Adopted Budget Bartram Springs Community Development District July 09, 2018
TABLE OF CONTENTS General Fund Budget Page 1-2 Narrative Page 3-9 Capital Reserve Budget Page 10 Debt Service Fund Budget Series 2016 Page 11 Amortization Schedule - 2016 Page 12-13
General Fund Adopted Actual Projected Total Adopted Budget Thru Next Projected Budget Description FY 2018 5/31/18 4 Months 9/30/18 FY 2019 Revenues Maintenance Assessments $1,084,362 $1,079,053 $5,309 $1,084,362 $1,147,108 Facility Income $7,300 $6,514 $786 $7,300 $7,300 Program Sharing - ASG $7,000 $4,727 $2,274 $7,000 $7,000 Cable Marketing Support $50,000 $0 $0 $0 $0 Interest / Miscellaneous $250 $1,141 $250 $1,391 $1,000 (1) Carry Forward Surplus $0 $115,878 $0 $115,878 $0 Total Revenues $1,148,912 $1,207,312 $8,618 $1,215,930 $1,162,408 Expenditures Administrative Supervisor Fees $12,000 $7,800 $3,000 $10,800 $12,000 FICA Expense $918 $597 $230 $826 $918 Engineering $10,000 $2,386 $7,614 $10,000 $10,000 Assessment Roll $5,000 $5,000 $0 $5,000 $5,000 Arbitrage $600 $600 $0 $600 $600 Trustee $12,300 $12,220 $0 $12,220 $12,300 Dissemination $500 $0 $0 $0 $1,350 Attorney $36,000 $24,747 $11,253 $36,000 $36,000 Annual Audit $3,500 $0 $5,000 $5,000 $3,500 Management Fees $48,657 $32,438 $16,219 $48,657 $48,657 Computer Time $1,000 $667 $333 $1,000 $1,000 Website Maintenance $2,400 $1,400 $1,000 $2,400 $2,400 Travel & Per Diem $100 $0 $0 $0 $100 Telephone $325 $205 $120 $325 $325 Postage $760 $322 $1,369 $1,691 $760 Insurance $45,736 $42,674 $0 $42,674 $45,736 Printing & Binding $4,200 $2,013 $2,187 $4,200 $4,200 Records Storage $350 $0 $350 $350 $350 Legal Advertising $2,500 $726 $1,306 $2,032 $2,500 Other Current Charges $1,000 $676 $324 $1,000 $1,000 Office Supplies $350 $186 $652 $839 $350 Dues, Licenses & Subscriptions $175 $175 $0 $175 $175 Administrative Expenditures $188,371 $134,831 $50,957 $185,788 $189,221 Amenity Center Utilities Telephone 320-572-410 $6,000 $344 $0 $344 $6,000 Electric 320-572-430 $70,000 $37,675 $18,838 $56,513 $65,000 Water/Irrigation 320-572-431/350 $22,000 $15,688 $5,748 $21,436 $22,000 Cable 320-572-432 $5,300 $5,747 $2,873 $8,620 $8,300 Gas 320-572-433 $400 $654 $327 $981 $900 Trash Removal 330-572-467 $6,100 $8,783 $3,400 $12,183 $10,000 Page 1
General Fund General Fund Adopted Actual Projected Total Adopted Budget Thru Next Projected Budget Description FY 2018 5/31/18 4 Months 9/30/18 FY 2019 Amenity Center Continued Security Security Monitoring 320-572-345 $3,300 $2,659 $641 $3,300 $3,300 Access Cards 320-572-494 $2,200 $2,104 $96 $2,200 $2,200 Management Contracts Facility Management 320-572-330 $133,962 $90,784 $44,654 $135,438 $138,651 Pool Attendants 320-572-331 $59,990 $17,007 $42,983 $59,990 $59,990 Field Mgmt. / Admin 320-572-340 $32,500 $21,662 $10,833 $32,495 $32,500 Pool Maintenance 320-572-464 $36,422 $23,831 $12,141 $35,972 $38,528 Pool Chemicals 320-572-465 $19,000 $12,543 $8,873 $21,416 $19,000 Janitorial 320-572-435 $32,078 $21,385 $10,693 $32,078 $33,201 Gym Monitor 320-572-34510 $24,385 $16,257 $8,128 $24,385 $25,238 Night Swim $8,657 $0 $8,657 $8,657 $8,960 Facility Maintenance 320-572-341 $26,781 $18,369 $8,927 $27,296 $47,841 Repairs & Maintenance 330-572-460 $32,500 $68,397 $16,564 $84,961 $48,000 New Capital Projects $10,000 $0 $10,000 $10,000 $10,000 Special Events 320-572-493 $17,050 $19,024 $2,000 $21,024 $17,050 Holiday Decorations 320-572-496 $4,500 $6,401 $0 $6,401 $4,500 Fitness Center Repairs/Supplies 320-572-436 $9,500 $831 $8,669 $9,500 $9,500 Office Supplies 320-572-437 $4,500 $3,833 $667 $4,500 $4,500 ASCAP/BMI Licenses 320-572-438 $3,000 $812 $0 $812 $3,000 Capital Reserves Contribution $47,500 $47,500 $0 $47,500 $0 Amenity Center Expenditures $617,625 $442,291 $225,712 $668,003 $618,159 Grounds Maintenance Hydrology Quality/Mitigation 330-572-463 $3,200 $0 $3,200 $3,200 $0 Landscape Maintenance 330-572-462 $169,188 $115,024 $56,396 $171,420 $180,000 Landscape Contingency 330-572-46250 $31,000 $35,013 $5,000 $40,013 $40,000 Lake Maintenance 330-572-466 $20,328 $13,552 $6,776 $20,328 $20,328 Grounds Maintenance 330-572-46275 $34,000 $30,175 $3,825 $34,000 $34,000 Pump Repairs 330-572-461 $7,500 $909 $6,591 $7,500 $7,500 Streetlight Repairs 320-572-434 $5,700 $5,321 $379 $5,700 $5,700 Irrigation Repairs 330-572-464 $3,000 $9,678 $4,628 $14,306 $5,000 Miscellaneous 330-572-491 $2,500 $1,864 $636 $2,500 $2,500 Capital Reserves Contribution $62,500 $62,500 $0 $62,500 $60,000 Grounds Maintenance Expenditures $338,916 $274,037 $87,430 $361,467 $355,028 Other Expenditures Contingency 330-572-490 $4,000 $672 $0 $672 $0 TOTAL EXPENDITURES $1,148,912 $851,831 $364,099 $1,215,930 $1,162,408 EXCESS REVENUES $0 $355,481 ($355,481) $0 $0 (1) Carry forward surplus is net of maintenance reserves FY2019 Product Type Units Per Unit Total Gross Assessments $1,240,117 50' 456 $ 766 $ 349,306 Less 7.5% Disc. & Collections $93,009 60' 412 $ 816 $ 336,356 Net Assessments $1,147,108 70' 290 $ 866 $ 251,234 80' 242 $ 915 $ 221,511 Multi-Family 294 $ 251 $ 73,872 Commercial 21818 $ 0.36 $ 7,838 Gross Assessment $ 1,240,117 Product Type FY2018Per Unit FY2019 Per Unit Increase / (Decrease) 50' $ 722 $ 766 $ 44 60' $ 772 $ 816 $ 44 70' $ 821 $ 866 $ 45 80' $ 869 $ 915 $ 46 Multi-Family $ 235 $ 251 $ 16 Commercial $ 0.35 $ 0.36 $ 0 Page 2
GENERAL FUND BUDGET REVENUES: Maintenance Assessments The District will levy a non ad-valorem special assessment on all assessed property within the District to fund all of the General Operating and Maintenance Expenditures for the fiscal year. Facility Income Represents miscellaneous income received for activities related to the Amenity Center. Program Sharing Income ASG Represents miscellaneous income received based on the Sharing of Revenues agreement between the District and ASG. Cable Marketing Support Funding Received from Comcast for marketing support. Interest / Miscellaneous The District will have all excess funds invested with U.S. Bank. The amount is based upon the estimated average balance of funds available during the fiscal year. EXPENDITURES: Administrative: Supervisor Fees The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon five supervisors attending the estimated 12 annual meetings. FICA Expense These expenses represent the Employer's share of Social Security and Medicare taxes withheld from the Board of Supervisors checks. Engineering The District's engineering firm, England, Thims & Miller, Inc., will be providing general engineering services to the District, including attendance and preparation for monthly board meetings, review invoices, etc. Assessment Roll GMS, LLC serves as the District s collection agent and certifies the District s non-ad valorem assessments with the county tax collector. Page 3
GENERAL FUND BUDGET Arbitrage The District is required to have an annual arbitrage rebate calculation prepared for the District s Series 2016 Special Assessment Refunding and Revenue Bonds. Trustee The District issued $19,630,000 Series 2016 Special Assessment Refunding and Revenue Bonds which are held by a Trustee with US Bank, N.A. The amount of the trustee fee is based on the agreement between US Bank and the District for the Series 2016 bonds. Dissemination Agent The Annual Disclosure Report required by the Security and Exchange Commission in order to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues. Attorney The District's legal counsel, Hopping Green & Sams, will be providing general legal services to the District, including attendance and preparation for monthly meetings, preparation and review of operating and maintenance contracts, etc. Annual Audit The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Grau & Associates currently serves as the District s Independent Auditor. Management Fees The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. Computer Time The District processes all of its financial activities, including accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services, LLC. The current monthly fee is $83.33. Website Maintenance Per Chapter 2014-22, Laws of Florida, all Districts must have a website by October 1, 2015 to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by Janet Ridgway and updated monthly. Travel & Per Diem The Board of Supervisors may be reimbursed for mileage traveling to and from the monthly board meetings, seminars, etc. Telephone Telephone and fax machine. Page 4
GENERAL FUND BUDGET Postage Mailing of agenda packages, overnight deliveries, correspondence, etc. Insurance The District's General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance. Florida Insurance Alliance specializes in providing insurance coverage to governmental agencies. Printing & Binding Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc. Records Storage All documents of the District will be copied and stored electronically with automatic back up to ensure complete records. Back up of all records will be keep off-site for security and safety. Legal Advertising The District is required to advertise various notices for monthly Board meetings, public hearings etc. in the Daily Record. Other Current Charges Bank charges and any other miscellaneous expenses incurred during the year. Office Supplies This includes miscellaneous office supplies. Dues, Licenses & Subscriptions The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only expense under this category for the District. Amenity Center: Telephone Represents telephone charges with AT&T for the Amenity Center phone number (904) 230-4208. Page 5
GENERAL FUND BUDGET Electric & Water The District has utility accounts with JEA to provide electricity and water for the District. Electric Account # Location Amount 5073629 14532 Cherry Lake Dr E Apt TRCT $30,000 5073629 14532 Cherry Lake Dr E Apt TRCT $11,000 5230246 14543 Cherry Lake Dr W Apt LS01 $200 5230246 14543 Cherry Lake Dr W Apt LS01 $50 82853020 17 Everest La Apt SG01 $16,000 82853020 17 Everest La Apt SG01 $5,650 14530 Cherry Lake Dr E $100 Contingency $2,000 Total Electric $65,000 Water & Sewer Account # 60940149 14530 Cherry Lake Dr E $3,000 60940149 14530 Cherry Lake Dr E $3,000 68272587 14751 Bartram Spring Pkwy $1,000 28272587 14751 Bartram Spring Pkwy $1,000 Total Water & Sewer $8,000 Irrigation Account # 61905337 14530 Cherry Lake Dr E $6,000 89095424 14751 Bartram Springs Pkwy $1,500 65501329 14751 Bartram Springs Pkwy $5,000 5229674 14857 Bartram Springs PY $1,500 Total Irrigation $14,000 Total Utilities $92,000 Cable The District has accounts with Comcast to provide cable television services for the Amenity Center. Account # Location Monthly 8495-74-121-1618453 14530 Cherry Lake Dr. E.OFC $442 Page 6
GENERAL FUND BUDGET Gas The District has accounts with TECO-Peoples Gas to provide gas to the Amenity Center. Account # Location Monthly 13177266 14530 Cherry Lake Dr. E. $75 Trash Removal This item includes Waste Management picking up trash from the receptacles at the Amenity Center. Security Monitoring The District has contracted with Atlantic Companies, Inc. to monitor the Amenity Center. Access Cards Cost of access cards. Operator & Pool Attendants The District has a contract with Riverside Management LLC to provide operator and pool attendants. Field Management / Administration The District receives field management services from Governmental Management Services, LLC to manage maintenance contracts for the District. Pool Maintenance The District utilizes the services of Vesta Property Services to maintain the pool. Pool Chemicals The District has contracted with Pool Sure for purchase and delivery of pool chemicals. Janitorial Services The District utilizes the services of Vesta Property Services to provide janitorial services. Gym Monitor The District contracts with Vesta Property Services for monitor of fitness room during evening hours of fitness room operations when front office is not staffed. Monitor duties are to prevent unauthorized use of fitness room and prevent vandalism or misuse of equipment. Page 7
GENERAL FUND BUDGET Night Swim The District will contract with Vesta Property Services for extended evening hours staffing of front office (upon installation of additional lighting to meet Florida DOH standards for night swim certification.) Facility Maintenance The District will consider a contract with Vesta Property Services to provide a full-time maintenance employee at the amenity center. Repair & Maintenance Regular maintenance and replacement. Special Events Cost of special events throughout the year. Grounds Maintenance: Landscape Maintenance The District has a contract with R&D Landscape and Irrigation for the maintenance of the landscape. Description Monthly Annual Contract $15,000 $180,000 Contingency $ 31,000 Total $211,000 Landscape Contingency Estimated cost of landscape services in addition to the monthly contract. Lake Maintenance The District has contracted with The Lake Doctors to maintain the lakes. Description Monthly Annual Contract $1,694 $20,328 Page 8
Grounds Maintenance Bartram Springs GENERAL FUND BUDGET The day to day maintenance of district common areas. Services to include the following: 1. All common areas, lakes, easements and park trash clean up 2. Decorative and ground light bulb replacements 3. Pressure wash, paint and repairs to district walls 4. Pressure wash, paint & repairs to pillars and entry monuments 5. Storm sewer grate and Lake outfall structure inspections/cleaning 6. Trash can and dog waste receptacle change out 7. Bogus signage removal, maintenance of community signage 8. Tree removal & storm clean up Pump Repairs & Replacements Regular maintenance and replacement of various pumps throughout the district. Street Light Repairs Regular maintenance and repairs of streetlights throughout the district. Miscellaneous Other miscellaneous landscape costs not included in other budget categories. Contingency A contingency for any unanticipated and unscheduled cost to the District. Page 9
Capital Reserve Fund Adopted Actual Projected Total Adopted Budget Thru Next Projected Budget Description FY 2018 5/31/18 4 Months 9/30/18 FY 2019 Revenues Maintenance Reserves $47,500 $47,500 $0 $47,500 $60,000 New Capital Projects - Revenues $10,000 $62,500 $0 $62,500 $10,000 Unassigned Fund Balance $37,966 $36,495 $0 $36,495 $34,312 Miscellanous Income $0 $8,872 $0 $8,872 $0 Total Revenues $95,466 $155,367 $0 $155,367 $104,312 Expenditures Capital Projects $24,000 $120,582 $0 $120,582 $68,571 Other Services Charges $300 $316 $157.80 $473 $300 Total Expenditures $24,300 $120,897 $158 $121,055 $68,871 Assigned Fund Balance $71,166 $34,470 ($158) $34,312 $35,441 Page 10
Debt Service Fund 2016 Adopted Actual Projected Total Adopted Budget Thru Next Projected Budget Description FY 2018 5/31/18 4 Months 9/30/18 FY 2019 Revenues Assessments $1,433,591 $1,426,590 $7,001 $1,433,591 $1,433,591 Interest Earned $2,500 $12,384 $2,000 $14,384 $5,000 Carryforward Surplus $346,828 $324,359 $0 $324,359 $322,756 Total Revenues $1,782,919 $1,763,333 $9,001 $1,772,334 $1,761,347 Expenditures Series 2016-1 Interest 11/1 $320,235 $320,235 $0 $320,235 $306,360 Special Call - 11/1 $0 $5,000 $0 $5,000 $0 Interest 5/1 $320,235 $320,143 $0 $320,143 $306,360 Principal 5/1 $745,000 $745,000 $0 $745,000 $775,000 Series 2016-2 Interest 11/1 $29,600 $29,600 $0 $29,600 $29,600 Interest 5/1 $29,600 $29,600 $0 $29,600 $29,600 Total Expenditures $1,444,670 $1,449,578 $0 $1,449,578 $1,446,920 EXCESS REVENUES / (EXPENDITURES) $338,249 $313,756 $9,001 $322,756 $314,427 *Carry forward surplus is net of Reserve requirement 11/1/2019 $321,623 Product Type Units Per Unit Total 50' 456 $ 910 $ 414,758 60' 412 $ 1,020 $ 420,374 70' 289 $ 1,088 $ 314,388 70' 290 $ 42 $ 12,230 80' 242 $ 1,238 $ 299,531 Multi-Family 294 $ 243 $ 71,310 Commercial Square Feet 21,818 $ 1 $ 17,237 Gross Assessment $ 1,549,828 Less: Discounts and Collections (7.5%) 116,237 Net Assessments 1,433,591 Page 11
Amortization Schedule Series 2016-1, Special Assessment Refunding and Revenue Bonds DATE BALANCE RATE PRINCIPAL INTEREST TOTAL 5/1/2018 $ 17,305,000.00 3.70% $ 745,000.00 $ 320,142.50 11/1/2018 $ 16,560,000.00 3.70% $ - $ 306,360.00 $ 1,371,502.50 5/1/2019 $ 16,560,000.00 3.70% $ 775,000.00 $ 306,360.00 11/1/2019 $ 15,785,000.00 3.70% $ - $ 292,022.50 $ 1,373,382.50 5/1/2020 $ 15,785,000.00 3.70% $ 800,000.00 $ 292,022.50 11/1/2020 $ 14,985,000.00 3.70% $ - $ 277,222.50 $ 1,369,245.00 5/1/2021 $ 14,985,000.00 3.70% $ 830,000.00 $ 277,222.50 11/1/2021 $ 14,155,000.00 3.70% $ - $ 261,867.50 $ 1,369,090.00 5/1/2022 $ 14,155,000.00 3.70% $ 865,000.00 $ 261,867.50 11/1/2022 $ 13,290,000.00 3.70% $ - $ 245,865.00 $ 1,372,732.50 5/1/2023 $ 13,290,000.00 3.70% $ 895,000.00 $ 245,865.00 11/1/2023 $ 12,395,000.00 3.70% $ - $ 229,307.50 $ 1,370,172.50 5/1/2024 $ 12,395,000.00 3.70% $ 930,000.00 $ 229,307.50 11/1/2024 $ 11,465,000.00 3.70% $ - $ 212,102.50 $ 1,371,410.00 5/1/2025 $ 11,465,000.00 3.70% $ 965,000.00 $ 212,102.50 11/1/2025 $ 10,500,000.00 3.70% $ - $ 194,250.00 $ 1,371,352.50 5/1/2026 $ 10,500,000.00 3.70% $ 1,000,000.00 $ 194,250.00 11/1/2026 $ 9,500,000.00 3.70% $ - $ 175,750.00 $ 1,370,000.00 5/1/2027 $ 9,500,000.00 3.70% $ 1,040,000.00 $ 175,750.00 11/1/2027 $ 8,460,000.00 3.70% $ - $ 156,510.00 $ 1,372,260.00 5/1/2028 $ 8,460,000.00 3.70% $ 1,080,000.00 $ 156,510.00 11/1/2028 $ 7,380,000.00 3.70% $ - $ 136,530.00 $ 1,373,040.00 5/1/2029 $ 7,380,000.00 3.70% $ 1,120,000.00 $ 136,530.00 11/1/2029 $ 6,260,000.00 3.70% $ - $ 115,810.00 $ 1,372,340.00 5/1/2030 $ 6,260,000.00 3.70% $ 1,160,000.00 $ 115,810.00 11/1/2030 $ 5,100,000.00 3.70% $ - $ 94,350.00 $ 1,370,160.00 5/1/2031 $ 5,100,000.00 3.70% $ 1,205,000.00 $ 94,350.00 11/1/2031 $ 3,895,000.00 3.70% $ - $ 72,057.50 $ 1,371,407.50 5/1/2032 $ 3,895,000.00 3.70% $ 1,250,000.00 $ 72,057.50 11/1/2032 $ 2,645,000.00 3.70% $ - $ 48,932.50 $ 1,370,990.00 5/1/2033 $ 2,645,000.00 3.70% $ 1,300,000.00 $ 48,932.50 11/1/2033 $ 1,345,000.00 3.70% $ - $ 24,882.50 $ 1,373,815.00 5/1/2034 $ 1,345,000.00 3.70% $ 1,345,000.00 $ 24,882.50 $ 1,369,882.50 Total $ 17,305,000.00 $ 6,007,782.50 $ 23,312,782.50 Page 12
Amortization Schedule Series 2016-2, Special Assessment Refunding and Revenue Bonds DATE BALANCE RATE PRINCIPAL INTEREST TOTAL 5/1/2018 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2018 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2019 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2019 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2020 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2020 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2021 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2021 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2022 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2022 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2023 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2023 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2024 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2024 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2025 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2025 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2026 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2026 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2027 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2027 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2028 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2028 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2029 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2029 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2030 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2030 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2031 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2031 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2032 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2032 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2033 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2033 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2034 $ 1,600,000.00 3.70% $ - $ 29,600.00 11/1/2034 $ 1,600,000.00 3.70% $ - $ 29,600.00 $ 59,200.00 5/1/2035 $ 1,600,000.00 3.70% $ 785,000.00 $ 29,600.00 11/1/2035 $ 815,000.00 3.70% $ - $ 15,077.50 $ 829,677.50 5/1/2036 $ 815,000.00 3.70% $ 815,000.00 $ 15,077.50 $ 830,077.50 Total $ 1,600,000.00 $ 1,066,155.00 $ 2,666,155.00 Page 13