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HomeMy WebLinkAbout#18 CC 4.19.16 2016A Finance Plan SummaryFINANCE PLAN SUMMARY 414 FOR CITY OF LAKE ELMO, MINNESOTA $9,860,000 GENERAL OBLIGATION BONDS, SERIES 2016A 45 South 7th Street Suite 2000 Minneapolis, MN 55402 612-851-5900 800-851-2920 April 19, 2016 City of Lake Elmo, Minnesota $9,860,000 General Obligation Bonds, Series 2016A Financing Overview The Bonds will be issued pursuant to Minnesota Statutes, Chapter 444, 429, and 475 to finance the following projects: Street improvements to the Kirkwood, Stonegate, and Kelvin Ave. Projects Water, sewer and storm water utility improvements Street improvements to Lake Elmo Avenue/ Downtown area Information on the project costs to be financed was provided by City staff. The net financing requirement for these projects is $9,860,000 inclusive of all project and financing costs. A detailed illustration of the sources and uses of funds is presented in Appendix A. The Bonds will be a general obligation of the City. However, the City anticipates paying debt service from a combination of special assessment revenue, water, sewer, storm water utility revenues, and a debt service tax levy. The assumptions on special assessments and utility contributions were provided by the City staff. Northland has not conducted a review or evaluation of these assumptions. The total principal and interest estimate assumes an average coupon of 1.88% and is shown in Exhibit B. The debt service fund and cash flow projection for each of the portions or purposes illustrated in Exhibits C1 through C8. Structure and Security Improvement Portion (Kirk -wood, Stonegate, and Kelvin Ave. Street Projects) The Street Improvement Portion assumes $1,142,080 in project costs and is expected to be paid from special assessment revenues filed in 2016 for first collection in 2017 in the amount of $533,880 for a term of 10 years at a rate 2.00% over the bond rate. Water Utility Portion The Water Utility Portion assumes $3,256,328 in project costs and is expected to he paid entirely from water utility revenues. Storm INater Utility Portion The Storm Water Utility Portion assumes $2,796,107 in project costs and is expected to be paid entirely from storm water utility revenues. Page 2 T A SEC UR1flES Lake Elnio Avenue/Downtown Area Street Improvement Portion The Downtown Improvement Portion assumes $1,611,432 in project costs and is expected to be paid from special assessment revenues filed in 2016 for first collection in 2017 in the amount of $470,394 for a term of 10 years at a rate 2.00% over the bond rate. Sewer Utility Portion The Sewer Utility Portion assumes $870,649 in project costs and is expected to be paid from sewer utility revenues. Special assessments will be used to reduce pledged sewer revenues for debt service. Special assessments have been filed in 2016 for first collection in 2017 in the amount of $592,066 for a term of 20 years at a rate 2.00% over the bond rate. The debt attributable to this portion will be amortized over 15 years. Related Considerations Bank Qualified - because total tax-exempt debt issued by the City in calendar year 2016 is expected to be less than $10 million, the Bonds will be designated as "bank qualified" obligations pursuant to Federal Tax Law. The impact of this designation may result in slightly lower interest rates since banking institutions will be interested in purchasing the Bonds. We have adjusted the estimated interest rates accordingly. Arbitrage Compliance - o Project/Construction Fund - All tax exempt issues are subject to federal rebate requirements which require all arbitrage earned to be rebated to the U.S. Treasury. However, there are exemptions available if the City meets certain criteria. The rebate exemption the City expects to qualify for is the 24 Month Expenditure Exemption. o Debt Service Fund - The City must maintain a bona fide debt service fund for the bonds or be subject to yield restriction in the debt service fund. A bona fide debt service fund involves an equal matching of revenues to debt service expense with a balance forward permitted equal to the greater of the investment earnings in the fund during that year or 1/12 of the debt service of that year. The City should become familiar with the various Arbitrage Compliance requirements for this bond issue. The Resolution explains the requirements in greater detail. We are also available to assist the City in meeting these requirements. Book Entry - The Bonds will be global book entry with a bank designated as the paying agent. As "paperless" certificates, you will avoid the cost of bond printing and annual registrar charges. The Paying Agent will invoice you for the interest semiannually and on an annual basis for the principal corning due. Continuing Disclosure - Because the City's outstanding debt exceeds $10 million, it is subject to the Securities and Exchange Commission's continuing disclosure requirements. Northland Securities is prepared to assist the City in this capacity Page 3 5SECURITIES Summary of Recommended Terms 1. Type of Bond Sale 2. Public Sale Date 3. Council Consideration 4. Statutory Authority 5. Repayment Term 6. Security 7. Prepayment Option Public Sale - Competitive Bids Tuesday, May 17, 2016 at 10:30 A.M. Tuesday, May 17, 2016 at 7:00 P.M. The Bonds are being issued pursuant to Minnesota Statutes, Chapters 475, 429 and 444. The Bonds will mature annually each January 15, 2018 - 2032. Interest on the Bonds will be payable on January 15, 2017 and semiannually thereafter on each January 15 and July 15. General Obligation pledge of the City. In addition the City will pledge special assessments from benefitted properties, water, sewer and storm water utility revenues and tax levies to the payment of the Bonds. The Bonds due on or after January 15, 2025 will be subject to redemption on January 15, 2024 and any date thereafter at price of par. 8. Tax Status Dorsey & Whitney, LLP, Minneapolis, will provide a tax-exempt legal opinion on the Bonds. 9. Credit Enhancement The City's general obligation bonds are currently rated "Aa2" by Moody's Investors Service (Moody's). We believe a credit rating on these bonds will be cost beneficial and recommend seeking a rating from Moody's. Page 4 S Sources Of Funds Par Amount of Bonds Total Sources Uses Of Funds Total Underwriter's Discount (1.0004) Costs of Issuance Deposit to Capitalized Interest (CIF) Fund Deposit to Project Construction Fund Rounding Amount EXHIBIT A Sources and Uses Improvement Water Storm Water Portion Portion Portion $1.175,000.00 $3,310,000.00 $2,840,000.00 $1,175,000.00 $3,310,000.00 $2,840,000.00 11,750.00 33,100,00 28,400.00 6,924,86 19,507.51 16,737.57 10,451,78 1,142,080.00 3,256,328,00 2,796,107,00 3,793,36 1,064.49 (1,244.57) total Uses $I,1 /5,000.00 Sources Ot Funds Par Amount of Bonds 3,3 11J,UUU.UU S1,64U,UOU.UU DT/Street Sewer Issue Improvement Portion Summary 51,650,000.00 $885,000.00 Total Sources $1,650,000.00 Uses Of Funds Total Underwriter's Discount (1.000%) Costs of Issuance Deposit to Capitalized Interest (CIF) Fund Deposit to Project Construction Fund Rounding Amount total uses 59,860,000.00 $885,000.00 $9,860,000.00 16,500.00 8,850.00 98,600.00' 9,724.30 5,215,76 58,110.00 14,676.67 - 25,128,45 1,611,432,00 870,649.00 9,676,596.00 (2,332.97) 285.24 1,565.55 ZIA,bN),UUU.OU 238,5,1JUU.UU S9,66U,000.(11) Page 5 T SEC RIDES EXHIBIT B Total Debt Service Date Principal Coupon Interest Total P+I Fiscal Total 06/ VI/2(116 (II/ 15/2017 100,745,56 10(.1,745,56 100,745.56 07/15/2017 - 80,956.25 80,95625 01/15/2018 690,000.00 0.850% 80,956.25 770,956.25 851,912.50 07/15/2018 - 78,023.75 78,1123,75 TiTT1-5720 I 9 695,1100.00 1.000% 78,023.75 773,023.75 851,04-730 07/15/ 2(319 74,548,75 74,548.75 - 01/15/2020 710,000,00 1.1503 74,548.75 784,548.75 859,097.50 07/15/ 2020 7(1,466.25 70,466.25 01/15/2021 710,000.00 1.-)5(151 70,466.25 780,466.25 850,932,50 07/15/2021 - 66,028,75 66,028.75 01/15/2022 725,000.00 1.35031 66,028.75 791,028,75 857,057,50 07/15/2022 - 61,135.00 61,135.00 01/15/2023 730,000.00 1.450% 61,-135.0(1 791,135.00 852,270.00 (17/15/2023 - 55,842.50 55,842,50 01/15/2024 7451000.00 1.600% 55,842.50 800,842.50 856,685.00 07/15/2024 - 49,882.50 49,882,50 01/15/2025 755,000.00 1.700% 49,882,50 8(14,882.50 854,765.00 07/15/2025 43,465.00 43,465.00 01/15/2026 770,000,00 1.850% 43,465.00 813,465,00 856,930.00 07/ 15/2026 36,342.50 36,342.50 01/15/2027 780,000,00 1.950% 36,342.50 816,342.50 852,685.00 07/15/2027 28,737,50 28,737.50 01/15/2028 490,000.00 2.050u/0 28,737.50 518,737.5(1 547,475.00 07/15/2028 23,715.00 23,715.011 01/15/2029 500,000.00 2.15031 23,715.00 523,715.00 547,430110 07/15/2029 - 18,340.00 18,340.00 01 /15/2030 510,000.00 2.250% 18,340.00 528,340.00 546,680,00 07/15/2030 12,602,50 12,602.50 01/15/2031 520,000.00 2.350% 12,602.50 532,602.50 545,205.00 _ P/15/2031 6,492.511 6,492.50 01/15/2032 530,000.00 2,45031 6,492.50 536,492.50 542,985.00 . .. Total $9,860,000.00 $1,513,903.06 $11,373,903.06 Date And '1 erm Structure Dated Delivery Date First Coupon Date First available call dale Average Coupon Net Interest Cost (NIC) True Interest Cost (TIC) 6/01/2016 6/01/2016 1/15/2017 1/15/2024 1.8823761% 2.0049746% 2.0032044% Page 6 T»LA SECURITIES EXHIBIT Cl Improvement Portion (Kirkwood, Stonegate, and Kelvin Street Projects) Debt Service Date Principal Coupon Interest Total P+I Fiscal Total 06/01/2016 - 01/ 15/7017 10,451.78 10,451 ,78 10,451.78 07/ 15/ 2017 - 8,398.75 8,398.75 01/15/2018 1 .10,000.00 0.8503, 8,398.75 118,398.75 126,797.50 (17/15/2018 - 7,931.25 7,931.25 01713720T9 i 1 O,OuT.C.00 1.00051 7,931.25 ri.7,193i72-5---- 125,862.50 07/15/2019 - 7,331.25 7,381 .25 01/ 15/ 2020 115,(100.00 1.150`% 7,381.25 172,381.25 1.29,762.5(1 07/15/2020 - 6,720.00 6,720.00 01/15/2021 115,000.00 1.25(P;, 6,720.00 121,720.011 128,440.00 -07/15/2021 - - 6,001.25 6,0(11.25 - 01/15/2022 115,000.00 1.350% 6,001.25 121,001.25 127,002,50 07/15/2022 5,225,00 3,225.00 01 /15/2023 120,000.00 1.45051 5225.00 125,225,00 130,450.00 07/ 15/2023 4,355.00 4,355.00 01/15/2024 120,000.00 1.600% -.T.)55.00 124,355.00 128,710.00 07/15/2024 - 3,395,00 3,395.00 01/15/2025 120,000,00 1.700% 3,395.00 123,395.00 126,790.00 07/ 15/2025 2,375.00 2,375.00 01/15/2026 125,000.00 1.850% 2,375.00 1.27,375.00 129,750.00 07/ 15/ 2026 1,218775 1,218.75 01/15/2027 125,000.00 1,950% 1 ,218.75 126,218.75 127,437.3(1 Total ' 51J75,000.00 ' ' $116,454.28 ' ' $1,291,454.28 EXHIBIT C2 Improvement Portion (Kirkwood, Stonegate, and Kelvin Street Projects) Revenue vs Debt Service Special Assessment City Net Levy Collection Date Total P+I CIF 105/0 Levy Revenue* Levy Year Year 01/15/ 2017 10,451 .78 (10,451.78) - - 01/15/2018 126,797.50 133,137.38 64,471.84 68,665.54 2016 2017 01/15/2019 125,862.50 132,155.63 6-1,471,85 67,683.78 2017 2018 01/ 15/2020 129,762.50 136,250,63 64,471.84 71,778,79 2018 2019 01 /15/ 2021 128,440.00 134,862.00 64,471.85 70,390.15 2019 2020 01 /15/ 202'2 127,002.51) 133,352.63 64,471.85 68,880.78 2020 2021 01115/ 2023 130,450.00 136,972.50 64,471.84 72,500.66 2021 707 01/15/2024 128,710.00 - 135,145.50 64,471,85 70,673.65 202-) 2023 01/15/2025 126,790.00 133,129.50 64,471.85 68,657.65 2073 2024 01/15/2026 129,750,00 136,237.50 64,471.84 71,765.66 2024 2025 01/15/2027 127,437.50 133,809.38 64,471.84 69,337.54 2025 2026 Total 51,291,454,28 (10,451.78) $1,345,052.63 $644,718,45 $700,334.18 *Special Assessments total $533,880 spread in even payments over 10 years at 3.50% (2,00% above bond rate). Page 7 A SECU T ES EXHIBIT C3 Water Utility Portion Debt Service Date Principal Coupon Interest Total P+1 Fiscal Total 06/01/2016 - 01/15/2017 35,583.33 35,533,33 35,583.33 07/15/ 2017 28,593.75 28,593.75 01/15/2018 200,00(400 0.351.1478,593,75 228,593.75 257,187.50 07/15/2018 27,743,75 27,743,75 01/15/ 21119 200,000.00 170-(0i.11,1 77,743,75 227,743.75 25574-P75)- 07/15/2019 26,743.75 26,743.75 01/15/2020 205,000.00 1;15041 26,743.75 231,743.75 253,487.5(.1 07/ 15/2020 - 25,565.00 25,565.00 01/15/2021 205,000,00 1.250% 25,565.00 230,565.0(1 256,13(400 (17/15/ 2(.121 24,283.75 24,283.75 01/15/2022 210,000.00 1.350% 24,283,75 234,283.75 258,567.50 (.17/15/ 2(122 22,866.25 22,366.25 01 /15/2023 210,00(400 1.45015 22,866.25 232,866.25 255,732.50 07/15/2023 - 21,343.75 21,343.75 - 01/15/2024 215,000,0U -1,6005 21,343.75 236,343,75 257,687.50 07/15/2024 - 19,623,75 '19,623.75 01/ 15/ 2025 220,000.00 'I .7011% 19,623,75 239,623.75 259,247.5(1 07/15/2025 17,753.75 17,753.75 01/15/2026 220,00(400 1.850T, 17,753.75 237,753.75 255,5E5,50 07/15/2026 - 15,718.75 15,718.75 - 01/15/2027 225,000.00 1,950% 15,718.75 240,718.75 256,437,50 07/15/ 2027 13,525,00 13,525.00 01/15/2028 230,000.00 2.05041 13,525.00 243,525,00 257,050,00 07/15/2028 11,167.50 11,167.50 0171572029 235,000,00 7.1504 11,167.50 246,167.50 23-7-335700 07/15/ 2029 - 8,641.25 8,641.25 01 /15/2030 240,000,00 2.250% 3,641.25 248,641 .25 257,282,50 07/15/2030 5,941.25 5,941.25 01/15/ 2031 245,000.00 2,35041 5,941.25 250,941.25 256,382,50 07/15/2031 - 3,062.50 3,062.50 - 01/15/2032 25(1,000,00 7.45041 3,062.50 253,062.50 256,125.00 Total $3,310,000.00 $580,730.83 $3,890,730.83 Page 8 6 Ard OSI8E'SEC£$ OS'ISCR6FS 00000`0178"Z$ • 05-G9T.:(),Z: Sta'q'LIZ SL,T41'9'T, °,c,OCI-7 00000'S I Z UOZ/SL/10 Hoz/s1/Lo os•zoz'ozz szursiz sz,- tors %oscz orroou'ou" 1k:0z:7cl/to sz'un's .CT:T,01.'S - - OVAZ/SI/L0 00'S1W6LZ OC:LOrEtZ OS"Lni-"L %OcrZ 001100'C.OZ OtiOZ/S1/10 (1cLOrL Oc:LOt'L - - 6EOZ /SI /L1) 0(l_cl.r6 LT, OS'Lcc:60Z OS'4CC`6 %Oct:7 OtIOOD'OOZ 67,0Z/SLAO OcZ5S"6 (15*Lcc.'6 - RZOZ/cL/L0 00'5 I.n--,ZZ ()c'L(19'ITZ 0S11)91.1. ';;,(1c.01, 001YVOOZ KOZ/C.1.40 OC.7.09'1. I. Oc:L09't l - ZZOZ/SI/LO OS'Ll(17.7.Z SL:811c'ROZ gCROC.I'l %11c6'i 1101100'S:61 LZOZ /c1 /1.1) - ci'ROS':[ gt HILC.T.I - - 9ZOZ /Utal 057t,'S'OZZ 99tc0Z," S'99tc.1_ %USW L 00'000'06 l 9ZOZ /5 I / LO SZ*997,'St SZOZ/c1./LO OS'LL9'R I.Z SL: R4:WIOT, cf4t,891. %, 011 Z.' I. 00'000'cR I SZOZ/ST/I0 SZW,W9I C..C}-4.:8"91 _ 1--60Z/St/G0 OS'LC9'17.7, cf Si 11Z C.L'Sh:A I % 009' I. 00'11(1(1'c, I tUff/c1/10, C.Z.R 1.t:'31, ,L`f41_€'8L - apz/sr/Lo oc7,tz.:6tz SLI7,9'66 l C.L'a9Y6i % (1.cf` I (10'000OR I. a0Z/ST/10 SL'a9'61 .L'1961. - - ZZOZ/SI/LO OS'LLY'IZZ C.L.4:8`110Z S,L'StiWOZ %MCI 1)().000"0 1 ZZOZ/SI/LO - SZ..WOZ. C.C8`OZ - HOZ/SI/GO, 011c9WRIZ 057S-:6'961. OC:a6' LE ",05-6' L 0i)-(111(YcLI UTZ/SI/CO OS"Zi.,'6'1.Z Oc,716'1Z - OZOZ/51/LO OS1.1.S.r(17.7, SZA'4:6',!61 SZ.:RC67.,Z % Oc Ft 11(1000'cz.1. 07,07,751/to C.L'Si-:6'ZZ,' SZ3C6'7,7, . 61(17,/c1./(1 ,pc'LZ977T, gtaR'S'61 cZNIS',Z %(1()(YI 00000gi I. 6T0Z/St /10 c.L'il.8T7, cttil9'a - WIZ/St/GO C-(79:S"1-6l c7"9tS't.T. %()S.00 fRIONYOL I RIOZ/S1110 cZ'94.'S'tZ SZ,-9S't-i," - LIOF /5 liZO 1)(Itt:c'Ot: MY liS"(1 -2. (1111-',-c'ff, - LTOZ/c1./I0 - 910E/I0/Q0 plo I iu3sH 1+El Irloi isa.law 1 u odneD FdpUpd DiVa a3puas uolpod /Simla JaTem uuois f7D EXHIBIT C5 Lake Elm© Avenue/Downtown Street Improvement Portion Debt Service Date Principal Coupon Interest Total P+1 Fiscal Total 06/01/2016 - 01 /15/2017 - 14,676.07 14,676.67 14,676.67 07/15/2017 11,793.75 11,793,75 01/15/2018 155,000.00 0,850% 11,793.75 166,793.75 178,587,50 1)7/15/2018 - 11,135.01) 11,135.00 01/15/2019 155,0(10,00 1..00111, 11,135.00 166,135.00 177,270.00 (17/ 15/2019 - 10,360,00 10,360,00 01/13/2020 160,0(10.00 1.150% 10,360.00 170,360.00 180,720.00 07/ 15/2020 9,440,00 9,4-10.00 01/15/2021 160,000.00 1.2504 9,440,00 169,440.00 178,880,00 07/15/ 2021 - 8,440.00 8,440.011 01/15/2022 165,000.00 1.3504 8,440,00 173,440.00 181,880,00 07/ 15/2022 7,326.25 7,326.-15 01/15/2023 165,000.00 1.450% 7,326,25 172,326.25 179,652.5(1 07/13/2023 6,130.00 6,130.00 01/15/2024 1000.00 1.600% 6,130.00 176,130.00 182,26(f7Y1T 07/ 15/ 2)124 4,770.00 4,770.00 01/13/2025 170,000.00 1.700% 4,770.00 174,770.00 179,540,00 07/ 15/2025 3,325.00 3,325.00 01/ 15/2026 175,000.00 1.85011 3,325.00 178,325.00 181,650.00 07/ 15/ 2026 1,706.25 1,706,25 01/ 15/ 2027 175,0(10.00 1.950% 1,706.25 176,706.25 178,412.50 Total 51,650,000.00 $163,529.17 51,813,529.17 EXHIBIT C6 Lake Elmo Avenue/ Downtown Street Improvement Portion Revenue vs Debt Service Special Assessment City Net Levy Collection Date 'l'otal P+1 CIF 10511/0 Levy Revenue* Levy Year Year 01/15/2017 14,676.67 (14,676.67) - 01/15/2018 178,587,50 '187,516,88 56,803.22 130,711 .66 2016 2017 01/15/2019 177,270.00 186,133.50 56,805.21 129,328.29 2017 2018 01 /15/2020 180,720.00 189,756.00 56,805.22 132,950.7S 2018 2019 01/15/2021 178,880.00 187,824.0(1 56,805.2)) '131 ,018„80 2019 2020 01/15/ 2022 181,880.00 190,974.00 56,8(15.22 134,168,78 2020 2021 01/15/2023 179,652.50 188,635,13 56,805.21 131,829,92 2021 2022 01/15/2024 182,260.0(1 191,373,00 56,805,22 134,567.78 2022 2023 (11/ 15/ 2025 "I 79,540,00 188,517.00 56,803.21 131,711 .79 2(123 2074 01/15/2026 181,650.00 - 190,732,50 56,805.22 133,927.28 2024 2025 0i 715721.0 178,412.5(1 ' :---- 187,333.13 56,805.21 130,527.92 2025 2026 Total 51,813,529.17 (14,676.67) 51,888,795.13 5568,052.14 51,320,742.99 *Special Assessments total $470,394 spread in even payments over 10 years at 3.50% (2.00% above bond rate). Page 10 A SECUR ES EXHIBIT C7 Sewer Utility Portion Debt Service Date Principal Coupon interest Total P+I Fiscal Total 06/ 01/ 20.16 - - 01/15/2017 9,499.78 9,499,78 9,499.78 07/15/2017 7,633.75 7,633,75 - 01/15/2018 55,000,00 U.850% 7,633.75 62,633,75 7(1,267.5(1 07/ 15/2018 7,400,00 7,400.00 131/15/2019 55,000,00 1700.0% 7,400.00 —62-,400130 69,800,00- 070 5/ 201.9 7,125.00 7,125,00 01/15/ 2020 55,000.00 1.150'.'6 7,125.00 62,125.00 69,250.00 07/15/2020 6,808.73 6,808.75 01/15/2021 55,00(400 1.25031 6,8(18.75 61,808,75 68,617.5() -07/13/ 2021 6,465.00 6746-5700 01/15/2022 55,000.00 1.350% 6,465,00 61,465.00 67,930,00 07/ 15/2022 6,093.75 6,093.75 01/15/ 2023 55,000,00 1,45031 6,093.75 61,093,75 67,1.87,50 07/13/2023 - 5,695,00 5,695.00 01/ 15/ 2024 55,000.00 1.600% 5,695.00 60,695,00 66,390.00. 07/15/2024 5,255.00 5,255.00 01/15/2025 60,000410 1.700'1'0 5,253.00 65,255.00 70,510,00 07/15/ 2023 4,745.00 4,745,00 - 01/15/2026 60,000.00 1,850%, 4,745.00 64,745.00 69,490.00 (17/ *15/2026 4,19(400 4,190.00 01/13/2027 60,000.00 1.9504 4,190.00 64,190.00 68,38(400 07/15/ 2027 3,605.00 3,605.00 01/15/2028 60,0)0.00 2.0504 3,605.00 63,605.00 67,210,00 07/15/2028 2,990.00 2,990410 111/ l 5/2029 65,000.00 27150 `,1b 2,990.00 67,990.00 70,980.00 07/15/2029 2,291.25 2,291.23 01/15/2030 65,000.00 2.25031 2,291,25 67,291.25 69,582.50 07/.15/2030 1,560.00 1,560110 - 01/15/2031 65,000,00 2.350% 1,56(1.00 66,560.00 68,120.00 07/ 15/ 2031 796,25 796.25 01/15/2032 65,000,00 2.450% 796,25 65,796,25 66,592,50 Total $885,000.00 5154,807.28 $1,039,807.28 Page 11 A 5EC EXHIBIT C8 Sewer Utility Portion Revenue vs Debt Service Special Assessment Net Debt Levy Collection Date Total P+I Revenue* Service Year Year 01/15/2017 9,499.78 - 9,974.77 01/15/2018 70,267.50 43,77936 30,001.52 2016 2017 (11/.15/2019 69,800.00 43,779.30 29,510,64 2017 2018 01/15/ 2020 69,250.00 43,779,30 28,933.14 2018 2019 01 /15/2021 68,617.50 43,779.35 28,269.03 2019 2020 01/15/ 2022 67,930.00 43,779.30 27,547.14 7020 2021 01/15/2023 67,187.30 43,779.36 26,767,52 2021 2022 111/15/2024 66,390,00 43,779.33 25,931).13 2022 2023 01/15/ 2025 70,510.00 43,779.35 30,256.15 2023 2024 01/15/ 2026 69,490.00 43,779.36 29,185.14 2024 2025 01/15/ 2027 68,380,00 43,779,35 28,019.65 2025 2026 01/15/ 21128 67,210.00 43,779.36 26,791.14 2026 2(127 01/15/ 2029 70,980.00 43,779.35 3(1,749,65 2027 2028 01/15/2030 69,582,50 43,779.35 29,282.28 2028 2029 01/15/2031 68,120.00 43,779.35 27,746.65 2(129 2030 111/15/ 2032 66,392.5(1 43,779,36 26,142.77 2030 2031 01/15/2033 - 43,779,36 2031 2032 01/15/2034 43,779.36 2032 2033 01/15/2035 - 43,779,35 2033 21134 01/15/2036 43,779,35 2034 2035 01/15/2037 43,77).35 ZONT Total $1,039,807.28 $875,587.10 $435,107.31 * Special Assessments total $592,066 spread in even payments over 20 years at 4.00% (2.00% above bond rate). Special Assessments have been levied to reduce pledged sewer utility revenues for debt service. Page 12 T SECURITIES