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HomeMy WebLinkAboutDNRC - SRF Loan $866,000DEPARTMENT OF NATURAL RESOURCES AND CONSERVATION BRIAN SCI-I1ArEITZER, GONFERNOR 1625 ELEVENTH AVENUE STATE OF MONTANA DIRECTOR'S OFFICE (406) 444-2074 PO BOX 201601 TELEFAX NUMBER (406) 444-2684 HELENA, MONTANA 59620-1601 MEMORANDUM To: From: Subject: Mary Embleton [ [ City of Laurel I~J~ ~ AnnaMiller 1 X ~'x~k_J DNRC City Of Laur -~_~Loan $866,000 [_A[JREL Date: August 3, 2005 I have reviewed the financial information for 2006 on the city's wastewater system. The wastewater fees will be pledged to the debt of the wastewater system. I have estimated closing dates just to see if that coverage is made. The city is looking at a loan for $866,000. There are no outstanding bond issues. Coverage Calculation The average highest years debt service is $63,050 in fiscal year 2023. Coverage is $63,050 x 125% = $78,813 User Rate With Increase in Effect 2006 Wastewater System Revenue Rate Increase 2006 Budget $ 1,009,276 Wastewater System Expenses Budget 2006 $< 874,485> Total Net Revenues $ 134,791 Net Revenues $ 134,791 Coverage Needed $< 78,813> Coverage is made by $ 55,978 CENTRALIZED SERVICES CONSERVATION & RESOURCE RESERVED WATER RIGHTS OIL & GAS TRUST LAND MANAGEMENT DIVISION DIVISION COMPACT COMMISSION DIVISION DIVISION (406) 444-2074 (406) 444-6667 (406) 404-6541 (406) 444-6675 (406) 444-2074 It looks like we have adequate use fees to produce the payback for the loan; I need to have a copy of the signed resolution that put these user fees into effect. Will there be an increase in operating costs once your project is complete? We will adopt the bond resolution in August 2005, and the closing date of the loan will be on or before September 30, 2005. I am enclosing a clean copy of the repayment schedule for a loan of $866,000 and a copy of the Budget for 2006. Please let me know if you have any questions or comments. My phone number is 444-6689. I will be working with Mae Nan Ellingson and Mike Abrahamson. C~ Mae Nan Ellingson w/ Laurel SRF file w/ Mike Abrahamson w/ Diana Hoy w/ Debbie Meling w/ Nathan Tubergen w/ Crystal Bennett w/ G:\CARD~.-GENRALkANNAkSRF~L aurel Coy Calc. floc 00/03/08 09:59:41 CITY OF LAUREL Revenue Budget Report -- Mu10iYear Actuals For the Year: 8008 - 2006 Page: 1 of DOSPG Report ID: B250 ............ =--- Actual$ ................. Current % Account 01-02 02-03 03-04 04-05 Budget Rec. 330000 INTERGOVERNMENTAL REVENUES 331010 CDBG 209,209 331096 DNRC Grant 10,000 Carry Over balance not used from last year. 331097 TSEP Gran~ Carry over balance not used from last year. 334120 Treasure State Sndo~ent 15,000 Group: 10,000 224,209 340000 CHkRGES FOR S~VICES 343031 Sewer Charges 892,539 Based on the final wastewater study. 343033 System Devlpmt Fee 5,950 343036 Miscellaneous 5ewer 167 Group: 898,656 360000 Miscellaneous Revenue 362000 Other Miscellaneous 362030 Equipment Rental 363015 Unpaid Charges 363040 Penalty & Interest 367000 Sale of Junk 745 370000 Investment and Royalty Earnings 371010 Investment Earnings 10,348 371011 System Devel. Int. 3,379 371012 Construction Int. 371013 Bond Sinking Int. 1,188 371016 Replace. &Depr. Int. 3,533 373030 Workers Comp Dividend 882 373040 Liability Dividend 230,778 886,280 904,807 10,841 6,800 50 5,624 897,171 917,231 230,778 095,471 16,500 5O 912,021 12,273 5 Group: 745 21 9 12,887 5,370 5,081 8,046 8,003 1,340 2,696 678 578 135 2,221 1,793 5,708 4,002 3,877 3,351 Group: 19,327 14,174 16,255 i4,447 628 Prelim. Budgst Final % Old Budget Change Budget Budget 0 ***% 0 0% 100,000 0% 100,000 100,000 100% 500,000 0% 500,000 500,000 100% 0 0% 0 0% 600,000 38% 600,000 0 600,000 100% 927,000 97% 1,009,876 ~1, 0.~09~ 108% 7,000 236% 7,000 7,000 100% 100 50% 100 100 100% 934,100 98% 1,016,376 0 1,016,376 108% 100 0% 100 100 100% 100 0% 100 100 100% 0 +**% 0 0% 0 0% 0 0% 200 ***% 200 0 200 100% 5,400 149% 5,000 5,000 92% 1,300 207% 1,500 1,500 116% 0 0% 0 0% 200 0% 0 0% 1,500 247% 1,706 1,700 113% 1,500 0% 500 500 33% 0 0% 0 0% 9,900 146% 6,700 0 8,700 87% 0% 0 0% 0% 887,000 47,619 934,619 184% 380000 Other Financing Sources 381065 Insurance LOSS Settlement 0 381070 Proceeds Loans/Intercap 753,000 City's portion of Phase II (Main trunk line) - $433,000; E 1st Street - $501,619 Group: 622 753,000 0% 887,000 47,619 934,619 124% Fund: 918,728 981,988 1,157,704 1,129,533 8,297,200 51% 2,512,276 47,619 2,559,895 111% Grand Total: 918,728 921,988 1,157,704 1,169,533 2,297,200 8,512,276 47,619 2,559,895 08/03/05 CITY OF LAUREL Page: 1 of DOEPG 10:03:13 Expenditure Buduet Report -- MultiYear Actuals Report ID: 0248A For the Year: 2005 - 2S06 5310 SEWER 6O0 SEWER PLANT Account Object ................ Actuals ................. Current % Brelim. Budget Final % Old 01-02 02-03 03-04 04-05 Budget Exp. Budget Changes Budget Budget 430640 Treatment and Disposal 110 Salaries and Wages 142,828 i49,996 158,160 161,008 163,445 99% ]68,450 168,450 1038 113 Overtime 5,593 5,495 5,523 5,524 1808 4,230 4,238 76% 141 Unemployment Insurance 358 389 405 416 420 99% 432 432 1028 142 Workers' Compensation 8,718 9,108 8,660 8,981 9,056 99% 9,332 448 9,788 1078 143 Health Insurance 48,086 46,089 45,308 42,817 43,563 98% 47,477 47,477 1088 144 Life Insurance 316 327 311 311 312 1008 312 312 1008 145 FICA 10,794 11,749 12,411 12,673 12,820 99% 13,208 13,208 1038 146 PERS 9,748 10,580 11,128 11,324 11,400 99% 11,740 11,740 1828 220 Opermting Supplies 8,273 6,974 8,177 16,559 16,559 1008 12,500 12,500 75% 221 Chemicals 5,469 1,906 2,990 5,651 5,651 1008 5,000 5,000 88% 222 Laboratory & Medical 1,531 177 606 242 1,500 168 1,500 1,500 1008 226 Clothing and Uniforms 886 840 1,315 1,405 1,600 88% 1,600 1,600 1008 831 Gms, Oil, Diesel Fuel, 1,154 749 1,603 633 2,00S 32% 2,008 2,000 I008 232 Motor Vehicle Barts 383 32 1,569 38 400 108 800 800 200% 233 Machinery & Equipment 7,534 9,791 5,953 6,907 10,000 69% 10,000 10,S00 1808 241 Consumable Tools 240 158 219 500 0% 250 250 50% 339 Certification Genewal 210 390 236 375 0% 475 475 1268 341 Electric Utility Services 47,432 43,046 50,440 52,078 52,078 1008 50,000 50,000 96% 342 Water/Sewer Utility 4,781 4,173 3,395 3,666 4,500 86% 4,000 4,000 88% 343 Cellular Telephone 62 83 21 350 0% 350 350 1008 344 Gas Utility Service 6,037 6,242 8,716 11,279 11,279 1008 7,000 7,000 62% 345 Telephone 2,166 1,725 1,776 1,730 2,000 87% 2,000 2,000 1008 346 Garbage 142 142 142 142 185 77% 185 185 1008 349 Quality Testing 3,061 2,950 2,940 3,000 4,000 75% 5,000 5,000 1258 350 Professional Services 18,454 4,845 6,220 2,484 3,000 83% 30,008 30,000 10008 355 Data Processing Services 1,887 268 2,000 138 2,000 2,000 1008 364 Water/Sewer Struct. & 15,864 6,797 1,679 686 10,481 7% 150,000 -100,000 50,000 477% 366 Building Maintenance 17,992 17,251 2,176 255 15,000 2% 15,000 15,000 1008 380 Training Services ],021 1,369 1,051 1,258 3,000 42% 3,00S 3,000 1008 397 Contracted Services 1,239 1,500 0% 2,500 2,500 1668 511 Insurance on 2,981 3,805 3,812 3,450 4,362 79% 4,400 4,400 1008 513 Liability 6,576 6,185 6,991 8,414 8,435 1008 8,500 350 8,850 1048 $172,647 x .0466 x 1.1 014 Vehicle/Equipment 431 598 256 84 669 138 675 675 1008 533 Machinery & Eqipment 86 0 0% 0 0% 544 Discharge ~e~it Fee 2,846 2,645 6,775 3,418 3,418 1008 4,000 4,000 1178 821 Grant Match Transfer 12,500 0 0% O 08 940 Machinery & Equipment 7,500 S 0% 0 0% 955 Phase IWW Construction 49,105 53,360 53,360 1008 8 0% 990 Valves 8,890 S 0% ~ . 0% Account: 385,394 363,690 418,931 420,278 464,742 90% 377,916 -99,202 ~ 1038 49~00g Debt Service 610 Principal 60,000 70,000 70,000 0 0% 0 0% 620 Interest 11,260 7,000 2,345 0 0% 0 0% 630 Paying Agent Fees 575 575 719 8 0% 0 0% ACCount: 71,835 77,575 73,064 0 ***% 0 0 0 0% / ¥ , ) 08/03/05 CITY OF [~UP~L Page: 2 of DOSPG 10:03:13 Expenditure Budget R~port -- MultiYear Actuals Report ID: B240A For the Year: 2005 - 2006 5310 SEWER 600 SEWER PLANT Account Object ................ ' Actuals ................. Current % Prelim. Budget Finml % Old 01-02 02-03 03-04 04-05 Budget Exp. Budget Changes Budget Budget 510400 Depreciation 830 Deprec-Closed 00 Retained 58,485 0 0% 0 0% 840 Deprec-Closed to 120,344 0 0% 0 0% Account: 178,829 0 ***% 0 0 0 0% Orgn: 636,058 441,265 491,990 420,278 464,742 90% 577,916 -99,202 478,714 103% % 08/03/05 CITY OF [~UREL Page: 3 of DOSPG 10:03:13 Expenditure Budget Report -- MultlYear Aetuals Report ID: B240A For the Year: 2005 - 2006 5310 SEWER 630 SEWER SYSTEM ................ Actuals ................. Current % Prelim. Budget Final % Old Account Object 01-02 02-83 03-04 04-05 Budget Exp. Budget Changes Budget Budget 430630 Collection & Transmission 110 Salaries and Wages 111 Overtime 141 Unemployment Insurance 142 Workers' Compensation 143 Health Insurance 144 Life Insurance 145 FICA 146 PERS 220 Operating Supplies 221 Chemicale 226 Clothing and Uniforms 230 Repair & Maintenance 231 Gas, Oil, Diesel Fuel, 232 Ms,or Vehicle Parts 233 Machinery & Equi~ent 241 Consumable Tools 339 Certification Renewal 343 Cellular Telephone 350 Professional Services 355 Data Processing Services 364 Water/Sewer Struct. & 370 Travel 380 Traininq Services 452 Gravel and Sand 511 Insurance on 513 Liability 54,659 77,299 88,474 90,442 99,720 91% 110,982 110,902 111% 176 154 162 2,080 8% 2,105 2,105 102% 135 194 218 226 255 89% 283 283 110% 2,397 4,165 4,285 4,215 4,405 96% 4,562 220 4,782 108% 18,703 27,351 29,885 26,098 29,856 87% 35,957 35,957 120% 124 173 171 154 171 90% 197 197 115% 4,056 5,795 6,628 6,882 7,770 89% 8,645 8,645 111% 3,657 5,175 5,770 5,508 6,145 90% 6,292 6,292 102% 3,748 1,953 5,443 9,973 9,973 100% 8,000 8,080 1,415 2,573 4,418 6,515 6,516 100% 1,500 1,580 23% 401 384 424 441 1,000 44% 1,800 1,500 150% 577 992 1,206 1,305 4,000 33% 6,000 6,000 2,596 1,712 1,752 2,669 2,700 99% 2,700 2,700 100% 539 326 857 2,457 2,457 100% 1,500 1,500 61% 1,619 155 1,761 3,358 3,358 100% 2,000 2,000 59% 412 51 203 43 500 9% 508 500 180% 400 0% 400 400 100% 187 0 0% 0 0% 24,637 10,623 10,177 23,456 49,665 47% 50,008 -30,000 20,008 48% 374 390 347 347 100% 0 0% 13,784 593 5,142 2,989 40,000 7% 50,080 50,000 125% 551 1,358 1,359 108% 0 0% 110 330 162 1,500 S% 1,500 1,500 100% 1,200 1,582 1,582 100% 2,000 2,000 126% llS 116 116 100% 158 150 129% 9,406 6,507 7,131 6,881 9,615 72% 9,000 -207 8,793 91% 1,018 1,018 100% 800 800 78% 185 2,500 7% 2,500 2,500 100% 2,500 0% 2,500 2,500 100% 0 0% 0 0% 0 0% 50,000 -35,000 15,000~*******% 0 0% 34,000 34,000 14,278 24,000 59% 0 ~ 0% 277,248 277,242 100% ~0 0% 182,219 755,758 24% 1,033,000 1,833,00 136% 672,119 1,348,478 50% 1,528,493 -64,987 1,463,506 108% $113,006 x .0466 x 1.1 (plus 2 deductibles @ $1500 each) 514 Vehicle/Equipment 323 350 304 832 Land Rental/Easements 85 481 935 533 Machinery & Eqipment 35 821 Grank Match Transfer 12,500 920 Buildings Pole building for equipment and vehicle storage (20%). 938 Replace Wafer/Sewer Line 9,091 940 Machinery & Equipment Video camera and controls for viewing sewer lines. 943 Vehicle(s} 955 Phase 1%~ Construction 257,803 956 Construction Phase II (Main Trunk Linel- $1,033,000; Account: 155,990 166,031 433,859 430631 Lift Station-Elm St. 220 Operating Supplies 6 221 Chemicals 508 1,153 233 Machinery & Equipment 123 341 Electric Utility Services 970 2,235 1,207 364 Water/Sewer S~ruct. & 77 5,231 Account: 1,684 3,388 6,518 200 0% 200 200 100% 639 1,000 64% 1,200 1,200 120% 196 475 41% 500 500 105% 870 2,750 32% 2,750 2,750 100% 8,000 0% 8,000 8,000 100% 1,705 12,428 14% 12,650 0 12,650 101% 08/03/05 CITY OF LAUREL Page: 4 of DOSPB 10:03:13 Expenditure Budget Report -- MultiYear Actuals Report ID: B240A For the Year: 2005 - 2006 5310 SEWER 630 SEWER SYSTEM Account ObJsct ................ Aerials ................. Current % Prelim. Budget Final % Old 01-82 02-03 03-04 04-05 Budget Exp. Budget Changes Budget Budget 430632 Lift Station-Village Subdv 220 Operating Supplies 10 300 509 509 100% 200 200 39% 221 Chemicals 1,369 1,153 639 1,000 64% 1,200 1,300 120% 233 Machinery & Equipment 71 475 0% 1,500 1,500 315% 341 Electric Utility Services 560 833 981 673 1,250 54% 1,250 1,250 100% 344 Gas Utility Service 99 119 125 130 158 87% 150 150 100% 345 Telephone 562 473 473 473 600 79% 600 600 100% 364 Water/Sewer Struct. & 53 1,406 8,008 0% 8,000 8,00~8,00 100% Account: 2,724 2,378 3,295 2,424 11,884 20% 12,900 0 107% 490000 Debt Service 610 Principal 31,430 33,408 35,512 37,741 97,745 39% 44,350 50,000 94,350 96% For DNRC Loan 620 Interest 8,077 6,098 3,995 1,743 1,766 99% 17,740 7,500 25,240 1429% DNRC Loan Account: 39,507 39,506 39,507 39,484 99,511 40% 62,090 57,500 119,590 120% Orgn: 199,905 211,503 483,169 715,732 1,472,398 49% 1,616,133 -7,487 1,608,646 109% % 08/03/05 CITY OF LAUREL Page: 5 of DOSPG 10:03:13 Expenditure Budget Report -- MultiYear Actuals Report ID: B240A For the Year: 2005 - 2006 5310 SEWER 900 TRANSFER ................ Actuals ................. Current % Prelim. Budget Final % Old Account Object 01-02 02-03 03-04 04-05 Budget Exp. Budget Chmnges Budget Budget 430600 Sewer Utilities 392 Administrative Services 72,046 Account: 72,046 521000 Interfund Operating Transfers Out 956 Construction East First Street project. Account: 100,607 99,647 95,360 95,365 100% 95,365 100,507 99,647 95,360 95,365 100% 96,366 Orgn: 72,046 100,507 99,647 95,360 95,365 100% 0 ~ 100% 320,000 0% 454,000 47,619 501,619 I56% 320,000 0% 454,000 47,619 501,619 156% 415,365 23% 549,365 47,619 596,984 143% % Fund: 908,009 753,275 1,074,811 1,231,370 2,352,505 52% 2,743,414 -59,070 2,684,344 114% % Grand Total: 908,009 753,275 1,074,81] 1,231,370 2,352,505 2,743,414 -59,070 2,684,344 LaUrel Wastewater Loans East 1st Trunkline 'Total 4~treet ,~oo ~,.ooo ~t gM,.aoo 2004 2005 2006 11,375 13,097 24,472 2007 28,606 33,025 61,631 2008 28,081 33,425 61,506 2009 28,556 33,769 62,325 2010 28,975 33,094 62,069 2011 28,375 33,419 61,794 2012 28,775 33,687 62,462 2013 29,119 32,937 6¢,056 ~2014 28,444' 33,187 61,631 2015 28,769 33,381 62,1512 2016 29,037 32,556 61,593 2017 28,287 33,713 62,000 2018 28,537 33,813 62,350 2019 28,731 33,894 62,625 2020 27,906 32,919 60,825 2021 29~063 33,925 62,988 2022 28,163 32,875 61,038 2023, 29,244 33,806 63,050 2024 28,269 32,681 60,950 2025 28,294 33,537 61,831 2026 14,262' 17,319 31,581 2027 Total $ 568,868 $ 664,059 $ 1,232,927 STATE OF MONTANA GENERAL OBLIGATION BONDS WASTEWATER (REVOLVING FUND PROGRAM) SER 05 BORROWER: Laure]-E 1st Street PROJECT NAME: LOAN COMIffiTMENT: $400,000 LOAN AMOUNT: 400,000 INTEREST RATE: 3.75% FINAL LOAN PAYMENT: 7/1/2025 # OF LOAN PAYMENTS: 40 PROJECT NLrMBER: DATE OF FLrNDINO: 9/16/2005 Preliminary Schedule PAYMENT LOAN LOSS ADM EXPENSE INTEREST PRINCIPAL O/S LOAN TOTAL AMOUNT DUE RESERVE SURCHARGE PAYMENT PAYIVI~NT BALANCE OF PAYMENT I 1/1/2006 1,166.67 875.00 2,333/33 7,000.00 393,000.00 2 7/1/2006 1,965.00 1,473.75 3,930.00 7,000.00 386,000.00 3 1/1/2007 1,930.00 1,447.50 3,860.00 7,000.00 379,000.00 4 7/1/2007 1,895.00 1,421.25 3,790.00 7,000.00 372,000.00 5 I/1/2008 1,860.00 1,395.00 3,720.00 7,000.00 365,000.00 6 7/1/2008 1,825.00 1,368.75 3,650.00 7,000.00 358,000.00 7 1/I/2009 1,790.00 1,342.50 3,580.00 8,000.00 350,000.00 8 7/1/2009 1,750.00 1,312.50 3,500.00 8,000.00 342,000.00 9 1/1/2010 1,710.00 1,282.50 3,420.00 8,000.00 334,000.00 10 7/1/2010 1,670.00 1,252.50 3,340.00 8,000.00 326,000.00 11 1/1/2011 1,630.00 1,222.50 3,260.00 8,000.00 318,000.00 12 7/1/2011 1,590.00 1,192.50 3,180.00 8,000.00 310,000.00 13 l/1/2012 1,550.00 1,162.50 3,100.00 9,000.00 301,000.00 14 7/1/2012 1,505.00 1,]28.75 3,010.00 9,000.00 292,000.00 15 1/1/2013 1,460.00 1,095.00 2,920.00 9,000.00 283,000.00 16 7/1/2013 1,415.00 ' 1,061.25 2,830.00 9,000.00 274,000.00 17 1/1/2014 1,370.00 1,027.50 2,740.00 9,000.00 265,000.00 18 7/1/2014 1,325.00 993.75 2,650.00 9,000.00 256,000.00 19 1/I/2015 1,280.00 960.00 2,560.00 10,000.00 246,000.00 20 7/1/2015 1,230.00 922.50 2,460.00 10,000.00 236,000.00 21 1/1/2016 1,180.00 885.00 2,360.00 10,000.00 226,000.00 22 7/1/2016 1,130.00 847.50 2,260.00 l 0,000.00 216,000.00 23 1/1/2017 1,080.00 810.00 2,160.00 10,000.00 206,000.00 24 7/1/2017 ],030.00 772.50 2,060.00 10,000.00 196,000.00 25 1/I/2018 980.00 735.00 1,960.00 11,000.00 185,000.00 26 7/1/2018 925.00 693.75 1,850.00 11,000.00 174,000.00 27 1/I/2019 870.00 652.50 1,740.00 11,000.00 163,000.00 28 7/1/2019 815.00 611.25 1,630.00 I 1,000.00 152,000.00 29 1/I/2iJ20 760.00 570.00 ~,520.00 11,000.00 141,000.00 30 7/I/2020 705.00 528.75 1,410.00 12,000.00 129,000.00 31 1/I/2021 645.00 483.75 1,290.00 12,000.00 117,000.00 32 7/1/2021 585.00 438.75 1,170.00 I2,000.00 105,000.00 33 1/1/2022 525.00 393.75 1,050.00 12,000.00 93,000.00 34 7/1/2022 465.00 348.75 930.00 13,000.00 80,000.00 35 I/1/2023 400.00 ' 300.00 800.00 13,000.00 67,000.00 36 7/1/2023 335.00 251.25 670.00 13,000.00 54,000.00 37 1/1/2024 270.00 202.50 540.00 13,000.00 41,000.00 38 7/1/2024 205.00 153.75 410.00 13,000.00 28,000.00 39 1/1/2025 140.00 105.00 280.00 I4,000.00 14,000.00 40 7/1/2025 70.00 52.50 140.00 14,000.00 0.00 $11,375.00 $ 11,375.00 $14,368.75 $]4,237.50 $ 28,606.25 $14,106.25 $13,975.00 $ 28,081.25 $13,843.75 $14,712.50 . $ 28,556.25 $14,562.50 $14,412.50 $ 28,975.00 $14,262.50 $14,112.50 $ 28,375.00 $13,962.50 $14,812.50 $ 28,775.00 $14,643.75 $14,475.00 $ 29,118.75 $14,306.25 $14,137.50 $ 28,443.75 $13,968.75 $14,800.00 $ 28,768.75 $14,612.50 $14,425.00 . $ 29,037.50 $14,237.50 $14,050.00 $ 28,287.50 $13,862.50 $14,675.00 $ 28,537.50 $14,468.75 $14,262.50 $ 28,731.25 $14,056.25 $13,850.00 $ 27,906.25 $14,643.75 $14,418.75 $ 29,062.50 $14,193.75 $13,968.75 $ 28,162.50 $14,743.75 $14,500.00 $ 29,243.75 $14;256.25 $14,012.50 $ 28,268.75 $13,768.75 $14,525.00 . $ 28,293.75 $I4,262.50 $ 14,262.50 45,031.67 33,773.75 90,063.33 400,000.00 568,868.75 BORROWER: Laurel-Trunkline PROJECT NAME: LOAN COMM]TMENT: $466,000 LOAN AMOUNT: 466,000 INTEREST RATE: 3.75% STATE OF MONTANA GENERAL OBLIGATION BONDS WASTEWATER (REVOLVI]X/G FUND PROGRAM) SF.~R OS FINAL LOAN PAYMENT: 7/1/2025 # OF LOAN PAYMENTS: 40 PROJECT NUMBER: DATE OF FUNDING: 9/16/2005 Preliminary Schedule PAYMENT LOAN LOSS ADM EXPENSE INTEREST PRINCIPAL O/S LOAN TOTAL AMOUNT DUE RESERVE SURCHA3,GE PAYMENT PAYMENT BALANCE OF PAYMENT 1 1/1/2006 1,359.17 1,019.38 2,718.33 8,000.00 .458,000.00 $I3,096.88 $ 13,096.88 2 7/I/2006 2,290.00 1,717.50 4,580.00 8,000.00 450,000.00 $16,587.50 3 1/1/2007 2,250.00 1,687.50 4,500.00 8,000.00 442,000.00 $16,437.50 $ 33,025.00 4 7/1/2007 2,210.00 1,657.50 4,420.00 8,000.00 434,000.00 $16,287.50 5 1/1/2008 2,170.00 1,627.50 4,340.00 9,000.00 425,000.00 $17,137.50 $ 33,425.00 6 7/I/2008 2,125.00 1,593.75 4,250.00 9,000.00 416,000.00 $16,968.75 7 1/1/2009 2,080.00 1,560.00 4,160.00 9,000.00 407,000.00 $16,800.00 $ 33,768.75 8 7/1/2009 2,035.00 1,526.25 4,070.00 9,000.00 2,98,000.00 $16,631.25 9 1/1/2010 1,990.00 1,492.50 3,980.00 9,000.00 389,000.00 $16,462.50 $ 33,093.75 10 7/1/2010 1,945.00 1,458.75 3,890.00 9,000.00 380,000.00 $16,293.75 11 I/1/20II 1,900.00 1,425.00 3,800.00 10,000.00 370,000~00 $17,125.00 $ 33,418.75 12 7/1/2011 1,850.00 1,387.50 3,700.00 10,000.00 360,000.00 $16,937.50 13 1/1/2012 1,800.00 1,350.00 3,600.00 10,000.00 350,000.00 $16,750.00 $ 33,687.50 14 7/1/2012 1,750.00 1,312.50 3,500.00 10,000.00 340,000.00 $16,562.50 15 1/1/2013 1,700.00 1,275.00 3,400.00 10,000.00 330,000.00 $16,375.00 $ 32,937.50 16 7/1/2013 1,650.00 '1,237.50 3,300.00 ] 0,000.00 320,000.00 $16,187.50 17 1/I/2014 1,600.00 1,200.00 3,200.00 11,000.00 309,000.00 $17,000.00 $ 33,187.50 18 7/1/2014 1,545.00 1,158.75 3,090.00 11,000.00 298,000.00 $16,793.75 19 1/l/2015 1,490.00 1,117.50 2,980.00 11,000.00 287,000.00 $16,587.50 $ 33,381.25 20 7/1/2015 1,435.00 1,076.25 2,870.00 11,000.00 276,000.00 $16,381.25 21 1/1/2016 . 1,380.00 1,035.00 2,760.00 .11,000.00 265,000.00 $16,175.00 $ 32,556.25 22 7/1/2016 1,325.00 993.75 2,650.00 12,000.00 253,000.00 $16,968.75 23 1/1/2017 1,265.00 948.75 2,530.00 12,000.00 241',000.00 $16,743.75 $ 331712.50 24 7/1/2017 1,205.00 903~75 2,410.00 12,000.00 229,000,00 $16,518.75 25 I/1/2018 1,145.00 858.75 2,290'.00 12,000.00 217,000.00 $16,293.75 $ 32,812.50 26 7/1/2018 1,085.00 813.75 2,170.00 13,000.00 204,000.00 $17,068.75 27 1/I/2019 1,020.00 765.00 2,040.00 13,000.00 191,000.00 $16,825.00 $ 33,893.75 28 7/1/2019 955.00 716.25 1,910.00 13,000.00 178,000.00 $16,581.25 29 1/1/20~0 890~00 667.50 1,780.00 13,000.00 165,000.00 $16,337.50 $ 32,918.75 30 7/1/2020 825.00 618.75 1,650.00 14,000.00 151,000.00 $17,093.75 31 1/1/2021 755.00 566.25 1,510.00 14,000.00 137,000.00 $16,831.25 $ 33,925.00 32 7/1/2021 685.00 513.75 1,370.00 14,000.00 123,000.00 $16,568.75 33 1/1/2022 615.00 461.25 1,230.00 14,000.00 109,000.00 $I6,306.25 $ 32,875.00 34 7/1/2022 545.00 408.75 1,090.00 ]5,000.00 94,000.00 $17,043.75 35 1/I/2023 470.00 352.50 940.00 15,000.00 79,000.00 $16,762.50 $ 33,806.25 36 7/I/2023 395.00 296.25 790.00 15,000.00 64,000.00 $I6,481.25 37 1/]/2024 320.00 240.00 640.00 15,000.00 49,000.00 $16,200.00 $ 32,681.25 38 7/I/2024 245.00 183.75 490.00 16,000.00 33,000.00 $16,918.75 39 I/1/2025 165.00 123.75 330.00 16,000~00 17,000.00 $16,618.75 $ 33,537.50 40 7/I/2025 85.00 63.75 170.00 t7,000.00 0.00 $17,318.75 $ 17,318.75 52,549.17 39,411.88 105,098.33 466,000.00 ~ 663,059.38