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FROM : BRAEMAR G.C. PHONE NO. : +941 7366 Oct. 04 1993 12:56PM P6 <br /> CAPITAL COSTS AND NET INCOME AFTER DEBT SERVICE SUMMARIES: SEE NOTE 2 <br /> SHEET 5 OF 7 <br /> •ITAL DEVELOPMENT COSTS 1993/1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 <br /> LAND PURCHASE <br /> . 9 HOLE COURSE $561109 <br /> CONSTRUCTION & FEES $1687345 <br /> EQUIPMENT - MAINTENANCE $170000 <br /> CAPITALIZED INTEREST $251169 <br /> BOND RESERVE $305000 <br /> BOND DISCOUNT ! 1,9% $57950 <br /> COSTS OF ISSUANCE $40060 <br /> TOTAL ISSUE LESS CONTINGENCY $3072633 <br /> CONTINGENCY 8 5t $87367 <br /> TOTAL .BOND ISSUE $3160000 <br /> :ttttttt**t*******ttt*tttttttttituitts*ttt*t**ttitttttx*ttttt$tt*it*t*****xxtttxttttttttt$tttt***ttttttt*ttt*ttt$tt*t$* <br /> *x*$t***t***t***********t**t*ttt*tt****$ *tl***********x*********t$$*$$tit$**t****r*****t**tt*x******tt*:**1*****t****** <br /> tt*****$xttxtt$t*i*$x*tt*ttttt***ttx*ttt$****t4ttit$ttt*tt****$**t**t*tt*tttx$$tt$t$M*Icttttm***xxtx*tt*$$*t*t$$$$ttt <br /> ANNUAL NET INCOME SUMMARY 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 <br /> TOTAL GROSS REVENUES $209305 $322543 $399951 $450581 $499265 $537299 $577010 $618280 $655671 $691602 <br /> NET DEBT SERVICE $156925 $156925 $156925 $156925 $206925 $219625 $236505 $267255 $271075 $274250 <br /> •ME AFTER DEBT SERVICE $52380 $165618 $243026 $293656 $342340 $330374 . 5357385 $381775 $388416 $420527 <br /> TOTAL GROSS EXPENSES $209183 $212520 $219707 $229866 $237617 $245668 $254037 $263037 $272083 $281497 <br /> CITY LOAN REPAYMENT • <br /> ANNUAL SURPLUS (DEFICIT) 1-156802 1-46902 $23319 $63790 $104723 $84706 $103348 $118738 $116333 $139030 <br /> CUMULATIVE NET INCOME $-156802 5-203704 1-180386 5-116596 1-11873 $72833 $176181 $294919 $411252 $550282 <br /> t-AVERAGE-NET-INCOME-PER'YEAR-OVER-TWENTY YEAR-PERIOD-: $126;-143 <br />