HomeMy WebLinkAboutAgenda - 04-10-2007-6aORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: April 10, 2007
Action Agenda
Item No. (~ c.~t _
SUBJECT• Resolution for Approval of Alternative Financing
DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No
ATTACHMENT(S):
Resolution
Public Hearing Notice
Financing Proposal
Projects to be Financed
INFORMATION CONTACT:
Ken Chavious, 245-2453
PURPOSE: To consider adoption of a resolution required for the County to pursue alternative
financing for various capital projects.
BACKGROUND: On February 20, 2007, the Board authorized staff to proceed with the process
of obtaining alternative financing in the amount of $50,057,000 to fund the various capital
projects included on the attached tentative project listing. The Board is scheduled to finalize the
projects for the proposed financing at the meeting scheduled for April 24, 2007. In addition, the
Board approved a tentative schedule of actions required by the Local Government Commission
(UGC) in order to approve the County's financing application in June 2007. In accordance with
the schedule, staff issued requests for financing proposals (RFP).
Since staff was expecting to issue certificates of participation (GOP's), RFPs were sent to
investment banking firms with this type of expertise. In addition, a proposal was sent to
SunTrust Bank because it had expressed interest in proposing a financing structure. Staff was
pleasantly surprised by the SunTrust Proposal. SunTrust proposed an installment purchase
agreement fora 20 year term at 4.14% or 4.10%, depending on the repayment option chosen.
The 4.14% is the proposal to be recommended by staff, due to the more flexible prepayment
options. In addition to the very competitive interest rates, the costs associated with the
SunTrust loan are far less that- the issuance costs that accompany a COPs issue. There is
significantly more staff time involved in a COPs transaction, and the issuance costs could be in
the $300,000 to $400,000 range. A copy of the SunTrust proposal is attached including the
amortization schedule. Staff has continued to negotiate certain terms of the proposal, especially
terms related to the collateral for the loan.
In order to proceed, the Board is required to adopt a resolution authorizing staff to file an
application with the LGC for approval of the financing for the tentative projects in an amount not
to exceed $50,057,000 and to take other action. The resolution accomplishes the following;
® Makes the determination to proceed with the financing and a preliminary determination to
accept the SunTrust proposal.
• Establishes a date for the required public hearing proposed for May 3, 2007.
• Authorizes the Finance Officer to complete the UGC application.
• Provides for the County to reimburse itself for project expenditures incurred prior to
closing on the financing.
® Makes certain "findings of fact" required by the UGC in support of the County's
application, including a finding as to the reasonableness of the tax rate impact of the
debt service payments.
This resolution has been prepared by collaboration between bond counsel and County staff.
The resolution is in substantially the same form as similar preliminary financing resolutions
previously approved by the Board.
FINANCIAL. IMPACT: As mentioned above, the financing is fora 20-year term with an interest
rate of 4.14%. The financing is structured in a manner that calls for annual. principal payments
and semi annual interest payment with the first interest payment due in January 2008 (fiscal
year 2007-08) followed by principal and interest payments beginning in fiscal year 2008-09. For
fiscal year 2007-08, debt service for this financing totals $1,278,122 (just over 1 cent on the
projected tax rate) and the 2008-09 debt service totals $4,518,250 for principal and interest
(about 3.5 cents on the projected tax rate). The County Manager will include funding to repay
the debt in the upcoming 2007-2008 fiscal year budget.
RECOMMENDATION(S): The Manager recommends that the Board adopt the resolution
authorizing the staff actions as indicated.
3
2007 Orange County installment financing for various projects -- Resolution
supporting an application. to the Locai Government Commission for its
approval of a financing agreement, and taking other appropriate action
WHEREAS --
The Orange County Board of Commissioners has made a preliminary
determination to use installment financing to provide fiands, to be used with other
available funds, to pay costs related to the various capital projects described on
Exhibit A.
The County has solicited competitive proposals to provide the desired
financing, and SunTrust Bank ("SunTrust") has submitted the best proposal.
Under the guidelines of the North Carolina Local Government Commission
(the "LGC"), this governing body must make certain findings of fact to support the
County's application for the LGC's approval of the County's proposed financing
arrangements for the projects.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners
of Orange County, North Carolina, as follows:
1. The Board makes a preliminary determination to finance the projects
described above by use of installment financing. The total amount to be financed
will not exceed $50,057,000, plus amounts that may be needed to pay financing
costs and to pay other necessary and related costs. The listing of capital projects to
be financed as described on Exhibit A is tentative and subject to final.Board action
at a later meeting.
2. The County makes a tentative determination to accept the SunTrust
proposal dated March 13, 2007, to provide the contemplated financing. This
determination is subject to final approval by the Board after the required public
hearing, approval by the .LGC, completion of documentation acceptable to the
Board and negotiation of final financing terms between the County and SunTrust.
3. The County's Finance Officer is authorized and directed to file an
application with the LGC for its approval of the project and the proposed financing
arrangements and to take all necessary and appropriate action related to the LGC
4
approval process. The Board appoints the Finance Director as the County's
authorized representative with respect to the LGC application process.
4. The County requests that the LGC approve the County's application
for such fmancing. The Board makes the following findings of fact in support of its
application for approval and its determination to proceed with this fmancing:
(a) The proposed projects are appropriate for the County under all the
circumstances. These projects have been considered by the Board on multiple
occasions as part of the Board's capital investment planning process.
(b) The proposed installment fmancing is preferable to a bond issue for
the same purpose. It is appropriate for the County to balance its capital finance
program between bonds and installment fmancing, and the County has already
applied some general obligation bond funds and other resources to these projects,
especially including the school projects.
(c) The estimated sums to fall due under the proposed fmancing contract
are adequate and not excessive for the proposed purpose. The SunTrust proposal
provides not only competitive interest rate and prepayment terms but also lower
than expected transaction costs.
(d) As confirmed to the Board at this meeting by the County's Finance
Officer,' (i) the County's debt management procedures and policies are sound and
in compliance with law, and (ii) the County is not in default under any of its debt
service obligations.
(e) The County expects that the amounts required to repay the amounts
fmanced for the projects will require the equivalent of a real property tax increase
of approximately 3.5 cents. Such an increase is appropriate under all the
circumstances, given the need for the projects.
(f) The County Attorney is of the opinion that the proposed projects are
authorized by law and are purposes for which public funds of the County may be
expended pursuant to the Constitution and laws of North Carolina.
5. The County intends that the adoption of this resolution will be a
declaration of the County's official intent to reimburse project expenditures from
fmancing proceeds. The County intends that funds that have been advanced, or
that may be advanced, from the County's general fund, or any other County fund,
for project costs will be reimbursed from the fmancing proceeds.
6. A public hearing on this matter will be held at the Board's meeting of
May 3, 2007. The Manager is authorized and directed to set the time of the
hearing, and the Clerk to this Board is authorized and directed to publish a notice
of such public hearing in the manner provided for by law -and in substantially the
form of Exhibit B.
7. This resolution takes effect immediately.
6
Exhibit A -Tentative Project Description
Project Tentative financing amount ($)
Central Orange Senior Center - 2,500,000
Funds to be used with bond funds to construct Senior
Center Addition to Orange County SportsPlex
Elementary 10 CHCCS - 22,102,000
Construction of New Elementary School
on property owned by the County
CHCCS Renovations -Completion of
renovations to existing schools 3,450,000
Efland Water and Sewer -
Completion of Water and Sewer Lines 400,000
Jail -expansion of existing jail to add additional beds 600,000
Justice Facility -Courthouse addition
to include courtrooms and office space 10,200,000
Durham Technical Community College -
County's contribution to be used with 3,588,000
state bond funds provided to Durham Tech
Twin Creeks Infrastructure -water and sewer
lines to site of Elementary #10 1,250,000
West Ten Soccer -Development of soccer
complex on existing county property 2,267,000
Solid Waste Operations Center - 2,200,000
New Facility to house solid waste staff
SportsPlex Renovations - 1,500,000
renovations to existing facility required to
accommodate senior center addition
Exhibit B -Proposed Form of Hearing Notice
Oraage County, North Carolina -- Notice of Public Hearing --
2007Installment Financing
The Board of Commissioners of Orange County, North Carolina, will hold a
public hearing on Thursday, May 3, 2007, at 7:30 p.m. (or as soon thereafter as the
matter may be heard). The purpose of the hearing is to take public comment
concerning a proposed fmancing contract, under which the County would borrow
an amount not to exceed $50,057,000 to provide funds for acquisition and
construction costs related to the following projects:
Tentative Proiect
Tentative financing amount ($)
Central Orange Senior Center - 2,500,000
Funds to be used with bond funds to construct Senior
Center Addition to Orange County SportsPlex
Elementary 10 CHCCS - 22,102,000
Construction of New Elementary School
on property owned by the County
CHCCS Renovations -Completion of
renovations to existing schools 3,450,000
Efland Water and Sewer -
Completion of Water and Sewer Lines 400,000
Jail -expansion of existing jail to add additional beds 600,000
Justice Facility -Courthouse addition
to include courtrooms and office space 10,200,000
Durham. Technical Community College -
County's contribution to be used with 3,588,000
state bond funds provided to Durham Tech
Twin Creeks Infrastructure -water and sewer
lines to site of Elementary #10 1,250,000
West Ten Soccer -Development of soccer
complex on existing county property 2,267,000
Solid Waste Operations Center - 2,200,000
New Facility to house solid waste staff
SportsPlex Renovations - 1,500,000
renovations to existing facility required to
accommodate senior center addition
The County may also use additional financing proceeds to pay financing
costs and to pay other necessary and related costs. The list of capital projects set
forth above is tentative and subject to final Board approval.
The hearing will be held in the Commissioners' usual meeting room, F.
Gordon Battle Courtroom, Orange County Courthouse, Hillsborough, North
Carolina.
The proposed financing would be secured by a lien on the new elementary
school and the justice facility (and, in each case, the associated real property) and
the County's promise to repay the financing, but there would be no recourse
against the County or its property (other than the pledged facilities and the
associated land) if there were a default on the financing.
A11 interested persons will be heard. The County's plans are subject to
change based on the comments received at the public hearing and the Board's
subsequent discussion and consideration. The County's entering into the financing
is subject to obtaining approval from the North Carolina Local Government
Commission.
Persons wishing to make written comments in advance of the hearing or
wishing more information concerning the subject of the hearing may contact
Kenneth T. Chavious, Finance Officer, Orange County, Post Office Box $181,
Hillsborough, NC 27278 (telephone 919/245-2453).
SunTrust Leasing Corporation
300 East Joppa Road- Suite 700
Towson, Maryland 21286
Tel (410) 307-6604
Fax (410) 307-6613
Robert. Rynarzewski@suntrust.com
~/ .,`
v~~'Tr~t~sT=r.{
Mr. Kenneth T Chavious
Finance Officer
Orange County, North Carolina
208 South Cameron Street
Hillsborough, North Carolina 27278
Robert 7 Rynarzewski
Vice President
March 13, 2007
0
Via: Hand Delivery and Email to chavious(a~co.oran eg nc.us and email only to rjessu~7a,shlf.com
Dear Mr. Chavious:
SunTrust Leasing Corporation (°STLC") is pleased to present to Orange County, North Carolina
its proposal for facilities financing. The terms and conditions of our proposal are outlined as
below:
RE: Up to $50,000,000.00 Financing Proposal Pursuant to N.C.G.S. 160A-20
LESSEE: Orange County, North Carolina. Lessee is a state or political
subdivision within the meaning of Section 103(c) of the
Internal Revenue Code of 1986, as amended (the ~~Code").
LESSOR: SunTrust Leasing Corporation (STLC), or its Assignee.
TYPE OF FINANCING: Installment Purchase. Agreement /Certificate of Participation
(the ~~Agreement") subject to a security interest position with
all of the project assets. Said Agreement shall be a net
arrangement whereby Lessee is responsible for all operating
costs, maintenance, insurance, and taxes. The Agreement
shall be based on annual appropriation of funds during the
lease term.
SECURITY: Lessor will be secured interest position with all of the project
assets.
Non-BANK
QUALIFICATION: Lessee reasonably anticipates the total amount of tax-exempt
obligations to be issued by the Lessee, its subordinate entities,
or the issuing authority during calendar year of issuance will
exceed ten million ($10,000,000.00) dollars. For banks,
Section 265(b)3 of the Internal Revenue Code exempts certain
tax-exempt obligations issued not in excess of ten million
($10,000,000.00) dollars per calendar year.
PR0.7ECT: Finance the completion of the construction projects per
Exhibit-A below.
PR07ECT COST: $50,000,000.00
io
Proposal for Real Estate Financing
Page 2 of 7
COST OF ISSUANCE: The Lessee is responsible for all cost of issuance which
includes all usual and customary costs associated with closing
of similar facility. loan or lease transactions. These costs would
include, but will not be limited to, all legal costs incurred by
Lessor, and the costs associated with .the compiling and
providing the information and reports required by the Lessor.
AMOUNT FINANCED: $50,000,000.00
Rate
Proposal
Lease Amount
lease
Term
lease
Rate
Payment Information
1 $50,000,000.00 20 4.10% 40,Semi annual payments of accrued interest
years ~ starting December 30, 2007, and 20 annual
level principal payment of $2,500,000.00,
starting June 30, 2008, with Option 1 Call
Protection.
2 $50,000,000.00 20 4.14% 40 Semi annual payments of accrued interest
years starting December 30, 2007, and 20 annual
level principal payment of $2,500,000.00,
starting June 30, 2008, with Option 2 Call
Protection.
CALL PROTECTION: Option is Lessee may prepay the .Lease in whole, but not in
part, on any payment due date, and pay a prepayment
premium of 3.5%, for the first 10 years of the Lease. Lessee
may prepay the Lease in whole, or in part, on any payment
due date, after year tenth without any prepayment premium.
If a new amortization schedule is requested .after any partial
prepayment there will be a $2,000. re-documentation fee.
Option 2: Lessee may prepay the Lease in whole, or but not
' in part, on any payment due date, and pay a prepayment
premium of 1.5%, for the first 10 years of the Lease. Lessee
may prepay the Lease in whole, or in part, on any payment
due date, after year tenth without any prepayment premium.
If a new amortization schedule is requested after any partial
prepayment there will be a $2,000. re-documentation fee.
INDEXYNG: The Lease Rates in this Proposal were based on market
conditions. The Lease Rates above will be fixed until June 30tH
2007 so long as the Lessee notifies the Lessor by phone and
email by the close of. business on March 15t", 2007
confirming that STLC's proposal meets the needs of the Lessee
and will be recommended for submission to the Local
Government Commission. STLC .will then lock-in the Lease
Rate for the Term the Lessee selects. .Otherwise, the
proposed Lease Rate will be adjusted according to the
following formula. This index attempts to minimize the effect
of any volatility in interest rates on the final indexed interest
rate. The new interest rate will be established by adding 67%
of the change in the' Swap Rate from the rate for March 13,
2007, until the time of adjustment, to the rate bid. The rate
i~
Proposal for Real Estate Financing
Page 3 of 7
will be fixed one week prior to funding (or as requested under
the option below).
The interest rates used in the formula may be obtained from
the Federal Reserve H.15 Statistical Release through
the Federal Reserve website
http•//www federalreserve.gov/releases/H15/
The Lessee will have the option to fix the adjusted Lease Rate
at anytime prior to closing so long as the Lessee accepts this
proposal as specified below, to go forward with STLC's
proposed financing of the Project.
ESCROW FUNDING: Lessor has assumed 100% funding into an escrow account on
the date of closing for this transaction. The escrow account
will be used to pay vendors/contractors and any escrow
expenses. No fees associated with the administration of this
account will be at Lessee's expense.
Escrow Agent is assumed to be SunTrust Bank. Lessor will
review and approve escrow disbursements prior to Escrow
Agent disbursing funds. It is assumed that all interest
earnings will accrue for benefit of Lessee. This proposal
also does not take into consideration the application of any
interest earnings from the escrow fund of the account.
CONSTRUCTION/DRAW
INSPECTION FEES: Lessee will obtain a fixed priced contract for construction of
the project. The Lessee shall covenant that it will require the
contractor to provide performance and payment bonds in an
amount sufficient to cover the contract price and
contingencies. The bonds shall be accompanied by a rider
that identifies the Lessor as a financially interested party.
Lessee will submit signed draw requests, Application and
Certificate for Payment Forms (AIA-G702/703) (~~AIA Form"),
from the Lessee's architect and summary page of any hard or
soft costs, along with copies of invoices. The Architect will be
contractually bound to provide certified copies of each AIA
Form to STLC. Lessee's Finance Officer will also certify that the
work has. been completed and according to specs and plans.
SunTrust may retain an independent inspecting engineer or
architect to verify that required work has been completed.
Cost of such inspection will be the responsibility of STLC.
REIMBURSEMENT: If the Lessee intends to be reimbursed for any cost associated
with the project, intent for reimbursement from the proceeds
of the financing must be evidenced and must qualify under
Treasury Regulation Section 1.150.2.
INSURANCE: The Lessee shall furnish confirmation of (a) all risk physical
damage insurance coverage for the full cost of the property,
(b) two million ($2,000,000.00) dollars combined single limit
" property damage and bodily injury insurance covering the
property, (c) an ALTA leasehold title .insurance policy in an
amount at least equal to the financed amount. LESSOR shall
be named as loss payee and additional insured on such
coverage.
is
Proposal for Real Estate Financing
Page4of7
OTHER CONDITIONS: In order for Lessor to provide financing for this project, the
following conditions, at Lessee's expense, may be required
prior to closing:
(A) A satisfactory Environmental Audit Phase I. The expense for
such Phase I Environmental will be the expense of the Lessee.
(B) A certified survey by a registered land surveyor may be
required on this project. The survey will need to detail all
boundaries of the property thaf is subject to the Lease and
Sublease with dimensions, boundary descriptions, and
locations of streets, building lines, existing buildings or
improvements, right-of-ways, easements, encroachments, or
any aspect that may affect the property.
(C) Certification that the property is not located within any flood
hazard area. Certification that the property is and as
completed after any improvements, will be compliant with all
applicable zoning, environmental, safety and ADA
requirements.
(D) If applicable, subordination, non-disturbance and attornment
agreements and estoppel certificates from the tenant
associated with the Project
(E) A payment and performance bond in the amount of the project
will be posted by the General Contractor. Subject to
applicable State law, Lessor will be named as Loss Payee and
Additional Insured.
(F) Other documentation, information, reports, etc. the Lessor
may reasonably request... Lessee will also be responsible for a
$4,000.00 document processing and origination fee.
AUTHORIZED SIGNORS: The Lessee's counsel shall provide Lessor with its resolution or
ordinance authorizing the financing and shall designate the
individual(s) to execute all necessary documents.
AUTHORIZED SIGNORS: The Lessee's counsel shall provide Lessor with its resolution or
ordinance authorizing the financing end shall designate the
individual(s) to execute all necessary documents.
LEGAL OPINION: The Lessee's counsel shall furnish Lessor with an opinion
covering the validity and tax-exempt status of this transaction
-and the documents used herein. This opinion shall be in a
form and substance satisfactory to Lessor.
DOCUMENTATION: Lease documents will be prepared by Lessee's counsel and
subject to review by Lessor's counsel. Documents must
reasonably be acceptable to both parties.
CREDIT APPROVAL
DOCUMENTATION: The Lessee shall provide to Lessor three (3) years of current
financial statements, budgets, and demographics and such
other financial information relating to the ability of the Lessee
to pay its obligations under the Lease Purchase Agreement as
(3
Proposal for Real Estate Financing
Page5of7
reasonably requested by Lessor. Lessee will also provide
project plans and specifications, a copy of a fixed price
Purchase Contract.
PROPOSAL ACCEPTANCE: Lessee shall have until noon on March 20t", 2007 to accept
. this proposal subject to final County Board approval and LGC's
approval by executing and returning this proposal via facsimile
to the Lessor, and close this transaction by June 30, 2007;
otherwise Lessor's proposal shall become null and void unless
extended in writing by Lessor.
This proposal is subject to final credit approval by the Credit/Investment Committee. of
SunTrust Leasing Corporation and approval of mutually acceptable lease documents. To
render a credit decision, the Lessee shall timely provide Lessor with the information requested
above. SunTrust Leasing will not be obligated until all documents have been fully executed by
both Lessor and Lessee.
Upon the receipt of a signed proposal, we will endeavor to provide you with a timely approval.
It is' a pleasure to offer this .proposal and I look forward to becoming your value-added
financial partner for many years to come.
~~~~~~
Robert J Rynarzewski
Vice President
SunTrust Leasing Corporation
Robert.Rynarzewski@suntrust.com
ACCEPTANCE: The terms and conditions of this Proposal are hereby accepted.
Dated:
Orange County, North Carolina
By:
As its:
14
Proposal for Real Estate Financing
Page6of7
Estimated
Exhibit A -- PROJECTS Amount
General Fund Debt Projects
Central Orange Senior Center - 2,500,000
Funds to be used with bond funds to Construct Senior
Center Addition to Orange County SportsPlex
Elementary 10 CHCCS - 22,102,000
Construction of New Elementary School on property owned by
the County
CHCCS Renovations -Completion of Renovations to existing
Schools 3,450,000
Efland Water and Sewer -Completion of Water and Sewer Lines 400,000
Jail -expansion of existing jail to add additional beds 600,000
Justice Facility -Courthouse addition to include courtrooms and
office space 10,200,000
Durham Technical Community College -
The County's contribution to be used with .3,588,000
state bond funds provided to ~ Durham Tech
Twin Creeks Infrastructure -water and sewer lines to site of
Elementary #10 1,250,000
West Ten Soccer -Development of soccer complex on existing
county property 2,267,000
Total General Fund Debt 46,357,000
Enterprise fund projects
Solid Waste Operations Center - 2,200,000
New Facility to house solid waste staff
SportsPlex Renovations - 1,500,000
renovations to existing facility required to
.accommodate senior center addition
Total Enterprise Funds 3,700,000
15
Proposal for Real Estate Financing
Page 7 of 7
Total Debt Contemplated 50,057,000
- SUBJECT TO AND MADE A PART OF THAT CERTAIN PROPOSAL DATED March 13, 2007 -
Client: Orange County, North Carolina
Lessor: SunTrust Leasing Corporation
Term: 20 Years
Semi-annual Payments in Arrears
Interest Rate 4.14%
Principal
Period Date Payment Principal Interest Balance
0 20-Jun-07 - 50,057,000.00 - 50,057,000.00
1 1-Jan-08 1,278,122.35 - 1,278,122.35 50,057,000.00
2 1-Jul-08 3,535,000.00 2,502,850.00 1,032,150.00 47,554,150.00
3 1-Jan-09 983,250.00 - 983,250.00 47,554,150.00
4 1-Jul-09 3,483,250.00 2,502,850.00 980,400.00 45,051,300.00
5 1-Jan-10 931,500.00 - 931,500.00 45,051,300.00
6 1-Jul-10 3,431,500.00 2,502,850.00 928,650.00 42,548,450.00
7 1-Jan-11 879,750.00 - 879,750.00 42,548,450.00
8 1-Jul-11 3,379,750.00 2,502,850.00 876,900.00 40,045,600.00
9 1-Jan-12 828,000.00 - 828,000.00 40,045,600.00
10 1-Jul-12 3,328,000.00 2,502,850.00 825,150.00 37,542,750.00
11 1-Jan-13 776,250.00 - 776,250.00 37,542,750.00
12 1-Jul-13 3,276,250.00 2,502,850.00 773,400.00 35,039,900.00
13 1-Jan-14 724,500.00 - 724,500.00 35,039,900.00
14 1-Jul-14 3,224,500.00 2,502,850.00 721,650.00 32,537,050.00
15 1-Jan-15 672,750.00 - 672,750.00 32,537,050.00
16 1-Jul-15 3,172,750.00 2,502,850.00 669,900.00 30,034,200.00
17 1-Jan-16 621,000.00 - 621,000.00 30,034,200.00
18 1-Jul-16 3,121,000.00 2,502,850.00 618,150.00 27,531,350.00
19 1-Jan-17 569,250.00 - 569,250.00 27,531,350.00
20 1-Jul-17 3,069,250.00 2,502,850.00 566,400.00 25,028,500.00
21 1-Jan-18 517,500.00 - 517,500.00 25,028,500.00
22 1-Jul-18 3,017,500.00 2,502,850.00 514,650.00 22,525,650.00
23 1-Jan-19 465,750.00 - 465,750.00 22,525,650.00
24 1-Jul-19 2,965,750.00 2,502,850.00 462,900.00 20,022,800.00
25 1-Jan-20 414,000.00 - 414,000.00 20,022,800.00
26 1-Jul-20 2,914,000.00 2,502,850.00 411,150.00 17,519,950.00
27 1-Jan-21 362,250.00 - 362,250.00 17,519,950.00
28 1-Jul-21 2,862,250.00 2,502,850.00 359,400.00 15,017,100.00
29 1-Jan-22 310,500.00 - 310,500.00 15,017,100.00
30 1-Jul-22 2,810,500.00 2,502,850.00 307,650.00 12,514,250.00
31 1-Jan-23 258,750.00 - 258,750.00 12,514,250.00
32 1-Jul-23 2,758,750.00 2,502,850.00 255,900.00 10,011,400.00
33 1-Jan-24 207,000.00 - 207,000.00 10,011,400.00
34 1-Jul-24 2,707,000.00 2,502,850.00 204,150.00 7,508,550.00
35 _ 1-Jan-25 155,250.00 - 155,250.00 7,508,550.00
36 1-Jul-25 2,655,250.00 2,502,850.00 152,400.00 5,005,700.00
37 1-Jan-26 103,500.00 103,500.00 5,005,700.00
38 1-Jul-26 2,603,500.00 2,502,850.00 100,650.00 2,502,850.00
39 1-Jan-27 51,750.00 51,750.00 2,502,850.00
40 20-Jun-27 2,548,205.48 2,502,850.00 45,355.48 -
Grand Total 71,974,577.83 50,057,000.00 21,917,577.83
~C~
-SUBJECT TO AND MADE A PART OF THAT CERTAIN PROPOSAL DATED March 13, 2007 -