87-99 Ordinance
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ORDINANCE NO. ~-99
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOT TO
EXCEED $8,055,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF
BONDS, FOR THE PURPOSE OF PAYING COSTS OF IMPROVING THE
VEHICULAR TRANSPORTATION SYSTEM IN THE CITY BY MODIFYING
THE A VERY-MUIRFIELD DRIVE INTERCHANGE, INCLUDING DECK
WIDENING AND RAMP WIDENING; THE WIDENING OF A VERY-
MUIRFIELD FROM THE INTERCHANGE TO PERIMETER DRIVE, ADDING
.... ONE LANE IN EACH DIRECTION; ADDING A LANE FROM PERIMETER
DRIVE TO POST ROAD; AND INSTALLING A CLOSED LOOP SIGNAL
--- SYSTEM, TOGETHER WITH ALL NECESSARY APPURTENANCES;
APPROVING AND AUTHORIZING THE EXECUTION OF A LOAN
AGREEMENT WITH THE STATE INFRASTRUCTURE BANK; AND
DECLARING AN EMERGENCY.
WHEREAS, this Council has requested that the Director of Finance, as fiscal officer, certify
the estimated life or period of usefulness of the improvement described in Section I and the
estimated maximum maturity of the Bonds described in Section I and the Notes described in
Section 3, to be issued in anticipation of the Bonds; and
WHEREAS, the Director of Finance has certified to this Council that the estimated life or period of
usefulness of the improvement described in Section 1 is at least five years and that the estimated
maximum maturity of the Bonds is twenty years and the maximum maturity of the Notes described
in Section 3, to be issued in anticipation of the Bonds, is twenty-four years;
NQW, THEREFORE, BE IT ORDAINED by the Council of the City of Dublin, Franklin,
Union and Delaware Counties, Ohio, that:
"",. Section I. It is necessary to issue bonds of this City in the aggregate principal amount not to
exceed $8,055,000 (the Bonds) for the purpose of paying costs of improving the vehicular
transportation system in the City by modifying the A very-Muirfield Drive interchange, including
.......,...".; deck widening and ramp widening; the widening of A very-Muirfield Drive from the interchange to
Perimeter Drive, adding one lane in each direction; adding a lane from Perimeter Drive to Post
Road; and installing a closed loop signal system, together with all necessary appurtenances.
Section 2. The Bonds shall be dated approximately July I, 2019, shall bear interest at the
now estimated rate of 5.25% per year, payable semiannually until the principal amount is paid, and
are estimated to mature in annual principal installments that are substantially equal. The first
principal installment is estimated to be December 1,2019.
Section 3. It is necessary to issue and this Council determines that notes in the aggregate
principal amount not to exceed $8,055,000 (the Notes) shall be issued in anticipation of the issuance
of the Bonds. The Notes shall bear interest at a rate or rates not to exceed 6% per year (computed
on a 360-day per year basis), payable as described in the Certificate Award and until the principal
amount is paid or payment is provided for. If requested by the original purchaser, the Notes may
provide that, in the event the City does not payor make provision for payment at maturity of the
debt charges on the Notes, the principal amount of the Notes shall bear interest at a different rate or
rates not to exceed 10% per year from the maturity date until the City pays or makes provision to
pay that principal amount. The principal amount of the Notes, the principal maturities and the rate
.... or rates of interest on the Notes shall be determined by the Director of Finance in the Certificate of
" A ward referred to in Section 6, all consistent with the Loan Agreement referred to and approved in
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.J' Section 11 of this ordinance.
Section 4. The debt charges on the Notes shall be payable in lawful money of the United
States of America, or in Federal Reserve funds of the United States of America if so requested by
the original purchaser and approved by the Director of Finance on behalf of the City, and shall be
payable, without deduction for services of the City's paying agent, at either or both of, as
determined by the Director of Finance, the office of Bank One, N.A., in Columbus, Ohio, or at the
principal office of a bank or trust company requested by the original purchaser of the Notes,
provided that such request shall be approved by the Director of Finance after determining that the
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payment at that bank or trust company will not endanger the funds or securities of the City and that
proper procedures and safeguards are available for that purpose. The Notes shall be prepayable
without penalty or premium at the option of the City at any time prior to maturity. The Notes shall
be dated their date of issuance and shall have a final maturity no later than twenty-four years from
that date of issuance.
Section 5. The Notes shall be signed by the City Manager and Director of Finance, in the
name of the City and in their official capacities, provided that one of those signatures may be a
facsimile. The Notes shall be issued in one lot and in the denominations as requested by the original
..... purchaser and approved by the Director of Finance. The entire principal amount may be
represented by a single Note and the Notes may be issued as fully registered securities in
- accordance with Section 133.40 of the Revised Code and in book entry or other uncertified form in
accordance with Section 9.96 if it is determined by the Director of Finance that issuance of fully
registered securities in that form will facilitate the sale and delivery of the Notes. The Notes shall
not have coupons attached, shall be numbered as determined by the Director of Finance and shall
express upon their faces the purpose, in summary terms, for which they are issued and that they are
issued pursuant to this Ordinance.
Section 6. The Notes shall be sold at not less than par by the Director of Finance to the
Director of Transportation of the State of Ohio in accordance with law and the provisions of this
Ordinance. The Director of Finance shall sign the certificate of award evidencing that sale (the
Certificate of A ward), cause the Notes to be prepared, and have the Notes signed and delivered,
together with a true transcript of proceedings with reference to the issuance of the Notes if requested
by the original purchaser, to the original purchaser upon payment of the purchase price. The City
Manager, the Director of Finance, the Clerk of Council and other City officials, as appropriate, are
each authorized and directed to sign any transcript certificates, financial statements and other
documents and instruments and to take such actions as are necessary or appropriate to consummate
the transactions contemplated by this Ordinance.
Section 7. The proceeds from the sale of the Notes, except any premium and accrued
""",' interest, shall be paid into the proper fund or funds and those proceeds are appropriated and shall be
used for the purpose for which the Notes are being issued. Any portion of those proceeds
representing premium and accrued interest shall be paid into the Bond Retirement Fund.
.......!olif
Section 8. The par value to be received from the sale of the Bonds or of any renewal notes
and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used
to pay the debt charges on the Notes at maturity and are pledged for that purpose.
Section 9. During the year or years in which the Notes are outstanding, there shall be levied
on all the taxable property in the City, in addition to all other taxes, the same tax that would have
been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be
within the ten-mill limitation imposed by law, shall be and is ordered computed, certified, levied
and extended upon the tax duplicate and collected by the same officers, in the same manner, and at
the same time that taxes for general purposes for each of those years are certified, levied, extended
and collected, and shall be placed before and in preference to all other items and for the full amount
thereof. The proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is
irrevocably pledged for the payment of the debt charges on the Notes or the Bonds when and as the
same fall due. To the extent necessary, the debt charges on the Notes shall also be paid from
municipal income taxes lawfully available therefor under the constitution and laws of the State of
Ohio; and the City hereby covenants. subject and pursuant to such authority, including particularly
Sections 133.05(B)(7) and 5705.51 (A)(5) and (D), Revised Code, to appropriate annually from such
... municipal income taxes such amount as is necessary to meet such annual debt charges. Nothing in
this section in any way diminishes the irrevocable pledge of the full faith and credit and general
property taxing power of the City to the prompt payment of the debt charges on the Notes and the
'i1itl Bonds.
Section 10. The Clerk of Council is directed to deliver a certified copy of this Ordinance to
the County Auditors of Franklin, Delaware and Union Counties.
Section II. The City Manager or the Director of Finance shall sign and deliver, in the name
and on behalf of the City, the Loan Agreement. between the City and the State Infrastructure Bank
(the Agreement), in substantially the form as is now on file with the Clerk of Council. The
Agreement is approved, together with any changes or amendments that are not inconsistent with this
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ordinance and not substantially adverse to the City and that are approved by the City Manager or the
Director of Finance on behalf of the City. all of which shall be conclusively evidenced by the
signing of the Agreement or amendments to the Agreement.
Section 12. This Council determines that all acts and conditions necessary to be done or
performed by the City or to have been met precedent to and in the issuing of the Notes in order to
make them legal, valid and binding general obligations of the City have been performed and have
been met, or will at the time of delivery of the Notes have been performed and have been met, in
regular and due form as required by law; that the full faith and credit and general property taxing
~ power (as described in Section 9) of the City are pledged for the timely payment of the debt charges
on the Notes; and that no statutory or constitutional limitation of indebtedness or taxation will have
- been exceeded in the issuance of the Notes.
Section 13. This Council finds and detem1ines that all formal actions of this Council
concerning and relating to the passage of this Ordinance were taken in an open meeting of this
Council and that all deliberations of this Council and of any of its committees that resulted in those
formal actions were in meetings open to the public in compliance with the law.
Section 14. This Ordinance is declared to be an emergency measure necessary for the
immediate preservation of the public peace, health, safety and welfare of the City, and for the
further reason that this Ordinance is required to be immediately effective in order to issue and sell
the Notes, which is necessary to provide transportation improvements at the earliest possible time
and thereby improve the safety of the citizens of the City; wherefore, this Ordinance shall be in full
force and effect immediately upon its passage.
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Iding Officer
, Attest: ~e,~
...: ., Clerk of Council
....,.,,,,,,,, Passed: t / q , 1999
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Effective: f / q , 1999
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I hereby certify that copies of this OrdinancelResofution were posted In the
City of Dublin in accordante witli Section 731.25 of the Ohio Revised Code,
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FISCAL OFFICER'S CERTIFICATE
To the Council of the City of Dublin, Ohio:
As fiscal officer of the City of Dublin, I certify in connection with your proposed issue of
not to exceed $8,055,000 (the Notes), to be issued in anticipation of the issuance of bonds (the
. Bonds) for the purpose of paying costs of improving the vehicular transportation system in the City
, by modifying the A very-Muirfield Drive interchange, including deck widening and ramp widening;
ft the widening of Avery-Muirfield Drive from the interchange to Perimeter Drive, adding one lane in
.. each direction; adding a lane from Perimeter Drive to Post Road; and installing a closed loop signal
system and all other necessary appurtenances (the Improvement), that:
I. The estimated life or period of usefulness of the Improvement is at least five years.
2. The estimated maximum maturity of the Bonds, calculated in accordance with Section
133.20 of the Revised Code, is twenty years. If notes in anticipation of the Bonds are outstanding
later than the last day of December of the fifth year following the year of issuance of the original
issue of notes, the period in excess of those five years shall be deducted from that maximum
maturity of the Bonds.
3. The maximum maturity of the Notes is twenty-four years from the date of issuance of the
Notes.
Dated: August~, 1999 ~~;~b~
City of Dublin, Ohio
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Department of Finance
5200 Emerald Parkway' Dublin, Ohio 43017-1006
CITY OF DUBLIN Phone: 614-761-6500' Fax: 614-889-0740 Memo
........ To: Members of Dublin City Council
From: Timothy C. Hansley, City Manager
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Date: July 15, 1999
Re: Ordinance No. 87-99, An Ordinance Authorizing The State Infrastructure Bank Program
As The Financing Mechanism For The Avery-MuirfieldlU.S. 33 Interchange Improvement Projec
Initiated by: Marsha I. Grigsby, Director of Finance ~
As City Council will recall, legislation was adopted in March authorizing the City Manager to enter into
an agreement with the Ohio Department of Transportation (ODOT) acknowledging the preliminary
terms and conditions for participation in the State Infrastructure Bank program for the Avery-
MuirfieldlU.S. 33 interchange improvement project. Ordinance No. 87-99, will authorize the City
Manager to execute the final Loan Agreement and any related documents between ODOT and the City.
As previously stated, we will be the first community in Central Ohio to participate in the program. The
benefits to this program include savings in excess of $500,000 over the term ofthe loan and not having
to issue "voted debt" authority.
The legislation has been prepared referencing the issuance of notes in anticipation of issuing bonds as
well as authorizing a Loan Agreement at the request of our bond counsel. In order for bond counsel to
- issue a legal opinion on the financing, the legislation needs to be adopted in this format. The
amortization payments will be made as previously outlined in Schedule A of the Preliminary Term
ii~ Sheet.
The previous Ordinance and back-up documentation is attached for reference. If you need any
additional information, please do not hesitate to contact us.
G:\PER\DKP\99\172-mg-memo with ord 87-99.doc
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- RECORD OF ORDINANCES
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" .-\:\ OR-Dli\'..\"CE .-\UTHOP-lZli\G TI.IE CITY i\I.-\NAGEI~ TO Ei\'TEI~
, INTO Ai\' .-\GREEt\IE:\T WITI! TI!E OHIO DE P.-\RT,\(Ei\T OF
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" TR-\NS PORT.-\ TION (0001') TO Fl:\'.-\i\'CE I'll E .-\ VEl~ Y-i\ lUlRFIELD
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./ DRl\:E/U.S. JJ Ii\TEl~CI-I.-\i\'GE It\"lI'RO\:EI\IEi'iT PIWJECTTf-lIWUGII
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:1 THE ST.-\TE E\FRASTIWCTUH.E 13.-\i\K PROGRAM, Ai'iO OECL.-\IHi\'G
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I! .-\N Et\IEr~GEi'iCY.
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'i WHERE.-\S, [he City's 1999-2003 C:tpi[al fmpro\'emenls Progr;ull hJS programmed
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~ :1 the construction of the A\'eI)'-~'[uirlield Orivc:/U.S. 33 interch:tnge:: imprOyeme::nls
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'I project to be initi:tleu in [he spring of 1999; and
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" WI-lERE.-\S, i[ is ne::cess:lry 10 obtain financing for [he construclion oflhe projcct;
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Ii J,ld
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Ii \\'1-/ ERE.-\S. in 19%, Ohio be::came onc of e::igh[ states allowcd [0 impkme::nl a SI;I(C
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F fnfrJSlrUClure l3:tnk (Sfl3) program; and
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Ii WI-lEl~E.-\S, [he:: Sfl3 :tllows Ihe Slate of Ohio [0 provide low in(eresl loans [0
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II !inance infrastructure projecls appro\'ed by 0001'; and
Ii WHEREAS, [he CilY hJS received preliminary approv:tl from 0001' for
'I pJnicip:uion in lhe program for the r\very-Muirfield OrivelU.S. 33 illlerch:tnge
II improvement projccI; and
Ii WI-I E I~E.-\S, il is nccess:try for lhc Cily 10 enl<.:r inlo an :tgreemcnl \,'ilh 0001'
I' acknowkdging [hc prcliminJI)' t<.:rms and conditions for p:lrticipJlion in the SIl3
"
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I; progrJln.
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'. "OW, THERErOI~E, BE IT OIW:\Ii\ED, by Ihe Council oflhe Cily or Dubli'l,
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i: St;!(e of Ohio, rJ of the ckctcd mcmbcrs concurring Ih;l(:
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it \crriC1n I. The Cil)' t\.!:tn:tger in hercby aUlhori7.ed (0 enter inlo [he :lll:tched
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,: Jgrccmenl wilh the OlIio DcpJrlll1enl of Tr:lnSpOrl:lIioll [0 lill:lnce Ihe .'-\\'ery.
01
,,- ,. \luirlicld Orive/U.S. 33 inlerch:tn~e impro\'Cmelll projcc[ [IIrough llIe Slalc
I: Infrastruclure l3:mk progr:llll.
!
;.~ Ii' St-rliC1n J. The public hearing be wai,'ed ill order for tlIe agrccmenl 10 be execuled
I; immedi:Jlcly.
ii
i! \rr,;nn '. This Ordin:mce is decbred to bc an clllergency me:lsure nccessary for [he
i;
/: public pcace, hC;llth, safely of welfare of this Cil)" ;lnt! for [he further rC;lsonlo ;lllow
[he finJI [eml sheet 10 be prcpared and [he projt.'ct Iin:ll1cing 10 be in pbce prior 10
,. awarding Ihe conslnlction COnlrac[ for the project.
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, Pmed this J.....s:J-- O:ty or M Q ~
. 1999.
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i! ,\IJyor - I'residill~ Or/iecr
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Office of the City lVlanager
5200 Emerald Parkway' Dublin, Ohio 43017-1006
Phone: 614-761-6500' Fax: 614-889-0740 Memo
CITY OF DUBWi
To: Members of Dublin City Council
- Timothy C. Hansley, City Manager I~
From:
- Date: February 25, 1999
Re: Ordinance No. 26-99, Agreement with the Ohio Department of Transportation to
provide the financing for the Avery-Muirfield Drive/U.S. 33 interchange
improvement project.
Initiated by: Marsha I. Grigsby, Director of Finance ~\-
In 1996, Ohio was selected as one of the eight states approved to implement a State Infrastructure Bank
(SIB) program. The goal of the SIB is to capitalize on the economic success that accompanies well-
planned infrastructure groVv1h and to maximize the use of Federal and State funds. Funding is allocated
toward individual infrastructure projects selected by the Ohio Department of Transportation (aD aT)
as low interest loans rather than grants. Repayments from these loans will be made to ODOT and then
reloaned to subsequent projects, thus creating a SIB revolving loan program.
In September 1997, Ohio became the first state in the country to grant a SIB loan. The City submitted
a project application for the Avery-Muirfield DrivelU.S. 33 interchange project in early January and
we received notification on February 18, ] 999 the project had been approved.
We have estimated that over the term of the loan, the City will save in excess of $500,000 with a
- significant amount of the savings occurring in the early years. Because the loan requires no repayment
during the first two years, we will benefit from a cash flow stand point as well. Under our previous
~ financing assumptions, interest payments on short-term notes utilized during construction and the first
payment on long-term bonds that would have been issued were programmed to begin in the year 2000.
The first payment on the loan will be due in 200 I.
Also, if we were to finance the project as originally assumed, with general obligation bonds, we would
not be able to take advantage of the current favorable interest rates. Mid-2000 was the earliest long-
term bonds would have been issued. These bonds would have been designated as "voted debt" utilizing
the City's remaining transportation voted authority available. The remaining voted authority will now
be available for other transportation projects.
We have also attached a debt service schedule that we obtained from our senior underwriter, NatCity
Investments. This reflects a repayment schedule had traditional long-term general obligation bonds
been issued in late January and was used to evaluate the Joan terms. The debt service schedule was
used to negotiate better interest rates than originally proposed by ODOT, resulting in the SIB loan
being the most cost-effective method to finance the project.
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Memorandum
February 25, 1999
Page Two
Additional legislation will be required once the final loan documents are prepared by ODOrs bond
~ counsel. We are requesting this Ordinance to be adopted as an emergency at the first reading to
expedite the preparation of the final term sheet and loan documents.
"""""
Representatives from ODOT have been very helpful during the application process and we look
forward to working with them on future projects.
If you have any questions, please do not hesitate to contact Marsha.
~'W:'1I/o
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State of Ohio
Ohio Department of Transportation
State Infrastructure Bank
City of Dublin
A very-Muirfield Drive/US 33 Interchange Improvement Project
Preliminary Project Term Sheet
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Outlined below are the preliminary terms and conditions of the State of Ohio, Ohio Department of
Transportation ("ODOT"), State Infrastructure Bank ("SIB") direct loan transaction with the City of
~ Dublin (the "City"), for the construction of the Avery-Muirfield Drive/US 33 Interchange Improvement
Project (the "Project"). The following information contains the terms as related to the structure of the
SIB direct loan.
Project Description: The project will consist of the modification of the
Avery-Muirfield Drive Interchange, including deck
widening and ramp widening; the widening of A very-
Muirfield from the interchange to Perimeter Drive,
adding one lane in each direction; adding a lane from
Perimeter Drive to Post Road; and installing a closd
loop signal system (the "Project").
Sources & Uses of Funds: See attached Schedule A.
I. Proposed Terms of the SIB Direct Loan:
Loan Amount from SIB: $8,055,000
Lender: State of Ohio, Ohio Department of Transportation, State
Infrastructure Bank
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Source of Funds: State Infrastructure Bank
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Borrower: City of Dublin
Address of Borrower: 5200 Emerald Parkway
Dublin, OH 43017
Term of Loan: 20 years
Loan Repayments: There will be no interest assessed on the loan for the
first twelve (12) months after the first draw of loan
proceeds. For the next twelve (12) months (beginning
with the thirteenth (13) month after the first draw)
interest will begin to accrue to the borrower, but no loan
payments will be due. This amount is estimated to be
$261,788.
McDonald Investments Inc. 02/I8/99
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City,oj Duhlil,l
Loan Repayments (cont.): Accrued interest will be added to the principal amount
of the loan, which will be amortized over the remaining
life of the loan. Thereafter, principal and interest
payments will be due on a semi-annual basis, beginning
on the thirtieth (30) month and continuing until
maturity. See Schedule B.
Interest Rate: The following interest rates will be assessed during the
--- designated time periods:
..... Interest
Months Rate.
1-12 0%
13 -60 3%
61-120 4%
121-180 5%
181 - 240 6%
State Administrative Fee: An annual administrative fee of .25% will be charged to
the borrower based upon the outstanding balance of the
loan. This fee will begin to accrue on the fIrst day of the
thirteenth (13) month and continue through fInal
maturity of the loan.
Prepayment of Loan: Prepayment of the State loan, in whole or in part, will be
at the option of the borrower.
Repayment Sources: The City of Dublin will pledge to utilize revenues
generated by City income taxes as specified in the SIB
application.
Requirements of
- the City of Dublin: (a) fund cost overruns, if any, in order to complete the
Project;
;w~ (b) provide a guaranteed fIxed price construction
contract prior to the drawdown of funds;
(c) provide to ODOT, annual audited financial
statements for the City of Dublin.
(d) all environmental approvals for the Project must be
received and approved by ODOT prior to any draw
of funds.
McDonald Investments Inc. 2 02/18/99
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City, of Dublin
Acceptance:
Upon acceptance of the preliminary terms herein, please sign and return to: Ohio Department of
Transportation, Erin Sexton, 1980 W. Broad Street, 2nd Floor, Columbus, Ohio 43223. Based upon
additional negotiations between the City and ODOT, a fInal term sheet will be prepared at a later date.
This agreement will be terminated if not signed and received by March 31, 1999.
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Ohio Department of Transportation
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By: a~r?~ Date: 3... /~-7'9
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lts: D'\ (e.C-\=oy
The City of Dublin hereby accepts the foregoing terms on the date set forth below. .
By: ~~ Date: Y <-J in
CiTY h~[-'i~lhC;~R
lts: D~~~~: i, (j' T)
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McDonald Investments Inc. 3 02/18/99
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Schedule A
State of Ohio - Ohio Department of Transportation
City of Dublin
A very-Murfield Drive / US 33 Interchange Improvement
Schedule of Sources & Uses
SOURCES
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SIB Loan, Federal $8,055,000.00
... $8,055,000,00
TOTAL SOURCES
USES
Construction $8,000,000.00
Closing Costs 55,000.00
TOTAL USES $8,055,000.00
McDonald Investments Inc. 2/18/99
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Schedule B
State of Ohio - Ohio Department of Transportation
City of Dublin
A very-Murfield Drive / US 33 Interchange Improvement
Proposed Loan Amortization
State
Semi-Annual Administrati ve Outstanding
Periods Principal lnterest* Fee@ Accrued Total Balance
(in months) Payment Payment 0.25% Interest Payment on Loan
- Closing Date 0 6 0.00 0.00 0.00 0.00 0.00 8,055,000.00
1 Pmt. Waived 7 12 0.00 0.00 0.00 0.00 0.00 8,055,000.00
PInt. Accrued 13 18 0.00 120,825.00 10,068.75 130,893.75 0.00 8, I 85,893.75
...... PInt. Accrued 19 24 0.00 120,825.00 10,068.75 130,893.75 0.00 8,316,787.50
Pmt. Begins 25 30 160,154.69 124,751.81 10,395.98 0.00 295,302.48 8,156,632.81
31 36 162,757.20 122,349.49 10,195.79 0.00 295,302.48 7,993,875.61
37 42 165,402.01 119,908.13 9,992.34 0.00 295,302.48 7,828,473.61
43 48 168,089.79 117,427.10 9,785.59 0.00 295,302.48 7,660,383.82
49 54 170,821.25 114,905.76 9,575.48 0.00 295,302.48 7,489,562.57
55 60 173,597.09 112,343.44 9,361.95 0.00 295,302.48 7,315,965.48
61 66 165,748.64 146.319.31 9,144.96 0.00 321,212.91 7,150,216.84
67 72 169,270.80 143,004.34 8,937.77 0.00 321,212.91 6,980,946.04
73 78 172,867.80 139,618.92 8,726.18 0.00 321,212.91 6,808,078.23
79 84 17 6,541.24 136, 161.56 8,510.10 0.00 321,212.91 6,631,536.99
85 - 90 180,292.75 132,630.74 8,289.42 0.00 321,212.91 6,451,244.24
91 96 184,123.97 129,024.88 8,064.06 0.00 321,212,91 6,267,120.28
97 102 188,036.60 125,342.41 7,833.90 0.00 321,212.91 6,079,083.67
103 108 192,032.38 121,581.67 7,598.85 0.00 321,212.91 5,887,051.30
109 114 196,113.07 117,741.03 7,358.81 0.00 321,212.91 5,690,938.23
115 120 200,280.47 113,818.76 7,113.67 0.00 321,212.91 5,490,657.76
121 126 204,134.07 137,266.44 6,863.32 0.00 348,2603.83 5,286,523.69
127 132 209,492.59 132,163.09 6,608.15 0.00 348,263.83 5,077,031.11
133 138 214,991.77 126,925.78 6,346.29 0.00 348,263.83 4,862,039.34
139 144 220,635.30 121,550.98 6,077 .55 0.00 348,263.83 4,641,404.04
145 150 226,426.98 116,035.10 5,801.76 0.00 348,263.83 4,414,977.07
151 156 232,370.68 110,374.43 5,518.72 0.00 348,263.83 4,182,606.38
157 162 238,470.41 104,565.16 5,228.26 0.00 348,263.83 3,944, I 35.97
163 168 244,730.26 98,603.40 4,930. I 7 0.00 348,263.83 3,699,405.70
169 174 251,154.43 92,485.14 4,624.26 0.00 348,263.83 3,448,251.27
.... 175 180 257,747.24 86,206.28 4,310.31 0.00 348,263.83 3,190,504.04
181 186 276,711.04 95,715.12 3,988.13 0.00 376,414.29 2,913,792.99
187 192 285,358.26 87,413.79 3,642.24 0.00 376,414.29 2,628,434.73
-~lilII' 193 198 294,275.71 78,853.04 3,285.54 0.00 376,414.29 2,334,159.02
199 204 303,471.83 70,024.77 2,917.70 0.00 376,414.29 2,030,687.19
205 210 312,955.32 60,920.62 2,538.36 0.00 376,414.29 1,717,731.88
211 216 322,735.17 51,531.96 2,147.16 0.00 376,414.29 1,394,996.70
217 222 332,820.65 41,849.90 1,743.75 0.00 376,414.29 1,062,176.05
223 228 343,221.29 31,865.28 1,327.72 0.00 376,414.29 718,954.76
229 234 353,946.96 21,568.64 898.69 0.00 376,414.29 365,007.80
235 240 365,007.80 10,950.23 456.26 0.00 376,414.29 0.00
TOTAL 8,316,787.50 3,935,448.53 240,276.72 261,787.50 12,230,725.24
* Interest was assessed as follows:
Years 2-5: 3.25%
Years 6-10: 4.25%
Years 11-15: 5.25%
Years 16-20: 6.25%
Average Interest Rate: 5.17%
McDonald lnvesUTIents Inc. 2/18/99
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