Single Family Mortgage Bond Resolution

Transcription

1 This document is made available electronically by the Minnesota Legislative Reference Library as part of an ongoing digital archiving project. Quarterly Disclosure Report Published August 12, 2011 TRUSTEE: Wells Fargo Bank, National Association 625 Marquette Avenue, N Minneapolis, MN Contact: Martha Earley, Vice President (612) FAX: AGENCY: Minnesota Housing Finance Agency 400 Sibley Street-Suite 300 St. Paul, MN Contact: Bill Kapphahn, Finance Director (651) (651) TDD FAX: This Disclosure Report provides additional information not required by any undertaking entered into by Minnesota Housing pursuant to Securities and Exchange Commission Rule 15c2-12. Minnesota Housing will separately file annual reports as required in the undertakings which it has entered into under Rule 15c2-12. Equal Opportunity Housing and Equal Opportunity Employment This publication is available upon request in alternative formats.

2 TABLE OF CONTENTS Page Disclaimer... A-1 General Mortgages... B-1 Bonds and Loans Outstanding, Remaining Acquisition Funds... C-1 Loan Portfolio Characteristics... D-1 Insurance Loans Outstanding by Mortgage Insurance Type... E-1 Status Reports Bonds Delinquency and Foreclosure Statistics... F-1 Real Estate Owned Activity/Pending Claims (PMI)... G-1 FHA Mortgage Insurance/VA Guaranty Pending Claims...H-1 Real Estate Owned Uninsured Activity.....I-1 Real Estate Owned/Mortgage Insurance Completed Claims Activity... J-1 Prepayment Report....K-1 Bond Call History... L-1 Source of Funds Used to Call Bonds... M-1 Bonds Outstanding, Redemption Provisions and Call Priority... N-1 Summary of Special Redemption Provisions... O-1 Tax Restricted Prepayments... P-1 Investments... Q-1 Reserve Requirements... R-1 Refer to the disclaimer on page A-1

3 Disclaimer All i nformation c ontained h erein h as bee n f urnished or obt ained b y the Minnesota H ousing Finance A gency ( the Agency or Minnesota H ousing ) f rom sources believed to be accurate and reliable. The information contained in this Disclosure Report speaks only as of June 30, 2011 (except as expressly stated otherwise), is subject to change without notice and delivery of this information shall not, under any circumstances, create any implication that there has been no change in the affairs of the Agency since June 30, In particular, information provided herein relating to redemption provisions and call priorities is only a partial summary of the complete terms contained in the Official Statement and operative documents for such series. Reference should be made to the Official Statement and the operative documents for each series of Bonds for a complete statement of the terms of such series. Under no circumstances shall the Agency have any liability to any person or entity for (1) any loss or damage in whole or part caused by, resulting from or relating to any error (occasioned by n eglect or o therwise) o r ot her c ircumstances i nvolved i n pr ocuring, c ollecting, c ompiling, i nterpreting, analyzing, editing, t ranscribing, c ommunicating or delivering any such information, or (2) any direct, indirect, special, consequential or incidental damages whatsoever, even if the Agency is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, any such information. THIS IS NOT AN OFFERING DOCUMENT. The following information relates to bond issues of Minnesota Housing issued under the that have been sold and distributed i n u nderwritten publ ic of ferings des cribed i n t he r elated O fficial S tatements. E ach v iewer of t he f ollowing i nformation ac knowledges t hat ( i) Minnesota Housing is not now by this document offering any bonds or other securities nor soliciting an offer to buy any securities, (ii) this information is not to be c onstrued as a d escription of Minnesota H ousing or i ts pr ograms i n c onjunction with an y of fering of bonds or s ecurities of Minnesota H ousing such offerings are made only pursuant to the appropriate Official Statements of Minnesota Housing nor shall anyone assume from the availability of the following information that the affairs of Minnesota Housing (or its programs) have not changed since the date of this information, (iii) no representation is made as to the propriety or legality of any secondary market trading of the bonds or other securities of Minnesota Housing by anyone in any jurisdiction, and (iv) Minnesota Housing does not hereby obligate itself in any manner to update this information periodically or otherwise. A-1

4 Mortgages MORTGAGE LOANS BY AMOUNT Series $ Amount of Loans Purchased Less $ Amount of Scheduled Payments Less $ Amount of Prepayments and Curtailments Less $ Amount of Loans Transferred to REO, FHA/VA Assigned, PMI Claims $ Amount of Loans Outstanding Weighted Average Mortgage Rate (based on Loans Outstanding) Retired $ 1,701,529,270 $ 214,955,520 $ 1,403,604,167 $ 68,817,464 $ 14,152, % 94DE 124,506,755 40,033,369 73,118,261 2,463,242 8,891, ABC 51,785,095 4,842,247 42,138,026 1,751,706 3,053, DEF 50,479,217 4,820,832 41,555,417 1,527,250 2,575, DEF 41,405,629 3,631,158 33,169,431 1,269,488 3,335, FGH-1 33,213,207 2,953,216 24,063,322 1,115,361 5,081, FGH-2 34,394,492 3,085,666 21,385,655 2,142,119 7,781, HI 51,639,997 3,797,476 39,214,487 1,759,625 6,868, JK 50,237,405 4,417,738 27,843,652 3,861,847 14,114, F/97GH 72,564,580 4,436,658 54,284,208 2,993,174 10,850, GH 73,480,942 6,265,653 41,913,490 4,882,024 20,419, AB 49,519,099 3,984,131 32,594,537 2,591,681 10,348, E 23,315,824 2,359,936 7,364,647 1,362,152 12,229, Total $ 2,358,071,512 $ 299,583,600 $ 1,842,249,300 $ 96,537,133 $ 119,701, % Refer to the disclaimer on page A-1. B-1

5 Mortgages MORTGAGE LOANS BY NUMBER Series Total Number of Loans Purchased Less Total Number of Loans Prepaid Less Number of Loans Transferred to REO,FHA/VA Assigned, PMI Claims Number of Loans Outstanding Retired 28,500 26, , DE 3,980 3, ABC DEF DEF FGH FGH HI JK F/97GH GH AB E Total 39,679 35, , ,092 If the number of loans allocated to a series of Bonds in the table is expressed in an increment of 0.5, the allocation reflects the fact that proceeds of Bonds of the series were used, with an equal amount of funds from another source (which may be another series of Bonds or a series of Residential Housing Finance Bonds) to purchase the mortgage loan. In such cases, while principal repayments and prepayments are allocated equally to each funding source, interest payments on the mortgage loan are not allocated pro rata. Refer to the disclaimeron page A-1. B-2

6 Bonds and Loans Outstanding, Remaining Acquisition Fund Series Bonds Outstanding Mortgages Outstanding Remaining Acquisition Fund Balance Outstanding Commitments Uncommitted Lendable Funds Weighted Average Mortgage Rate (based on Loans Outstanding) Retired $ - $ 14,152,119 $ - $ - $ % 94E 9,775,000 8,891, ABC 2,350,000 3,053, DEF 2,220,000 2,575, DEF 3,450,000 3,335, FGH-1 3,330,000 5,081, FGH-2 7,910,000 7,781, HI 6,025,000 6,868, JK 14,790,000 14,114, F/97GH 5,360,000 10,850, GH 18,780,000 20,419, AB 9,755,000 10,348, E 13,760,000 12,229, $ 97,505,000 $ 119,701,479 $ - $ - $ % Refer to the disclaimer on page A-1. C-1

7 Loan Portfolio Characteristics Series Average Home Price Average Original Loan Amount Percentage of Original Portfolio by loan amount New Construction Existing Homes Retired $ 59,705 $ 57, % % 94E 92,723 96, ABC 61,435 60, DEF 61,035 59, DEF 61,916 60, FGH-1 74,853 72, FGH-2 92,582 83, HI 77,056 72, JK 84,704 81, F/97GH 80,378 74, GH 98,617 92, ABC 87,037 83, E 111, , Weighted Average $ 66,589 $ 64, % % Refer to the disclaimer on page A-1. D-1

8 Loans Outstanding by Mortgage Insurance Type Series FHA VA Rural Development MGIC Genworth Other Private Mortgage Insurers* Uninsured Total Retired $ 10,625,171 $ 649,799 $ 839,764 $ 449,167 $ 363,514 $ 262,828 $ 961,876 $ 14,152,119 94DE 1,498,328 76,027 1,191,675 1,889,875 1,974,928 1,179,090 1,081,960 8,891,883 96ABC 1,966, , , , ,463 92, ,621 3,053,116 96DEF 1,831,311 30, ,981 97,036 90,377 47, ,070 2,575,718 97DEF 2,081, ,276 39,969 80, , ,274 3,335,552 98FGH-1 2,927,128 83,050 1,403, ,040 5,081,308 98FGH-2 4,242, ,716 1,583, ,589 38,967 93,111 1,394,466 7,781,052 99HI 3,134, ,838 1,663, ,664 1,556,674 6,868,409 99JK 7,429, ,515 3,865, , , ,604 2,012,405 14,114,168 00F/97FGH 5,542, ,886 2,320, ,493 50, ,291 2,075,278 10,850,540 00GH 10,647, ,099 4,483, ,708 89, ,057 4,103,907 20,419,775 01AB 5,883, ,271 2,785, , , , ,889 10,348,750 01E 6,162, ,468 3,054, , , ,916 1,437,777 12,229,089 Total $ 63,971,726 $ 3,141,467 $ 24,501,526 $ 4,216,090 $ 3,537,165 $ 3,432,268 $ 16,901,237 $ 119,701, % 2.62% 20.47% 3.52% 2.95% 2.87% 14.12% % *Other Private Mortgage Insurers consists of: United 1.35%, Republic 0.83%, Private Mortgage Insurance 0.45%, Guarantee Fund 0.08%, Triad 0.04% GMAC 0.08%, Other 0.04%. Refer to the disclaimer on page A-1. E-1

9 Bond Financed: Number of Loans Delinquency and Foreclosure Statistics Payments Past Due as a Percentage of the Number of Loans Outstanding 120 Days and Greater and Days Days Days Foreclosures (1) Total (2) Balance Outstanding # % # % # % # % % Retired 456 $ 14,152, DE 92 8,891, ABC 79 3,053, DEF 72 2,575, DEF 85 3,335, FGH ,081, FGH ,781, HI 124 6,868, JK ,114, F/97GH ,850, GH ,419, AB ,348, E ,229, Total 2,092 $ 119,701, All Loans are serviced by US Bank Home Mortgage. If the number of loans allocated to a series of Bonds in the table is expressed in an increment of 0.5, the allocation reflects the fact that proceeds of Bonds of the series were used, with an equal amount of funds from another source (which may be another series of Bonds or a series of Residential Housing Finance Bonds) to purchase the mortgage loan. In such cases, while principal repayments and prepayments are allocated equally to each funding source, interest payments on the mortgage loan are not allocated pro rata. (1) Included in "Foreclosures" are loans for which the sheriff's sale has been held and the redemption period (generally six months) has not yet elapsed in addition to those customarily included in delinquency statistics. (2) days not included in total. See page F-2 for comparative delinquency and foreclosure statistics. Refer to the disclaimer on page A-1. F-1

10 Delinquency and Foreclosure Statistics continued from page F-1. Comparative 60+ Day Delinquency Statistics (1) Single Family Mortgage Loan Portfolio Mortgage Bankers Association of America, Minnesota (2) Mortgage Bankers Association of America, National (2) At 3/31/2011 At 6/30/ % 4.57% 3.14% not yet available 4.96% not yet available Comparative Foreclosure Statistics (3) Single Family Mortgage Loan Portfolio Mortgage Bankers Association of America, Minnesota (2) Mortgage Bankers Association of America, National (2) At 3/31/2011 At 6/30/ % 0.88% 2.44% not yet available 2.93% not yet available (1) This table compares 60+ day delinquency statistics. The delinquency rates do not include those delinquent loans referred to an attorney, where the first legal documents have been filed, or where any further foreclosure proceedings have occurred. Thus, the percentage for the Single Family Mortgage loan portfolio differs from that in the table on page F-1. (2) Mortgage Bankers Association of America average of 60+ days delinquency and foreclosure statistics adjusted by the Agency to reflect the proportions of insurance types in the Single Family Mortgage loan portfolio. The unadjusted 3/31/11 Mortgage Bankers Association of America average 60+ days delinquency rate is 1.90% Minnesota and 3.08% national. The unadjusted 3/31/11 Mortgage Bankers Association of America foreclosure rate is 1.90% Minnesota and 2.68% national. None of the delinquency and foreclosure rates presented are seasonally adjusted. Reprinted by permission of the Mortgage Bankers Association. For more information, contact the Mortgage Bankers Association, 1331 L Street NW, Washington D.C , (202) (3) This table compares foreclosure statistics, where "foreclosures" include only those loans referred to an attorney and with the first legal documents filed, but not loans for which a foreclosure sale has been held. Thus, the percentage for the Single Family Mortgage loan portfolio is not directly comparable to the table on page F-1. Refer to disclaimer on page A-1. F-2

11 Real Estate Owned Activity/Pending Claims (PMI) Pending Claims* PMI Series No. of Prop. Loan Balance Average Balance Net Amount Due Average Net Due Retired 2.0 $ 99,225 $ 49,613 $ 106,896 $ 53,448 94DE , , ,196 99,155 98FGH ,223 30,223 33,265 33,265 98FGH ,966 58,966 65,206 65,206 99JK ,558 39,558 42,552 42,552 00GH ,218 86, ,840 73,968 01AB ,960 51,980 99,091 49,546 01E , ,097 68,163 68,163 Total 17.5 $ 1,468,720 $ 83,927 $ 1,231,209 $ 70,355 *MHFA has not received all proceeds/cost of sale. If the number of properties allocated to a series of Bonds in the table is expressed in an increment of 0.5, the allocation reflects the fact that proceeds of Bonds of the series were used, with an equal amount of funds from another source (which may be another series of Bonds or a series of Residential Housing Finance Bonds) to purchase the mortgage loan that financed the property. In such cases, while principal repayments and prepayments are allocated equally to each funding source, interest payments on the mortgage loan are not allocated pro rata. Refer to the disclaime on page A-1. G-1

12 FHA Mortgage Insurance/VA Guaranty Pending Claims FHA/VA Mortgage Insurance/VA Guaranty Pending Claims * Series No. of Prop. Loan Balance Average Balance Net Amount Due Average Net Due Retired 14.0 $ 545,330 $ 38,952 $ 223,201 $ 15,943 94DE , ,262 36,527 73,054 96ABC ,479 47,740 24,443 12,222 97DEF ,851 42,426 6,225 3,113 97GH/00F ,768 88,384 79,349 39,675 98FGH ,743 82, ,104 32,017 99HI ,272 61,091 7,878 2,626 99JK ,838 57, ,541 38,514 00GH ,308,828 93, ,287 26,521 01AB ,644 67,322 13,677 6,839 01E ,238 52,119 76,953 38, $ 3,379,122 $ 66,913 $ 1,147,185 $ 22,717 *The Agency has not received all proceeds/cost of sale - property has been sold. If the number of properties allocated to a series of Bonds in the table is expressed in an increment of 0.5, the allocation reflects the fact that proceeds of Bonds of the series were used, with an equal amount of funds from another source (which may be another series of Bonds or a series of Residential Housing Finance Bonds) to purchase the mortgage loan that financed the property. In such cases, while principal repayments and prepayments are allocated equally to each funding source, interest payments on the mortgage loan are not allocated pro rata. Refer to the disclaimer on page A-1. H-1

13 Real Estate Owned Uninsured Activity REO Uninsured* Series No. of Prop. Loan Balance Average Balance Net Amount Due Average Net Due 96DEF 1 $ 25,287 $ 25,287 $ 20,216 $ 20,216 *The Agency holds title - property is not sold. 1 $ 25,287 $ 25,287 $ 20,216 $ 20,216 Refer to the disclaimer on page A-1. I-1

14 Real Estate Owned/Mortgage Insurance Completed Claims Activity Cumulative Completed Claims* Series No. of Prop. Loan Balance Average Balance Gain/(Loss)** Average Gain (Loss) Retired 1,437.0 $ 68,172,909 $ 47,441 $ (2,412,428) $ (1,679) 94DE ,794,638 34,184 (84,139) (1,603) 96ABC ,656,227 51,757 (20,697) (647) 96DEF ,501,963 50,065 (16,151) (538) 97DEF ,184,637 45,563 (48,169) (1,853) 97GH/00F ,816,406 62,587 (260,362) (5,786) 98FGH ,085,138 57,113 (18,113) (953) 98FGH ,589,410 75,686 (118,371) (5,637) 99HI ,576,353 52,545 (36,970) (1,232) 99JK ,649,451 77,648 (416,978) (8,872) 00GH ,140,978 78,524 (52,745) (1,319) 01AB ,353,077 71,305 (129,680) (3,930) 01E ,142,817 87,909 (43,135) (3,318) Total 1,825.5 $ 91,664,004 $ 50,213 $ (3,657,938) $ (2,004) *The Agency has received all proceeds - loans written off. **Real Estate Owned is carried at the unpaid principal and interest amount as of the date title is transferred to the Agency plus improvements and maintenance costs less any insurance or sale proceeds received. The carrying value is reduced by any expected loss on disposition of the property. The Agency stops accruing interest on loans as of the date title of the underlying property is transferred to the Agency, because it is impossible to accurately predict the date of receipt and amount of final insurance proceeds. In some instances, a portion or all of the unrecorded interest income is paid by the insurer. An accounting gain for an individual loan results when the interest paid by the insurer exceeds the unreimbursed expenses of foreclosure. If the number of properties allocated to a series of Bonds in the table is expressed in an increment of 0.5, the allocation reflec fact that proceeds of Bonds of the series were used, with an equal amount of funds from another source (which may be anoth series of Bonds or a series of Residential Housing Finance Bonds) to purchase the mortgage loan that financed the property. cases, while principal repayments and prepayments are allocated equally to each funding source, interest payments on the m loan are not allocated pro rata. Refer to the disclaimer on page A-1. J-1

15 Prepayment Report Series Prepayments/REOs Twelve Months Ended Total Loan Purchases June 30, 2011 Weighted Average Interest Rate Based on Total Loans Purchased # of Loans Amount # of Loans Amount Curtailments 12 Months Ended 6/30/2011 Prepayments/ REO Total # to Date Curtailments and Prepayments/ REO Total To Date Bond Calls/Recycled Prepayments through 7/31/2011 From Prepayments/REO & Curtailments* Remaining Curtailments and Prepayments/ REO** Retired (Note A) 7.58 % 28,500 $ 1,701,529, $ 2,118,907 $ 161,343 28,028 $ 1,470,674,049 $ 1,460,183,234 $ 10,490,815 94DE , ,506, ,812 54,651 3,883 74,863,957 57,940,486 16,923,471 96ABC ,785, ,105 11, ,794,252 43,730,000 64,252 96DEF ,479, ,431 57, ,051,834 43,050,000 1,834 97DEF ,405, ,726 41, ,349,761 34,320,000 29,761 98FGH ,213, ,924 15, ,147,121 24,970, ,121 98FGH ,394, ,593,166 37, ,945,823 22,510, ,823 99HI ,639, ,349 24, ,789,807 40,505, ,807 99JK ,237, ,950,869 91, ,250,933 30,755, ,933 00F/97GH ,564, ,053,133 50, ,973,080 56,840, ,080 00GH ,480, ,824,249 69, ,045,645 41,625,000 3,420,645 01AB ,519, ,402,500 27, ,890,770 34,640, ,770 01E ,315, ,064,509 27, ,495,455 7,770, ,455 Totals 7.26 % 39,679 $ 2,358,071, $ 14,000,680 $ 669,588 37,518 $ 1,932,272,487 $ 1,898,838,720 $ 33,433,767 Note A: The amount shown under "Bond Calls/Recycled Prepayments through 7/31/2011 From Prepayments/REO & Curtailments" also includes application of prepayments relating to retired Bonds for other purposes, including permitted withdrawals from the Bond Resolution, and the amount shown as "Remaining Curtailments and Prepayments/REO" for the retired series also includes some resolution excesses relating to retired Bonds. * This column includes the application of prepayments and curtailments and revenue from REOs to bond calls/recycled prepayments through July 31, **The Agency applies these amounts from time to time to the redemption of outstanding bonds or for other purposes authorized by the Bond Resolution. The amounts reflect curtailments and prepayments and revenue from REOs remaining after July 31, The redemption of Bonds pursuant to redemption notices that have been issued by the Trustee subsequent to June 30, 2011 but before the date of this disclosure report are listed, as a service to the reader, in the Bond Call History (Section M). Refer to the disclaimer on page A-1. K-1

16 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1994 E $ 31,820 $ (6,915) $ (15,360) $ 9,545 02/01/1996 $ 5 12/01/ /15/ /01/1999 1,585 11/15/1999 3,305 06/01/ /15/ /01/2002 5,305 05/31/2002 2,425 01/06/ /20/ /01/ /01/ /13/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-1

17 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1996 A $ 34,480 $ - $ (32,695) $ 1,785 12/01/1997 $ /01/1998 1,255 09/15/1998 1,190 04/01/ /01/1999 3,015 11/15/1999 2,440 06/01/2000 1,495 01/01/2002 7,395 05/31/2002 2,310 08/30/2002 1,140 01/06/2003 1,920 07/01/ /24/ /15/2004 2,705 07/01/ /20/2004 1,070 01/01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/2009 1,030 07/01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-2

18 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1996 C $ 12,345 $ (4,480) $ (7,510) $ /01/1998 $ /15/ /01/ /01/ /15/ /01/ /31/ /30/ /06/2003 1,175 07/01/ /24/ /15/2004 1,565 07/01/ /20/ /01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-3

19 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1996 D $ 23,580 $ (4,895) $ (18,300) $ /01/1998 $ 2,650 09/15/ /05/ /11/ /01/ /15/ /01/ /15/2001 1,040 01/01/2002 2,020 05/31/2002 1,020 08/30/ /06/2003 1,410 07/01/ /24/2003 1,405 01/15/2004 1,210 07/01/ /20/ /01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-4

20 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1996 E $ 14,495 $ - $ (13,810) $ /01/1998 $ 1,660 10/05/ /01/ /15/ /01/ /15/ /01/2002 1,400 05/31/ /30/ /06/2003 1,055 07/01/ /24/2003 1,115 01/15/ /01/ /20/ /01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-5

21 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1996 F $ 18,275 $ - $ (17,415) $ /01/1998 $ 2,075 10/05/ /01/ /15/ /01/ /15/ /01/2002 1,765 05/31/ /30/ /06/2003 1,335 07/01/ /24/2003 1,410 01/15/2004 1,195 07/01/ /20/ /01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-6

22 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1997 D $ 15,885 $ - $ (14,150) $ 1,735 05/01/1998 $ 2,570 07/06/ /30/ /06/ /01/ /24/ /15/2004 2,870 07/01/ /20/ /01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-7

23 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1997 E $ 23,495 $ - $ (22,015) $ 1,480 05/01/1998 $ 3,770 07/06/ /15/1999 1,225 06/01/2000 1,105 01/15/ /01/2002 2,775 05/31/2002 1,505 08/30/ /06/ /01/ /24/ /15/2004 2,455 07/01/ /20/ /01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-8

24 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1998 F-1 $ 10,650 $ (2,620) $ (7,535) $ /15/2001 $ 65 01/01/ /01/ /31/ /30/ /06/ /01/ /24/ /15/ /01/ /20/ /01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-9

25 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1998 G-1 $ 6,150 $ - $ (5,400) $ /15/2001 $ 40 01/01/ /01/ /31/ /30/ /06/ /01/ /24/ /15/ /01/ /20/ /01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-10

26 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1998 H-1 $ 14,885 $ - $ (13,080) $ 1,805 01/15/2001 $ /01/ /01/ /31/ /30/ /06/2003 1,040 07/01/ /24/2003 1,145 01/15/2004 1,445 07/01/2004 1,065 08/20/2004 1,005 01/01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-11

27 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1998 F-2 $ 11,385 $ (3,685) $ (6,510) $ 1,190 01/01/2002 $ 10 05/31/ /30/ /06/ /01/ /24/ /15/ /01/ /20/ /01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-12

28 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1998 G-2 $ 6,605 $ - $ (4,925) $ 1,680 05/31/2002 $ 80 08/30/ /06/ /01/ /24/ /15/ /01/ /20/ /01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-13

29 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1998 H-2 $ 15,965 $ - $ (11,890) $ 4,075 05/31/2002 $ /30/ /06/ /01/ /24/ /15/ /01/ /20/ /01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-14

30 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1999 H $ 16,350 $ - $ (13,755) $ 2,595 01/15/2001 $ 50 01/01/ /31/ /30/ /06/ /01/ /24/2003 1,235 01/15/2004 1,795 07/01/2004 1,260 08/20/ /01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-15

31 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1999 I $ 34,700 $ (3,470) $ (28,110) $ 3,120 01/15/2001 $ /01/2002 2,025 05/31/ /30/2002 1,140 01/06/2003 3,645 07/01/2003 1,590 11/24/2003 2,090 01/15/2004 3,355 07/01/2004 2,090 08/20/2004 1,240 01/01/2005 1,455 04/01/ /01/ /15/ /13/2006 1,075 07/01/ /01/ /06/ /01/ /01/ /01/ /01/2009 1,010 07/01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-16

32 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1999 J $ 4,745 $ - $ (3,225) $ 1,520 01/06/2003 $ 50 07/01/ /24/ /15/ /01/ /20/ /01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-17

33 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 1999 K $ 44,515 $ (3,745) $ (28,590) $ 12,180 01/06/2003 $ /01/ /24/ /15/2004 2,705 07/01/ /20/2004 2,705 01/01/ /01/2005 3,655 07/01/2005 1,420 09/15/2005 1,465 01/13/2006 1,985 07/01/2006 1,470 01/01/ /06/2007 1,405 07/01/2007 1,200 01/01/2008 1,295 07/01/ /01/2009 2,180 07/01/ /01/ /01/ /01/2011 1,135 07/01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-18

34 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 2000 F $ 20,000 $ - $ (16,845) $ 3,155 01/01/2002 $ /30/ /13/2006 1,295 07/01/2006 1,260 01/01/2007 1,700 07/01/2007 1,480 01/01/ /01/ /01/2009 2,655 07/01/ /01/2010 2,280 07/01/ /01/ /01/2011 2,205 This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-19

35 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 2000 G $ 39,990 $ (3,490) $ (25,890) $ 10,610 01/06/2003 $ /01/ /24/2003 2,010 01/15/ /01/2004 4,255 08/20/ /01/2005 3,365 04/01/ /01/2005 2,135 09/15/2005 1,240 01/13/2006 1,835 07/01/2006 1,090 01/01/2007 1,040 04/06/ /01/2007 2,020 01/01/2008 1,305 07/01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-20

36 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 2000 H $ 32,475 $ (8,295) $ (17,355) $ 6,825 01/06/2003 $ /01/ /24/2003 1,540 01/15/ /01/2004 3,135 08/20/ /01/2005 2,385 04/01/ /01/2005 1,475 09/15/ /13/2006 1,210 07/01/ /01/ /06/ /01/2007 1,145 01/01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-21

37 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 2001 A $ 14,570 $ - $ (10,420) $ 4,150 01/06/2003 $ /06/ /01/ /24/ /15/ /01/ /20/ /01/ /01/ /01/ /15/ /13/ /01/ /01/ /06/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-22

38 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 2001 B $ 34,855 $ (4,655) $ (25,480) $ 4,720 01/06/2003 $ 1,310 01/06/ /01/ /01/ /24/2003 1,620 01/01/ /15/2004 1,990 07/01/2004 1,855 08/20/2004 1,455 01/01/ /01/ /01/2005 1,365 07/01/ /01/ /15/2005 1,660 01/01/ /13/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-23

39 Bond Call History (in thousands) Series Original Scheduled Payments Calls Outstanding Date Called Amount 2001 E** $ 59,405 $ (38,420) $ (8,065) $ 12,920 08/20/2004 $ /01/ /01/ /15/ /13/ /01/ /06/ /01/ /01/2008 1,410 07/01/ /01/ /01/ /01/ /01/ /01/ /01/ Total $ 541,620 $ (84,670) $ (368,330) $ 88,620 $ 368,330 ** $23,000,000 Bonds remarketed 07/24/2003, $36,405,000 redeemed. This schedule includes bonds that have been redeemed or, pursuant to redemption notices that have been issued by the Trustee as of the date of this report, are to be redeemed after June 30, Refer to the disclaimer on page A-1 L-24

40 Source of Funds Used to Call Bonds Series Bond Call Date Unexpended Proceeds Series Excess Revenues Prepayments Reserve Excess Other Total Bonds Called Maturity Date(s) of Bond(s) Called 1982 A This issue is fully retired B This issue is fully retired C This issue is fully retired A This issue is fully retired B This issue is fully retired C This issue is fully retired A This issue is fully retired BC This issue is fully retired D This issue is fully retired AB This issue is fully retired C This issue is fully retired DE This issue is fully retired A This issue is fully retired B This issue is fully retired CD This issue is fully retired ABC This issue is fully retired DE This issue is fully retired ABC (Nonremarketed) This issue is fully retired ABC (Re-marketed) This issue is fully retired A This issue is fully retired BCD-1 This issue is fully retired B-2 This issue is fully retired C-2 This issue is fully retired D-2 This issue is fully retired E This issue is fully retired F This issue is fully retired. Refer to the disclaimer on page A-1 M-1

41 Source of Funds Used to Call Bonds Series Bond Call Date Unexpended Proceeds Series Excess Revenues Prepayments Reserve Excess Other Total Bonds Called Maturity Date(s) of Bond(s) Called 1992 G This issue is fully retired H This issue is fully retired I This issue is fully retired B This issue is fully retired C This issue is fully retired D This issue is fully retired E This issue is fully retired F This issue is fully retired ABC This issue is fully retired D This issue is fully retired E 02/01/1996 $ - $ - $ - $ 5,000 $ - $ 5, /01/ , , , , 2007, 2013 & /15/ ,000-10, /01/ ,585,000 1,585, , 2013 & /15/ ,210,000 95,000-3,305, , 2013 & /01/ ,000 25, , , 2013 & /15/ ,000-10, /01/ ,145, ,000-5,305, , 2013 & /31/ ,350,000 75,000-2,425, , 2013 & /06/ , , /20/ ,000-5, /01/ ,000-5, /01/ , , , 2013 & /13/ ,000-5, /01/ ,000-5, /06/ ,000-5, /01/ ,000-5, /01/ ,000-5, /01/ ,000 15, , & /01/ ,000 10,000-95, & /01/ ,000 5,000-45, & /01/ ,000 15, , & /01/ ,000 10, , & /01/ ,000 15, , & 2025 Total 1994 E ,895, ,000 1,585,000 15,130,000 Refer to the disclaimer on page A-1 M-2

42 Source of Funds Used to Call Bonds Series Bond Call Date Unexpended Proceeds Series Excess Revenues Prepayments Reserve Excess Other Total Bonds Called Maturity Date(s) of Bond(s) Called 1994 FG This issue is fully retired HIJ This issue is fully retired KLM This issue is fully retired NOP This issue is fully retired QRS This issue is fully retired T This issue is fully retired U This issue is fully retired V This issue is fully retired A This issue is fully retired B This issue is fully retired C This issue is fully retired D This issue is fully retired EF This issue is fully retired GHI This issue is fully retired J This issue is fully retired K This issue is fully retired L This issue is fully retired M This issue is fully retired N This issue is fully retired O This issue is fully retired. Refer to the disclaimer on page A-1 M-3

43 Source of Funds Used to Call Bonds Series Bond Call Date Unexpended Proceeds Series Excess Revenues Prepayments Reserve Excess Other Total Bonds Called Maturity Date(s) of Bond(s) Called 1996 A 12/01/1997 $ - $ - $ 300,000 $ - $ - $ 300, /01/1998 1,215, ,000-1,255, & /15/ ,145,000 45,000-1,190, & /01/ , ,000-70, & /01/ ,010,000 5,000-3,015, /15/ ,370,000 70,000-2,440, & /01/ ,450,000 45,000-1,495, & /01/ ,170, ,000-7,395, & /31/ ,230,000 80,000-2,310, /30/ ,110,000 30,000-1,140, & /06/ ,860,000 60,000-1,920, & /01/ , , & /24/ , , & /15/ ,575, ,000-2,705, & /01/ , , /20/ ,020,000 50,000-1,070, /01/ , , /01/ ,000 25, , /01/ ,000 20, , /15/ ,000 10, , /13/ ,000 15, , /01/ ,000 10, , /01/ , , /06/ ,000 10,000-65, /01/ ,000 5, , /01/ ,000 5,000-80, /01/ , , /01/ ,000,000 30,000-1,030, /01/ ,000 5,000-45, /01/ , , /01/ ,000 50, /01/ ,000 5, , Total 1996 A 1,280,000-30,265, ,000 50,000 32,520, B This issue is fully retired. Refer to the disclaimer on page A-1 M-4

44 Source of Funds Used to Call Bonds Series Bond Call Date Unexpended Proceeds Series Excess Revenues Prepayments Reserve Excess Other Total Bonds Called Maturity Date(s) of Bond(s) Called 1996 C 05/01/1998 $ 415,000 $ - $ - $ 15,000 $ - $ 430, & /15/ , , /01/ , , , 2005 & /01/ , , /15/ ,000-10, /01/ , , /31/ , , /30/ ,000 20, , & /06/ ,140,000 35,000-1,175, & /01/ , , & /24/ , , & /15/ ,490,000 75,000-1,565, & /01/ , , & /20/ ,000 25, , & /01/ , , & /01/ ,000 10, , & /01/ ,000 10, , & /15/ ,000 5, , & /13/ ,000 10, , & /01/ ,000 5, , & /01/ , , /06/ ,000 5,000-30, /01/ , , /01/ , , /01/ , , /01/ ,000 10, , /01/ , , /01/ , , /01/ ,000 15, /01/ , , Total 1996 C 450,000-6,775, ,000 15,000 7,475,000 Refer to the disclaimer on page A-1 M-5

45 Source of Funds Used to Call Bonds Series Bond Call Date Unexpended Proceeds Series Excess Revenues Prepayments Reserve Excess Other Total Bonds Called Maturity Date(s) of Bond(s) Called 1996 DEF 05/01/1998 $ 6,200,000 $ - $ - $ 185,000 $ - $ 6,385, , , , 2026 & /15/ ,000 10,000-50, & /05/ ,000 35,000-1,010, , , , 2026 & /11/ ,000-5, /01/ ,375, ,375, , , , 2026 & /15/ ,225,000 65,000-2,290, , , , 2026 & /01/ ,070,000 35,000-1,105, , , , 2026 & /15/ ,515,000 85,000-2,600, , , , 2026 & /01/ ,025, ,000-5,185, , , , 2026 & /31/ ,530,000 85,000-2,615, , , , 2026 & /30/ ,375,000 40,000-1,415, , , , 2026 & /06/ ,680, ,000-3,800, , , , 2026 & /01/ ,120, ,120, , , , 2026 & /24/ ,930, ,930, , , , 2026 & /15/ ,060, ,000-3,345, , , , 2026 & /01/ ,045, ,045, , , , 2026 & /20/ ,005,000 95,000-1,100, , , , 2026 & /01/ ,230, ,230, , , , 2026 & /01/ ,000 60, , , , , 2026 & /01/ ,000 35, , , , , 2026 & /15/ ,000 15, , , , , 2026 & /13/ ,000 30, , , , , 2026 & /01/ ,065,000 35,000-1,100, , , , 2026 & /01/ , , , , , 2026 & /06/ ,000 20,000-35, , , 2026 & /01/ ,000 5, , , , 2026 & /01/ ,000 20, , , , 2026 & /01/ ,000 5,000-80, , , 2026 & /01/ ,355,000 40,000-1,395, , , 2026 & /01/ ,000 5, , , , 2026 & /01/ ,000 5, , , 2026 & /01/ , , , , 2026 & /01/ ,000 15, , , , 2026 & 2028 Total 1996 DEF 6,200,000-41,540,000 1,495,000-49,235, GHI This issue is fully retired JK This issue is fully retired ABC This issue is fully retired. Refer to the disclaimer on page A-1 M-6