HomeMy WebLinkAboutResolution No. R-95-11 Waterline Assessment Bank FinancingCity of Sebastian
1225 MAIN STREET o SEBASTIAN, FLORIDA 32958
TELEPHONE (407) 589-5330 o FAX (407) 589-5570
March 22, 1995
Mr. Charles Lavin
President
Indian River National Bank
958 20th Place
P.O. Box 1030
Vero Beach, FL 32961-1030
Re: Waterline Assessment Loan
Dear Mr. Lavin:
The City Council has authorized the City Manager to negotiate financial arrangements
with the Indian River National Bank for $750,000 ten (10) year note. The City is in
the process of installing water mains along Indian River Drive and has utilized the
property square foot assessment method to pay for construction. The current Florida
Statutes provides the City with the authority to allow financing not to exceed ten (10)
years. We contemplate the annual fee collection to be accomplished by the County Tax
Collector. Please contact our City Attorney, Clifton McClelland, at (407) 984-2700
for legal requirements from the City.
Thank you for your assistance in this matter of mutual interest.
Sincerely,
*oel? Koford'
City Manager
JLK/jmt
STATE OF FLORIDA
INDIAN RIVER COUNTY
THIS IS TO CERTIFY THAT THIS IS
A TRUE AND CORRECT COPY OF
THE ORIGINAL ON FILE IN THIS
OFFICE.
JEFFREY
mmK. ON, CLERK
BCcp� v� D.C.
DATE
AGREEMENT OF INDIAN RIVER COUNTY
The undersigned Chairman of the Board of County Commissioners
of Indian River County, Florida (the "County") does hereby agree
and covenant on behalf of the County with the City of Sebastian,
Florida (the "City") with respect to the City's Special Assessment
Bond, Series 1995 (the "Bond"), as follows:
(1) The County acknowledges that the Bond has been issued by
the City for the acquisition and construction of water distribution
lines within the City (the "Project"), the ownership of which
Project will be transferred to the County upon the completion
thereof; and
(2) The County hereby agrees that it will not take any
action, including any transfer of ownership of the Project to any
private entity, which would cause the interest on the Bond to be
included in gross income for purposes of federal income taxation to
the extent not otherwise included therein on the date of issuance
of the Bond.
IN WITNESS WHEREOF, I have hereunto set my hand this 67--R day
of August, 1995.
INDIAN RIVER COUNTY, FLORIDA
'Oel k:>tl 'o-�
hairman, Board of County
Commissioners
KENNETH R. MACHT
(lnd2n River Ca Approved Da:e
Adm;n. ��e' :?3 yS
Legal
G`VCi�?r%i •a .�
I F=risk Myr.
Ir
i
RESOL&ION NO. R-95-11
A RESOLUTION OF THE CITY OF SEBASTIAN, INDIAN RIVER COUNTY,
FLORIDA, ESTABLISHING THE NECESSARY REVENUE AND
EXPENDITURE ACCOUNTS FOR THE WATER DISTRIBUTION
ASSESSMENT; APPROVING THE FINANCING AGREEMENT FOR
$750,000; PROVIDING FOR REPEAL OF RESOLUTIONS OR PARTS OF
RESOLUTIONS IN CONFLICT HEREWITH; AND PROVIDING AN
Lr r x,CTIVE DATE.
WHEREAS, the City of Sebastian and Indian River County have entered into an
"Agreement" that authorizes the Indian River County Utilities to construct a water
transmission system within the City of Sebastian; and
WHEREAS, the City of Sebastian has selected the assessment method for property
owner participation under the provisions of Florida Statutes; and
WHEREAS, the City of Sebastian will need immediate alternative financing for the
project construction; and
WHEREAS, the City of Sebastian Finance Department will require additional bank
accounts for the general fund to record and disburse the bank financing and assessment
revenues,
NOW THEREFORE , BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, that:
SECTION 1. AUTHORIZATION. The Sebastian City Council hereby authorizes
the City Manager to establish the necessary restricted revenue and expenditure accounts
within the general fund for the revenue generated from the Water Utility Assessment
program and the bank financing construction funds.
SECTION 2. BANK FINANCING. The City Manager is hereby authorized to
execute an agreement for financing the cost of construction of the water distribution lines
rl
within the Riverfront Project area with 4b1z.A- for $750,000 short term line of credibterm
11-4TZ�td
loan, subject to the unqualified legal opinion from the City Attorney as to the tax exemption
of interest on the note.
SECTION 3. - CONFLICT. All Resolutions or parts of Resolutions in conflict
herewith are hereby repealed.
SECTION 4. Lk t 'k CT1VE DATE. This Resolution shall become effective upon
passage.
The foregoing Resolution was moved for adoption by Council member
The motion was seconded by
Councilmemberand, upon being put to a vote, the vote was as
follows:
Mayor Arthur L. Firtion
d'q't
Vice -Mayor Carolyn Corum
xx
Councilmember Norma Damp
0&4�,
Councilmember Robert Freeland
t1k
Councilmember Frank Oberbeck
[�
This Resolution was duly passed and adopted by the City Council of the City of
Sebastian, Indian River County, Florida, at its regular meeting on the 0 41� day of
" , 1995.
CITY -OF SEBASTIAN, FLORIDA
by: Ir V -L 2�i �-)
Arthur L. Firtion, Mayor
1
Kathryn ' . O'Halloran, CMC/AAE City Clerk
(Seal)
Approved. as to Form and Content:
Clifton A. McClelland, Jr.
City Attorney
City of Sebastian
1225 MAIN STREET 0 SEBASTIAN, FLORIDA 32958
TELEPHONE (407) 589-5330 o FAX (407) 589-5570
AGENDA TRANSMITTAL
SUBJECT: Bank Financing and
Required Bank Accounts - Water
Line Assessment
Approval For Submittal By:
City Manager ?Z/
EXPENDITURE
REQUIRED: N/A
AGENDA NO.
Dept. Origin: CM
Joel L. Koford
Date Submitted: 61/02/95
For Agenda Of: 03/08/95
Exhibits: Letter W/Amortization
Barnett Bank dated 12/21/94
Letter /W Amortization - Indian
River National dated 02/23/95
Letter/W Amortization - Sun Bank/
Treasure Coast dated 02/16/95
Resolution R-95-11
AMOUNT
BUDGETED: N/A
SUMMARY
APPROPRIATION
REQUIRED: N/A
The usual payment method for construction of a public utility such as the water main is
property assessment and local bank short term financing. We use the short term financing
to pay the contractor because the construction time is usually only a few months and the
collection of the installments for the assessment is accomplished only once a year.
We have three responses to the request from the former Finance Director regarding the 10
year maximum borrowing period. We would borrow the money on a draw basis (i.e. obtain
from the bank only the. amount necessary to pay the invoice) and pay the bank with the
money received from the assessment program. Separate bank accounts will be required and
are included within the language of the resolution. The three (3) proposals attached provide
the financing information.
RECOMMENDATION
Approve Resolution R-95-11 accepting the interest rate from Indian River National Bank
and authorize the City Manager to enter into a contractual arrangement with Indian River
National Bank.
Barnett Bank of The Treasure Coast
900 East Prima Vista Boulevard
Port St. Lucie, Florida 34952
December 21, 1994
Ms. Marilyn Swichkow
Finance Director
City of Sebastian
1225 Main Street
Sebastian, FL 32958
Re: Level of Interest up to $750,000.00 for water line assessment
City of Sebastian
Dear Marilyn:
Barnett Bank of the Treasure Coast (the 'Bank"), is pleased to inform you of our
interest in your request, to finance the credit facility described below to the City of
Sebastian (the 'Borrower") subject to (but not limited to) the following terms and
conditions:
Borrower: The City of Sebastian ( the "City")
Lender: Barnett Bank of the Treasure Coast
Amount: Up to $750,000.00
Facility: Short Term Line of Credit/Tenn loan with a lien on a
specific revenue source for repayment.
Purpose: To fund the cost for construction of water line
improvements within Municipal Service Benefit Units
(MSBUs).
Closing Date: On or before March 31, 1995
No CH,9)Y-"V �c=cZ �Oi L �}NrFOlCp '�as��is
Ms. Swichkow
City of Sebastian
December 21, 1994
Page 2
Collateral: The Facility will be secured with the following:
• City will deliver a promissory note to the bank in
evidence of its obligation to repay advances under the
facility with a lien on a specific revenue source.
• The city will agree not to pledge these funds to repay
any additional indebtness without the Bank's consent.
• The City shall agree to covenant to budget and
appropriate from any legally available non -ad valorem
revenues that amount necessary to meet debt service
requirements.
Terms: The Facility will mature ten years from the date of issue
and may be redeemed any business day at a price of par
plus accrued interest with no prepayment penalty. Interest
is due semi annually or at any time of redemption if
sooner, calculated on a 30 day month, 360 -day basis.
Principal shall be due and payable annually from the
origination date of the Note.
Estimated
Interest Rate: At this time these rates are estimated and are subject to
change and will be based on the actual request.
Tax -Exempt Bank Oualified
1) Fixed rate option, such rate being fixed at 6.60%.
2) Floating at 62.24% of Barnett Bank, Inc., Prime Rate,
adjusting day of change. (e.g.5.29% today)
3) Fixed Rate of 6.50% for the first five years, then option
of:
A) The tax-free equivalent of the then current BBI Prime
Rate, adjusting date of change for the second five years.
or
B) The tax-free equivalent of the then current BBI Prime
Rate plus 1 1/4% fixed for the second five years.
Ms. Swichkow
City of Sebastian
December 21, 1994
Page 3
Tax -Exempt Non Bank Oualified
4) Fixed rate option, such rate being fixed at 7.35%
5) Floating rate option, such rate being floating at 71.06%
of Barnett Bank, Inc., Prime Rate, adjusting day of
change. (e.g.6.04% today)
6) Fixed Rate of 7.27% for the first five years, then option
of:
A) The tax-free equivalent of the then current BBI Prime
Rate, adjusting date of change for the second five years.
or
B) The tax-free equivalent of the then current BBI Prime
Rate plus 1 1/4% fixed for the second five years.
Commitment Fee: None
Closing Costs: All documentation reflecting the Facility shall be
prepared, at the City's expense, by Counsel of
Recognized Standing in Public Finance, acceptable to the
Bank and its counsel. The form and substance of the
facility and all related documents and opinions in
connection therewith shall be subject to the approval of
the Bank and its counsel. The borrower will pay all
closing costs including, but not limited to, the Bank's
reasonable attorney's fee and cost. The estimated cost will
be $750.00 but shall not exceed $1,250.00.
If the Borrower does not close for any reason, the City
will pay within ten (10) days of demand, all expenses
incurred by the Bank, including the Bank's reasonable
attorney fees and expenses and any fee and expenses
incurred by the Bank in collecting these amounts.
Ms. Swichkow
City of Sebastian
December 21, 1994
Page 4
For the purpose of determining reasonable attorney fees,
a rate of $150.00 per hour for legal services shall be
deemed to be reasonable. The City shall be entitled to
receive all time records for legal services rendered by the
Bank's counsel.
Conditions: 1. The City, by official action, shall cause any
borrowing under this facility to be designated as a
"Qualified Obligation" pursuant to Section 265(b)
(3) (B) Internal Revenue Code of 1986, as
amended.
2. Should subsequent but currently unforeseen events
cause any borrowing under this facility to be
determined to be a "non-qualified" obligation
pursuant to Section 265 (b) (3) (B), Internal
Revenue Code of 1986, as amended, or in the
event that the interest on any drawing under this
proposed facility is ever determined to be taxable
for purpose of federal or state income taxation, or
in the event that any or all of the interest on any
drawing under this proposed facility is deemed to
be included in the gross income of the Bank for
federal or state income taxation, or in the event
the Bank is unable to deduct any other amounts as
result of purchasing or carrying any borrowings
resultant from the proposed facility, or in the
event of a change in the marginal tax rate
applicable to corporations or the alternative
minimum tax or in the method of calculating the
alternative minimum tax to which the Bank may
be subject, or in the event of any action which
would otherwise decrease the after tax or taxable
equivalent yield to the Bank, the interest rate on
the borrowings shall be increased to the extent
necessary to preserve the Bank's after tax yield,
all pursuant to the formula acceptable to the Bank.
In no event, however, shall the interest rate on this
proposed facility exceed the maximum rate
permitted by law.
Ms. Swichkow
City of Sebastian
December 21, 1994
Page 5
3. The unqualified, approving legal opinion of
Counsel to the City shall deliver to the Bank at
closing without cost to the Bank and available for
review at least (3) business days prior to closing
any drawing under this proposed facility. The
opinion shall cover tax exemption of interest on
the note, the "Bank Qualified" nature of the issue,
the validity, enforceability and priority of the
Bank's security interests and the obligations, and
such other matters as the Bank may reasonably
request.
4. All documents shall be reviewed in form and
substance satisfactory to the Bank and its counsel.
5. If the Bank chooses to waive any covenant,
paragraph, or provision of this proposal, or if any
covenant, paragraph, or provision of this proposal
is construed by a court of competent jurisdiction
to be invalid, it shall not affect the applicability,
validity or enforceability of the remaining
covenants, paragraph or provisions.
This is not a Commitment Letter but rather our best estimate of the Terms and
Conditions as based on the information you have provided. Final approval is subject to
our standard underwriting guidelines.
We are pleased to assist with additional information, if needed. Thank you for you
interest in financing with Barnett Bank. We look forward to a continuing mutually
beneficial relationship.
Sincerely,
Barbara Tilton
Vice President
BBLOAN 1.XLS
Bartnett Bank Estimate
A simple amortization table covering 24 payment periods of a loan.
1) To use the table, simply change any of the values in the "inital data" area of the worksheet.
2) To print the table, just choose "Print" from the "File" menu. The print area is already defined.
Initial Data
LOAN DATA
Loan amount: $750,000.00
Annual interest rate: 6.60%
Term in years: 10
Payments per year: 1
First payment due: 4/1/96
PERIODIC PAYMENT
Entered payment:
Calculated payment: $104,817.29
CALCULATIONS
Use payment of: $104,817.29
1st payment in table: 0
Table
TABLE DATA
Table starts at date: 14/1 /95
or at payment number:
The table uses the calculated periodic payment amount
unless you enter a value for "Entered payment".
Beginning balance at payment 0: 801,892.39
Cumulative interest prior to payment 0: 49,500.00
Page 1
Payment
Beginning
Ending
Cumulative
No.
Date
Balance
Interest
Principal
Balance
Interest
0
4/1/95
750,000.00
49,500.00
0.00
750,000.00
49,500.00
1
4/1/96
750,000.00
49,500.00
55,317.29
694,682.71
99,000.00
2
4/1/97
694,682.71
45,849.06
58,968.23
635,714.49
144,849.06
3
4/1/98
635,714.49
41,957.16
62,860.13
572,854.36
186,806.22
4
4/1/99
572,854.36
37,808.39
67,008.90
505,845.46
224,614.60
5
4/1/00
505,845.46
33,385.80
71,431.49
434,413.97
258,000.40
6
4/1/01
434,413.97
28,671.32
76,145.96
358,268.01
286,671.73
7
4/1/02
358,268.01
23,645.69
81,171.60
277,096.41
310,317.41
8
4/1/03
277,096.41
18,288.36
86,528.92
190,567.49
328,605.78
9
4/1/04
190,567.49
12,577.45
92,239.83
98,327.66
341,183.23
10
4/1/05
98,327.66
6,489.63
98,327.66
0.00
347,672.86
Page 1
VERO BEACH OFFICE
958 20TH PLACE
P.O. BOX 1030
VERO BEACH, FLORIDA 32961-1030
(407)569-9200
February 23, 1995
INDIAN
RIVER
\\
NATIONAL
�U
Joel Haniford, Acting Finance Director
City of Sebastian
1225 Main Street
Sebastian, Florida 32958
SEBASTIAN/ROSELAND OFFICE
13600 U.S. HIGHWAY 1
ROSELAND PLAZA
SEBASTIAN, FLORIDA 32958
(407) 388-1200
RE: $750, 000.00 LOAN FOR COST TO INDIAN RIVER COUNTY
TO INSTALL WATER LINE TO SERVICE INDIAN RIVER DRIVE
AND U.S. I FROM SOUTH CITY LIMITS TO NORTU CI7YL W7S
Dear Mr. Haniford:
Per your request, I am resubmitting our January 3, 1995 proposed rates
and terms for a ten (10) year loan in the above amount. Please note that
the fixed rates have increased by 25 basis points and the cap for the
variable rate increased from 8.00% to 9.00%. I am not including an
estimate of costs for bank legal counsel and review as our counsel will
require more information as to the preparation of documents and the
structure of the collateral pledge and remedies for default before
determining an estimate.
Also, the bank would reserve the right to require additional collateral
depending on the terms and conditions set forth in the documents:
particularly with regard to enforcement and remedies in the event of
default (including delinquency) by individual property owners on their
assessments.
The bank would require written acknowledgment from the City of
Sebastian that its total borrowings in 1995 will not equal or exceed
$10,000,000.00
Fixed Rate RrODOsat
Year 1: 5.75% Tax Free Rate
Year 2-5: 6.25% Tax Free Rate
Year 6-10: 6.75% Tax Free Rate
The principal will be repaid in annual payments equal to the
assessments paid during that year. Interest will be paid semi-
annually.
INDIAN RIVER NATIONAL BANK
HOMETOWN BANKING AT IT'S BEST
Joel Haniford, City of Sebastian. Page 2
VanTable Rate Proposal:
Loan to float at Wall Street Journal Prime Rate, less- 325 basis
points with a floor of 4.00% tax free and a cap of 9.00% tax free.
3%e rate will adjust the day following a change in the index. =
Repayment will be the same as above.
Indian River National Bank appreciates the opportunity to provide
$nancal services to the City of Sebastian. If we may be of finrther service
or if you have any questions, please call.
TMs letter is a proposal and not a commitment to provide financing.
Sincerely,
nvn R �Ttaw
Charles H. Lavin
President
CHL: gc
VERO BEACH OFFICE
958 20TH PLACE
P.O. BOX 1030
VERO BEACH, FLORIDA 32961-1030
(407)569-9200
January 3, 1995
INDIAN\
RIVER
NATIONAL
Marilyn P. Swichkow, Finance Director
City of Sebastian
1225 Main Street
Sebastian, Florida 32958
SEBASTIAN/ROSELAND OFFICE
13600 U.S. HIGHWAY 1
ROSELAND PLAZA
SEBASTIAN, FLORIDA 32958
(407) 388-1200
RE: $750, 000.00 LOANFOR COST TO INDIAN RIVER COUNTY
720 INSTALL WATER LINE TO SERVICE INDIAN RIVER DRIVE
AND U.S. 1 FROM SOU77I CIYYLIMITS TO NORTK CI7YLIMFIS
Dear Ms. Swichkow:
Per your request, I am enclosing proposed rates and terms for a ten (10)
year loan in the above amount. I am not including an estimate of costs
for bank legal counsel and review as our counsel will require more
information as to the preparation of documents and the structure of the
collateral pledge and remedies for default before determining an estimate.
Also, the bank would reserve the right to require additional collateral
depending on the terms and conditions set forth in the documents;
particularly with regard to enforcement and remedies in the event of
default (including delinquency) by individual property owners on their
assessments.
The bank would require written acknowledgment from the City of
Sebastian that its total borrowings in 1995 will not equal or exceed
$10,000,000.00
Fixed Rate Proposal
Year 1:
5.50% Tax Free Rate
Year 2-5:
6.00% Tax Free Rate
Year 6-10:
6.50% Tax Free Rate
The principal will be repaid in annual payments equal to the
assessments paid during that year. Interest will be paid semi-
annually.
INDIAN RIVER NATIONAL BANK
HOMETOWN BANKING AT IT'S BEST
Marilyn P. Swirhkow, City of Sebastian Rage 2
Vadable Rate Pty► :
Loan to float at Wall Street Journal Prime Rate, less 325 basis
points with a floor of 4.00% tax free and a cap of 8.009A tax free.
The rate will adjust the .day following a change in the Inde.
Repayment will be the same as above.
Indian Mver National Bank appreciates the opportunity to provide
financial services to the City of Sebastian. If we may be of further service
or If you have any questions, please call.
This letter is a proposal and not a con4xnitxne 9 to provide flnancing.
Sincerely,
IND mRNAMO BANK
Charles H. Lavin
President
CHL:ge
IRNB1.XLS
IRNB Estimate
A simple amortization table covering 24 payment periods of a loan.
1) To use the table, simply change any of the values in the "inital data" area of the worksheet.
2) To print the table, just choose "Print" from the "File" menu. The print area is already defined.
Initial Data
LOAN DATA
Loan amount: $750,000.00
Annual interest rate: 6.75%
Term in years: 10
Payments per year: 1
First payment due: 4/1/96
PERIODIC PAYMENT
Entered payment:
Calculated payment: $105,552.46
CALCULATIONS
Use payment of: $105,552.46
1 st payment in table: 0
Table
TABLE DATA
Table starts at date: 14/1/95
Yr 1: 5.75% or at payment number:
Yr 2-5: 6.25%
Yr 6-10: 6.75%
The table uses the calculated periodic payment amount
unless you enter a value for "Entered payment".
Beginning balance at payment 0: 750,000.00
Cumulative interest prior to payment 0: 43,125.00
Page 1
Payment
Beginning
Ending
Cumulative
No.
Date
Balance
Interest
Principal
Balance
Interest
0
4/1/95
750,000.00
43,125.00
0.00
750,000.00
43,125.00
1
4/1/96
750,000.00
46,875.00
56,236.34
693,763.66
90,000.00
2
4/1/97
693,763.66
43,360.23
59,751.11
634,012.55
133,360.23
3
4/1/98
634,012.55
39,625.78
63,485.55
570,527.00
172,986.01
4
4/1/99
570,527.00
35,657.94
67,453.40
503,073.60
208,643.95
5
4/1/00
503,073.60
31,442.10
71,669.24
431,404.36
240,086.05
6
4/1/01
431,404.36
29,119.79
76,432.67
354,971.69
269,205.84
7
4/1/02
354,971.69
23,960.59
81,591.87
273,379.82
293,166.43
8
4/1/03
273,379.82
18,453.14
87,099.32
186,280.50
311,619.57
9
4/1/04
186,280.50
12,573.93
92,978.53
93,301.97
324,193.50
10
4/1/05
93,301.97
611297.88
93,301.97
0.00
330,491.39
Page 1
SunBank/Treasure Coast, N.A.
SanK Indian River County
P.O. Box 1150
Vero Beach, Florida 32961-1150
407 567-7000
February 16, 1995
Mr. Joel Haniford
Acting Finance Director
City of Sebastian
1225 Main Street
Sebastian, FL 32958
Dear Mr. Haniford:
Confirming our conversation today, Sun Bank/Treasure Coast would
propose to lend the City of Sebastian $750,000 for ten years at a
fixed rate of 7.30% or 0.71% of Prime on a floating basis.
It is my understanding that the funds will be used for expansion of
the City's water and sewer system and the repayment would be from
the revenue generated from the end users with shortfalls (if any)
being covered by the City of Sebastian.
Thank you for the opportunity to again bid on this transaction and
I look forward to working with you and the City of Sebastian.
If you have any questions, please give me a call at 234-7625.
Sincerely,
(�
Deena H. Smith
Senior Vice President
A SunTrust Bank
ONrSunBankfTreasure Coast, N.A.
Indian River County
P.O. Box 1150
Vero Beach, Florida 32961-1150
407 567-7000
December 13, 1994
Ms. Marilyn Swichkow
Finance Director
City of Sebastian
1225 Main Street
Sebastian, FL 32958
Dear Marilyn:
Confirming our conversation today, Sun Bank/Treasure Coast would
propose to lend the City of Sebastian $750,000 for ten years at a
fixed rate of 7.24% or 0.74% of Prime on a floating basis.
It is my understanding that the funds will be used for expansion of
the City's water and sewer system and the repayment would be from
the revenue generated from the end users with shortfalls (if any)
being covered by the City of Sebastian.
Thank you for the opportunity to bid on this transaction and I look
forward to working with you and the City of Sebastian.
If you have any questions, please give me a call at 234-7625.
Srinncnere'ly, (f
Deena H. Smith
Senior Vice President
A SunTrust Bank
AMORTIZE.XLS
Sun Bank Estimate
A simple amortization table covering 24 payment periods of a loan.
1) To use the table, simply change any of the values in the "inital data" area of the worksheet.
2) To print the table, just choose "Print" from the "File" menu. The print area is already defined.
Initial Data
LOAN DATA
Loan amount: $750,000.00
Annual interest rate: 7.30°
Term in years: 10
Payments per year: 1
First payment due: 4/1/96
PERIODIC PAYMENT
Entered payment:
Calculated payment: $108,268.74
CALCULATIONS
Use payment of: $108,268.74
1 st payment in table: 0
Table
TABLE DATA
Table starts at date: 4/1/95
or at payment number: 1 1
The table uses the calculated periodic payment amount
unless you enter a value for "Entered payment".
Beginning balance at payment 0: 799,877.67
Cumulative interest prior to payment 0: 54,750.00
Page 1
Payment
Beginning
Ending
Cumulative
No.
Date
Balance
Interest
Principal
Balance
Interest
0
4/1/95
750,000.00
54,750.00
0.00
750,000.00
54,750.00
1
4/1/96
750,000.00
54,750.00
53,518.74
696,481.26
109,500.00
2
4/1/97
696,481.26
50,843.13
57,425.60
639,055.66
160,343.13
3
4/1/98
639,055.66
46,651.06
61,617.67
577,437.99
206,994.20
4
4/1/99
577,437.99
42,152.97
66,115.76
511,322.23
249,147.17
5
4/1/00
511,322.23
37,326.52
70,942.21
440,380.01
286,473.69
6
4/1/01
440,380.01
32,147.74
76,120.99
364,259.02
318,621.43
7
4/1/02
364,259.02
26,590.91
81,677.83
282,581.19
345,212.34
8
4/1/03
282, 581.19
20, 628.43
87, 640.31
194, 940.88
365, 840.77
9
4/1/04
194,940.88
14,230.68
94,038.05
100,902.83
380,071.45
10
4/1/05
100,902.83
7,365.91
100,902.83
0.00
387,437.36
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