Loading...
HomeMy WebLinkAboutReso 135-1986 RESOLUTION NO. 135-86 A RESOLUTION PROVIDING FOR ADJUSTMENT TO RESERVE FUND AND CREDITS UPON ASSESSMENTS THE GATEWAY ASSESSMENT DISTRICT NO. ST-82-2 Reassessment of Series 86-A Bonds RESOLVED, by the City Council of the City of South San Francisco, County of San Mateo, California, that WHEREAS, on April 23, 1986, this Council adopted Resolution No. 81-86, A Resolution Determining Unpaid Reassessments and Providing for Issuance of Bonds with respect to proceedings for The Gateway Assessment District No. ST- 82-2, Reassessment of Series 86-A Bonds (herein the ""Resolution of Issuance"); WHEREAS, pursuant to said Resolution of Issuance, this Council provided that in each year, beginning with 1986, the City Council, no later than its final meeting in July, shall determine the amount reasonably required to be maintained in the reserve fund created pursuant to said Resolution of Issuance and that said determination shall take into account the criteria set forth in said Resolution of Issuance, to wit: (i) the amount of outstanding indebtedness including unpaid principal of reassessment and interest thereon; (ii) the amount as shown on the San Mateo County tax roll applicable to the next-ensuing fiscal year for lands and improvements subject to the lien of the reassessments herein described; and delinquencies, if any, in the payment of installments of reassessments. Based on the foregoing, the amount in said reserve fund shall be reduced by an amount equal to fifty percent of the increase in assessed valuation from the prior fiscal year, but such reduction shall not result in the total amount in said reserve fund being less than 6% of the outstanding principal amount of the bonds issued under said Resolution of Issuance; and WHEREAS, the reserve fund balance as of April 30, 1986 was $1,200,000. NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED, as follows: 1. Pursuant to the requirements of said Resolution, Exhibit "A" hereto has been prepared by Bartle Wells Associates, which exhibit provides the computation for the reduction of said reserve fund for the fiscal year 1986- 87. 2. As set forth on said Exhibit "A", said reserve fund shall be reduced for the fiscal year 1986-87 by the amount of $288,000. 3. Said Exhibit "A" is hereby found to be in conformity with said Resolution of Issuance and said amount of reduction of $288,000 is hereby approved. 4. Said amount of $288,000 shall be credited against the amounts of unpaid assessments in the manner set forth in said Exhibit "A" and transferred to the redemption fund for the bonds provided in said Resolution of Issuance. 5. Said credit shall be reflected in the auditor record to be provided to the County of San Mateo with respect to these proceedings for the fiscal year 1986-87. The Finance Director of this City is hereby authorized and directed to cause an auditor record, conformed in accordance with this resolution, to be sent immediately to the Auditor of the County of San Mateo, which record shall replace any previous record provided in and for these proceedings for the fiscal year 1986-87. Said record shall be accompanied by a certified copy of this resolution. I hereby certify that the foregoing resolution was regularly introduced and adopted by the City Council of the City of South San Francisco at a regular meeting held on this 23rd day of July , 1986, by the following vote: AYES: Councilmembers Mark N. Addiego, John "Jack" Drago, Gus Nicolopulos; and Roberta Cerri Teglia. NOES: None ABSENT: Councilmember Richard A. Haffey ATTEST: ~ City~ -2- 'E!XHIBIT A TO RESOLUTION NO. 135-86 CITY OF SOUTH SAN FRANCISCO GATEWAY ASSESSMENT DISTRICT NO. ST-82-2 REASSESSMENT OF SERIES 86-A BONDS Page 1 of 2 OS16-DD ANNUAL ADJUSTMENT TO RESERVE FUND PER RESOLUTION NO. 81-86, SECTION 18(a) Resolution No. 81-86, Determining Unpaid Assessments and Providing for the Issuance of Refunding Bonds for Gateway Assessment District, allows the reserve fund to be reduced as assessed valuation in the assessment district increases. This acknowledges that the bonds become more secure as the property in the district develops. There are also fewer bonds outstanding. The city has less exposure to delinquencies and foreclosures, and can allow the reserve fund balance to drop somewhat. The reserve fund can be reduced in each year by an amount equal to one-half of the increase in assessed valuation from the prior year. The reserve fund cannot be reduced to less than 6 percent of the outstanding bonds. This memo outlines the steps to calculate the allowable reserve fund reduction in each year. 1. Determine Minimum Reserve Fund Requirement. The balance in the reserve fund cannot be reduced to less than 6 percent of the outstanding principal amount of bonds. The amount of outstanding bonds does not include the payment to be made On September 2 in each fiscal year, which will be paid from assessment installments collected on the prior year's tax bills. The initial reserve fund balance, as of April 30, 1986, was $1,200,000. Assuming no prepayments, the reserve requirement in each fiscal year is as follows- Reserve Maximum Fiscal Bonds Requirement Reserve Year Outstanding at 6% Reduction Beginning reserve balance 1986/87 1987/88 1988/89 1989/90 1990/91 1991/92 1992/93 1993/94 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 $15,200,000 $1,200,000 $ 15,200,000 912,000 288,000 15,195,000 911,700 300 15,035,000 902,100 9,600 14,420,000 865,200 36,900 13,755,000 825,300 39,900 13,040,000 782,400 42,900 12,275,000 736,500 45,900 11,465,000 687,900 48,600 10,560,000 633,600 54,300 9,560,000 573,600 60,000 8,470,000 508,200 65,400 7,295,000 437,700 70,500 6,035,000 362,100 75,600 4,700,000 282,000 80,100 3,245,000 194,700 87,300 1,675,000 100,500 94,200 [ Final bond payment 9/2/02--] EXHIBIT "A" EXHIBIT A TO RESOLUTION NO. 135-86 Page 2 of 2 2. Calculate increase in assessed valuation since prior fiscal year. Iai Calculate increase in assessed valuation under Article XIIIA of the California Constitution (Proposition 13). The California Constitution allows the assessed valuation of properties which do not change ownership to be increased at 2 -percent per year, so the minimum increase will be 2 percent per year: 1985/86 assessed valuation 2% increase $49,478,250 989,565 [b] Compare half the increase in assessed valuation to the maximum reserve reduction; reduce reserve fund by the lesser amount: 1985/86 Minimum assessed valuation increase 1986/87 Half of increase Maximum reserve reduction For 1986/87, reduce reserve fund by: $989,565 494,782 288,000 $288,000 Icl The largest possible reduction in reserve fund takes place in 1986/87. Based on the present assessed valuation in the assess- ment district, half of the automatic 2 percent increase will always exceed the maximum reserve reduction, so the maximum reserve reduction under Item 1 will apply each year. Remove allowable amount from reserve fund and apply as credit on following year's assessment installments. This will require preparation and delivery of a new auditor's record to the county in early August. The 1986/87 credits on assessments are as follows: Assessment Assess- Percent Credit On Installment Net merit Parcel Of Total 1986/87 Per Auditor's Assessment Number Number Assessment Assessment Record Installment 1 015-025-020 1.541% $ 4,437.93 $ 34,248.35 $ 29,810.42 2 015-025-030 1.369 3,942.85 30,427.67 26,484.82 3 015-024-050 1.737 5,001.94 38,600.85 33,598.91 4 015-024-040 1.651 4,754.39 36,690.53 31,936.14 5 015-024-030 1.772 5,104.02 39,388.63 34,284.61 6 015-024-020 10.168 29,284.28 225,992.06 196,707.78 7 015-024-010 29.204 84,109.04 649,084.53 564,975.49 8-1 015-024-060 10.854 31,260.85 241,245.60 209,984.75 8-2 015-024-070 5.561 16,015.06 123,591.11 107,576.05 9 015-023-140 2.683 7,727.47 59,634.30 51,906.83 10-1 015-023-190 0.452 1,302.74 10,053.45 8,750.71 10-2 015-023-200 1.300 3,743.31 28,887.83 25,144.52 10-3 015-023-260 9.637 27,753.30 214,177.23 186,423.93 11 015-023-210 14.440 41,587.50 320,938.21 279,350.71 12 015-023-250 2.587 7,449.30 57,487.57 50,038.27 13 015-023-240 5.044 14,526.01 112,099.85 97,573.84 14 015-023-230 0.000 0.00 0.00 0.00 Totals 100.000 $287,999.99 $2,222,547.77 $1,934,547.78 EXHIBIT "A" I I AUDITOR'S RECORD Handling Charge Assessment Adjustment ~ ~ear I O 15-025-020 0.2500~ $234,224.33 $0.00 1.54099~ RESOLUTION NO. $288,000.00 135-86 Adopted July 23, 1986 Year Prinoipal I 1987 77.05 2 1988 2,465.52 $ 1989 9,476.84 4. 1990 10,247.32 $ ! 9gl 1 ! ,01 7.79 6 1992 11,788.27 ? 1993 12,481,70 8 1994 13,945.60 9 1 gg5 I 5,409.50 10 1996 16,796.35 11 '1997 18,106.16 12 1998 19,415.97 13 1999 20,571.68 14 2000 22,420.82 15 2001 24,192.91 16 2002 25,810.85 $234,224.33 Interest 34,085.89 25,451.48 17,898.33 17,282.33 16,590.64 15,819.39 14,970.64 14,046.99 12,987.13 11,785.19 10,441.48 · 8,992.99 7,439.71 5,793.98 4,000.31 2,064.88 $219,651.36 Handling 85.41 69.?9 68.44 68.82 69.02 69.02 68.63 69.98 70.99 71.45 71.31 71.02 70.03 70 70.48 69.69 $1,134.68 Adjustment (4,437 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 0.00 ($4,437 Total Payment 29,810.42 27,986.79 27,443.$I 27,598.47 27,677.45 27,6?6.68 27,520.97 28,062.57 28,467.62 28,652.99 28,619.01 28,479.98 28,081.42 28..285.34 28,263.70 27,94`5.42 $450,572.44 First Half I 8,677.90 13,9~3.40 13,721.81 13,799.24 13,838.73 13,838.34 13,760.49 14,031.29 14,233.81 14,326.50 14,309.51 14,239.99 14,040.71 14,142.67 14,131.8`5 13,972.71 $229,058.9,5 $eoond half 11,132.52 13,993.39 13,721.80 13,799 23 13,8:38.72 13 ,e~38.34 13,760.48 14,031 28 14,233.81 14,326.49 14,309.50 14,259.99 14,040.71 14,142.67 14,131.85 1 ~,~72.71 $221,513.49 7/22/86; 6: ! 3 South-City-ARs Page 1 ofl J 2 I AUDITOR'S RECORD H~ndlJn9 Charge Assessment Adjustment ~ year 0 ! ~-02~-030 0.2500~; $208,094.68 $0.00 1 .$690~ $288,000.00 Year Principal 1 1987 68.46 2 1988 2,190.48 3 1989 8,419.63 4 1990 9,104.15 5 1991 9,788.67 6 1992 10,473.19 7 1993 11,089.26 8 1994 12,389.85 9 1995 13,690.44 10 1996 14,922.58 11 1997 16,086.27 12 1998 17,249.96 13 1999 18,276.74 14 2000 19,919.59 15 2001 21,493.99 16 2002 22,931.42 $208,094.68 Interest 30,283.33 22,612.1 15,901.62 15,354 14,739.82 14,054.61 13,300.54 12,479.94 11,538.31 10,470.45 9,276.65 7,989.75 6,609.75 5,147.6! 3,554.04 1,834.52 $195,147.44 Handling 75.88 62.01 60.80 61.15 61.32 61.32 60.97 62.17 63.07 63.48 63.41 63.10 62.22 62.67 62.62 61.91 $1,008.10 Adjustment (3,942.85) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 .0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ($3,942.ss) Total Payment 26,484.82 24,864.64 24,:382 24,519 24,589.81 24,589.12 24,450.77 24,931.96 25,291.82 25,456.51 25,426.33 25,302.81 24,948.71 25,129.87 25,110.65 24,827.85 $400,307.37 First Half 16,594.22 12,432.3;2 12,191.03 12,259 12,294.91 12,294 12,225.39 12,465.9B 12,645.91 12,728.26 12,713.17 12,651.41 12,474.36 12,564.94 12,555.3~ 12,41 $ .9~ $203,505.55 Seoond half 9,890.60 12,432.32 12,191.02 12,259.82 12,294.90 12,294.56 12,225.38 12,465.98 12,645.91 12,728.25 12,71:3.16 12,651.40 12,474.35 12,564.93 12,555.32 12,413.92 $196,801.82 7/22/86; 6:56 Phl South-City-ARs Page 1 of 1 AUDITOR'S RECORD Handling Charge Assessment Adjustment · gear I 5-024-0.~) 0.2500~ $263,991. $0.00 1.7368~ $288,000.00 I 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Year Prino~pal Interest 1987 86.84 38,417.75 1988 2,778.86 28,686.02 1989 10,681.23 20,172.97 1990 11,549.62 19,478.69 1991 12,418.01 18,699.09 1992 13,286.40 17,829.83 1993 14,067.95 16,873.21 1994 15,717.90 15,832.18 1995 17,367.84 14,637.62 1996 18,930.95 13~82.93 1997 20,407.22 11,768.45 1998 21,883.48 .I0,I$S.88 1999 23,186.07 8,385.20 2000 25,270.21 6,530.31 2001 27,267.51 4,508.70 2002 29,091.07 2,327.30 $263,991.16 $247,566.13 Handling 96.26 78.66 77.14 77.57 77.79 77.79 77.35 78.88 80.01 80.53 80.44 80,05 78.93 79.50 79.44 78.55 $1,278.89 Adjustment (5,001.94) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ($5,001.94) Total Pagment 33,598.91 31,543.54 30,931.34 31,105.88 31,194.89 31,1 94.02 31,018.51 31,628.96 32,085.47 32,294.41 32,256.11 32,099.41 31,650.20 31,880.02 31,855.65 31,496.92 $507,834.24 First Half 21,051.60 15,771.77 1S,465.67 15,552.94 15,597.45 15,597.01 15,509.26 1 S,814.48 16,042.74 16,147.21 16,128.06 16,049.71 15,825.10 15,940.01 15,927.83 15,748.46 $258,169.~;0 Seoond half 12,547.31 15,771.77 15,465.67 15,552.94 15,597.44 15,597.01 15,509.25 15,814.48 16,042 16,147.20 16,128.05 16,049.70 15,825.10 15,cMO .01 15,927.82 15,748.46 $249,664.94 7/22/86; 6:17 PM South-Citg-ARs Page I, ! .J AUDITOR'S RE:CORD Handling Charge Assessment Adjustment ~ gear 5-024-040 0.2500~ $250,926.34 t4,7,~4.39 $0.00 1.6508~ $288,000.00 Year Prinoipal 1987 82.55 1988 2,641.33 1989 10,152.62 1990 10,978.03 1991 11,803.45 1992 12,628.86 1993 13,37134 1994 14,940.03 1995 16,508.32 1996 17,994.06 1997 19,397.27 1998 20,800.48 1999 22,038.60 2000 24,019.60 2001 25,918.05 2002 27,651.35 $250,926.34 Interest 36,516.48 27,266.36 19,174.62 18,51430 17,773.68 16,947.44 16,038.16 15,048.65 13,913.21 12,625.56 11,186.04 .9,634.26 7,970.22 6,207.13 4,285.56 2,212.12 $235,314.19 Handling 91.50 74.77 73.32 73.73 73.94 73.94 73.52 74.97 76.05 76.55 76.46 76.09 75.02 75.57 75.51 74.66 $1,215.60 Adjustment (4,754.39) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ($4,754.39) Total Pay ment 31,936.14 29,982.46 29,400.56 29,566.46 29,651.07 29,650.24 29,483.42 30,063.65 30,497.58 30,696.17 30,659.77 30,510.83 30,083.84 30,302.30 30,279.12 29,938.13 $482,701.74 Fir~ Half 20,009.78 14,991.23 14,700.28 14,783.23 14,825.54 14,825.12 14,741.71 15,031.83 15,248.79 15,348.09 15,329.89 15,255.42 15,041.92 15,151.15 15,139.56 14,969.07 $245,392.61 Seoond half 11,926.36 14,991.23 14,700.28 14,783.23 14,825.53 14,825.12 14,741.71 15,031.82 15,248.79 15,348.08 15,329.88 15,255.41 15,041.92 15,151.15 15,139.56 14,969.06 $237,309.13 7/22/86; 6:19 PP1 South-City-ARs Page 1 of 1 I 5 AUDITOR'S RECORD Handling Charge Assessment Adjustment · gear I 0 ! 5-024-030 0.2500~ $269,378.65 $5,104.02 $0.00 1.7722~ $288,000.00 I 2 $ 4 $ 7 9 10 11 12 13 14 15 16 Year Prino~pal Interest 1987 88.62 39,2.01.78 1988 2,835.57 29,271.44 1989 10,899.21 20,584.65 1990 1 I ,785.32 19,876.21 1991 1 2,671.43 19,080.70 1992 13,557.55 18,193.70 1993 1 4,355.05 17,217.55 1994 1 6,038.67 16,155.28 1 995 1 7,722.28 14,936.34 1996 1 9,317.29 1 ~,554.00 1997 20,823.68 12,008.62 1998 22,330.08 10,342.73 1999 23,659.25 8,556.32 2000 25,785.92 6,663.58 2001 27,823.98 4,600.71 2002 29,684.75 2,374.79 $269,378.65 $252,618.40 H~ndlin(.i 98.23 80.27 78.71 79.15 79.38 79.38 7B.93 80.48 81.65 82.18 82.08 81.68 80.54 81.12 81.06 80.15 ,304.99 Adjustment (5,104.02) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ($5,104.02) Total Payment 34,284.61 32,187.28 31,562.57 31,740.68 31,831.51 31,830.63 31,651.53 32,274.43 32,740.27 32,953.47 32,914.38 32,754.49 32,296.11 32,530.62 32,505.75 32,139.69 $51B,198.02 First Half 21,481.23 16,093.64 15,781.29 15,870.34 15,915.76 15,915.32 15,825.77 16,137.22 16,370.14 16,476.74 16,457.19 16,377.25 16,148.06 16,265.31 16,252.88 16,069.85 $263,43:7.99 Second half 12,803.38 16,093.64 15,781 28 15,870.3:4 15,915.75 15,915.31 15,825.76 16,1:3;7.21 16,370.13 16,476.73 16,457.19 16,3;77.24 16,148.05 16,265.3 ! 16,252.87 16,069.84 $254,760.03 7/22/86; 6:21 PM South-City-ARs Page 1 of 1 I AUDITOR"S RECORD Handling Charge Assessmen* Adjustment · gear I 015-024-020 0.2500~ $1,545,559.35 $29,284.28 $0.00 10.1682~; $288,000.00 ? 11 12 13 14 16 Year Principal Interest Handling 1987 508.41 224,920.08 563.57 1988 16,269.05 167,944.81 460.53 1989 62,534.15 118,104.38 451.60 1990 67,618.23 114,039.66 454.14 1991 72,702.30 109,475.43 455.44 1992 77,786.38 104,386.27 455.43 1993 82,362.05 98,785.65 452.87 1994 92,021.80 92,690.86 461.78 1995 101,681.54 85,697.20 468.45 1996 110,832.88 77,766.04 471.50 1997 119,475.81 68,899.41 470.94 1998 128,118.74 59,341.35 468.65 1999 135,744.86 49,091.85 462.09 2000 147,946.64 38,232.26 465.45 2001 159,640.02 26,396.53 465.09 2002 170,316.49 13,625.33 459.85 $1,449,397.11 $1,545,559.35 $7,487.38 Adjustment (29,284.28) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ($29,284.28) Total PaY merit 196,707.78 184,674.39 181,090.13 182,112.03 182,633.17 182,628.08 181,600.57 185,174.44 187,847.19 189,070.42 188,846.16 187,928.74 185,298.80 186,644.35 186,501.64 184,401.67 $2,973,159.56 First Half 123,248.44 92,337.20 90,545.07 91,056.02 91,316.59 91,314.04 90,800.29 92,587.22 93,923.60 94,535.21 94,423.O8 93,964 2:7 92,649.40 93,322.18 93,250.82 92,200.84 $1,511,474.57 8eoond half 73,459.34 92,337.19 90,545.06 91,056.01 91,31 6.58 91,31 4.04 90,800.28 92,587.22 93,923.59 94,535.21 94,423.08 93,964.37 92,649.40 93,322.17 93,250.82 92,200.83 $1,461,685.19 7/22/86; 6:23 PM South-City-ARs Page 1 of 1 7 &UDITOR'$ RECORD Handling Charge Assessment Adjustment 0 gear 015-024-01 O 0.2500~ $4,439,088.12 $84,109.04 $0.00 29.2045~; $288,000.00 I 2 3 4 $ 6 ? 9 10 11 12 13 14 15 16 Year Prinoipal Interest Handling 1987 ! ,460.23 646,005.64 1,618.66 1988 46,727.25 482,363.73 1,322.73 1989 179,607.85 339,214.24 1,297.06 1990 194,210.11 327,539.73 1,304.37 1991 208,812.37 314,430.55 1,308.1 I 1992 223,414.64 299,81 3.68 1,308.07 1 993 236,556.67 283,727.83 1,300.71 1994 264,300.98 266,222.63 1,326.31 1995 292,045.28 246,135.76 1,345.45 1 996 318,329.35 223,356.23 1,354.21 1997 343,153.20 197,889.88 1,352.61 1998 367,977.05 ! T0,437.63 1,346.04 1999 389,880.44 140,999.46 1,327.20 2000 424,925.87 109,809.03 1,336.84 2001 458,5 ! 1.08 75,814.96 1,335.82 2002 489,175.75 39,134.07 1,320.77 $4,162,895.05 $4,439,088.12 $21,504.96 Adjustment (84,109.04) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ($$4,109.04) Total Pa~lment 564,975.49 530,413.71 520,119.15 525,054.21 524,551.03 524~36.39 521,585.21 531,849.92 539,526.49 543,059.79 542,395.69 539,760.72 532,207.10 536,071.74 535,661.86 529~30.59 $8,539,379.09 First Half 353,988.79 265,206.86 260,059.58 261,527.11 262,275.52 262,268.20 260,792.61 265,924.96 269,763.25 271,519.90 271,197.85 269,880.36 266,103.55 268,035.87 267,830.93 264,815.30 $4,341,190.64 Seoond half 210,986.70 265,206.85 260,059.57 261,527,10 262,275.51 262,268.19 260,792.60 265,c~24.96 269,763.24 271,519.89 271,197.84 269,880.36 266,103.55 268,035.87 267,830.93 264,815.29 $4,198,188.45 7/22/86; 6:25 PH South-Citg-ARs Page 1 of 1 I AUDITOR'S RECORD Handling Charge Assessment ,djustment · ~jear ! 015-024-060 0.2500~ $1,649,878.21 $31,260.85 $0.00 10.8545~ $288,000.00 Year Prino~pal 1987 542.73 1988 17,367.14 1989 66,754.95 1990 72,182.18 1991 77,609.41 1992 83,036.64 1993 87,92!.15 1994 98,232.89 1995 108,544.62 1996 118,313.64 1997 127,539.93 1998 136,766.23 1999 144,907.07 2000 157,932.43 2001 170,415.06 2002 181,812.14 $1,649,878.21 Interest 240,101.26 179,280.38 126,075.94 121,736.87 116,864.57 111,431.91 105,453.27 98~47.11 91,481.41 83~14.93 73,549.84 63,346.64 52,405.35 40,812.78 28,178.19 14,544.98 $1,547,225.43 Handling 601.61 491.62 482.08 484.80 486.18 486.17 483.44 492.95 500.07 503.32 502.72 500.28 493.28 496.86 496.48 490.89 $7,992.75 Adjostm~t (31,260.85) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ,260.85) Total Payment 209,984.75 197,139.14 193,312.97 194,403.85 194,960.16 194,954.72 193,857.86 197,672.95 200,526.10 201,831.89 201,592.49 200,613.15 197,805.70 199,242.07 199,08913 196,848.01 $3,17~,835.54 First Half 131,567.21 98,569.57 96,656.49 97,201.93 97,480.08 97,477.36 96,928.93 98,836.48 100,263.05 1 O0,915.95 1 O0,796.25 1 O0,306.58 98,902.85 99,621.04 99,544.87 98,424.01 $1,613,492.65 Seoond half 78,417.54 98,569.57 96,656.48 97,201.92 97,480.08 97,477.36 96,928.93 98,836.47 100,263.05 100,915.94 100,796 24 100,306.57 98,902.85 99,621.03 99,544.86 98,424.00 $1,560,342.89 7/22/86; 6:27 PM South-Citg-ARs Page 1 of I I B-2 JAUDITOR'S RECORD Handling Charge Assessment &d~ustmen! 4~ ~ear I 0 ! 5-024-070 0.2500~ $845,239.36 $16,015.06 $0.00 5.5608~ $288,000.00 Yea? Prinoipal I ! 987 278.04 2 1988 8,897.26 $ 1989 34,1 98.83 4 1990 36,979.23 § 1991 39,759.62 6 1992 42,540.01 7 1993 45,042.37 8 1994 50,325.11 9 1995 55,607.86 10 1996 60,612.$6 11 1997 65,339.23 12 1998 70,065.90 13 1999 74,236.49 14 2000 80,909.43 15 2001 87,304.33 16 2002 93,143.09 $845,239.36 Inte?est 123,004.86 91,846.08 64,589.22 62,366.30 S9,870.20 57,087.03 54,024.15 50,691.01 46,866.30 42,528.89 37~79.89 .32,452.75 26,847.48 20,908.56 14,435.80 7,451.46 $792,649.98 H~ndlJng 308.2! 251.86 246.97 248.36 249.07 249.07 247.67 252.54 2S6.19 257.85 257.55 256.30 252.7! 254.54 254.35 2~1.49 t~4,094.73 Adjustment (16,015.06) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ($16,o15.o6) Total Pagment 107,576.05 100,995.20 99,035.02 99,593.89 99,878.89 99,876.11 99,314.19 101,268.66 102,730.35 103,399.30 103,276.67 102,774.95 101,336.68 1 O2,072.53 101,994.48 1 O0,846.04 $1,6:~$,969.01 First Half 67,402.42 50,497.60 49,517.51 49,796.95 49,939.45 49,938.06 49,657.10 50,6~4.~3 51,365.18 51,699.65 51,638.34 51,387.48 50,668.34 51,036.27 50,997.24 50,423.02 $826,598.94 Seoond half 40,173.63 50,497.60 49,517.51 49,796.94 49,939.44 49,938.05 49,657.09 50,634.33 51,365.17 51,699.6S 51,638.33 51,387.47 50,668.34 51,036.26 50,997.24 50,423.02 $799,370.07 7/22/86; 6:29 PM South-Citg-AEs Page 1 of ! &UDITOR'B RECORD Handling Charge Assessment &djustment ~ 9ear I 5-023-140 0.2500~ $407,838.84 $7,727.47 $0.00 2.68329~ $288,000.00 ? 10 11 12 14 Year Prinoipal Interest 1987 134.16 59,351.43 1988 4,293.05 44,316.91 1989 16,501.38 31,165.13 1990 17,842.95 30,092.54 1991 19,184.53 28~88.14 1992 20,526.10 27,545.23 1993 21,733.52 26967.35 1994 24,282.51 24,459.07 1995 26,831.51 22,613.60 1996 29,246.34 20220.74 1997 31,527.02 18,181.03 1998 33,807.70 15,658.87 1999 35,820.06 12,954.2S 2000 39,039.84 10,088.65 2001 42,12S.46 6,965.46 2002 44,942.71 3,595.43 $407,838.84 $382,463.83 H~ndlJng 148.71 121.52 119.17 119.84 120.18 120.18 119.50 121.85 123.61 124.42 124.27 123.67 121.94 122.82 122.73 121.35 $1,975.76 'Adjustment (7,727.47) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ($7,727.47) Total Pagment 51,906.83 48,731.48 47,785.68 48,055.33 48,192.85 48,191.51 47,920.37 48,863.43 49,568.72 49,891.50 49,832.32 49,590.24 48,896.25 49,251.31 49,213.65 48,659.49 $784,550.96 First Half 32,522.54 24,365.74 23,892.84 24,027.67 24,096.43 24,095.76 23,960.19 24,431.72 24,784.36 24,945.75 24,916.16 24,795.12 24,448.13 24,625.66 24,606.83 24,329.75 $398,844.65 Seoond half 19,384.29 24,365.74 23,892.84 24,027.66 24,096.42 24,0'95.75 23,960.18 24,4:31.71 24,784.36 24,945.75 24,916.16 24,795.12 24,448.12 24,625.65 24,606.82 24,:329.74 $385,706.31 7/22/86; 6:31 PM South-Citg-ARs Page 1 of I ,AUD II'OR'~ RECORD Handling Charge Assessment Rdjustmeet · gear 015-023- 0.2500~; $68,755 $1 ,:a02.74 $0.00 0.4525~ $288,000.00 Yea- Prinoipal I 1987 22.62 2 1988 723.7~5 3 1989 2,T81.89 4 1990 3,008.06 5 1991 3,234.23 6 1992 3,460.40 7 1993 3,663.95 8 19 c.:.:~ 4,093.67 9 1995 4,523.39 10 1996 4,930.50 11 1997 5,314.99 12 1998 5,699.47 13 1999 6,038.73 14 201~0 6,581.54 15 2001 7,101.73 16 2002 7,~76.59 $68,755.51 Interest 10,005.76 7,471.f 7 5,253.98 5,073. ! 6 4,870.11 4,643.72 4,394.57 4,123.44 3,812.32 3,459.49 3,065.05 2,639.85 2,183.90 1,700.80 1,174.28 606.I4 $64,477,74 Handling 25.07 20.49 20.09 20.20 2026 20 26 20.15 20.54 20.84 20.97 20.95 20.85 20.56 20.71 20.69 20.46 $333.09 Adjustment (1,302.74) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ($1,3o2.74) Total Payment 8,750.71 8,215.41 8,055.96 ~,I01.42 8,124.60 B,124.38 8,078.67 8,237.65 8,356.55 8,410.96 8,400.99 8,360.17 8,243.19 8,303.05 8,296.70 8,203.19 $1 ;~2,263.60 First Half 5,482.81 4,107.71 4,027.98 4,050.71 4,062.30 4,062.19 4,0s9.34 4,118.83 4,178 28 4,205.48 4,200.50 4,180.09 4,121.60 4,1~f .53 4,148 4,101.60 $67,239.30 3,267.90 4,107.70 4,027.98 4,050.7 I 4,062.30 4,062.19 4,039.33 4,118.82 4,178.27 4,205.48 4,200.49 4,180.08 4,121.59 4,151.52 4,148.35 4,101.59 $65,024.30 7/22/86; 6:33 PM South-Cit,/-ARs Page 1 of 1 AUDII'0R'S RECORD Handling Charge Assessment Adjustment ~ gear I 015-O23-2OO 0.2500~ $197,563.75 $$,743.31 $0.00 1.2998~ $288,000.00 Year Prinoipal 1987 64.99 1988 2,079.62 1989 7,993.54 1990 8,643.42 1991 9,293.30 1992 9,943.18 1993 10,528.07 1994 11,762.85 1995 12,997.62 1996 14,167.41 1997 15,272.20 1998 16,377.00 1999 17,351.82 2000 18,911.54 2001 20,406.26 2002 21,770.93 $197,563.75 Interest 28,750.80 21,467.83 15,096.90 14,577.32 13,993.89 13,343.36 12,627.45 11,848.37 10,954.40 9,940.58 8,807.19 7,585.41 6,275.25 4,887.11 3,374.19 1,741.69 $185,271.74 Handling 72.04 58.87 57.73 58.05 58.22 58.22 57.89 59.03 59.88 60.27 60.20 59.91 59.07 59.50 59.45 58.78 $957.1! Adjustment (3,743.31) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ($3,743.31) Total Payment 25,144.52 23,606.32 23,148.17 23,278.79 23,345.41 23,344.76 23,213.41 23,670.25 24,011.90 24,168.26 24,139.59 24,022.32 23,686.14 23,858.15 23,839.90 23,571.40 $380,049.29 Firs, Half 15,754.45 11,803.16 11,574.09 11,639.40 11,672.71 11,672.38 11,606.71 11,835.13 12,00~.95 12,084.13 12,069.80 12,011.16 11,843.07 11,929.08 11,91 9.95 11,785.70 $193,206.87 8eoond half 9,390.07 11,803.16 11 ,b'74.08 11,639.39 11,672.70 11,672.38 11,606.70 11,835.12 12,005.95 12,084.13 12,069.79 12,011.16 11,843.07 11,929.07 11,919.95 11,785.70 $186,842.42 7/22/86; 6:35 PH South-City-ARs Page 1 of 1 /iUD ITOR'S RECORD Handling Charge Assessment Adjustment · gear I 5-025-260 0.2500c~ ,464,757.68 $27,75~.30 $0.00 9.6366~ $288,000.00 Year Prino~pal I 1987 481.83 2 1988 15,418.51 3 1989 59,264.87 4 1990 64,083.15 5 1991 68,901.44 6 1992 73,719.72 7 1993 78,056.17 8 1994 87,210.91 9 1995 96,36S.64 10 1996 105,038.55 11 1997 113,229.63 12 1998 121,420.71 13 1999 128,648.13 14 2000 140,212.01 15 2001 151,294.05 16 2002 161,412.36 $1,464,757.68 Interest 213,161.29 159,164.67 111,929.90 108,077.68 103,752.07 98,928.97 93,621.15 87,844.99 81,216.96 73,700.44 65~97.36 56~38.99 46,525.33 36,233.48 25,016.52 12,913.00 $1,373,622.80 Handling 534.11 436.46 427.99 430.40 431.63 431.62 429.19 437.64 443.96 446.85 446.32 444.15 437.93 441.11 440.78 435.81 $7,095.95 Adjustment (27,753.30) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ($27,753.30) Total Pa~l ment 186,423.93 175,019.64 171,622.76 172,591.23 173,085.~4 173,080.31 172,106.51 175,493.54 178,026.56 179,185.84 178,973.31 17B,103.85 175,611.39 176,886.60 176,751.35 174,761.17 $2,817,723.13 First Half 116,805.03 87,509.82 85,811.38 86,295.62 86,542.57 86,540.16 86,053.26 87,746.77 89,013.28 89,592.92 89,486.66 89,051.93 87,805.70 88,443.30 88,375.68 87,380.59 $1,432,454.67 Seoond half 69,618.e o 87,509.82 85,811.38 86,295.61 86,542.5? 86,540.15 86,053.25 87,746.77 89,013.28 89,592.92 89,486.65 89,051.92 87,805.69 88,443.30 88,375.67 87,380.58 $1,385,268.46 7/22/86; 6:37 PM South-Citg-4Rs Page 1 of 1 I !1 AUDITOR'S RECORD Handling Charge Assessment &djustment · year I 015-023-210 0.2500~ $2,194,895.93 $41,587.~0 $0.00 .4401 ¢~ $288,000.00 Year Prirmipal r 1987 722.01 3 1988 23,104.17 $ ! 989 88,806.65 :~ 1990 96,026.70 ~ 1991 103,246.75 ~ 1992 110,466.$1 ? 1993 116,964 85 ! 1994 130,682.95 ! 1995 144,401.05 10 1996 157,397.15 11 1997 169,671.24 12 1998 1 $1,945.33 ~3 1999 192,775.40 14 2000 210,103.53 15 2001 226,709.65 16 2002 241,871.69 $2,194,895.93 Interest 319,415.86 238,503.53 167,723.63 161,951.20 ! 55,469.39 148,242.12 140,288.51 131,633.11 121,701.2! 110,437.93 97,846.16 84,272.46 69,716.83 54,294.80 37,486.52 19,349.7§ $2,058,333.01 Handling 800.34 654.02 641.33 644 646.79 646.77 643.13 655.79 665.26 669.59 668.79 665.54 656.23 661.00 660.49 653.05 $10,633.06 Adjustment (4 ! ,587.50) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ($4! ,$e7.5o) Total Pay ment 279,350.71 262,261.72 257,171.61 258,622.84 259,362.93 259,355.70 257,896.49 262,971.85 266,767.52 268,5O4.67 268,186.19 266 ,$83.33 2r~,, 148.4~ 265,059.33 264,856.66 261,874.49 ~t.,222,274.50 First Half 175,028.87 131,130.86 128,585.81 129,311.42 1 29,681.47 129,677.85 1 28,948.25 131,485.93 133,383.76 134,252.34 ! 34,093.10 133,441.67 131,5?4.23 132,529.6? 132,425.33 130,93? .25 $2,146,490.81 Seoond half 104,321.84 131,130.86 128,,r:~5.80 129,311.42 ! 29,681.46 129,677 .$5 128,948.24 131,485.92 133,383.76 134,252.33 134 ,C)93.09 133,441.66 131,574.23 32,529.66 32,428.33 30,937.24 $2,075,783.69 7/22/86.; 6:39 PM South-City-ARs Page 1 of l I 12 IAUDITOR'B RECORD Handling Charge Assessment Adjustment · uear I 015-O23-250 0.2500~ $393,157.39 $7,449.30 $0.00 2.5866~ $288,000.00 Yea? Prinoipal ! 1987 129.33 2 1988 4,138.50 3 1989 1S,907.36 4 1990 17,200.64 5 1991 18,493.92 6 1992 19,787.20 7 1993 20,95!.16 8 1994 23,408.39 9 1995 25,865.62 10 1996 28,193.53 11 1997 30,392.11 12 1998 32,590.68 13 1999 34,530.60 14 2000 37,654.48 15 2001 40,609.02 16 2002 43,324.85 $393,157.39 57~14.88 42~21.59 30,043.24 29,009.27 27,848.22 26,553.65 25,128.97 23,578.58 21,799.55 19,782.03 17,526.55 .15,095.18 12,487.93 9,725.48 6,714.72 3,466.00 $368,695.84 Handling 143.36 117.15 116.88 115.52 115.86 115.85 115.20 117.47 119.16 119.94 119.80 119.21 117.55 118.40 118.31 116.98 $1,904.64 Adjustment (7,449.30) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ($7,449.30) Total PaU ment 50,038.27 46,977.24 46,065.48 46,325.43 46,458.00 46,456.70 46,195.33 47,104.44 47,784.33 48,095.50 48,038.46 47,805.07 47,136.08 47,478.36 47~442,05 46,907.83 $756,308.57 First Half 31,351.78 23,488.62 23,032.74 23,162.72 23,229.00 23,228.35 23,097.67 23,552.22 23,892.17 24,047.75 24,019.23 23,902.54 23,568.04 23,739.18 23,721.03 23,453.92 $384,486.96 Seoond half 18,686.49 23,488.62 23,032.74 23,162.71 23,229.00 23,228.35 23,097.66 23,552.22 23,892.16 24,047.75 24,019.23 23,902.53 23,568.04 23,739.18 23,721.02 23,453.91 $371,821.61 7/22/86; 6:41 PP1 S°uth-Citg-ARs Page 1 of l IAUl)ITOR'SRECORD Handling Charge Assessment Adjustment ~ year I 01 ~i-023-240 0.2500~ $766,650.70 $14,526.01 $0.00 5.0438<~ $288,000.00 Year Prinoipal 1987 252.19 1988 8,070.01 1989 31,019.10 1990 33,540.97 1991 36,062.85 1992 38,584.73 1993 40,854.42 1994 45,645.98 1995 50,437.55 1996 54,976.93 1997 59,264.12 1998 63,551.31 1999 67,334.13 2000 73,386.63 2001 79,186.95 2002 84,482.83 $766,650.70 Interest 111,568.11 83,306.41 58~83.85 56,567.60 54,303.59 51,779.19 49,001.09 45~77.86 42,508.77 38,574.64 34,176.49 29~35.36 24~51.25 18,964.52 13~93.59 6,758.64 $718,950.96 Handling 279.55 228.44 224.01 225.27 225.92 225.91 224.64 229.06 232.37 233.88 233.60 232.47 229.21 230.88 230.70 228.10 $3,714.01 Ad.~ustment {14,526.01) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ,526.01 ) Total Pag ment 97,573.84 91,604.86 89,826.96 90,333.84 90,592.36 90,589.83 90,080.15 91,852.90 93,178.69 93,785.45 93,674.21 93,21 9.14 91,914 92,582.03 92,511.24 91,469.57 $1,474,789.66 Fir~ Half 61,135.48 45,802.43 44,913.48 45,166.92 45,296.18 45,294.92 45,040.08 45,926.45 46,589.35 46,892.73 46,837.11 46,609.57 45,957.~0 46,291.02 46,255.62 45,734.79 $749,743.4~ half 36,438.36 45,802.43 44,913.48 45,166.92 45,296.18 45,294.91 45,040.07 45,926.45 46,,~9.34 46,8"92.72 46,837.10 46,609.57 45,9~7.29 46,291.01 46,255.62 45,734.78 $72'5,046.23 7/22/86; 6:43 PPI South-City-ARs Page 1 of 1 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8-1 9 8-2 10 9 11 10-1 12 10-2 13 10-3 14 11 15 12 16 13 17 14 015-025-020 OlS-O2 3o O 1 5.024-050 015-024-040 01 5.024-050 015-024-020 015-024-010 015-024-060 015-024-07'0 015-023-140 015-023-190 015-023-200 015-023-260 015-023-210 015-023-250 015-023-240 015-023-230 234,224.33 208,094.68 263,991.16 250,926.34 269,378 1,545,559.35 4,439,088.12 1,649,878.21 845,239.36 407,838.84 68,7'55.51 197,563.75 1,464,7'57.68 2,194,895.93 393,157.39 766,650.70 0.00 15,200,000.00 1.5409~; 1.3690~ 1.7368~ 1.6508~ 1.7722~ 10. ! 682~ 29.2045~ 10.8545~ 5.5608~: 2 0.4523~ 1.2998~; 9.6366~; 14.4401 ~ 2.5866~ 5.0438~ 0.0000~ 4,437.93 3,942.85 5,001.94' 4,754.39 5,104.02 29,284.28 84,1 09.04 31,260.85 16,015.06 7,727.47 1,302.74 3,743.31 27,753.30 41,587.50 7,449.30 14,526.01 0.00 288,000.00 SUMS 5,000.06 2,212,005.20 2,222,005.32 160,000.07 1,651,674.56 1,971,674.70 615,000.10 1,161,512.60 2,391,512.80 665,000.08 1,121,537.61 2,451,537.77 715,000.07 1,076,650.09 2,506,650.23 765,000.08 1,026,600.10 2,5~6,600.26 810,000.08 971,520.09 2,591,520.25 905,000.09 911,~80.07 2,721,580.25 1,000,000.06 842,800.09 2,~!.2,800.21 1,090,000.07 764,800.07 2,944,800.21 1,175,000.08 677,600.09 3,027,600.25 1,260,000.09 583,600.10 3,103,600.28 1,3~5,000.07 482,800.08 3,152,800.22 1,455,000.08 376,000.08 3,286,000.24 1,570,000.05 259,600.08 3,399,600.18 1,674,998.87 134,000.10 3,483,997.84 15,200,000.00 14,254,281.01 44,654,281.01 7/22/86; 6:45 PM South-City-ARs Page 2 of I