Full Text
Date: To: From: Subject: June 19, 2012 El Cerrito Public Financing Authority Mary Dodge, City Treasurer Lease Purchase Agreement for Recycling Center ACTION REQUESTED AGENDA BILL Agenda Item No. 5(F) Adopt a resolution authorizing the Executive Director to enter into a Site Lease and Lease Purchase Agreement for refunding of the improvements to the City of El Cerrito Recycling Center. BACKGROUND With the decline in interest rates an opportunity exists for the City of El Cerrito to save money on interest payments by refinancing certain debt commitments. All of the City's debt issues were considered, and its recycling center capital lease were determined to be viable refinancing candidates. ANALYSIS In April 2012, staff was introduced to Joshua Cooperman, an Independent Financial Advisor, through Bond Counsel at Meyers Nave, the City's legal firm, with whom Cooperman has worked in the past. Initial discussions focused on refinancing the six capital leases of the City, respectively, three Fire Engines, two Recycling Trucks and the Recycling Carts. After it was determined savings could be achieved on the leases, the review progressed to other potential savings opportunities. Based on this review, Cooperman presented savings analyses showing significant reductions in debt service from refinancing the balance of the Storm Drain Revenue Bonds, the Recycling Center capital lease and the parcel tax-backed bonds for the swim center. On behalf of the City, Cooperman distributed informal bids to multiple potential investors and responses were ultimately received from four firms, with the most advantageous rates and terms coming from JP Morgan Chase Bank (Chase). Negotiations progressed, and presented to the City Council on June 11, 2012 were three separate transactions consisting of: 1) consolidation of six capital lease schedules into one lease with interest savings; 2) a new Recycling Center Capital Lease Revenue Bond with interest savings; and 3) a new Storm Drain Bond that eliminates the reserve requirement, and reduces the interest rate. The Council approved all three transactions. The Recycling Center was recently completed and the current financing at 3.88% extends until October 1, 2025. The refunded lease would mature at the same time and with the same quarterly payment schedule, but would be at an approximate rate of 2.50%. Even after payment of costs of issuance and a required 3% call premium under ---PAGE BREAK--- Agenda Item No. 5(F) the existing lease, savings to the City would be about $210,000 over the term (or almost $165,000 on a present value basis). The refunding of the Recycling Center Capital Lease requires a lease purchase agreement between the City and Authority. This item has now been brought to the Authority to obtain its approval of that agreement as part of the financing structure for the City to refund this existing obligation. FINANCIAL CONSIDERATIONS The financing would provide positive savings to the City. The transaction would be issued on a tax-exempt basis to Chase, as investor. It would be a private direct placement to Chase. LEGAL CONSIDERATIONS Legal documents are being drafted by municipal bond attorneys at Meyers Nave, which serves as the City's and Authority's outside counsel. Documents will also be reviewed by Squire Sanders, a national law firm, on behalf of the Ban1c Standard opinions of counsel respecting the validity and tax-exempt nature of the obligations will be provided to the City and Authority as part of the closing. Attachments: 1. Recycling Facility Lease Refunding Resolution 2. Recycling Facility Lease Refunding Proposal 3. Recycling Facility Lease Refunding Financial Analysis Page 2 ---PAGE BREAK--- RESOLUTION NO. 2012-:XX Agenda Item No. 5(F) Attachment 1 RESOLUTION OF THE GOVERNING BOARD OF THE CITY OF EL CERRITO PUBLIC FINANCING AUTHORITY APPROVING THE FORMS OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A SITE LEASE AND A LEASE PURCHASE AGREEMENT FOR THE PROPOSED REFUNDING OF IMPROVEMENTS TO THE RECYCLING CENTER AND AUTHORIZING RELATED ACTIONS WHEREAS, on November 1, 2010 the City of El Cerrito (the "City"), entered into that certain site lease and lease purchase agreement with Holman Capital Corporation for the purpose of financing (the "Prior Financing") a portion of the cost of construction of a recycling facility (the "Project"); and WHEREAS, the City has received a proposal from JPMorgan Chase Bank, NA, (the "Bank"), dated May 15, 2012 (the "Proposal"), to purchase by private placement not to exceed $3,458,600 amount of rental payments (the "Purchase Option Price") for the purpose of providing for the refinancing of the Prior Financing (the "Proposed Refunding"); and WHEREAS, the City of El Cerrito Public Financing Authority (the "Authority") is a joint exercise of powers authority duly organized and existing under the laws of the State of California, with the power to assist local agencies in financing projects and programs that involve the leasing of property for certain public improvements whenever a local agency determines that there are significant public benefits from so doing; and WHEREAS, the Proposed Refunding will be accomplished by the City entering into a site lease (the "Site Lease") with the Authority, whereby the City will lease certain real property owned by the City to the Authority in exchange for an advance rental, and (ii) the Authority's leasing the property leased under the Site Lease back to the City pursuant to a leaseback agreement (the "Lease Purchase Agreement"), under which the City will be obligated to make Rental Payments to the Authority; and WHEREAS, Meyers, Nave, Riback, Silver & Wilson, as bond counsel to the City ("Bond Counsel") has prepared and submitted to the Authority Secretary a form of the Site Lease and the Lease Purchase Agreement, which are incorporated herein by reference, for review and approval; WHEREAS, the Authority wishes by this resolution to authorize the Proposed Refunding pursuant to the Site Lease and the Lease Purchase Agreement by private placement to the Bank on terms and conditions substantially the same as those specified in the Proposal, a copy of which is attached to this resolution as Exhibit A and by this reference incorporated herein. NOW, THEREFORE, BE IT RESOLVED by Governing Board of the City of El Cerrito Public Financing Authority as follows: Section 1. Recitals. This Governing Board finds and determines that all of the above recitals are true and correct. Section 2. Authorization of Officers to Execute and Deliver Documents. The Authority hereby approves the Site Lease and the Lease Purchase Agreement in substantially the forms on file with the Authority Secretary and authorizes and directs the and Executive Director or his 1 ---PAGE BREAK--- Agenda Item No. S(F) Attachment 1 designee (the "Designated Officers"), on behalf of the Authority, to execute and deliver the Site Lease and the Lease Purchase Agreement in such forms with such changes, insertions, revisions, corrections, or amendments as shall be approved by the officer executing them, in consultation with Bond Counsel. The execution of the foregoing by a Designated Officer shall constitute conclusive evidence of such officer's and the City Council's approval of any such changes, insertions, revisions, corrections, or amendments to the respective forms of agreements presented to this meeting. Section 3. General Authorization. The Designated Officers and other officers of the Authority, and each of them individually, are hereby authorized and directed, for and in the name of and on behalf of the Authority, to execute and deliver any and all documents, to do any and all things and take any and all actions that may be necessary or advisable, in their discretion, in order to consummate the financing and to effect the purposes of this resolution. Section 4. Effective Date. This resolution shall take effect immediately upon its adoption. The foregoing Resolution was duly passed and adopted at a meeting of the Governing Board of the City of El Cerrito Public Financing Authority held on June 5, 2012, by the following vote: AYES: NOES: ABSENT: ABSTAIN: William C. Jones III, Chair ATTEST: Authority Secretary 2 ---PAGE BREAK--- EXHIBIT A PROPOSAL 3 Agenda Item No. 5(F) Attachment 1 ---PAGE BREAK--- CHASEO May 23,2012 Mary Dodge Agenda Item No. S(F) Attachment 2 Exhibit A Administrative Services Director/City Treasurer City of El Cerrito 10890 San Pablo Avenue El Cerrito, CA, 94530 RE: Private Placement for $3,458,600 Recycling Facility Revenue Refunding Bonds, Series 2012 for The City of El Cerrito (El Cerrito, California) JPMorgan Chase Bank, NA ("Bank") is pleased to submit this proposal for tax-exempt financing to the City of El Cerrito (the "City" or "Issuer"). This proposal is presented in the form of a non-binding "Term Sheet", subject to final credit approval, negotiation and acceptance of all terms, conditions and documentation for the transaction. The letter does NOT signify a commitment by Bank to extend credit or purchase the Bonds. TYPE OF FINANCING: FORM OF BONDS: BANK QUALIFIED: LEGAL OPINION: Bank Qualified tax-exempt Revenue Refunding Bonds (the "Bonds") to be issued by the Borrower and privately placed with Bank pursuant to the provisions of federal state and local statutes. Bank will require a single term instrument with mandatory sinking fund maturities, and without DTC registration. Bank intends to hold the Bonds to final maturity. Bank will not require either a Standard & Poor's rating for the bonds, or the purchase of bond insurance for repayment. Bank will require a single term bond with sinking fund payments equivalent to the maturity schedule. The Bonds will be designated as "bank qualified" tax-exempt obligations under the Code Section 256(b Purchase of the Bonds will be subject to the opinion of Meyers, Nave, Riback, Silver & Wilson (Stephen Taber and Sam Sperry), Bond Counsel, to the effect that under existing laws and assuming continuous c,ompliance by the Borrower with certain covenants designed to meet the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), interest on the Bonds will be excluded from gross income of the owners for Federal income tax purposes and is also exempt from California personal income taxes. Purchase of the Bonds will also be subject to a satisfactory opinion of Issuer's Counsel or Bond Counsel that the Issuer's Page 1 of5 ---PAGE BREAK--- USE OF PROCEEDS: PRINCIPAL AMOUNT: FINANCING TERM: INTEREST RATE: REPAYMENT TERMS: OPTIONAL REDEMPTION: SECURITY: ADDITIONAL PROVISIONS: obligations under the bond documents are legal, valid, binding and enforceable against the Issuer. Approximately $3,458,600 to provide for a refunding of the City's outstanding Lease Purchase Agreement and related Site Lease, in addition to the cost of issuance of the Bonds. $3,458,600 Thirteen and a half(13.5) years or 162 months The interest rate will be fixed immediately prior to closing, based upon an index of the 10-year Treasury Constant Maturity Rate as most recently published by the Federal Reserve Board in the Federal Reserve Statistical Release H.15 (519) (the "Index") plus 0.756% (the "Margin") over the Index. However, prior to acceptance, the interest rate may increase if the Bank's cost of funds increases. Bank's cost of funds may increase due to a number of factors including, but not limited to, changes in market conditions. Interest will be calculated on a 30/360 basis. To illustrate, if the fmancing closed on the date of this Term Sheet, the interest rate would be fixed at 2.496 based upon the Index for May 21st , 20 12. Fifty-four (54) quarterly ~ayments of principal and accrued interest on each April15 , July 15th, October 15th and Jan 15th (each a "Payment .Date") commencing October 15th , 2012, with a final maturity of October 15th, 2025. The Bonds are not subject to optional redemption, in whole or in part, on any date prior to October 1, 2017. Thereafter, redemption at City's option may be made on any payment date, at the price of par plus accrued interest, with thirty (30) days written notice to Bank via US mail. Revenue pledge of the Integrated Waste Management System Fund, without limitation to such fund by the City, which is a Major Proprietary Fund of the City that accounts for the City's recycling collection services. No other bonds secured by Integrated Waste Management System revenues may be issued without written consent of Bank. Bank consent will not be unreasonably withheld, especially where the System is operating profitably, is in compliance with all of its financial performance covenants, and covers current outstanding debt at least 1.25x. Page 2 of5 ---PAGE BREAK--- FINANCIAL REPORTING: DOCUMENTATION: BANK COUNSEL FEES: WAIVER OF IMMUNITY: EXPIRATION: MATERIAL CHANGE: DISPUTE RESOLUTION: The City will be required to provide Bank with audited annual financial statements, free of significant deficiencies or material weakness, and prepared by an independent Certified Public Accountant, within 270 days of the close of its fiscal year. Additionally, the City will provide Bank with a copy of its annual budget, as adopted or amended, within 3 0 days of adoption or amendment. Provide copies of budget amendments which only affect the repayment source. Other reporting, such as Bank may require from time to time, could include copies of any long-term capital improvement plans. Documentation shall be prepared by Issuer's counsel, Meyers, Nave, Riback, Silver & Wilson which firm represents Issuer at Issuer's expense. This Term Sheet is subject to approval of the documentation by the Bank and its independent Bank counsel, Squire Sanders, in the Bank's sole discretion, including but not limited to the form of bond resolution and form of bond. Independent Bank counsel fees and costs not expected to exceed $10,000, to be paid by Issuer regardless of whether a closing occurs. Documentation will provide that Issuer expressly waives and agrees not to claim any such sovereign immunity in any suits or judicial proceedings in connection with the provision of Bank products and services. This Term Sheet must be accepted on or before June 7th, 2012 and funded on or before July 15th, 2012 or TBD. If acceptance or funding has not occurred by the respective dates, the Bank may, at its option and in its sole discretion, terminate the Term Sheet and/or the Interest Rate may be adjusted~ Any change (whether material or not) in the amount to be financed or a material change in the financial condition or prospects of the Issuer may constitute a re-pricing event and Bank may, at its option and in its sole discretion, terminate this Term Sheet and/or the Interest Rate may be adjusted. As a material inducement for Lender making entering in to this transaction, the Bond documentation shall contain a Dispute Resolution Provision concerning the resolution of any controversies or claims between or among any guarantor, Lender, Borrower or any other parties to the transaction, whether arising in contract, tort or by statute. Except to the extent expressly provided, any Dispute shall, upon the mutual agreement of the parties, acting in their sole and absolute Page 3 of5 ---PAGE BREAK--- discretion, be resolved by binding arbitration in accordance with the Federal Arbitration Act (Title 9, U.S. Code) (the "Federal Arbitration Act"). The Federal Arbitration Act will apply even though the Governing Law Section provides that the transaction is governed by the laws of the State. To the extent any Disputes are not arbitrated, the Disputes shall be resolved in court by a judge without a jury, except any Disputes which are brought in California state court shall be determined by judicial reference. Any Dispute which is not arbitrated and which is brought in California state court will be resolved by a general reference to a referee (or a panel of referees) as provided in California Code of Civil Procedure ("CCP") Section 638. The referee (or presiding referee of the panel) shall be a retired Judge or Justice. The referee (or panel of referees) shall be selected by mutual written agreement of the parties. Page 4 of5 ---PAGE BREAK--- We appreciate your interest in us and look forward to your favorable response. Should you have any questions regarding this Term Sheet, please contact me at (510)420-0757 or via email at [EMAIL REDACTED]. Sincerely, JPMORGAN CHASE BANK, NA By:~r< Laura Jones Vice President ACCEPTED BY: The City of El Cerrito By: Name: Title: Date: IRS Circular 230 Disclosure: Bank and its affiliates (collectively, "Chase") do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with Chase of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. Page 5 of5 ---PAGE BREAK--- El Cerrito Public Financing Authority, California 2012 Refunding Loan Agreement (Holman Capital Lease Purchase) Sources and Uses of Funds (Private Placement, BQ, Fed Rates 5-21-12) Sources of Funds Uses of Funds Assumptions ( 1 ) Not Applicable Not Applicable Not Applicable Loan Amount Plus: Accrued Interest Less: (OlD) Plus: OIP Less: Underwriter's Discount Net Proceeds at Closing Prior Issue Reserve Fund Other Source of Funds Total Prior Issue Funds Total Sources of Funds Cost to Payoff Lease Beginning Escrow Cash Balance Reserve Fund Surety Bond Premium Bond Insurance Premium Costs of Issuance Accrued Interest Total Uses of Funds Adjustment See Attached Schedule Run Date Run Time May 21,2012 1:06PM Page 1 of5 3,458,600.00 3,458,600.00 3,458,600.00 3,411 ,556.06 47,043.94 3,458,600.00 Agenda Item No. S(F) Attachment 3 ---PAGE BREAK--- El Cerrito Public Financing Authority, California 2012 Refunding Loan Agreement (Holman Capital Lease Purchase) Bond Counsel Financial Advisor Investor Counsel Trustee Title Insurance Rounding Adjustment Total Costs of Issuance 15,000.00 15,000.00 10,000.00 3,500.00 3,500.00 43.94 47,043.94 Page2of5 ---PAGE BREAK--- El Cerrito Public Financing Authority, California 2012 Refunding Loan Agreement (Holman Capital Lease Purchase) Arbitrage Yield TIC "AII-In" TIC Average Coupon Net Interest Cost (NIC) Average Life Summary Statistics 2.49600% 2.49600% 2.71235% 2.49600% 2.49600% 7.113 Years Page 3 of5 ---PAGE BREAK--- El Cerrito Public Financing Authority, California 2012 Refunding Loan Agreement Holman Ca ital Lease Purchase Gross Debt Service Schedule and Savings Calculation (NPV Basis) Prior Issue Prior Issue 2.49600 Periodic Fiscal Periodic Fiscal Fiscal Present Date Princi~al Rate Interest Debt Service Debt Service Debt Service Debt Service (Savings} I Cost Value 7/1/2012 10/1/2012 55,300 2.496 21,581.66 76,881.66 80,224.75 (3,315.50) 1/1/2013 55,600 2.496 21,236.59 76,836.59 80,224.75 (3,332.47) 4/1/2013 55,900 2.496 20,889.65 76,789.65 80,224.75 (3,350.77) 7/1/2013 56,300 2.496 20,540.83 76,840.83 307,348.74 80,224.75 320,899.00 (13,550.26) (3,273.61) 10/1/2013 56,600 2.496 20,189.52 76,789.52 80,224.75 (3,295.82) 1/1/2014 57,000 2.496 19,836.34 76,836.34 80,224.75 (3,224.08) 4/1/2014 57,400 2.496 19,480.66 76,880.66 80,224.75 (3,155.66) 7/1/2014 57,700 2.496 19,122.48 76,822.48 307,328.99 80,224.75 320,899.00 (13,570.01) (3,184.06) 10/1/2014 58,100 2.496 18,762.43 76,862.43 80,224.75 (3,120.71) 1/1/2015 58,400 2.496 18,399.89 76,799.89 80,224.75 (3,152.53) 4/1/2015 58,800 2.496 18,035.47 76,835.47 80,224.75 (3,094.03) 7/1/2015 59,200 2.496 17,668.56 76,868.56 307,366.35 80,224.75 320,899.00 (13,532.65) (3,038.55) 10/1/2015 59,500 . 2.496 17,299.15 76,799.15 80,224.75 (3,075.80) 1/1/2016 59,900 2.496 16,927.87 76,827.87 80,224.75 (3,024.84) 4/1/2016 60,300 2.496 16,554.10 76,854.10 80,224.75 (2,976.72) 7/1/2016 60,700 2.496 16,177.82 76,877.82 307,358.94 80,224.75 320,899.00 (13,540.06) (2,931.38) 10/1/2016 61,000 2.496 15,799.06 76,799.06 80,224.75 (2,975.61) 1/1/2017 61,400 2.496 15,418.42 76,818.42 80,224.75 (2,934.38) 4/1/2017 61,800 2.496 15,035.28 76,835.28 80,224.75 (2,895.76) 7/1/2017 62,200 2.496 14,649.65 76,849.65 307,302.40 80,224.75 320,899.00 (13,596.60) (2,859.69) 10/1/2017 62,600 2.496 14,261.52 76,861.52 80,224.75 (2,826.12) 1/1/2018 63,000 2.496 13,870.90 76,870.90 80,224.75 (2,794.99) 4/1/2018 63,400 2.496 13,477.78 76,877.78 80,224.75 (2,766.24) 7/1/2018 63,800 2.496 13,082.16 76,882.16 307,492.35 80,224.75 320,899.00 (13,406.65) (2,739.82) 10/1/2018 64,100 2.496 12,684.05 76,784.05 80,224.75 (2,796.97) 1/1/2019 64,600 2.496 12,284.06 76,884.06 80,224.75 (2,693.26) 4/1/2019 65,000 2.496 11,880.96 76,880.96 80,224.75 (2,673.52) 7/1/2019 65,400 2.496 11,475.36 76,875.36 307,424.43 80,224.75 320,899.00 (13,474.57) (2,655.90) 10/1/2019 65,800 2.496 11,067.26 76,867.26 80,224.75 (2,640.35) 1/1/2020 66,200 2.496 10,656.67 76,856.67 80,224.75 (2,626.82) 4/1/2020 66,600 2.496 10,243.58 76,843.58 80,224.75 (2,615.27) 7/1/2020 67,000 2.496 9,828.00 76,828.00 307,395.52 80,224.75 320,899.00 (13,503.48) (2,605.65) 10/1/2020 67,400 2.496 9,409.92 76,809.92 80,224.75 (2,597.90) 1/1/2021 67,800 2.496 8,989.34 76,789.34 80,224.75 (2,591.99) 4/1/2021 68,300 2.496 8,566.27 76,866.27 80,224.75 (2,513.04) 7/1/2021 68,700 2.496 8,140.08 76,840.08 307,305.62 80,224.75 320,899.00 (13,593.38) (2,511.74) 10/1/2021 69,100 2.496 7,711.39 76,811.39 80,224.75 (2,512.13) 1/1/2022 69,600 2.496 7,280.21 76,880.21 80,224.75 (2,441.17) 4/1/2022 70,000 2.496 6,845.90 76,845.90 80,224.75 (2,445.86) 7/1/2022 70,400 2.496 6,409.10 76,809.10 307,346.61 80,224.75 320,899.00 (13,552.39) (2,452.10) 10/1/2022 70,900 2.496 5,969.81 76,869.81 80,224.75 (2,388.64) 1/1/2023 71,300 2.496 5,527.39 76,827.39 80,224.75 (2,398.88) 4/1/2023 71,800 2.496 5,082.48 76,882.48 80,224.75 (2,340.51) 7/1/2023 72,200 2.496 4,634.45 76,834.45 307,414.13 80,224.75 320,899.00 (13,484.87) (2,354.56) 10/1/2023 72,700 2.496 4,183.92 76,883.92 80,224.75 (2,301.06) 1/1/2024 73,100 2.496 3,730.27 76,830.27 80,224.75 (2,318.72) 4/1/2024 73,600 2.496 3,274.13 76,874.13 80,224.75 (2,269.87) 7/1/2024 74,000 2.496 2,814.86 76,814.86 307,403.18 80,224.75 320,899.00 (13,495.82) (2,290.96) 10/1/2024 74,500 2.496 2,353.10 76,853.10 80,224.75 (2,246.58) 1/1/2025 74,900 2.496 1,888.22 76,788.22 80,224.75 (2,270.91) 4/1/2025 75,400 2.496 1,420.85 76,820.85 80,224.75 (2,230.79) 7/1/2025 75,900 2.496 950.35 76,850.35 307,312.53 80,224.75 320,899.00 (13,586.47) (2,193.21) 10/1/2025 76,400 2.496 476.74 76,876.74 80,224.75 (2,158.11) 1/1/2026 4/1/2026 7/1/2026 76,876.74 80,224.75 (3,348.01) Totals 3,458,600 614,076.53 4,072,676.53 4,072,676.53 4,251,911.75 4,251,911.75 (179,235.22) (144,475.60) Plus: Prior Issue Reserve Fund Plus: Prior Issue Other Funds Less: New Issue Reserve Fund Net Total (179,235.22) (144,475.60) Savings % New 4.18% Savings % Prior 4.36% Page4 of6 ---PAGE BREAK--- El Cerrito Public Financing Authority, California 2012 Refunding Loan Agreement Holman Ca ital Lease Purchase Prior Issue Debt Service Schedule and Redemption Provisions 7/1/2012 3.00% Periodic Fiscal Called Call Periodic Defeasance Date Princi~al Rate Interest Debt Service Debt Service Bonds Premium Debt Service Debt Service 7/1/2012 3,411,556.06 10/1/2012 48,096.50 3.880 32,128.25 80,224.75 48,096.50 1,442.90 1/1/2013 48,563.04 3.880 31,661.71 80,224.75 48,563.04 1,456.89 4/1/2013 49,034.10 3.880 31,190.65 80,224.75 49,034.10 1,471.02 7/1/2013 49,509.73 3.880 30,715.02 80,224.75 320,899.00 49,509.73 1,485.29 10/1/2013 49,989.98 3.880 30,234.77 80,224.75 49,989.98 1,499.70 1/1/2014 50,474.88 3.880 29,749.87 80,224.75 50,474.88 1,514.25 4/1/2014 50,964.49 3.880 29,260.26 80,224.75 50,964.49 1,528.93 7/1/2014 51,458.84 3.880 28,765.91 80,224.75 320,899.00 51,458.84 1,543.77 10/1/2014 51,957.99 3.880 28,266.76 80,224.75 51,957.99 1,558.74 1/1/2015 52,461.98 3.880 27,762.77 80,224.75 52,461.98 1,573.86 4/1/2015 52,970.87 3.880 27,253.88 80,224.75 52,970.87 1,589.13 7/1/2015 53,484.68 3.880 26,740.07 80,224.75 320,899.00 53,484.68 1,604.54 10/1/2015 54,003.48 3.880 26,221.27 80,224.75 54,003.48 1,620.10 1/1/2016 54,527.32 3.880 25,697.43 80,224.75 54,527.32 1,635.82 4/1/2016 55,056.23 3.880 25,168.52 80,224.75 55,056.23 1,651.69 7/1/2016 55,590.28 3.880 24,634.47 80,224.75 320,899.00 55,590.28 1,667.71 10/1/2016 56,129.50 3.880 24,095.25 80,224.75 56,129.50 1,683.89 1/1/2017 56,673.96 3.880 23,550.79 80,224.75 56,673.96 1,700.22 4/1/2017 57,223.70 3.880 23,001.05 80,224.75 57,223.70 1,716.71 7/1/2017 57,778.77 3.880 22,445.98 80,224.75 320,899.00 57,778.77 1,733.36 10/1/2017 58,339.22 3.880 21,885.53 80,224.75 58,339.22 1,750.18 1/1/2018 58,905.11 3.880 21,319.64 80,224.75 58,905.11 1,767.15 4/1/2018 59,476.49 3.880 20,748.26 80,224.75 59,476.49 1,784.29 7/1/2018 60,053.41 3.880 20,171.34 80,224.75 320,899.00 60,053.41 1,801.60 10/1/2018 60,635.93 3.880 19,588.82 80,224.75 60,635.93 1,819.08 1/1/2019 61,224.10 3.880 19,000.65 80,224.75 61,224.10 1,836.72 4/1/2019 61,817.97 3.880 18,406.78 80,224.75 61,817.97 1,854.54 7/1/2019 62,417.61 3.880 17,807.14 80,224.75 320,899.00 62,417.61 1,872.53 10/1/2019 63,023.06 3.880 17,201.69 80,224.75 63,023.06 1,890.69 1/1/2020 63,634.38 3.880 16,590.37 80,224.75 63,634.38 1,909.03 4/1/2020 64,251.64 3.880 15,973.11 80,224.75 64,251.64 1,927.55 7/1/2020 64,874.88 3.880 15,349.87 80,224.75 320,899.00 64,874.88 1,946.25 10/1/2020 65,504.16 3.880 14,720.59 80,224.75 65,504.16 1,965.12 1/1/2021 66,139.55 3.880 14,085.20 80,224.75 66,139.55 1,984.19 4/1/2021 66,781.11 3.880 13,443.64 80,224.75 66,781.11 2,003.43 7/1/2021 67,428.88 3.880 12,795.87 80,224.75 320,899.00 67,428.88 2,022.87 10/1/2021 68,082.94 3.880 12,141.81 80,224.75 68,082.94 2,042.49 1/1/2022 68,743.35 3.880 11,481.40 80,224.75 68,743.35 2,062.30 4/1/2022 69,410.16 3.880 10,814.59 80,224.75 69,410.16 2,082.30 7/1/2022 70,083.44 3.880 10,141.31 80,224.75 320,899.00 70,083.44 2,102.50 10/1/2022 70,763.25 3.880 9,461.50 80,224.75 70,763.25 2,122.90 1/1/2023 71,449.65 3.880 8,775.10 80,224.75 71,449.65 2,143.49 4/1/2023 72,142.71 3.880 8,082.04 80,224.75 72,142.71 2,164.28 7/1/2023 72,842.50 3.880 7,382.25 80,224.75 320,899.00 72,842.50 2,185.28 10/1/2023 73,549.07 3.880 6,675.68 80,224.75 73,549.07 2,206.47 1/1/2024 74,262.50 3.880 5,962.25 80,224.75 74,262.50 2,227.88 4/1/2024 74,982.84 3.880 5,241.91 80,224.75 74,982.84 2,249.49 7/1/2024 75,710.17 3.880 4,514.58 80,224.75 320,899.00 75,710.17 2,271.31 10/1/2024 76,444.56 3.880 3,780.19 80,224.75 76,444.56 2,293.34 1/1/2025 77,186.08 3.880 3,038.67 80,224.75 77,186.08 2,315.58 4/1/2025 77,934.78 3.880 2,289.97 80,224.75 77,934.78 2,338.04 7/1/2025 78,690.75 3.880 1,534.00 80,224.75 320,899.00 78,690.75 2,360.72 10/1/2025 79,453.78 3.880 770.97 80,224.75 79,453.78 2,383.61 1/1/2026 4/1/2026 7/1/2026 80,224.75 Totals 3,312,190.35 939,721.40 4,251,911.75 4,251,911.75 3,312,190.35 99,365.71 3,411,556.06 Page SofS