisfaction of the Loan may be used by the City in any manner
allowed by law.
5. Limited Obli ag tion. The Loan and the warrants that evidence the Loan are made
pursuant to or in compliance with Resolution 4983, Resolution 4984, Section 7-6-4603, MCA,
Section 7-12-4201, MCA, and Sections 7-12-4203 through 7-12-4206, MCA. The Loan is a
limited obligation payable only from payments of special assessments deposited in the Special
Improvement District Fund and the Loan and interest thereon shall not be a general obligation of
the City and the City shall have no obligation to pay principal of or interest on the Loan which
may remain unpaid after an installment payment date except from available amounts in the
Special Improvement District Fund. If amounts are not available in the Special Improvement
District Fund to pay a warrant as of its maturity date, amounts will first be applied to pay interest
and then principal, as further described in the form of the warrant.
6. Interpretation. This Memorandum of Interfund Loan memorializes the City's
intention with regard to financing the costs of the Improvements and shall be read liberally to
comport with and to ratify and confirm all prior resolutions, acts, and undertakings of the City,
and all applicable laws of the State of Montana in connection therewith.
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Resolution 4999,Authorizing Warrants for SID 750,North Tracy Reconstruction
IN WITNESS WHEREOF, this Memorandum of Interfund Loan is made by the City to confirm
and authorize all matters within its scope as and when such matters arose, including the Loan
effective as of the date of the Transfer Date, and to govern matters within its scope that may in
the future arise.
Dated this_day of , 2019.
ANDREASURRATT
City Manager
ATTEST:
ROBIN CROUGH
City Clerk
APPROVED AS TO FORM:
GREG SULLIVAN
City Attorney
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Resolution 4999,Authorizing Warrants for SID 750,North Tracy Reconstruction
SCHEDULE 1
Amortization Schedule:
Loan Amortization Schedule
Enter values Loan summary
Loan amount 5 195,344-50 Scheduled payment
Annual interest rate ?50 % Scheduled number of payments =
Loan period in rears 20 Actual number of payments '0
-Number of payments per year 1 Total early payments _ -
Start date of loan 11/1/2019 Total interest
Optional extra payments I 5 -
Lender name: City of Bozeman-General Fund
I I I nt
Payment Date Beginning Balance S Extra Payment Total Payment Principal Interest Ending Balance
No. p vm Cumulative Interest
1 11/1/2020 S 12530.79 $ - 1_,5?0_ 5 7,64 _1S 5 4,SS3.61 S 187,697.32 5 4 SS3.61
2 11/1/2021 S ;_-_? _32 S 12,330.79 5 - S I, ,Si_;^ �? S 73.36 S 4,692 1 43 5 79,858.97 S 9,576.05
3 11/1/2022 5 -_`�_ S 12,530.79 $ - S i-__ Q 5 3,03431 S 4,4%.47 S 171,824_65 5 14,0, 52
4 11/1/2023 S 1-_. =e.:5 5 L,530.79 5 - S I:=:779 5 3,235.17 S 4,295.62 5 163,589.45 5 18,368.14
5 11/1/2024 5 163,589.45 S 12,530.79 S - S 1-__1?9 S S,441.05 S 4,089.74 5 155,14S.43 S �?457.87
6 11/1/2025 S 155,14S.43 S IZ330.;9 $ - S 12,530779 S 8,652.08 S 3,87S_71 S 146,4%.35 5 26,336.55
7 11/1/2026 S 146,496.35 S 1-530.79 $ - S 1—'),530.79 S 8,S63.38 5 3,662.41 S 137,627.97 S 29,993.99
S 11/1/2027 S 1:37,627.97 S 12 530.79 $ - S 12 530.79 S 9,090.09 S 3,440.70 S 12S,537.S3 S 33,439.69
9 11/1/2025 S 12S,537.SS S 12,530.79 S - $ 12.`-079 S 9,317.34 S 3,213.45 S 119?)')0.54 S 36,653.14
10 11/1/2029 S 119,720.54 S 12,530.79 S - S 1:°_).-q $ 9,550.28 S 2930.51 S 109,670 26 5 39,633.65
11 11/1/2030 5 109,670 26 S 12,530.79 S - S 1_.__3_79 S 9,:�9.03 S 2,741.76 S 99,S8123 S 42,375A1
12 11/1/20; 5 99,83123 5 12,530.79 S - S 12,530.79 S 10,033.76 S 2,497.03 S 89,S47.4. 5 44,3 ?44
13 11/1/20'= S 89,847.47 S 12,3W.79 S - 5 12,530.79 5 10,2&L60 S 2,246.19 S 9,56? S 47,113.63
14 11/1/20_3 5 79,5623,' S 12,530.79 S - S 121,530.79 S 10,541.72 S 1,9S9.07 S 69,021.16 5 49,107.70
15 11/1/2034 S 69,021.16 S 12,530.79 S - S 12,530.79 5 10,305 26 5 1,725.53 S 58,215.90 S 50,S33 T;
16 11/1/2035 5 58,215.90 5 12,530.79 S - S 12,530.79 5 11,07539 5 1,455.40 S 47,140.50 S 52,238.62
17 11/1/2036 S 47,140.50 S 1?,530.79 5 - S 12,530.79 S 11,352-18 S 1,173.51 5 35,788,3 S 53,467.14
18 11/1/2037 5 35,788.23 S 12,530.79 S - S 12,530.79 5 11,636.0S S 894.71 S 24,15214 S 54,361.34
19 11/1/203S S 24,152.14 S 12,530.79 S - S 12,530.79 5 11,926.99 5 603.50 5 12?25.16 S 54,965.65
20 11/1/2039 S 12,225.16 S 12,530.7 9 S - $ L?5.76 S 11,919.53 5 305.63 5 - S 55,'_71.28
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Resolution 4999,Authorizing 6harrants for SID 750,North Tracy Reconstruction
SCHEDULE 2
Warrant No.l: Due June 30,2020 Dollars:$12,530.79
SPECIAL IMPROVEMENT DISTRICT NO. 750
Issued by the City of Bozeman, Montana in Connection with SID 750 and Held by the General Fund
The City Treasurer of the City of Bozeman, Montana (the"City"), agrees to pay to the General Fund the
sum of$195,344.50, as authorized by Resolution Nos. 4983 and 4984 adopted on February 4, 2019 and
March 4, 2019, respectively, in repayment of the total amount advanced by the General Fund to the SID
750 Construction Account for paying the costs of certain improvements to North Tracy Avenue as
described in Resolution No. 4983,with interest thereon at the rate of 2.0%per annum, as authorized in
said resolutions, and all laws,resolutions and ordinances relating thereto, but only from amounts then
available in the SID 750 North Tracy Avenue Special Improvement District Fund(the"Special
Improvement District Fund"). This warrant does not constitute a pledge of the general credit of the City
nor does it create a general liability against the City.
This warrant is drawn in accordance with that certain Memorandum of Interfund Loan, dated September
16, 2019, 2019, by the City, in connection with the Loan described therein effective as of November 1,
2019, is issued by the City pursuant to Section 7-6-4603, MCA., and represents one of forty (40)
sequentially numbered warrants,payable every six(6)months on the 1 st day of January and the 1 st day of
July of each year, commencing on January 1, 2020 and ending July 1, 2039. This warrant represents the
total amount of principal and accrued interest, as reflected on the applicable Payment Date shown on the
attached Exhibit A, from the date of the registration of this warrant as expressed herein, until the[June 30,
2039. This warrant shall mature and be redeemable on the 1st day of January 2020.
This warrant is payable upon presentment to the City Treasurer, on its redemption date,only from amounts
available in the Special Improvement District Fund, which is funded by the collection of special
assessments levied against the benefited property within the District,as described in the resolutions referred
to above. This warrant is redeemable at the option of the City at any time there are funds to the credit of
said Special Improvement District Fund for the redemption thereof, and in the manner provided for the
redemption of the same, and, if sufficient finds are then available in the Special Improvement District
Fund, may be prepaid in the discretion of the City. If this warrant is timely paid in full, it will be marked
canceled by the City Treasurer and then filed with the City Clerk.
In the event that there are insufficient funds in the Special Improvement District Fund to pay and redeem
this warrant upon its maturity and presentation, interest shall first be paid. This warrant shall continue to
accrue interest on a pro-rata basis with other warrants then outstanding at the rate of 2.0%from the date of
matured presentation until the actual date of redemption. If funds are not available in the Special
Improvement District Fund to pay and redeem this warrant,the City shall have no obligation to pay and
redeem this warrant; provided that the City shall have all rights to enforce the repayment of special
assessments and the lien created thereby against benefited properties in the District to repay this warrant.
It is hereby certified and recited,that all things required to be done precedent to the issuance of this warrant
have been properly done,happened and been performed in the manner prescribed by the laws of the State
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Resolution 4999,Authorizing Warrants for SID 750,North Tracy Reconstruction
of Montana and the resolutions and ordinances of the City related to the issuance hereof.
NOTICE: The City exercises its preference right to purchase this warrant. Registration Date of this
Warrant: November 1, 2019.
Cynthia L. Andrus
Mayor
Registered at the offices of the City Treasurer and City Clerk of the City of Bozeman,Montana effective
as of this November 1,2019.
City Treasurer City Clerk
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Resolution 4999,Authorizing Warrants for SID 750,North Tracy Reconstruction
EXHIBIT A
Amortization Schedule:
Loan Amortization Schedule
Enter values Loan summary
Loan amount S 195,344.50 Scheduled payment _ -a
Annual interest rate ?50 % Scheduled number of payments _D
Loan period in years 20 Actual number of payments 20
-Number of payments per year 1 Total early payments
Start date of loan 11/1/20191 Total interest 55,27125
Optional extra payments 5 -
Lender name: City of Bozeman-General Fund
Pint
No. I I Payment
Payment Date Beginning Balance Extra Payment Total Payment Principal Interest Ending Balance Cumulative Interest
1 11/1/2020 S 195,344.50 S 12,330.79 S 5 12 530.79 5 7,647.18 5 4,SS3.61 5 1S7,697.32 S 4,SS3.61
2 11/1/2021 S 187,697.32 S 12,530.79 $ - 5 12,530.79 S 7,83836 S 4,692-43 5 179,358.97 $ 9,576.05
3 11/1/2022 S 179,S5S.97 5 1?530.79 $ - $ 12,530.79 S 8,03431 S 4,4%.47 S 171,824.65 S 14,07_52
4 11/1/2023 S 171,824.65 5 12 530.79 S - S 12530.79 S 3,235.17 5 4,295.62 S 163,589.48 S 18,363.14
11/1/2024 S 163,589.4S 5 12,5M.79 $ - S 12,530.79 S 8,441.05 S 4,059.74 5 155,145.43 5 22,457.57
6 11/1/2025 S 155,145.43 5 12,530.79 S 5 12,530.79 S 8,65108 S 3,S S. 1 5 146,4%.35 S 26,336.58
11/1/2026 S 146,4%.35 S 12,5W.79 $ S 1'_,530.i°9 S 8,868.38 S 3,662 41 5 137,627.97 S 29,995.99
3 11/1/2027 S 137,627.97 S 12 530.79 S - S 12530.79 S 9,090.09 S 3,440.70 5 128,537.88 5 33,439.69
9 11/1/2028 5 128,537.SS 5 12,530.79 S - 5 12,530.79 S 9,31734 S 3,213.45 S 119,220.54 5 36,653.14
10 11/1/2029 5 119 20.54 S 12,530.79 $ - 5 12,330.79 S 9,550 28 S 2,980.51 S 109,67026 S 39,633.65
11 11/1/2030 S 109,670.26 5 12,530.79 $ - 5 12,530.79 S 9,789.03 S 2,741.76 S 99,38123 S 42, 75.41
12 11/1/2031 S 99,88123 5 12,530.79 S - 5 12,530.79 S 10,033.76 $ 2,497.03 S 89,847.47 S 44,87244
13 11/1/2032 S 89,547.47 S 12,530.79 S - S 12,530.79 S 102SC60 S 2,246.19 5 79,56287 S 47,115.63
14 11/1/2033 S 79,562.87 S 12,5M.79 S 5 12,530.79 S 10,541.72 S 1,999.07 S 69,021.16 S 49,107.70
15 11/1/2034 $ 69,021.16 5 12,5W.79 S - 5 12,530.79 S 10,805 26 S 1,7->-5.53 S 58215.90 S 50,333-2.3
16 11/1/2035 5 58—)15.90 S 12,530.79 S - S 12,530.79 S 11,07539 5 1,455.40 S 47,140.50 S 52,288.62
17 11/1/2036 S 47,140.50 5 12 530.79 S - S 12,530.79 S 11,35228 S 1,175.51 S 35,-YW 23 S 53,467.14
1S 11/1/2037 5 35,i�823 S 12,530.79 S 5 12,530-79 S 11,636.08 S 39471 5 24,15214 S 54,361.84
19 11/1/2038 S 24,15214 S 12,530.79 5 - S 12,530.79 S 11,926.99 5 603.30 5 12,225.16 S 54,%5.65
20 11/1/2039 S 12,225.16 S 122,530.79 S - S 12,225.16 S 11,919.53 S 305.63 5 - S 55,27128
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