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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 Page 1