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Home My WebLink About6 - Equipment Certificates - Rs. 91-04 / AGENDA: REQUESTED BY : SUBJECT MATTER: DATE: INTRODUCTION: BACKGROUND: DISCUSSION: "CELEBRATE PRIOR LAKE'S CENTENNIAL - 1991" .6 RALPH TESCHNER, FINANCE DIRECTOR CONSIDER ISSUANCE OF $375,000.00 OF EQUIPMENT CERTIFICATES - RESOLUTION 91-04 FEBRUARY 4, 1991 The Fire, Parks and Public Works Departments are scheduled for replacing and upgrading a number of their existing trucks and vehicles. Because the equipment, for the most part, represents large and costly items to purchase, it is necessary to finance these items by issuing equipment certificates. The aggregate equipment total submitted by the departments plus issuance costs amount to $375,000.00. Staff is requesting approval by the Council for the City of Prior Lake to sell such bonds for the purpose of financing these equipment requests. It has been the ~olicy in the past to issue equipment certif1cates every 4 years. The last four certificate denominations have ranged from $55,000 in 1978 to $300,000 in 1987. The escalating amounts have primarily kept pace with our City'S growth and corresponding capital equipment needs. Typically, the departments consolidate their e9Uipment requests to accommodate this bonding t1me table. Most recently, the Council has tentatively identified the list of equipment submitted by the various departments and the planned issuance of equipment certificates in 1991 with the adoption of the 1990 Capital Improvement Program (CIP). The list of equipment is outlined below by department, description and price: DEPARTMENT Fire Dept. Parks Dept. EQUIPMENT Ambulance COST $63,000.00 $ 2,500.00 $ 3,000.00 $10,000.00 $10,000.00 $12,500.00 $16,000.00 $22,000.00 $54,000.00 Bobcat Trailer Mobile Radios (2) 6" Wood Chipper Athletic Field Groomer Bobcat Pickup Truck (3/4 ton) Dump Truck (1 ton) Flusher w/used chassis 4629 Dakota 51. S.E., Prior Lake, Minnesota 55372 / Ph. (612) 447-4230 / Fax (612) 447-4245 An Equal Opportunity/Affirmative Action Employer t ; i Bond Fees Pickup Truck (1/2 ton) Dump Truck w/plow,wing & sander street Sweeper Bond Printing Registration Fiscal Fee Rating Fee Legal Opinion Discount (1.5% of par) Capitalized interest Grand Total... $13,000.00 $62,000.00 $80,000.00 $ 400.00 $ 600.00 $ 1,000.00 $ 1,000.00 $ 1,900.00 $ 5,625.00 $16,475.00 $375,000.00 Public Wks. Presently the Fire Department's rescue calls are being handled by the 1984 Ford ambulance with the 1978 Chevrolet Superior serving as backup unit. Obviously it is important to have available a quality front-line unit from a service standpoint as response time becomes such a critical factor. The need for a dependable backup unit is just as important. The Chevrolet is currently 13 years old and has responded to approximately 5000 calls since placed into service. The 1984 Ford has over 42,000 hard miles and should probably be relegated to standby status. Such milea~e is normallr characterized by cold starts, qu1ck accelerat10ns and sudden stops. The Fire Department has contacted other communities with volunteer departments such as Belle Plaine and New Prague in an effort to determine when the optimum age of an ambulance has been reached and exceeded. Their policies with respect to ambulance turnover is 4-5 years. The major piece of equipment required by the Parks Department is the replacement of the existing flusher which is 20 rears old with no trade-in value. The chassis w1l1 be purchased new while the tank will be fitted br parks department personnel. In addition, dur1ng this past year two trucks were leased to accommodate the work load of the park system. The proposed trucks identified above will eliminate the lease expense. The remaining items are planned to improve the maintenance of park facilities. As to the equipment acquisitions of the Public Works Department, the new utility pickup truck will be replacing the 1984 Chevrolet S-10 which will have in excess of 100,000 miles. Our 1975 Elgin street sweeper is 16 years old and has served out its useful life. The proposed single axle dump truck will be replacing the 1972 Chevrolet 2T truck. . {. ALTERNATIVES: RECOMMENDATION: BUDGET IMPACT: ACTION REQUIRED: The equipment expenditure level would be virtually the same as in 1987 if the ambulance were to be excluded. However, the tax impact will be effectively less due to higher tax capacity valuation growth that has occurred since the last bond issue. The alternatives are as follows: 1. Approve resolution establishing the date of bond sale for the amount as indicated. 2. Amend the resolution to include an amount as determined by the Council. 3. Delay financing to a future time by tabling action for further consideration. Staff would recommend the issuance of $375,000 of equipment certificates to be amortized over a period of four rears. The vehicle and equipment purchases w1l1 be subject to the bid process and ~otes when ap~licable according to city spec1fications. It 1S anticipated the interest rate will fall somewhere between 5.75% and 6.00% The advantages of utilizin~ this debt instrument is that the acquisit10n cost can be more e9?itably and evenly distributed over the commun1ty tax base. The debt is relatively short term and carries a lower interest rate when compare to lease purchase financing. Also, more importantly the paYments are excluded from our levy limitation which allows greater budgeting flexibility to the City during these times of scarce resources. Steve Mattson from Juran & Moody Inc. will be present at the meeting to discuss the resolution establishing the date of public sale. No immediate impact upon the 1991 operating budget would result as the interest payment for this year would be provided by the capitalized interest from the bond proceeds. All subsequent year bond paYments will be paid by propertr tax special levies exempt from our levy lim1t. The last equipment certificate levy will have expired this year, subsequently no overlapping debt will occur. Motion to approve Resolution 91-04 Calling for Public Sale of $375,000.00 G.O. Equipment certificates of 1991. -. . /;- EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE, MINNESOTA HELD: February 4, 1991 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Prior Lake, Scott County, Minnesota, was duly called and held at the City Hall in said City on Monday, the 4th day of February, 1991, at tjo o'clock L.M. The following members were present: and the following were absent: Member resolution and introduced the following Resolution Number '1-04 RESOLUTION PROVIDING FOR PUBLIC SALE OF $375,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF 1991 BE IT RESOLVED by the City Council of the City of Prior Lake, Minnesota, as follows: 1. Findinas: Amount and PurDose. It is hereby found that the amount of the certificates to be issued, together with the General Obligation Equipment Certificates of 1990, dated April 1, 1990, does not exceed one quarter of one percent (0.25') of the market value of the taxable property in the City, and it is hereby further found, determined and declared that this City should issue $375,000 General Obligation Equipment Certificates of 1991 (the "Certificates") to provide funds to finance the acquisition of various capital equipment for the city. 2. ADpointment of Financial Advisor. The City Council does hereby appoint Juran & Moody, Inc., in st. Paul, Minnesota, to act as its financial advisor to the City for the sale of the Certificates. 12982 ~ 3. Meetinq. This Council shall meet at the time and place specified in the form of notice hereinafter contained for the purpose of opening and considering sealed bids for, and awarding the sale of, the certificates. 4. Notice of certificate Sale. The City Manager is hereby authorized and directed to cause notice of the time, place and purpose of said meeting to be published in the official newspaper of the City and in Northwestern Financial Review not less than ten (10) days in advance of date of sale, as provided by law, which notice shall be in substantially the form set forth in Exhibit A attached hereto. 5. Official Terms of certificate Sale. The terms and conditions of said certificates and the sale thereof are fully set forth in the "Official Terms of Certificate Sale" attached hereto as Exhibit B and incorporated herein by reference. 6. Official statement. The City Manager and Finance Director and other officers or employees of the City are hereby authorized to participate in the preparation of an official statement for the certificates. The motion for the adoption duly seconded by member discussion thereof and upon a vote following voted in favor thereof: of the foregoing resolution was and, after full being taken thereon, the and the following voted against the same: Whereupon said resolution was declared duly passed and adopted. 12982 2 I. STATE OF MINNESOTA COUNTY OF SCOTT CITY OF PRIOR LAKE I, the undersigned, being the duly qualified and acting Manager of the City of Prior Lake, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing extract of minutes with the original minutes of a meeting of the City Council held on the date therein indicated, which are on file and of record in my office, and the same is a full, true and complete transcript therefrom insofar as the same relates to the proposed sale of $375,000 General Obligation Equipment certificates of 1991 of said City. WITNESS my hand as such Manager and the official seal of the City this ____ day of , 1991. City Manager ( SEAL) 12982 3 > . .. EXHIBIT A NOTICE OF CERTIFICATE SALE $375,000 CITY OF PRIOR LAKE SCOTT COUNTY MINNESOTA GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF 1991 Sealed bids on these certificates will be opened and considered for award on Monday, March 4, 1991, at 7:00 P.M., Central Time, by the City council at the City Hall in Prior Lake, Minnesota. The certificates will be dated March 1, 1991 and interest will be payable December 1, 1991 and semiannually thereafter. The Issuer will designate the certificates as qualified tax-exempt obligations. The certificates will mature, without option of prepayment, on December 1 in the years and amounts as follows: Year Amount IHJ.: Amount 1992 1993 $85,000 90,000 1994 1995 $ 95,000 105,000 An approving legal opinion will be furnished by Briggs and Morgan, Professional Association, of st. Paul and Minneapolis, Minnesota. The proceeds will be used to provide funds to finance the acquisition of various capital equipment for the City. Bidders should be aware that the Official Terms of Certificate Sale to be published in the Official Statement for the sale may contain additional bidding terms and information relative to the Issue. In the event of a variance between statements in this Notice of Certificate Sale and said Official Terms of Certificate Sale the provisions of the latter shall be those to be complied with. 12982 ~ Dated: February 4, 1991 BY ORDER OF THE CITY COUNCIL Isl David Unmacht City Manager Additional information may be obtained from: JURAN & MOODY, INC. Minnesota Mutual Life Building 400 North Robert street Suite 800 st. Paul, Minnesota 55101-2091 Telephone No.: (612) 224-1500 12982 ~, EXHIBIT B OFFICIAL TERMS OF CERTIFICATE SALE $375,000 GENERAL OBLIGATION EQUIPMENT CERTIFICATES OF 1991 CITY OF PRIOR LAKE SCOTT COUNTY MINNESOTA NOTICE IS HEREBY GIVEN that these certificates will be offered for sale according to the following terms: TIME AND PLACE: Sealed bids for these certificates will be opened and considered for award on Monday, March 4, 1991, at 7:00 P.M., Central Time, by the City Council at the City Hall in Prior Lake, Minnesota. TYPE OF CERTIFICATES: Fully registered general obligation certificates, $5,000 or larger denominations at the option of the bidder. DATE OF ORIGINAL ISSUE OF CERTIFICATES: March ~, 199r. ~~.-d<- /2. j / /7 '1/ - s- ( "'..-/ :uJ .. INTEREST PAYMENTS: To provide funds to finance the acquisition of various capital equipment for the City. December 1, 1991, and semiannually thereafter on June 1 and December 1. PURPOSE: MATURITIES: December 1 in each of the years and amounts as follows: 12982 . . ~ Amount 1992 1993 1994 1995 $ 85,000 90,000 95,000 105,000 NO REDEMPTION: CERTIFICATE REGISTRAR: The certificates are not subject to redemption and prepayment prior to their maturity. The successful bidder will name the Registrar and paying agent which shall be subject to applicable SEC regulations and to the approval of the Issuer. Principal will be payable at the main corporate office of the Registrar and interest will be payable by check or draft of the Registrar mailed to the registered holder of the certificate at his address as it appears on the books of the Registrar. The Issuer will pay reasonable and customary charges for the services of the Registrar. CUSIP NUMBERS: If the certificates qualify for assignment of CUSIP numbers such numbers will be printed on the certificates, but neither the failure to print such numbers on any certificate nor any error with respect thereto shall constitute cause for a failure or refusal by the Purchaser thereof to accept delivery of and pay for the certificates in accordance with terms of the purchase contract. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser. Forty days after award subject to approving legal opinion of Briggs and Morgan, Professional Association, of st. Paul and Minneapolis, Minnesota. DELIVERY: 12982 Certificate printing and legal opinion will be paid by the Issuer and delivery will be anywhere in the continental United states without cost to the Purchaser. Legal opinion will be printed on the certificates at the request of the successful bidder. TYPE OF BID: Sealed bids of not less than $369,375 and accrued interest on the principal sum of $375,000 from date of oriqinal issue of the certificates to date of delivery must be filed with the undersiqned prior to the time of sale. Bids must be unconditional except as to legality. A certified or cashier's check in the amount of $7,500, payable to the order of the Finance Director of the Issuer must accompany each bid, to be forfeited as liquidated damages if bidder fails to comply with accepted bid. Bids for the certificates should be addressed to: Ralph Teschner Finance Director City Hall 4629 Dakota street Southeast Prior Lake, MN 55372 RATES: All rates must be in integral multiples of 1/20th or 1/8th of 1%. No limitation is placed upon the number of rates which may be used. All certificates of the same maturity must bear a single uniform rate from date of issue to maturity and no rate of any maturity may be lower than the highest rate applicable to certificates of any preceding maturities. The successful purchaser will be required to provide, in a timely manner, certain information relating to the initial offering INFORMATION FROM PURCHASER: 12982 price of the certificates necessary to compute the yield on the certificates pursuant to the provisions of the Internal Revenue Code of 1986, as amended. QUALIFIED TAX EXEMPT OBLIGATIONS: The Issuer will designate the certificates as qualified tax exempt obligations for purposes of Section 265(b) (3) of the Internal Revenue Code of 1986, as amended. Award will be made solely on the basis of lowest dollar interest cost, determined by addition of any discount to and deduction of any premium from the total interest on all certificates from their date to their stated maturity. The Issuer reserves the right to reject any and all bids, to waive informalities and to adjourn the sale. AWARD: Dated: February 4, 1991 BY ORDER OF THE CITY COUNCIL Isl David Unmacht City Manager Additional information may be obtained from: JURAN & MOODY, INC. Minnesota Mutual Life Building 400 North Robert street suite 800 st. Paul, Minnesota 55101-2091 Telephone No.: (612) 224-1500 12982 DATK OF ANALYSIS: JARUARY 28, 1991 DATED DATB OF BOND ISSUE: MRCR 1, 1991 FILK: PLll2A EST. (12-1) INTEREST YEAR PRINCIPAL RATES INTEREST TOTAL DEBT SERVIC! CITY OF PRIOR LAIE, MINNESOTA GENERAL OBLIGATIOI EQUIPMENT CBRTIFICATBS OF 1991 PAR AMOUNT: 375,000.00 STATUTORY 5.00\ 1991 1992 $85,000.00 5.75\ 1993 90,000.00 5.80\ 1994 95,000.00 5.90\ 1995 105,000.00 6.00\ 1996 0. 00 0.00\ 1997 0.00 0.00\ 1998 0.00 0.00\ 1999 0.00 .,0.00\ 2000 0.00 .' 0.00\ 2001 0.00 0.00\ 2002 UO 0.00\ ------..-.. ---------- ----------- 16,509.38 16,509.38 16,509.38 22,012.50 107,012.50 112,363.13 17,125.00 107,125.0' 112,481.25 11,905.00 106,905.00 112,250.25 6,300.00 m,300.0t 116,865.08 0.00 0.01 0.00 0.00 O.Ot 0.00 0.00 0.08 0.08 0.00 0.08 0.00 0.00 0.08 0.00 0.00 O.Ot 0.00 0.00 O.Ot 0.00 TAl ANNUAL CAPITALIZBD LEVY SURPLUS INTBRBST (COLL. YR.) IDEFICIT ---------- ---------- ---------- $16,509.38 $0.00 $114,000.00 1,636.88 115,000.00 2,518.75 116,000~00 3,749.75 116,000.01 1865.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 O.OD 0.00 375,000.00 73,851.88 448,851.81 470,469.00 16,509.38 $461,000.00 $7,040.38 RBSIDENTIAL HOMBSTBAD PROPERTY 1(---------------------------------------)1 ANNUAL TAl MARIET VALUE TAl CAPACITY CAPACITY $85,000 S100,000 S125,000 $150,000 CUMULATIVE VALUB INCR. RATE NBT TAl CAPACITY BALANCE 1.00\ INCREASE $1,020 $1,320 SI,820 $2,320 ---------- ------------ ---------- -------------------------------------------- So.oO 1,636.88 6,324,893 1. 80\ S18.38 S23.79 $32.80 $41.82 4,155.63 6,388,142 1.80\ 18.36 23.76 32.76 41.76 7,905.38 6,452,023 1. 80\ 18.34 23.73 32.72 41.n 7,040.38 6,516,544 1.78\ 18.16 23.58 32.40 41.38 7,040.38 6,581,709 0.00\ 0.00 0.00 0.00 0.00 7,040.38 6,647,526 0.00\ 0.00 0.00 0.00 0.00 7,040.38 6,714,001 0.00\ 0.00 0.00 0.00 0.00 7,040.38 6,781,141 0.00\ 0.00 0.00 0.00 0.00 7,040.38 6,848,953 0.00\ 0.00 0.00 0.00 0.00 7,040.38 6,917,442 0.00\ 0.00 0.00 0.08 0.00 7,040.38 6,986,617 0.00\ 0.00 0.00 0.00 0.00 AVG. ANNUAL INCR. MONTHLY INCR. S18.31 $23.70 $32.67 $41.65 $1.53 $1.97 $2.72 S3.47 :===:==~::===:==:====:======:=========:=================================================:============ ============ ======================================:::=====================:::::== PAR AMOUNT OF ISSU! LBSS: DISCOUNT FACTOR (1. 50\ OF PAR) CAPITALIZED INTEREST (9 MONTHS) ESTIMATED LEGAL OPINIO' ESTIMATED RATING FES ESTIMATED BOND PRINTING ESTIMATED REGISTRATION COSTS FISCAL FB! AVAILABLE FOR PROGRAM COSTS PREPARED BY: JURA' , MOODY, INC. STEVE' J. MATTSOI V.P. 612-224-1500 S375,000.00 (5,615.00) 116,509.38 ) (1,900.00) (1,000.00) (400.00 ) (600.00) (1,000.00 ) $347,965.63 CERTIFICATES DATED: CBRTIFICATES MATURE: INTBREST: OPTIOI: MIMIMUM BID: PAYING AGENT' REGISTRAR: GOOD FAITH: BOND SALK OAT!: BOND SALE TIMB: BOND SALE PLACK: MARCH 1, 1991 DECBMBER 1, 1992 THROUGH 1995 DKCBMBER 1, 1991 AND SEMIANNUALLY THEREAFTER O' EACH JUN! 1 AND DECBMBER 1. ALL CERTIFICATES ARE WITHOUT THE OPTIOI OF PRBPAYMB.T $369,375.00 BIDDERS DISCRETION WITH APPROVAL BY CITY S7,500.00 MARCH 4, 1991 7:00 PM CITY HALL 0:-- . CITY OF PRIOR LAIE, MINNESOTA GENERAL OBLIGATIOI IMPROVEMENT BONDS OF 1991 PAR AMOUNT: $525,000.00 APPLICATIOI OP PUNDS TOTAL ESTIMATED HARD COSTS SUBTOTAL ADD: (SOPT COSTS) ESTIMATED LEGAL OPINIOI ESTIMATED BOND PRINTING ESTIMATED REGISTRATIOI (PIRST YEAR) CAPITAL IHTEREST :f 0 MONTHS) ESTIMATED PISCAL PEg ESTIMATED BOlD RATING PES ESTIMATED LOCAL LEGAL AND ADMII. ESTIMATED DISCOUNT FACTOR 11.80\ OP PAR) SUBTOTAL LESS: BSTlMATED CITY IIVBSTMENT EARIINGS TOTAL HARD COSTS ROUNDED POR ISSOAICB $500,000.00 MATORITY SCHEDULB YEAR AMOUNT ---------------------- 1991 0 1992 $50,000 1993 50,000 1994 50,000 1995 45,000 1996 45,OOG 1991 45,000 1998 45,000 1999 45,000 2000 .45,000 2001 15,000 2002 15,000 2003 15,000 2004 15,000 2005 15,000 2006 10,000 2001 10,000 2008 10,000 2009 0 2010 0 2011 0 ---------------------- TOTALS $525,000 $500,000.00 2,250.00 400.00 600.00 0.00 11,500.00 1,500.00 1,000.00 9,450.00 526,100.00 0.00 526,100.00 $525,000.00 -------------- -------------- . I ~7 ~--- 1. BONDS DATED: BONDS MATURB: INTEREST: OPTIOI: MINIMUII BID: GOOD FAITH: PAYING AGENT , REGISTRAR: BOND SALK DATS: BOlD SALS TIIII: BOND SALK PLACB: MARCH I, 1991 DBCEMBER I, 1992 THROUGH 2008 DBCEMBER I, 1991 AND SEMIANNUALLY THEREAPTER 01 EACH DECEMBER 1 AND JUNK 1. ALL BONDS MATURING II THB YBARS 1991 THROUGH 2008, ARB CALLABLB AT THE OPTIOI OP THS CITY 01 DECEMBBR I, 1996 OR ANY PAYMENT DATK THEREAPTBR AT PAR PLUS ACCRUBD INTEREST. $515,550.00 $10,500.00 BILDDERS DISCRETION WITH APPROVAL OP CITY MARCH 4, 1991 1:00 PM CITY HALL ROTICS OP BOlD SALS PUBLICATIOI: LOCAL PAPER: FEBRUARY , 1991 NORTHWESTBRI PINANICAL: PBBURARY __, 1991 " DATK OF ARALYSIS: JARUARY 28, 1991 CITY OF PRIOR LAIK, MINNESOTA DATED DATK OP BORD ISSUE: MARCH 1, 1991 GERERAL OBLIGATIOI IMPROVEMENT BONDS OF 1991 PILK: PL429 PAR AMOUNT: 525,000.00 10 YEAR ASSESSMENTS 20 YEAR ASSESSMENTS EST. TOTAL ((--------------------------------)} ((--------------------------------)} ANNUAL (12 -l) mEREST DEBT STATUTORY CAPITALIZED ASSESSMENT INTEREST . ASSESSMENT ASSESSMENT INTEREST . ASSESSMENT TAl OTHER SURPLUS CUMULATIVE YEAR PRINCIPAL RATES IRTEREST SERVICE 5.00\ INTEREST PRINCIPAL 8.00\ IRCOME PRINCIPAL 8.00\ INCOME LEVY REVENUE IDEFICIT BALANCE ------ --------- ------- --------- ---------- ----------- ----...----- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -...--------- ---------- 1991 24,757.50 24,757.50 25,995.38 .0.00 $37,221.95 $35,016.06 $72,238.01 $11,764.56 $24,219.31 $35,983.87 $3,651.32 $3,651.32 1992 $50,000.00 5.75\ 33,010.00 83,010.00 87,160.50 37,221.95 24,236.80 61,458.75 11,764.56 17,882.13 29,646.69 $0.00 $0.00 3,944.94 1,596.26 1993 50,000.00 5.80\ 30,BS.00 80,BS.00 84,141.75 37,221. 95 21,259.05 58,480.99 11,764.56 16,940.91 28,705.53 0.00 0.00 3,044.77 10,641.04 1994 50,000.00 5.90\ 27,235.00 77,235.00 81,096.75 37,221.95 18,281.29 55,503.24 11,764.56 15,999.80 27,764.37 0.00 0.00 2,170.85 12,811.89 1995 45,000.00 6.00\ 24,285.00 69,285.00 72,149.25 37,221.95 15,303.53 52,525.48 11,764.56 15,058.64 26,823.20 0.00 0.00 6,599.41 19,411.32 1996 45,000.00 6.10\ 21,585.00 66,585.00 69,914.25 30,814.45 12,325.78 43,140.23 11,764.56 14,117 .47 25,882.04 0.00 0.00 1891.991 18,519.33 1991 45,000.00 6.25\ 18,840.00 63,840.00 61,032.00 30,814.45 9,860.62 40,675.01 11,764.56 13,176.31 24,940.87 0.00 0.00 (1,416.061 11,103.21 1998 45,000.00 6.40\ 16,021.50 61,021.50 64,018.88 30,814.45 1,395.47 38,209.91 11,164.56 12,235.14 23,999.71 0.00 0.00 (1,869.261 15,234.02 1999 4~.000.00 6.50\ 13,147.50 58,147.50 61,054.88 30,814.45 4,930.31 35,744.16 11,164.56 11,293.98 23,058.54 0.00 0.00 12,251.581 12,982.44 2000 45,000.00 6.60\ 10,222.50 55,222.50 51,983.63 30,814.45 2,465.16 33,279.60 11,764.56 10,352.81 22,117.38 0.00 0.00 12,586.651 10,395.79 2001 15,000.00 6.70\ 7,252.50 22,252.50 23,365.13 0.00 0.00 0.00 11,764.56 9,411.65 21,176.21 0.00 0.00 12,188.911 8,206.88 2002 15,000.00 6.75\ 6,247.50 21,241.50 22,309.88 0.00 0.00 0.00 11,164. 56 8,470.48 20,235.05 0.00 0.00 12,074.831 6,132.05 200l 15,000.00 6.80\ 5,235.00 20,235.00 21,246.15 0.00 0.00 0.00 11,764.56 7,529.32 19,293.88 0.00 0.00 (1,952.87) 4,179.18 2004 15,000.00 6.90\ 4,215.00 19,215.00 20,175.75 0.00 0.00 0.00 11,764.56 6,588.15 18,352.72 0.00 0.00 (1,823.031 2,356.15 2005 15,000.00 1.00\ 3,180.00 18,180.00 19,089.00 0.00 0.00 0.00 11,164.56 5,646.99- 11,411.55 0.00 0.00 (1,677 .45) 678.70 2006 10,000.00 7.05\ 2,130.00 12,130.00 12,736.50 0.00 0.00 0.00 11,764.56 4,705.82 16,470.39 0.00 0.00 3,733.89 4,412.59 2007 10,000.00 7.m 1,425.00 11,425.08 11,996.25 0.00 0.00 0.00 11,764.56 3,764.66 15,529.22 0.00 0.00 3,532.97 7,945.56 2008 10,000.00 1.15\ 715.00 10,715.00 11,250.75 0.00 0.00 0.00 11,764.56 2,823.49 14,588.06 0.08 0.00 3,331.31 11,282.86 2009 0.00 0.00\ 0.00 0.00 0.00 0.00 0.00 0.00 11,764.56 1,882.33 13,646.89 0.00 0.00 13,646.89 24,929.75 2010 0.00 0.00\ 0.00 0.08 0.00 0.00 0.00 0.00 11,764.56 941.16 12,705.71 0.00 0.00 12,705.73 31,635.48 2011 0.00 0.00\ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 31,635.48 ------------------------------------------------- ------------ --------------------------------------------------------------------------------------- ------------ ------------------------ ------------ 525,000.00 249,645.00 774,645.00 813,371.25 o.oe 340,181.91 151,074.01 491,256.04 235,291. 23 203,040.65 438,331.88 $0.00 _ $0.00 $37,635.48 =====================================================================:==============================:========================================================:===================================== 10 YEAR ASSESSMENTS 20 YEAR ASSESSMERTS AMOUNT OP ASSESSMERTS: $308,144.47 AMOUNT OP ASSESSMENTS: $235,291.23 PERCENTAGE OF ISSUE ASSESSED: 58.69\ PERCENTAGK OF ISSUE ASSESSED: 44.82\ INTEREST RATE ON ASSESSMENTS: 8.00\ INTEREST RATE ON ASSESSMENTS: 8.00\ FIRST INSTALLMENT COLLECTIOR: 1991 FIRST INSTALLMENT COLLECTION: 1991 NUMBER OF ANNUAL INSTALLMENTS: 10 NUMBER OP ANNUAL INSTALLMENTS: 20 START DATE OF ASSESSMERTS: 9-17-90 START DATK OF ASSESSMENTS: 9-17-90 , ~ ---- - ..-- y .-