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05-15-1978 Supporting DocumentsMINUTES SPECIAL MEETING A Special Meeting of the City Council of the City of Clermont was held in the office of the City Manager on Monday, I -lay 15, 1978. Tho meeting was called to order at 5:05 P.M. by Mayor Claude E. Smoak, Jr., with the following members present: Councilmen Schroedel, Byrd, and Iloncy. Others present were: City Manager Tiffany, City Attorney Baird, City Clark Carroll, Finance Director Sanchez, Messrs. Wagner and Benham of Southenatern Municipal Bonds, Inc., and Bond CounselLlnscott of Young -Turnbull & LinscoL•L•, P.A. Mayor Smoak announced the purpose of the meeting was to consider a refunding iasue on Clermont Utility Bonds. Mr. Ben Benham appeared before Council to submit a proposal for water and sewer bond refunding at $1,995,000 with a present value of cost savings to the City between $30,000 and $35,000. In addition to the cost savings, he opined that a consolidation of the City's existing three bond issues into a refunding program would simplify the required involved bookkeeping and recording of the City's outstanding debt. Mr. Benham further advised that inasmuch as time is of the essence for execution of a purchase contract, and there had not been sufficient time for Council's thorough consideration, an amendment to the purchase contract had been prepared for insertion as Item 14 on page G as follows: Notwithstanding any provisions herein to the contrary it is specifically understood and agreed by the parties hereto that any act, omission, or failure of any kind on the part of the City of Clermont to perform any ob- ligation herein shall not render the City liable for any damages or specific performance to the Underwriters and the City shall not be -- under any further obligation. - ---- Mayor Smoak inquired of City Attorney Baird and Bond Counsel if inclusion of such a specific "hold harmless" clause for the City would be acceptable to the Internal Revenue Service, and they replied in the affirmative. Mayor Smoak thereupon moved that the purchase contract Mayor Smoak requested that City Attorney Baird, City Manager Tiffany, and Finance Director Sanchez prepare a firm recommendation as to the desirability for the City to pursue a refunding program, for Council's consideration at the next Regular Meeting, following their study and consideration of the proposed Bond Ordinance and Resolution. CLAUDE E.1 SMOAK, JR., .Y MAYOR QD AoA) 2 . DOLORES W. CARROLL - CITY C .RL1: K �itar�ea�a fOUTHENTERn MUMCIAALuonof.inc. INVESTMENT OANNETIS B FINANCIAL CONSULTANIS POST OFFICE OOX JJJJ • OnLANOO, FLORIDA 321102 TELEPHONE (305) 02a 0225 CITY OF CLERMONT, FLORIDA $1,995,000 Water and Sewer Refunding Revenue Bonds, Series 1978 PURCHASE CONTRACT May 12, 1978 Honorable Mayor and Members City Council City of• Clermont, Florida 1. The undersigned (herein called the "Underwriters" or "Purchasers") offers to enter into the following agreement with the City of Clermont, Florida (herein referred to as the "City") which, upon your acceptance of this offer, will be binding upon - you and upon the Underwriters. This offer is made subject to your, _ acceptance by execution of this Purchase Contract and its delivery to us on May 15, 1978. 2. Upon the terms and conditions and upon the basis of the representations and warranties hereinafter set forth, the Under- writers hereby agree to purchase from you for offering, and you hereby agree to sell to the Underwriters for such purpose, all (but not less than all) of the City of Clermont, Florida, Water and Sewer Refunding Revenue Bonds, Series 1978 (herein referred to as the 'Bonds"), dated May 1, 1978, having the maturities and bearing interest due November 1, 1978, and semi-annually thereafter on each May 1 and November 1 at the rates and terms stated in Schedule 2 attached hereto, at the purchase price of $1,,935,150.00 plus interest accrued on said 1978 Bonds from May 1, 1978 to the date of the Closing. Bond amortization installments referred to in the Authorizing Documents (hereinafter referred to as "Documents") shall be established and paid into a Bond Amortization Fund in the amount and on the dates as set forth in Schedule l(A) attached hereto. Should the purchase prices set forth on Sched- ule 1(A) attached hereto increase therein prior to Closing, then such increase will be subject to the approval of the City Council. Any decrease in such purchase prices will be reflected at Closing. I I i C1.ty of Clermont Page 2 3. The 1978 ponds shall be described in and shall be issued pursuant• to the Documents as supplemented and amended to the date of: Closing (such Documents as supplemented and amended to the date of the Closing sometimes referred to hereinafter as the "Documents"). 4. At the time of or before the Closing as herein provided you shall deliver to us a copy of the final Official Statement of the City relating to the 1978 Bonds, together with all exhibits thereto, executed on behalf of the City by your Mayor, City Clerk, and City Manager. You will authorize a Preliminary official Statement•, the information therein contained to be used in connection with the offering and sale of the 1978 Bonds. 5. You will represent and warrant to the Underwriters that the Preliminary Official Statement, as amended by a final official State- ment will and at all times subsequent• thereto up to and including the date of the Closing be true and correct in all material respects, and will not include an untrue statement of• a material fact or any other fact necessary to make the statements therein relating to the City and the 1978 Bonds, or omit to state a material fact or any other fact necessary to make the statements therein relating to the 1978 Bonds, in light of the circumstances under which they were made, not mislead- ing. G. On or before August 15, 1978, or at such other times or on such earlier or later business day as shall be mutually agreed upon by you and us, you will deliver to us the 1978 Bonds, in definitive form and duly executed, together with the other documents hereinafter men- tioned; and we will accept such delivery and pay the purchase price of - the 1978 Bonds as set• forth herein, the check or checks payable in Federal Funds to the order of the City of Clermont. Delivery and payment as aforesaid shall be made at a mutually agreed upon location. This payment and delivery is herein called the "Closing". 7. The obligations of the Underwriters hereunder are subject to the following conditions: (a) At the time of the Closing, the Documents shall be in full force and effect as may have been agreed to in writing by us, and you shall have duly adopted and there shall be in full force and effect such additional ordinances as shall, in the opinion of Bond Counsel be necessary in connection with the transactions contemplated hereby; City of Clermont Page 3 (b) At the time of the Closing, a final judgment of the Cir- cuit- Court in and for Lake County shall have been entered, validating the Bonds, which shall be in full. force and effect, and there shall be no appeal pending with respect to such decree and the time for such an appeal shall have expired; (c) We may terminate this Agreement by notification to you if at any time subsequent to the date hereof and at or prior to t-he Closing in the event that (i) legislation shall be enacted by the Congress or adopted by either [louse or approved by a Committee thereof of a decision by a Court of the United States or the Tar. Court of the United States shall be rendered, or a press release, filing regulation or official statement by or on behalf - of the Treasury Department of the United States, the Internal Revenue Service or other Governmental agency shall be made which would have a material adverse effect on the proposed plan of financing due to a change in the Federal arbitrage laws or with respect to Federal taxa- tion upon revenues or other income of the general character expected to be derived by you or upon interest received on bonds of the general character of the 1978 Bonds, or which would have the effect of changing, directly or indirectly, the Federal income tax consequences of interest on securities of the general character of the 1978 Bonds in the hands of the holders thereof, which in our opinion materially affects the market price of the 1978 Bonds, or (ii) the United States shall become engaged in hostilities which have resulted in a declara- tion of war or a national emergency, or there shall have occurred a general suspension of trading on the New York Stock Exchange or the declaration of a general banking moratorium by the United States or New York State authorities; (d) We may also terminate this Agreement by notification to you if subsequent to the date hereof and at or prior to the Closing, one of the following events occur: (i) United States Treasury Bonds to be purchased with bond amortization installments deposited in the Bond Amortiza- tion Fund, as provided in the Documents, are unavailable; or (ii) the Purchaser, after diligent efforts, is unable to commit a financial institution to sell the United States Treasury Bonds required for the Bond Amortization Fund on the dates set forth in Schedule 1(A) attached hereto and at purchase prices allowing a yield sufficient i-n mnkA f-ha rafundina oroaram feasible. City of ClurmonL• Page A 8. We reserve the right to increase or decrease the principal amount of 1978 Bonds purchased by an amount• not to exceed five percent (5%) of the amount stated in paragraph 1 hereby, as may be necessary to carry out• the purposes of the refunding program provided that• the total amount• of 1978 Bonds purchased will not increase the number of 1978 Bonds validated; and to correspondingly increase, or decrease, the principal amount of 1978 Bonds in any maturity by an amount not to exceed two and one-half percent- (2 1/28) of the principal amounts stated in Schedule 2 hereto. The purchase price to be paid by us for Llie 1978 Bonds shall be adjusted in proportion to the amount of any increase or decrease in the principal amount of 3.978 Bonds delivered at the Closing. 9. At or prior to the Closing, we shall receive the following documents: (a) A certified copy of the Documents, as amended and supple- mented to the date of Closing, authorizing the execution and I delivery of the 1978 Bonds; (b) Verification by a nationally recognized firm of certified public accountants, as to the accuracy of (i) the mathem- atical computation of the adequacy of the maturing principal. amounts of the Federal Securities (as defined in the Docu- ments) plus the interest thereon (1) to pay, when due, the principal of and interst on the Refunded Bonds (as defined in the Documents) and (2) the adequacy of the interest earned on the Federal Securities held under the Escrow Deposit Agreement (as defined in the Documents) in amounts sufficient to pay, as the same mature and become due, the principal of and interest on the Bonds; and (ii) the mathem- atical computation supporting the conclusion that the 1978 Bonds are not "arbitrage bonds" under Section 103(c) of the Internal Revenue Code of 1954; (c) The unqualified approving opinion of Bond Counsel, as to the 1978 Bonds, dated the date of the Closing, in form and substance acceptable to us and our Counsel; and an opinion from Haynes & Miller, Tax Counsel, that the 1978 Bonds are not arbitrage bonds; (d) A certificate dated the date of the Closing by the City Attorney to the effect that no litigation is pending or, to his knowledge, threatened in any court to restrain or enjoin the issuance or delivery of any of the 1978 Bonds, or in any way contesting or affecting the validity of the 1978 Bonds, the Documents, this Purchase Contract or any City of Clermont Page 5 other document• authorized by the City Council relating to this refunding program, or contesting the powers of the City or any authority for the issuance of the 1978 Bonds or the Documents and that other than as disclosed in the final Official Statement there is no litigation pending, or to the knowledge of said City Attorney, threatened against the City or involving any of the property or assets under the control of the City which involve the possibility of any judgment or liability, not fully covered by insurance or adequate established reserves, which may result in any material adverse change in the properties, assets or or in the condition, financial or otherwise, of the City other than routine litigation of• the type which normally accompanies operations of the City, which Certificate shall be in form and substance acceptable to us (but in lieu of such Certificate by your City Attorney, acceptable to us in form and substance, that in his opinion the issues raised in any such pending or threatened litiga- tion are without substance or that the contentions of any plaintiffs therein are without merit); (e) Executed copies of the final Official Statement of the City and executed copies of the Documents as amended and supplemented to the date of Closing, executed copies of this Purchase Contract and any other documents authorized by the City Council relating to this refunding program. (f:) Such additional certificates, instruments, and other documents as we may reasonably deem necessary to evid- ence the truth and accuracy as of the time of the Closing of your representations and warranties herein contained and the due performance or satisfaction by you at or prior to such time of all agreements then to be performed and all conditions then to be satisfied by you. 10. Delivered to you with this Purchase Proposal is a check payable to the order of the City of Clermont, Florida, in the amount of $15,000. You agree to hold this check uncashed until the Closing as security for the performance by the Underwriters of their obligation to accept and pay for the Bonds at the Clos- ing, and in the event of their performance of such obligation such check shall be returned to us at the Closing. In the event the City does not accept this offer, the check shall be promptly returned to us. In the event of the City's failure to deliver City of Clermont Pack f the Bonds at the Closing, or if the City shall be unable to satisfy the conditions to the obligations of the Underwriters set forth in this Purchase Contract (unless waived by the Underwriters), or if the obligation of the Underwriters shall bo terminated for any reason permitted by the Purchase Contract-, such check shall be immediately returned to us. in the event- that we fail (other than for a reason permitted hereunder) to accept delivery of and pay for the Bonds at the Closing, such sum shall be retained by the City as and for full liquidated damages for such failure and for any defaults on our part and on the part- of the Underwriters. If: you are unable to satisfy the conditions of the obligations to the Purchaser contained in this Purchase Contract, or if the obligations of the Purchaser shall be terminated for any reason permitted by this Purchase Contract, this Purchase Contract shall terminate and neither the Purchaser nor you shall be under further obligation hereunder. 11. This Purchase Contract shall be governed by and c onstrued in accordance with the laws of the State of Florida. 12. Any notice or other communication to be given to you under this Purchase Contract may be given by delivering the same in writing at your address set forth above and any notice or _I other communication to be given to the Underwriters under this Purchase Contract may be given by delivering the same in writing at the address set forth above. 13. This Purchase Contract is made solely for the benefit of you and the Underwriters (including the successors or assigns of the Underwriters) and no other person shall acquire or have any right hereunder or by virtue hereof. All your representations, warranties and agreements in this Purchase Contract shall remain operative and in full force and effect, regardless of (a) any investigation made by or on behalf of the Purchaser, (b) delivery of and payment for the 1978 Bonds hereunder, and (c) any termina- tion of this Purchase Contract. City of• Clermont• Page 7 if: the foregoing is in accordance with the C.ity's under- standing of the agreement between the City and the Underwriters, sign and return to the Underwriters whereupon it will constitute a binding agreement beL•weon both parties in accordance with its terms. Very truly yours, SOUTIILASTERN-M J IP L B DS, INC. By I/ Vice Preside CITY OF CLERMONT LAKE COUNTY, FLORIDA By _ Mayor By City Clerk ACCEPTED by Motion adopted at the City of Clermont-, Florida, this 15th day of May, 1978. Page 8 CITY OF CLERMONT, FLORIDA Water and Sewer Refunding Revenue Bonds, Series 1978 Schedule l(A) Date Par Amount• Purchased Price 11/1/70 $ 40,000 97 5/l/79 10,000 97 ll/l/79 10,000 97 5/1/80 15,000 97 11/1/80 15,000 97 5/1/81 15,000 97 11/1/81 20,000 97 5/l/82 20,000 97 ll/l/82 20,000 97 5/l/83 20,000 97 ll/l/83 20,000 97 5/l/84 20,000 97 ll/l/84 25,000 97 5/l/85 25,000 97 ll/l/85 25,000 97 5/l/86 25,000 97 ll/l/86 25,000 97 5/l/87 30,000 97 ll/l/87 30,000 97 5/l/88 55,000 97 ll/l/88 55,000' 97 5/l/89 30,000 97 ll/l/89 35,000 97 5/l/90 35,000 97 11/1/90 35,000 97 5/1/91 40,000 97 11/1/91 40,000 97 5/l/92 45,000 97 ll/l/92 45,000 97 Total $825,000 Page 9 CITY OI' CLERMONT, FLORIDA Water and Sewer Refunding Revenue Bonds, Series 1978 Schedule 2 Date Maturity Coupon 5/1/93 $ 45,000 6.50% 11/l/93 45,000 6.50 5/.1/94 50,000 6.50 Il/l/94 50,000 6.50 5/l/95 50,000 6.55 11/l/95 55,000 6.55 5/l/96 55,000 6.55 11/l/96 55,000 6.55 5/l/97 55,000 6.60 11/l/97 60,000 6.60 5/l/98 60,000 6.60 11/1/98 65,000 6.60 5/1/99 65,000 6.65 11/1/99 70,000 6.65 5/l/2000 70,000 6.65 -- - 11/1/2000 70,000 6.65 5/1/01 75,000 6.70 11/1/01 80,000 6.70 5/l/02 80,000 6.75 11/l/02 20,000 6.75 5/l/07 820,000 6.75 Total $1,995,000 CLEP!1UI11 ITS: REFUNDING E•01116 ':1; t1BIA-I!il;'• SUI-119P"i DF REC'F.Ir'1' iu,:, I ! ENC1:1 RECEIPTS: PRINCIPAL AMOUNT OF BONDS s 1,995:000,00 LESS DISCOUMT —59,850,00 PLUS.ACCRUEL INTEREST ?31261.25 NET RECEIVED FOR BONDS ------------------- 1068#411.25`, PLUS CONTRIBUT1014 FROM ISSUER iGi500,00 TOTAL AVAILABLE s�__�-1:9B4,911c25' DISBURSEMENTS: ACCRUED INTEREST TO 8011D FUND i 33,261.25> NON PROCEEDS INVESTMENTS 161500.09' BUY ESCROW IIIVESTME14TS 1,8511691.44'i PAY ESCROW COSTS 391975:00-'' PRY ISSUE COSTS 45:446.75'. SHORTFALL —11965.19 TOTAL DISSURSEIIENTS s L 984,911.25 ACTUARIAL YIELD 1S 7.165773 ' ASSUMPTIONS OF CRLCULRTIOIISI SETTLEMENT DATE 8/1/78 R.EFUNDINC C'OtID DISCOUNT 3.000000 FIXED COSTS OF ISSUE s 25r004).00 VARIABLE COSTS OF ISSUE 1,025000 %. FIXED COSTS OF ESCP.OW s 301080.00 VRRIRBLE COSTS OF ESCROW 0.500000 PV OF FUTURE ISSUE COSTS $ ,;,506.00 NON BOND PROCEEDS. s 169500.6d MONDAY, 12120 A11, MRY 151''1978 CLEN'4NT ILSI III•.E'SIEI1 S1M:IIIG F:.I;ii /TGF.fi3URIE'i• 110T CALLCIO DC -PEPPED 1 %V-THLNT CItSN FLOW P-' 01011117 FLIFCI'ii;E IIIVESTMF.IIT NE IiFiTE K? .w?SED PRICE 1:6sf 14:111. L .till. CASH FL01'I 1 1 . 1978 40000 97. r1Gi+OC+0000 88r: 5.1979 10000 9''.000000000 -971C.03 1527).60 -81MW I1,19, 10000 97.0000E+O000 -970[.00 1906,25 -7793.7`' 5,Igs0 15000 97.000000000 -14556.00 2287.50 -12262.51 1i.1980 15000 97,0001+00800 1-14550.00 2859.37 -11690.61 5.1?81 15000 97.00E+000000 -14550,00 3431.25 -11118.71, 11.1981 20000 97.000000000 -19400.00 4001.12 -15396.8': 5.1982 20000 97.000000000 -19400,00 4765.63 -14634f3� 11.1982 200L10 97.00i+000O00 -19400.00 5528.17 -1WPM S.I"M 20000 97.E+00000000 -19400.00 6290.62 -13109.3< 11.1983 200DO ?7,000000000 -19400.00 7053.12 -12346.81 5.1984 20000 97.006060000 -19406.00 7815.62 -11584.3. 11.1984 25000 97.000000000 -24250,00 8578.12 -1JG71,8; 511985 25000 97.U0C+000000 -24250.00 9531,25 -14716.7' 11.1985 25000 97.000000000 -24250.00 18404.37 -13765.6. 5.1986 25000 97.000000000 -24250.00 11437.50 -12812.51 11.1986 25000 97.000000000 -24250.00 12390.62 -11859.X 5,1987 30000 97.00000t4000 -29100,00 13343.75 -15756.21 11.1987 30000 97.OD0000000 -?9100.00 144,187.50 -146.12..51 5.1988 53000 97.000000000 -s';35O.00 15631,25 -37718.7! 11.19R8 551100 97.000000000 -53350.00 17728.12 -35621.8� 5.1969 30000 97.00000006A -29I00.00 19625,00 -9273.01 t111989 35000 97.0E+0000000 -33950.00 20968.75 -12981.2 5.1990 $5000 97.00000000A -3$950.00 22303,12 -11646.8; 11.1990 35000 97.000000000 -33950.00 23637,50 -10312.51 5.1991 40000 97.000000000 -38800.00 24971.87 -13828.11 1111991 40080 97.000000000 _ M00.00 26496.87 -12393.1 5.1??2 45000 97.000000000 -43650.00 20021.87 -15628.1; 11.1992 45000 57.000000000 -436540,c+0 29737.50 -13912.51 5.1993 9 0.000600000 0100 31453.12 314$3.T1 11.2006 0 0.000000000 0.00 31453.I 31453.1; 5.2007 p0.0�3V000000 0.C+0 R5o453.±2 856453.3� TOTALS 825000-800250.00 2094181,25 ±r.93931.2: iNEGATIVE NET GASH FLOW kr.PRE'SENT$ A GKAPGE AGNICNT REYEHUES, POSITIVE 05H FLOW REPRESENTS SUPPLEKENTS TO PEVENUCS. SECURITY BEING PURCHASEII MATURES 2-/15i26101 AHD HAS 7.62S% CPH RATE SECURITIES TO K PURCHA5EP ON 8/15 OR 2/15 IMMEDIATELY PRIOR TO DATE SHOWN, ; MONDAYt 12420 All, MAY 151 1978 • uCNEIi�. _.. CLERmORT IJ't: F:GF:,1111,111G 1,011H 1,10 llblii-11RX) 1-R0 '.EF,'VI(E lEOUI.E ISSUE DATE $, 1 197r SETTLEIIEIIT DATE E% 1 197E FIRS7 :;Toll 10Tr I I. 1, 1978 DRTE PRINCIPAL COU1,1011 INTEREST TOTAL DEBT SER. 11.19n 0 0,0000 66522.50 66522.50 11,199_ 0 0.0000 66522.50 66522. so: 5.19493 45000 MOM r.6522.50 111522,'90, 11.1993 45000 6,$000 65060.00 110060.00 5.1994 50000 6.5000. 63597.50 113597,50 11.1994 5G000 6.5000 61972.50 111972.50 5.1995 50000 6.5500 60347.50 110347,50 11.1995 55000 6.5500 58710.00 113710:00 5.1996 55006 6.5500 56908.75 . 111908.75 11.1996 55000 6.5$00' 55107.50 110107,50 5.1997 55000 616000 53306.25 109306.25 11.1997 60000•, 6.6000 51491.25 111491.251 5.1998 60000 6.6000 49$11.25 .109311,251 11.1998 65000 6.6000 47531.25 112531.25 5.1999 65000 6,G300 45386.25 110386.25'I II.I9�114 700E+0 6.6500 43?25.00 113225.00', 5,2000 70000 6.6506 40897.56 110847.50', 1.t.2000 70600 6.6500 38570.00 108570.00 5.2001 75000 6.7000 36242.50 111242.5C 11,2001 80000 6,7000 33730.00 1137$0.00 5.2002 MOO 6.7500 31050.00 111050.00 11,2002 20000 6.7500 28356.00 48350.00 5,2003 0 6.7500 27675.00 27675.00 �.200? 820000 6,7500 27675.00 847675.00 TOTALS 1995000 3165745.00: 5160?45.00 ACCRUED INTEREST 70 8,1r78 IS J33,261.25. 19014DAYi J ISO Alit MRY 15+ 1978 nswewmn�rmr,G•Mrvu:. a,•a�^�m-n-sxvntnnr:,rr.rnnnrenmtunniva�m.no.m:un!ronaom•�nm:unp�•Warn•�inr:en, e;..wn�m++nnTnm-.n•u•• ���.... _ 11Cnu1,N :1 Fr{ 45 iii !Ir1 Nblh-+lrlr11 (p�.,.,.,i ChIb F1.011 PNAL1.1. iC* 110'$TEU $1111,II1C, MID }, COL. 4 ft 5 G 1, 25 3draU0. U(+ r e 1, 215 723071. 40 243.75 1 I , 197 1 V u4 5. 00 -15?::','r `.` 1.190175 1"•25L,0. C+0 35+;6. 25 1 I . 1 i 0 1' :-,'1; 00 395; • 12 1 v0? . 12 15707;5. (10 76.88 1t.i9 1.?(+45.U0 I?4�•';!1,l� 1cV3U0.00 739.38 i 11,1' 1" _14°-.UO -'�515.62 :5(+a,'5 ItIo!,1 15 Lbu.00 -3351.25 1�3045.00 254'-..25 1:"o`.i'i. 5 156100.00 -2401.25 I 1 , 14 4 1 : +45. 00 256. 2y) l E•0?r+l " 159 +(<0. 00 -1301.25 1I.1r2° 1 :,4S.00 4S4Et4,37 IrI,', IG17i.,0,00' 170.63 1� 19c 1'? 45,(10 2at.71.97 15�":�,E' t58S,r,0,(!9 783.13 11.1",✓" 1 ,:;1445.00 :c 16', 5 160"00.00 ?11?.75 . II.I'1 J3"s045.00 -7334C1.62 2i+63c:•.6:: 1203$00.00 -25 5 8 , 6,. •.r• 1 l , 1989 133045.00 -222B�. 25 1 ° %,i l . 2" 155900.00 598.75 ' , f 11,149(+ 13s045.00 -'21959,37 15500.1,$7 157100.00 2095,63 �• 11.1991 133(145.00 - 61:,1.25 159176.25 159000.00 -176,25 11.1592 1s3045.00 �95a0.62 1625o!i,C? 159550.00 -3035.62 221582.50 62906.25 15867E.25 159000.00 1123,75 I1101993 .11.1994 225570.00 62906.25 162601.73 160750.00 -1913.75 , 11.1995 224057.50 62906,25 161151,25 160350.00 -801.25 11.199e, 222016.25 62906.25 159110.C+0 159650.60 540.00 tj 11,1997 .219797.50 62906.25 156891.25 158650.00 1750.75 to 11.194E 222042.50 62906.25 159136%.2" 158350.00 -786.25 11.1999 229611.25 62906.25 160705.00 161700.00 995.00 1 11.2000 219467.50 62906.25 156561.25 159450.00 2888,75 4` 11.2001 224972.50 62906.25 162066,25 t62960.00 833.75 11.2002 93996$.75 256453.12 83515.62 159700..00 76184,37 11,2003 8.00 0.00 0.00 16200.00 16200.00 11.2004 0.00 0,00 0.00 16800.00 16E00.00 ' • 11.2005 0.00 0.00 0.00 16350.00 16350.00 ' ..+ 111,2006 0180 0.00 0.00 16900.00 16900.00 al 11.2007 0.00 0.00 Q,00 16400.00 16400.00 11.2008 0,00 0100 0.00 16900.00 16900.00 11,2009 0.00 0.03 0.00 16350.00 16850.00 11.2010 0.00 0.00 i1.00 16800.00 16800.00 11.2011 0.00 0.00 0100 16200.00 16200,00 11.2012 0.00 0.00 0.00 16600.00 16600.00 11,2013 13.00 0.00 0.00 ,• 16950.00 16950.08 11.2014 0.00 0.00 0.00 17250.00 17250.00 ;. 11,2015 Oleo Oleo 0.00, 16500.00 16500.00 11.2016 0.00 0.00 0.00 15750.00 15750.00 TOTALS 4838977.50 979400.00 3859577.50 4164660.00 305082.50 MONDA'i, 12:20 AM, MAY 1.`,f 1978 COL. 1 = GROSS REFUNDING 601ID DEBT $ERV'10E (S(.HEDULE 2) COL, 2 = I4FT CASH FLO14 ADJUSTMENTS FROM INVESTMENTS (SCHEDULE I(A)) i COL. 2 = NET DEBT SERVICE FOR REFUNI,IIIG (COL 1 - COL 2) COL. 4 = A110U14T COMMITTED TO DEBT SERVICE RESENT A R.EFUHDENG (SCH 4) COL, 5 = NET DEBT SERVICE CHANGE (+=SAVINGS, -■INCREASE) (COL. 4 - COL. 3) • CASH FL•,+W FOP REFUHDJNG BOND PRIM. R14D 111T. ASSUMES CALL OF TEF1i F014DS OF S 825,000 ON 2/15/2002 AT PAR TO MATCH THE , MhTUR1TY OF THE SECURITY 114 114VESTED SINKING FUND. I. 3Igc-f.4-2-114e17 NA'PIIENT^ VALUED TO $/1/7e. 37g4.5.4L,4'it 9 0 QUomp Pmm CLERIIONI il•'i;t EEFUNIiill+: I(OL" III`) 1"i !H IirtY? f CIt6N f..':I; r+IIAL1'.•1 ; FOP I t -,TED $1111'1NG tUI1D 1,6TC, f,C'L. I CC"L. 2 COL. COL. 4 58G0.00 ^15:+:8.75 720E. . 21, 72',05.010 ?4 .75 11 I^,? 13: !45.0D 1•inC+l: 75 152EcG.00 3i:,6.''S 1t.I ? I?,4045,00 - ?95:.12 15t" 1'r, 157(1','5.00 76.88 '' 0. l00 Iziri. co 5Cie, . 25 1 C 1151. 2 1 E.8.a,U. UO -3351. «5 1t.1''yp3 I33045.00 -25406.25 15S57:11,25 156)00.00 4U1.25 :?045. DO 90v0.It0 -1 W1, 25 645. C10 ;1. v0.00 170.63 1;.1= 1;3a45.CID - 4671.07 5771' ,87 1,°5033.00 7e3.13 11..13E 7 1 ?::045. (10 £;. 7:: i 6341 i. 75 160300. 00 -2113, 75 I I I k,e 1 C :,045. 00 -73340. tit t+6: 35, 62 203600. 00 -2585. 62 11.19 9 133045.00 -22256,25 1T.5'1: 25 1559011.00 598.75 11.11,90 1^?045,00 ^21959,37 1"-5004.37 157100.08 2095.63 11.19'?I )'a11045.00 -.2,61:•1.'25 159176.25 159000.00 -176.25 II.1992 1:3045.00 -29540.62 162`?•5.62 159550.00 -3035.62 11.1993 221582.50 62906.25 158676125 159800,00 1IP3.75 11.1994 235570.00 6.2906.25 16266?,75 1601750.00 -1913.73 11.1995 224057.50 621906125 161151.23 160350.ea -801.25 11,1996 222016.25 62906.25 159110,00 139650.00 540.00 11.1997 219797.50 62906.25 156891.25 158650.00 175U.75 11.1998 222042.50 62906,25 1E-9136.25 159350.00 -786.25 11,1999 22M I.25 62906.25 16070`.0:3 161700.00 995.00 11.2000 219467.50 i2906.25 156561.25 159450.00 2888.73 `11.2001 224972.50 tiryc ,.,2- = S 06 t 162Ar ' .25 162900.130 833,75___. 11,2002 159400.00 62906.25 96493,75 159700.00 63206.25 11.2003 51350.00 62906.25 -7556.25 16200.00 23756125 11.2004 55350.00 62906.25 -7556.25 16800.00 24356.25 11.2005 55350.00 62906.25 -7556,25 16350.00 23906.25 11.2006 55$50.00 62906.25 -7556.25 16900.00 24456.25 11.2007 835990.00 856453,12 -20463.12 10400.00 46063.12 1112e08 0.00 0.00 0,00 16900.00 16900.00 11.2009 Oleo 0.00 0.00 18 3513. 09 16350.00 11.2610 0.08 0.00 0.00 1G800.00 16000.00 11,2011 0.00 0.00 0.00 16200.00 16200.00 11.2012 oleo Oleo 0.00 16600.00 16600.00 11.2013 0.00 0.00 0.00 16950.00 . 16950.00 11,2014 - 0.00 0,00 0,00 17250.00 17250.00 11.2015 0.00 0.00 0,00 16500.00 16500.00 11.2016 0.09 0.00 0.00 15750.00 15750.00 TOTALS 5115798.75 1293931.25 3021867.50 4164660.00 342792.50 MONDRY, 12120 RM, MAY 15, 19713 COL, ! _ :RO$S REFUNDING BOFID DEBT SERVICE (SCHEDULE 2) ICOL. 2 = NET CASH FLOW RDJU::TMEHTS FROM INVESTMENTS (SCHEDULE 1(A)) COL. 3 = NET DEBT SERVICE FOR REFUNDING (COL I - COL 2) COL, 4 a AMOUNT COMMITTED TO DEBT SERME ABSENT A REFUHDIIIG (SCH 4) COL, 5 = HET DEBT $ERYICE CHRHGE (+■SAVIHGS, -INCREASE) (COL. 4 - COL. 3) MN FLOW FOR REFUNDING FUND PRIM. AND INT. ASSUMES CRLL.OF TERN FONDS OF f 820.IAO Oil 2/15/2007 AT PAR TO MATCH THE f1ATURITY )R THE SECURITY Ill 114VESTED SINKING FUND. rti. 97zE��zL