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GOLF COURSE FUNDING REVISITED <br /> Breakdown of bond issue and pro-forma errors. (See attached copy) <br /> Assumptions: Actual: <br /> 50 station driving range 40 stations on cement or 30 on grass <br /> Bonds issued at 4.75% Bonds issued at 5.00% to 5.90% <br /> Does not include sales tax Sales tax at 6 1/2% cost of$40,000+ <br /> Costs of goods sold $18,000 Costs of goods sold $60,000 for <br /> for revenue of$58,000 (1999) revenues of$111,000 (1999) <br /> Mark up of 322% Mark up of 85% <br /> Depreciation and capital costs Depreciation is $79,000 and Vehicle <br /> not included in bond or bond pro- Replacement $35,000 for 1998 <br /> forma. Included in preliminary Capital costs for course projects <br /> pro-forma at $13,700 per year Vary from $30,000 on up per year <br /> Chemicals/Fertilizer $8,500 No accounting for sand, gravel, <br /> Parts, supplies, rental equipment, <br /> Pump electricity, fuel, etc. $60,000 <br /> Personnel as a % of revenue is 45% Personnel as a % of revenue is 44% <br /> Gross Revenues $499,265 <br /> Sales Tax $(32,452) <br /> Wages $183,096 <br /> Benefits $ 26,000 <br />