HomeMy WebLinkAboutORDINANCE 02-20TOWN OF ESTES PARK,COLORADO
ACTING BY AND THROUGH ITS WATER ENTERPRISE
ORDINANCE NO.02-20
AN ORDINANCE OF THE TOWN OF ESTES PARK,COLORADO,ACTING
BY AND THROUGH ITS WATER ENTERPRISE,AUTHORIZING THE
ISSUANCE OF A WATER REVENUE BOND TO EVIDENCE A LOAN
FROM THE RURAL UTILITIES SERVICE OF THE UNITED STATES
DEPARTMENT OF AGRICULTURE RURAL DEVELOPMENT TO
REIMBURSE THE TOWN FOR A PORTION OF THE COST OF
CONSTRUCTING A FUNCTIONAL REPLACEMENT OF THE DRINKING
WATER DISTRIBUTION SYSTEM SERVING THE PARK ENTRANCE
ESTATES NEIGHBORHOOD;PROVIDING THE FORM AND OTHER
DETAILS IN CONNECTION WITH THE BOND;PROVIDING FOR THE
PAYMENT OF THE BOND FROM A CAPITAL COST FEE TO BE PAID
MONTHLY IN ADDITION TO THE TOWN’S WATER SERVICE RATES BY
THE OWNERS OF THE PROPERTIES IN THE PARK ENTRANCE ESTATES
NEIGHBORHOOD;AND MAKING CERTAIN COVENANTS AND
APPROVING CERTAIN DOCUMENTS RELATING TO THE LOAN.
WHEREAS,the Town of Estes Park,Colorado (the “Town”).is a statutory town and
political subdivision duly organized and existing pursuant to the laws of the State of Colorado
(the “State”):and
WHEREAS,the Board of Trustees (the “Board”)of the Town has formally established a
Water Enterprise (the “Enterprise”)pursuant to Ordinance No.08-99;and
WHEREAS,the Town,acting by and through the Enterprise operates and maintains a
municipal water system within the Town and surrounding areas for the distribution of treated
water;and
WHEREAS,such municipal water system has been and continues to be operated by the
Enterprise as a government-owned business,which is authorized to issue its own revenue bonds
and receives under 10%of annual revenue in grants from all Colorado state and local
governments combined,and it is hereby determined that the Enterprise is an enterprise within the
meaning of Article X,Section 20 of the Colorado Constitution;and
WHEREAS,the Town,acting by and through the Enterprise,for years provided treated
water to the Park Entrance Mutual Pipeline and Water Company (PEMPWCO)as a bulk water
customer,and PEMPWCO distributed such water through its own distribution system to property
owners in the Park Entrance Estates neighborhood;and
WHEREAS,PEMPWCO’s system needed replacing in order to provide improved water
quality,pressure and fire flow volume,and to meet Town standards and requirements for water
distribution systems;and
WHEREAS,pursuant to Section 3 1-35-402,Colorado Revised Statutes,the Town has the
power to operate and maintain water facilities for use within and without the boundaries of the
Town,and to accept loans or grants or both from the United States for the construction of
necessary water facilities;and
WHEREAS,the Town has applied for and received approval of a loan and grant to be
administered by the Rural Utilities Service (RUS)of the United States Department of
Agriculture Rural Development (collectively,“USDA”),for the construction by the Town,acting
by and through the Enterprise,of a functional replacement of PEMPWCO’s aging drinking water
distribution system (the “Project”);and
WHEREAS,the Town and PEMPWCO entered into a Water System Transfer Agreement
dated February 20,2018,for the transfer of PEMPWCO’s system to the Town and the
construction of the Project by the Town;and
WHEREAS,the Town has constructed and completed the Project and the Town,acting
by and through the Enterprise,now seeks to authorize the issuance of a Water Revenue Bond
(the “Bond”)to USDA in order to obtain the loan from USDA and to use the proceeds of such
Bond and the loan to reimburse the Town for a portion of the cost of the Project;and
WHEREAS,none of the members of the Board have any potential conflicting interests in
connection with the authorization,issuance,or delivery of the Bond,or the use of the proceeds
thereof;and
WHEREAS,the Board,acting as the governing body of the Enterprise,desires to
authorize the issuance and sale of the Bond and,as provided in Title 11,Article 57,Part 2,
C.R.S.,delegate to the Town Administrator or the Finance Director of the Town the authority to
determine certain provisions of the Bond to be set forth in the final executed Bond,in accordance
with the provisions of this Bond Ordinance;
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES
PARK,COLORADO,ACTING AS THE GOVERNING BODY OF ITS WATER
ENTERPRISE:
Section 1.Definitions.The following terms shall have the following meanings as used
in this Ordinance:
“A uthorized Denomination”means the outstanding principal amount of the Bond.
“Batik”means a national banking association duly organized and existing under the laws
of the United States of America,being a member of the Federal Deposit Insurance Corporation.
and duly qualified and acting under the Public Deposit Protection Act of the State.
“Board”means the Board of Trustees of the Town.
“Bond”means the Water Revenue Bond,Series 2020,dated as of the Dated Date and
authorized hereby.
“Bond Account”means the Bond Account created in the section hereof titled “Bond
Account”for the purpose of paying the principal of and interest on the Bond.
“Bond Counser’means (a)as of the date of issuance of the Bond,Kutak Rock LLP.and
(b)as of any other date,Kutak Rock LLP or such other attorneys selected by the Town with
nationally recognized expertise in the issuance of municipal bonds.
“Bond Ordinance”means this ordinance which authorizes the issuance of the Bond,
including any amendments properly made hereto.
“Business Day”means any day other than (a)a Saturday or Sunday or (b)a day on which
banking institutions in the State are authorized or obligated by law or executive order to be
closed for business.
“Certffied Public Accountant”means an independent certified public accountant within
the meaning of §12-2-115,C.R.S.and any amendment thereto,licensed to practice in the State.
means the Colorado Revised Statutes,as amended and supplemented as of the
date hereof.
“Dated Date”means the original dated date for the Bond as determined in the Bond
Details Certificate and set forth in the executed Bond.
“Enabling Law”means this Bond Ordinance;Title 31,Article 35,Part 4,C.R.S.;Title 11,
Article 57,Part 2,C.R.S.;and all other laws of the State enabling the issuance of the Bond.
“Event of Default”means any of the events specified in the section hereof titled “Events
of Default.”
“Holder”means USDA as of the Dated Date,and thereafter,following a transfer and
exchange of the Bond,if any,the Person in whose name the Bond is registered on the
registration books maintained by the Paying Agent.
“Interest Rate”means the rate of 2.25%per annum,unless a different rate is established
in the Bond Details Certificate,as set forth in the executed Bond.
“Maturity Date”means the date for the final payment of the Bond,as determined in the
Bond Details Certificate and set forth in the executed Bond,which shall be no later than forty
years following the Dated Date.
“Parity Obligations”means any bonds,Bonds or other obligations (which may or may
not be multiple fiscal year financial obligations)with a lien on the Pledged Revenues that is
equal and on a parity with the lien of the Bond on the Pledged Revenues.
“Park Entrance Estates Neighborhood”means the Park Entrance Estates Addition to the
Town of Estes Park,Colorado.
“Paying Agent”means the Town Treasurer.
“Paj’ment Date”means monthly dates determined in the Bond Details Certificate and set
forth in the executed Bond for payment of the principal of and interest on the Bond.
“Per,njtted Jn1’estnlents”means any lawful investment permitted for the investment of
hinds of the Town by the laws of the State,subject to any restrictions or limitations established
from time to time by USDA or other applicable federal regulations.
“Person”means a corporation,firm,other body corporate,agency,partnership,
association or individual and also includes an executor,administrator,trustee,receiver or other
representative appointed according to law.
“Pledged Revenues”means a capital cost fee to be paid monthly per lot by the users of
the System in the Park Entrance Estates Neighborhood.
“Project”means the design,engineering and construction of a functional replacement of
the aging drinking water system in the Park Entrance Estates Neighborhood and any other
purpose for which proceeds of the Bond and other legally available moneys of the Town may be
expended under the Enabling Law for replacement of such drinking water system.
“Public Deposit Protection Act”means Title 11,Article 10.5,Part 1,C.R.S.
“Record Date”means the fifteenth day of the calendar month next preceding each
Payment Date.
“Required Reserve”means,with respect to the Bond,an amount equal to at least the
annual loan installment ($25,032.00 unless a different amount is established in the Bond Details
Certificate).
“Reserve Account”means a special account established by the provisions hereof for the
purpose of paying,if necessary,the principal of and interest on the Bond or for expenses as
authorized by USDA.
“State”means the State of Colorado.
“System”means the water distribution system,including all rights of way and easements,
acquired by the Town and located in the Park Entrance Estates Neighborhood,including,without
limitation,the Project.
“USDA”means the United States Department of Agriculture.
“USDA Loan Resolution”means the RUS Bulletin l78027 (Loan Resolution —Public
Bodies)also adopted by the Board in conjunction with the issuance of the Bond.
Section 2.Authorization and Purpose of the Bond.Pursuant to and in accordance
with the Enabling Law,the Town,acting by and through the Enterprise,hereby authorizes,
approves and orders that,as evidence of a loan from the USDA,there shall be issued by the
Town,acting by and through the Enterprise,the “Water Revenue Bond,Series 2020”for the
purpose of reimbursing the Town for all or a portion of the costs of the Project.The Maturity
Date is not expected to exceed the usefi.il life of the Project.
Section 3.Bond Details.
(a)Registered For,,,,Den ominations,Dated Date and Numbering.The
Bond shall be issued as a single,filly registered Bond,which shall be dated as of the
Dated Date and registered in the name of the USDA,or if later transferred pursuant to the
Section hereof entitled “Registration,Transfer and Exchange of the Bond,”in the name
of the Person identified in the registration books of the Town maintained by the Paying
Agent.The Bond shall be issued in the Authorized Denomination.The Bond shall be in
substantially the form set forth in Appendix A hereto with such changes thereto,not
inconsistent herewith,as may be necessary or desirable and approved by the Town
officials executing the same (whose manual signatures thereon shall constitute conclusive
evidence of such approval).The Bond shall be numbered R-l.and if transferred
thereafter numbered consecutively beginning with the number “2.”
(b)Maturity Date,Principal Amount and Interest Rate.The Bond shall be
issued in the principal amount of $658,000 and shall mature on the Maturity Date.The
Bond shall bear interest at the Interest Rate (calculated based on an actual/365-day year)
from the later of the Dated Date or the latest Payment Date to which interest has been
paid in frill and shall be payable on each Payment Date.The Board hereby delegates to
the Town Administrator or the Finance Director of the Town the authority to determine
(i)the Dated Date,(ii)the amount of principal of the Bond subject to payment and
redemption in any particular month and year,(iii)the Interest Rate,(iv)the Payment
Dates,(v)the amount of the Required Reserve and (vi)any other matters that,in the
judgmcnt of the Town Administrator or the Finance Director of the Town,are necessary
or convenient to be determined and set forth in the executed Bond,and are not
inconsistent with the parameters established pursuant to this Bond Ordinance.
(c)Accrual and Dates of Payment of Interest.Interest on the Bond shall
accrue at the Interest Rate from the later of the Dated Date or the latest Payment Date (or
in the case of defaulted interest,the latest date)to which interest has been paid in frill and
shall be payable on each Payment Date.
(d)Manner and Form of Payment.The principal of the Bond shall be
payable in lawful money of the United States of America to the Holder on the Maturity
Date or upon prior redemption in whole or in part.The interest on and principal of the
Bond is payable to the Holder at its address as it appears on the registration books
maintained by or on behalf of the Town by the Paying Agent.
Interest and principal payments shall be paid by check or draft of the Paying
Agent mailed on or before each Payment Date to the Holder.The Paying Agent may
make payments of interest and principal by alternative means,such as by wire transfer,as
may be mutually agreed to between the Holder of the Bond and the Paying Agent.
Without limiting the foregoing,the appropriate Town officer or official shall complete
and deliver to USDA form RD-3550-28 (or any similar replacement form to the
“Authorization Agreement for Preauthorized Payments”)to allow for principal and
interest payments to be electronically debited from the Bond Account to USDA on the
dates that payments are due.All payments of the principal of and interest on the Bond
shall be made in lawful money of the United States of America.
Within thirty days following the date of the final payment of the Bond,in full,the
Holder of the Bond shall present the Bond to the Paying Agent,at the office of the Paying
Agent at 170 MacGregor Aye,Estes Park,Colorado 80517,or at such other address as
provided in writing by the Paying Agent to the Holder.
Section 4.Form of Bond.The Bond shall be in substantially the fonT!set forth in
Appendix A hereto with such changes thereto,not inconsistent herewith,as may be necessary or
desirable and approved by the officials of the Town,acting by and through the Enterprise.
executing the same (whose manual signatures thereon shall constitute conclusive evidence of
such approval).Although attached as an appendix for the convenience of the reader,
Appendix A is an integral part of this Bond Ordinance and is incorporated herein as if set forth in
full in the body of this Bond Ordinance.
Section 5.Execution,Authentication and Delivery of the Bond.
(a)Execution.The Bond shall be executed in the name and on behalf of the
Town.acting by and through the Enterprise,with the manual signature of the Mayor,
shall bear a manual or facsimile of the seal of the Town and shall be attested by the
manual signature of the Town Clerk,both of whom are hereby authorized and directed to
prepare and execute the Bond in accordance with the requirements hereof.Should any
officer whose manual signature appears on the Bond cease to be such officer before
delivery of any Bond,such manual signature shall nevertheless be valid and sufficient for
all purposes.
(b)Authentication.When the Bond has been duly executed,the officers of
the Town,acting by and through the Enterprise,are authorized to,and shall,deliver the
Bond to the Paying Agent for authentication.No Bond shall be secured by or entitled to
the benefit of this Bond Ordinance,or shall be valid or obligatory for any purpose,unless
the certificate of authentication of the Paying Agent has been manually executed by an
authorized signatory of the Paying Agent.The executed certificate of authentication of
the Paying Agent upon any Bond shall be conclusive evidence,and the only competent
evidence,that such Bond has been properly authenticated hereunder.
(c)Delivery.Upon the authentication of the Bond,receipt of the principal
amount of the Bond (or confirmation of the availability of loan proceeds in said amount)
from the USDA and issuance of the approving opinion of Bond Counsel,the Paying
Agent shall be directed to release the Bond and deliver the same to the USDA in
accordance with the directions of the USDA.
Section 6.Registration,Transfer and Exchange of the Bond.
(a)Registration.The Paying Agent shall maintain a registration book in
which the ownership,transfer and exchange of the Bond shall be recorded.The Person in
whose name the Bond shall be registered on the registration book shall be deemed to be
the absolute owner thereof for all purposes.
(b)Transfer and Exchange of the Bond.The Bond may be transferred at the
principal office of the Paying Agent or at such other location designated by the Paying
Agent for such purpose,for an Authorized Denomination of the same Maturity Date and
interest rate.Upon surrender for transfer of the Bond,duly endorsed for transfer or
accompanied by an assignment duly executed by the Holder or his or her attorney duly
authorized in writing,the Town,acting by and through the Enterprise,shall execute and
the Paying Agent shall authenticate and deliver in the name of the transferee a new Bond.
Section 7.Replacement of Lost,Destroyed or Stolen Bond.If the Bond shall become
lost,apparently destroyed,stolen or wrongflully taken,it may be replaced in the form and tenor
of the lost,destroyed,stolen or taken Bond and the Town,acting by and through the Enterprise,
shall execute and the Paying Agent shall authenticate and deliver a replacement Bond upon the
Holder ffimishing,to the satisfaction of the Paying Agent:(a)proof of ownership (which shall be
shown by the registration books of the Paying Agent),(b)proof of loss,destruction or theft,
(c)an indemnity’to the Town with respect to the Bond lost,destroyed or taken,and (d)payment
of the cost of preparing and executing the new Bond.
Section 8.Redemption of the Bond Prior to Maturity.
(a)Optional Redemption.
(i)The Bond shall be subject to prior redemption in whole at the option of the
Town,acting by and through the Enterprise,on the Payment Date of any month,
upon payment of the unpaid principal amount of the Bond and accrued interest to
the date of redemption (without redemption premium).
(ii)Prepayment of any portion of scheduled installments of principal and interest
on the Bond may be made at any time at the option of the Town,acting by and
through the Enterprise,and shall,after payment of interest,be applied to the
installments last to become due under the Bond and shall not affect the obligation
of the Town,acting by and through the Enterprise,to pay the remaining scheduled
installments.
(b)Regularly Scheduled Redemption.The principal amount of the Bond
shall be subject to payment and amortization on each Payment Date of the years and in
the principal amounts as deteniiined in the Bond Details Certificate and set forth in the
executed Bond,at a redemption price equal to the principal amount thereof (with no
redemption premium),plus accrued interest to the redemption date.
(c)Notice of Redemption.No notice shall be required for regularly
scheduled redemption as provided in paragraph (b)of this SectionS.Not less than fifteen
days prior to the date established for optional redemption of the Bond,as provided in
paragraph (a)of this Section 8,the Town,acting by and through the Enterprise,shall
notify USDA of its intent to exercise its optional redemption right.
(d)Graduation Clause.Upon the request of USDA,the Town,acting by and
through the Enterprise.shall refinance the unpaid balance of the Bond if at any time it
shall appear to USDA that the Town,acting by and through the Enterprise,is able to
refinance the Bond by obtaining a loan for such purposes from responsible cooperative or
private sources at reasonable rates and terms for loans for similar purposes and periods of
time as required by section 333(c)of the Consolidated Farm and Rural Development Act
(7 U.S.C.1983(c).
Section 9.Bond Account.There is hereby established the Bond Account.Moneys in
the Bond Account shall be used solely for the purpose of paying the principal of and interest on
the Bond and on any Parity Obligations.On or before the Business Day preceding each Payment
Date,the Town,acting by and through the Enterprise,shall credit to the Bond Account,from the
Pledged Revenues,an amount equal to the principal and interest to come due on the Bond and on
any Parity Obligations on the next succeeding Payment Date.
Section 10.Application of Proceeds of the Bond.The proceeds received by the Town,
acting by and through the Enterprise,from the USDA at the time of delivery of the Bond shall be
applied as a supplemental appropriation of the Town.acting by and through the Enterprise,to
reimburse the Town for a portion of the cost of the Project.
Section 11.Reserve Account.
(a)Use of Moneys in the Reserve Account.There is hereby established the
Reserve Account,which account is irrevocably pledged and held for payment of the
Bond.Moneys in the Reserve Account shall be used,if necessary,only to prevent a
default in the payment of the principal of or interest on the Bond or for expenses as
authorized by USDA.In the event the amounts credited to the Bond Account are
insufficient to pay the principal of or interest on the Bond when due,the Town,acting by
and through the Enterprise,shall transfer from the Reserve Account to the Bond Account
an amount which,when combined with moneys in the Bond Account,will be sufficient to
make such payments when due.
(b)Funding and Mai,,tenance of the Required Reserve.The Required
Reserve shall be funded and maintained from the Pledged Revenues by the deposit,on or
before December 31 of each year for 10 years following the issuance of the Bond or until
the Required Reserve is fully funded,of at least one-tenth (1/l0ul)of the total of the
twelve monthly payments on the Bond and thereafter shall be maintained in the amount
of the Required Reserve.If at any time after becoming fully funded,the amount in the
Reserve Account is less than the Required Reserve,the Town,acting by and through the
Enterprise,shall deposit to the Reserve Account,as soon as possible,from the Pledged
Revenues or other legally available monies,amounts sufficient to bring the amount in the
Reserve Account to the Required Reserve.
Section 12.Maintenance of Rates and Coverage.Subject to the issuance of the Bond,
the Board shall maintain a user rate schedule for the use of the System that provides adequate
income to meet the minimum requirements for operation and maintenance,debt service (other
than the Bond),and reserves.USDA requires,as a condition to the loan,that the Town,acting
by and through the Enterprise,establish a short lived asset replacement reserve by depositing a
sum of $1,500 annually for the life of the loan to pay for repairs and/or replacement of major
system assets.
Section 13.Pledge and Lien for Payment of Bond.
(a)Pledge of Revenues.The Town,acting by and through the Enterprise,
hereby pledges the Pledged Revenues for the payment of the principal of and interest on
the Bond,and grants a first lien (but not necessarily an exclusive first lien)for such
purpose on the Pledged Revenues.
(b)Superior Liens Prohibited.The Town,acting by and through the
Enterprise,shall not pledge or create any other lien on the revenues and moneys pledged
pursuant to paragraph (a)of this Section that is superior to the pledge thereof or lien
thereon pursuant to such paragraph.
(c)Subordinate Liens Permitted.Nothing herein shall prohibit the Town,
acting by and through the Enterprise,from issuing subordinate lien obligations and
pledging or creating a lien on the revenues and moneys pledged and the lien created
pursuant to paragraph (a)of this section that is subordinate to the pledge thereof or lien
thereon pursuant to such paragraph,provided that no Event of Default shall have
occurred and be continuing.
(d)Parity Obligations Permitted with consent.The Town,acting by and
through the Enterprise,shall not issue Parity Obligations without the prior written
consent of the Holder.
(e)Bond Li a Special,Limited Obligation of the Town.The Bond is a
special,limited obligation of the Town.acting by and through the Enterprise,payable
solely from the Pledged Revenues and secured solely by the sources provided in this
Bond Ordinance.The Bond shall not constitute a general obligation debt of the Town
within the meaning of any statutory or constitutional limitation.
(f)Perfection of Security Interest.The creation,perfection,enforcement,
and priority of the pledge of revenues to secure or pay the Bond as provided herein shall
be governed by Section 11-57-208,C.R.S.and the Enabling Law.The revenues pledged
for the payment of the Bond,as received by or otherwise credited to the Town,shall
immediately be subject to the lien of such pledge without any physical delivery,filing,or
further act.The lien of such pledge on the revenues pledged for payment of the Bond and
any Parity Obligations and the obligation to perforn the contractual provisions made
herein shall othenvise have priority over any or all other obligations and liabilities of the
Town and of the Town,acting by and through the Enterprise.The lien of such pledge
shall be valid,binding,and enforceable as against all persons having claims of any kind
in tort,contract,or otherwise against the Town irrespective of whether such persons have
notice of such lien.
Section 14.Investment of Monies.Any amount in any account established under this
Bond Ordinance may be invested in Permitted Investments until needed for the purpose for
which the account was established.
Section 15.Additional General Covenants.In addition to the other covenants of the
Town contained herein,the Town,acting by and through the Enterprise,hereby fl.irther
covenants for the benefit of the Holder of the Bond that:
(a)Efficient (‘ollection and Enforcement of the Pledged Revenues.The
Town,acting by and through the Enterprise,will manage the collection and enforcement
of the Pledged Revenues in the most efficient and economical manner practicable.The
Town,acting by and through the Enterprise,will promptly render bills for the Pledged
Revenues and for services flwnished by or the use of the System,shall use all legal means
to assure prompt payment thereof,and shall take such action as may be necessary to
make delinquent Pledged Revenues,and user rates,fees and charges of the System a lien
upon the real property served.
(b)Inspection of Records.The Town,acting by and through the Enterprise,
will keep or cause to be kept such books and records showing the Pledged Revenues,in
which complete entries shall be made in accordance with generally accepted accounting
principles,as applicable to governmental entities,and the Holder shall have the right at
all reasonable times to inspect all non-confidential records,accounts,actions and data of
the Town,acting by and through the Enterprise,relating to the Bond,the Reserve
Account and the Pledged Revenues.
(c)Annual Audit and Budget.The Town will,in the time and manner
provided by law,cause an annual audit to be made of the books relating to the Pledged
Revenues,the Bond Account and the Reserve Account each year by a Certified Public
Accountant and shall furnish a physical or electronic copy thereof to the Holder.The
Town also shall provide the Holder with such additional information relating to the
expenditure of loan and grant funding as required by applicable federal regulations or as
USDA may request.In addition,at least once a year in the time and manner provided by
law,the Town will cause a budget to be prepared and adopted.Within thirty days afier
the beginning of each fiscal year,the Town will submit an annual budget and projected
cash flow as directed by USDA.With the submission of the annual budget,the Town,
acting by and through the Enterprise,will provide a current rate schedule,and a current
listing of the Board members and their terms.
(d)Operation and Management.The Town.acting by and through the
Enterprise,will operate and manage the System in an efficient and economical manner in
accordance with all applicable laws,rules and regulations,and keep and maintain
separate accounts of the receipts and expenses thereof in such manner that the Pledged
Revenues may at all times be readily and accurately identified.
(e)No Free Sen’ice.The Town,acting by and through the Enterprise,shall
require all customers to shall pay a fair and reasonable amount for sen’ices furnished by
or the use of the System and shall provide no free service for use of the System.
(0 Sale or Alienation of System Propertj The Town,acting by and through
the Enterprise,will not sell or alienate any of the property constituting any part or all of
the System in any manner or to any extent as might reduce the security provided for the
payment of the Bond.
(g)Insurance.The Town will carry such forms of general liability insurance,
workers’compensation,position fidelity bonds,national flood insurance and real
property insurance as required by USDA and applicable federal regulations.
(h)Mandatory Hookups As required by USDA and applicable federal
regulations,all customers within the System service area shall be required to hookup to
the System.
Section 16.Events of Default.Each of the following events constitutes an Event of
Default:
(a)Nonpayment of Principal or Interest.Failure to make any payment of
principal of or interest on the Bond when due hereunder;
(b)Breach or Nonperformance of Duties.Breach by the Town.acting by
and through the Enterprise,of any material covenant set forth herein or failure by the
Town.acting by and through the Enterprise.to perform any material duty imposed on it
hereunder and continuation of such breach or failure for a period of thirty days after
receipt by the Town Administrator of written notice thereof from the Holder;or
(c)Appointment of Receiver.An order or decree is entered by a court of
competent jurisdiction appointing a receiver for all or any portion of the revenues and
moneys pledged for the payment of the Bond pursuant hereto is entered with the consent
or acquiescence of the Town or is entered without the consent or acquiescence of the
Town but is not vacated,discharged or stayed within thirty days after it is entered.
Section 17.Remedies for Events of Default.
(a)Reined/es.Upon the occurrence and continuance of any Event of Default,
the Holder of the Bond,or a trustee therefor,may protect and enforce its rights by proper
legal or equitable remedy deemed most effectual including,without limitation,
mandamus,specific performance of any covenants,injunctive relief,or requiring the
Board to act as if it were the trustee of an express trust,or any combination of such
remedies;including without limitation the acceleration of any payments due with respect
to the Bond.
(b)Failure to Pursue Remedies Not a Release;Rights’Cumulative.The
failure of the Holder to proceed in any manner herein provided shall not relieve the Town
of any liability for failure to perform or carry out its duties hereunder.Each right or
privilege of the Holder (or trustee therefor)is in addition and is cumulative to any other
right or privilege,and the exercise of any right or privilege by or on behalf of the Holder
shall not be deemed a waiver of any other right or privilege thereof.
Section 18.Amendment of Ordinance.The Town,acting by and through the
Enterprise.may not,without the prior written consent of the Holder,adopt amendments to this
Bond Ordinance.
Section 19.Findings and Determinations.Having been fully informed of and having
considered all the pertinent facts and circumstances,the Board does hereby find,determine,and
declare:
(a)The Board elects to apply all of the provisions of Title 11,Article 57,
Part 2,C.R.S.,to the issuance of the Bond;
(b)the issuance of the Bond and all procedures undertaken incident thereto
are in full compliance and conformity with all applicable requirements,provisions and
limitations prescribed by the laws and the Constitution of the State,and other applicable
laws relating to the issuance of the Bond have been satisfied;and
(c)it is to the best advantage of the Town and its residents that the Bond be
authorized,issued and delivered at the time,in the manner and for the purposes provided
in this Bond Ordinance.
Section 20.Approval of Miscellaneous Documents.For a period of one year following
the adoption of this Bond Ordinance,the Town Administrator or the Finance Director of the
Town is authorized to make the determinations authorized in Section 3 above and provide for
delivery of the Bond.The members of the Board and all other officials of the Town are hereby
authorized and directed to execute all documents and certificates necessary or desirable to
effectuate the issuance of the Bond and the maintenance of the Project.
Section 21.Ratification of Prior Actions.All actions heretofore taken (not inconsistent
with the provisions of this Bond Ordinance)by the Board or by the officers and employees of the
Town directed toward the issuance of the Bond for the purposes herein set forth are hereby
ratified,approved and confirnied.
Section 22.Events Occurring on Days That Are Not Business Days.Except as
othenvise specifically provided herein with respect to a particular payment,event or action,if
any payment to be made hereunder or any event or action to occur hereunder which,but for this
section,is to be made or is to occur on a day that is not a Business Day,shall instead be made or
occur on the next succeeding day that is a Business Day.
Section 23.Limitation of Actions.In accordance with Section 11-57-2 12,C.R.S.,no
legal or equitable action can be brought with respect to any legislative acts or proceedings in
connection with the authorization or issuance of the Bond more than thirty days after the
adoption of this Bond Ordinance.
Section 24.Headings.The headings to the various sections and paragraphs to this Bond
Ordinance have been inserted solely for the convenience of the reader,are not a part of this Bond
Ordinance,and shall not be used in any manner to interpret this Bond Ordinance.
Section 25.Ordinance Irrepealable.After the Bond has been issued,this Bond
Ordinance shall constitute a contract between the Holder and the Town,acting by and through
the Enterprise.and shall be and remain irrepealable until the Bond and the interest accruing
thereon shall have been frilly paid,satisfied,and discharged,as herein provided.
Section 26.Severability.It is hereby expressly declared that all provisions hereof and
their application are intended to be and are severable.In order to implement such intent,if any
provision hereof or the application thereof is determined by a court or administrative body to be
invalid or unenforceable,in whole or in part,such determination shall not affect,impair or
invalidate any other provision hereof or the application of the provision in question to any other
situation;and if any provision hereof or the application thereof is determined by a court or
administrative body to be valid or enforceable only if its application is limited,its application
shall be limited as required to most fully implement its purpose.
Section 27.Repealer.All orders,bylaws,ordinances and resolutions of the Town,or
parts thereof,inconsistent or in conflict with this Bond Ordinance,are hereby repealed to the
extent only of such inconsistency or conflict;provided however,in the event any provision of
this Bond Ordinance is inconsistent or in conflict with the USDA Loan Resolution,the terms and
provisions of the USDA Loan Resolution shall control.
Section 28.Recording and Authentication.This Bond Ordinance,immediately upon
its passage,shall be recorded in the Town book of Ordinances kept for this purpose,and shall be
authenticated by the signatures of the Mayor and of the Town Clerk.
Section 29.Effective Date.Following its adoption,this Bond Ordinance shall take
effect and be in force on a date that is 30 days after its publication.
INTRODUCED,READ BY TITLE,APPROVED AND ADOPTED on this 11th day of
February,2020.
ATTEST:
TOWN OF ESTES PARK,COLORADO,
ACTING BY AND THROUGH ITS WATER
ENTERPRISE
By
aZ __—‘—-a--’‘Z_9
Clerk
Mayor
By
Tq%
APPENDIX A
FORM OF THE BOND
UNITED STATES OF AMERICA
TOWN OF ESTES PARK,COLORADO
ACTING BY AND THROUGH ITS WATER ENTERPRISE
WATER REVENUE BOND
SERIES 2020
R-I $658,000.00
Interest Rate:Maturity Date:Original Dated Date:
2.25%
____________________
REGISTERED OWNER:UNITED STATES OF AMERICA ACTING THROUGH THE
DEPARTMENT OF AGRICULTURE
PRINCIPAL SUM:**SIX HUNDRED FIFTY-EIGHT THOUSAND DOLLARS**
The Town of Estes Park,Colorado (the “Town”),acting by and through its Water
Enterprise (the “Enterprise”),a duly organized and validly existing political subdivision of the
State of Colorado,for value received in the form of a loan,hereby promises to pay to the order of
the Registered Owner named above,or registered assigns,on the Maturity Date specified above
or upon prior redemption in whole or in part,the Principal Sum specified above.In like manner
the Town,acting by and through the Enterprise,promises to pay interest on the unpaid Principal
Sum (computed on the basis of a 365-day year)from the Payment Date next preceding the date
of registration and authentication of this Bond,except that interest paid on the first Payment Date
shall be computed from the Dated Date set forth above,at the Interest Rate per annum specified
above,payable monthly on
________
commencing on
________,
2020,until the outstanding
Principal Sum is paid in MI.
Interest and principal payments shall be paid by check or draft of the Town Treasurer (as
the “Paying Agent”)mailed on or before each Payment Date to the Registered Owner hereof
whose name shall appear on the registration books of the Town maintained by the Paying Agent
(the “Holder”).The Paying Agent may make payments of interest and principal by alternative
means,such as by wire transfer,as may be mutually agreed to between the Holder of the Bond
and the Paying Agent.Without limiting the foregoing,the Town,acting by and through the
Enterprise,has covenanted to complete and deliver USDA form RD-3550-28 (or any similar
replacement form to the “Authorization Agreement for Preauthorized Payments”)to allow for
principal and interest payments to be electronically debited from the Bond Account to USDA on
the dates that payments are due.
Within thirty days following the date of the final payment of the Bond,in full,the Holder
of the Bond shall present the Bond to the Paying Agent,at the office of the Paying Agent at 170
MacGregor Ave.Estes Park,Colorado 80517,or at such other address as provided in writing by
the Paying Agent to the Holder,as required by the ordinance authorizing the issuance of this
Bond (the “Bond Ordinance”).THE BOND ORDINANCE CONSTITUTES THE CONTRACT
BETWEEN THE REGISTERED OWNER OF THIS BOND AND THE TOWN.ACTING BY
AND THROUGH THE ENTERPRISE.THIS BOND IS ONLY EVIDENCE OF SUCK
CONTRACT AND,AS SUCK,IS SUBJECT IN ALL RESPECTS TO THE TERMS OF THE
BOND ORDThJANCE,WHICH SUPERSEDES ANY INCONSISTENT STATEMENT IN
THIS BOND.
The Principal Sum of this Bond is subject to payment and amortization as provided in the
schedule attached hereto as Exhibit A.
This Bond shall be subject to prior redemption as provided in the Bond Ordinance.
This Bond is a special,limited obligation of the Town,acting by and through the
Enterprise,payable solely from and secured solely by the sources provided in the Bond
Ordinatice and shall not constitute a general obligation debt of the Town within the meaning of
any statutory or constitutional limitation.
The Town,acting by and through the Enterprise,is authorized to grant a lien on a parity
with the lien for the payment of this Bond on the Pledged Revenues for the payment of other
Bonds,bonds or other obligations upon satisfaction of certain conditions set forth in the Bond
Ordinance.This Bond is issued under the authority of the Constitution of the State of Colorado;
Title 31,Article 35,Part 4,C.R.S.(the “Act”);Title 11,Article 57,Part 2.C.R.S.(the
“Supplemental Public Securities Act”);and all other laws of the State thereunto enabling;and
pursuant to the Bond Ordinance.It is hereby certified that all conditions,acts and things
required by the Constitution and laws of the State of Colorado,and the Bond Ordinance,to exist,
to happen and to be performed,precedent to and in the issuance of this Bond,exist,have
happened and have been performed,and that this Bond does not exceed any limitations
prescribed by said Constitution or laws of the State of Colorado,or the ordinances or resolutions
of the Town.Such recital shall conclusively impart hill compliance with all of the provisions of
the Act and the Supplemental Public Securities Act,and this Bond issued containing such recital
shall be conclusive evidence of the validity and regularity of the issuance of this Bond and shall
be incontestable for any cause whatsoever after its delivery for value.
The Town.acting by and through the Enterprise,and the Paying Agent may deem and
treat the Registered Owner of this Bond as the absolute owner hereof for all purposes (whether or
not this Bond shall be overdue),and any notice to the contrary shall not be binding upon the
Town,acting by and through the Enterprise,or the Paying Agent.
This Bond may only be transferred at the principal office of the Paying Agent and only as
provided in the Bond Ordinance.This Bond shall not be valid or become obligaton’for any
purpose or be entitled to any security or benefit under the authorizing Bond Ordinance until the
certificate of authentication hereon shall have been signed by the Paying Agent.
IN WITNESS WHEREOF,the Town of Estes Park,Colorado,acting by and through its
Water Enterprise.has caused this Bond to be signed in the name and on behalf of the Town with
the manual signature of the Mayor of the Town,to be sealed with the seal of the Town or a
facsimile thereof and to be attested by the manual signature of the Town Clerk.
[MANUAL OR FACSIMILE SEAL]
ATTEST:
By
TOWN OF ESTES PARK,
ACTING BY AND THROUGH
ENTERPRISE
By.
Mayor
COLORADO
ITS WATER
Town Clerk
CERTIFICATE OF AUTHENTICATION
This is the Bond described in the within mentioned Bond Ordinance.
Town Treasurer,as Paving Agent
By
Date of Authentication:
CERTIFICATE OF TRANSFER
NOTICE:The signature to this assignment
must correspond with the name as it appears
upon the face of the within Bond in every
particular,without alteration or enlargement or
any change whatever.
FOR VALUE RECEIVED,
______
hereby sells,assigns and transfers unto
Identification or Social Security No.
thereunder,and hereby
________________)
the within Bond and all rights
irrevocably constitutes and appoints
__________________________________
attorney to transfer the within Bond on the books kept
for registration thereof,with ffill power of substitution in the premises.
Dated
the undersigned,
___________
(Tax
EXHIBIT A
PAYMENT SCHEDULE*
‘To be determined by Town Administrator or Finance Director.
Monthly Amortization Factor & Amortization Schedule Calculator
Enter Borrower Name Here
$ 658,000.00 Loan Amount
2.250% Interest Rate (entered as a percentage i.e. 3.625%) **Disclaimer -Please note that the 40 Term breakdown of principal and interest
0 # of Years of Principal Deferral (select from drop-down) payments shown are an estimate only
40 Amortization Period and don't account for leap years. Actual
amounts are dependent upon the actual 12 Payments per Year date of application of payment. Interest
3.17 Amortization Factor accrues daily from one payment to the
$ 2,086.00 Payment next.
3/15/2020 Date of Loan Closing A
Payment Interest Principal // Balance
Beginning Balance $ 339,265.56 $ 658,tJOlJ.bo,_ $ 658,000.00
4/15/2020 $ 1,257.41 $ / ,828� I\$ 657,171.41
5/15/2020 $ 1,215.32 $ AV 870.68" 1,$, 656,300.73
6/15/2020 $ 1,254.16 $ // 831.84 S"-
'
-
655,468.89
7/15/2020 $ 1,212.17 $ // 873.83 $ " '654,595.06
8/15/2020 $ 1,250.90 $ // �5.10 $ y 653,759.96
9/15/2020 $ 1,249.31 $ ,, //836.69 $ 652,923.27
10/15/2020 $ 1,207.46 $ ''\J / 878.54 $ 652,044.73
11/15/2020 $ 1,24G...Q3 $ '' 839.97 $ 651,204.76
12/15/2020 $ 1,2Q4�"' �s ....... '. '\.._881.72 $ 650,323.05
1/15/2021 $ 1,24�.7'1 ... $"-, ...............'.;B43.26 $ 649,479.79
2/15/2021 $ 1,241�3\ $ /.,..... -......844.87 $ 648,634.92
3/15/2021 $ 1,119.5� \$// � 966.44 $ 647,668.48 -
4/15/2021 $ / _ 'i,237.67, $/' 848.33 $ 646,820.15
5/15/2021 $ // ' 1,196.17 \$\ 889.83 $ 645,930.32
6/15/2021 $// ) .i,234.35 $� \ 851.65 $ 645,078.67
7/15/2021 $ """"' .✓----=1,192-:-gs-,,-�"'893.05 $ 644,185.62
8/15/2021 $ "'-// 1,231]}1"" ,s 854.99 $ 643,330.63
9/15/202.T "'S-......... � 1,229.38 $ 856.62 $ 642,474.01
10 / ;6"/7.021 �, "' 1,188.14 $ 897.86 $ 641,576.15
J:--!/J,S/2021 $ "' �,226.03 $ 859.97 $ 640,716.17
�27'1.5/2021 $ ' \ ... 1,184.89 $ 901.11 $ 639,815.06
lYJs>Ro22 $ ) I 1,222.66 $ 863.34 $ 638,951.72
2/15/2O2-Jc $ // 1,221.01 $ 864.99 $ 638,086.73
3/15/2'oi2 � // 1,101.36 $ 984.64 $ 637,102.09
4/15/2022 ,$-/1,217.48 $ 868.52 $ 636,233.56
5/15/2022 $Y 1,176.60 $ 909.40 $ 635,324.16
6/15/2022 $ 1,214.08 $ 871.92 $ 634,452.24
7/15/2022 $ 1,173.30 $ 912.70 $ 633,539.54
8/15/2022 $ 1,210.67 $ 875.33 $ 632,664.21
9/15/2022 $ 1,209.00 $ 877.00 $ 631,787.20
10/15/2022 $ 1,168.37 $ 917.63 $ 630,869.58
11/15/2022 $ 1,205.57 $ 880.43 $ 629,989.14
12/15/2022 $ 1,165.05 $ 920.95 $ 629,068.19
1/15/2023 $ 1,202.12 $ 883.88 $ 628,184.31
2/15/2023 $ 1,200.43 $ 885.57 $ 627,298.75
3/15/2023 $ 1,082.73 $ 1,003.27 $ 626,295.48
4/15/2023 $ 1,196.82 $ 889.18 $ 625,406.31
Payment Interest Principal Balance
5/15/2023 $ 1,156.57 $ 929.43 $ 624,476.88
6/15/2023 $ 1,193.35 $ 892.65 $ 623,584.23
7/15/2023 $ 1,153.20 $ 932.80 $ 622,651.43
8/15/2023 $ 1,189.86 $ 896.14 $ 621,755.30
9/15/2023 $ 1,188.15 $ 897.85 $ 620,857.44
10/15/2023 $ 1,148.16 $ 937.84 $ 619,919.61
11/15/2023 $ 1,184.64 $ 901.36 $ 619,018.25
12/15/2023 $ 1,144.76 $ 941.24 $ 618,077.01
1/15/2024 $ 1,181.12 $ 904.88 $ 617,172.13
2/15/2024 $ 1,179.39 $ 906.61 $ 616,265.52
3/15/2024 $ 1,101.68 $ 984.3):' I'>$615,281.20
4/15/2024 $ 1,175.78 $ 9192V $614,370.97
5/15/2024 $ 1,136.17 $ fi�9.83 $ 613,421.14
6/15/2024 $ 1,172.22 $ / �i�s• �$612,507.36
7/15/2024 $ 1,132.72 $ AV 953.28' 1 .. $, 611,554.08
8/15/2024 $ 1,168.65 $ // 917.35 $'\.' 610,636.74
9/15/2024 $ 1,166.90 $ /Y 919.10 $�609,717.64
10/15/2024 $ 1,127.56 $ // /9,58.44 $V 608,759.20
11/15/2024 $ 1,163.31 $ " ./"'P" 9 2 2 . 6 9 $607,836.51
12/15/2024 $ 1,124.08 $ '.'J"/ 961.92 $606,874.59
1/15/2025 $ 1,159.71 $ "-926.29 $605,948.30
2/15/2025 $ 1,1(7�4" �'. "'\._ 928.06 $ 605,020.25
3/15/2025 $ 1,04�.2'8 's-............... ,1�41.72 $ 603,978.53
4/15/2025 $ 1,154'3.8\ $ )_-........ T 931.82 $ 603,046.71
5/15/2025 $ 1,115.2-i �$// � 970.78 $ 602,075.93
6/15/2025 $ / '1-,150.54, $/ 935.46 $ 601,140.47
7/15/2025 $ // \ 1\111.70 ,$\ 974.30 $ 600,166.17
8/15/2025 $ // J 1,146.89 $. \ 939.11 $ 599,227.06
9/15/2025 $'' / ��14::,.·iih -..$_V 940.90 $ 598,286.16
10/15/2025 $ "-'v/ 1, lCJo.'4-2 ... ;$979.58 $ 597,306.58
11/15nois-�� ,t 1,141.43 $ 944.57 $ 596,362.01
12;¢�2-s' �$,' "' 1,102.86 $ 983.14 $ 595,378.87
,X/'lS/2026 $ ,\. , '"\1.,137.74 $ 948.26 $ 594,430.62
( 2N:5/2026 $ \ \ ..,, 1,135.93 $ 950.07 $ 593,480.55
"3L1S'Ro26 $ I I 1,024.36 $ 1,061.64 $ 592,418.91
4/fi[2026 $ JI 1,132.09 $ 953.91 $ 591,465.00
5/15/2'()J6 �$ // 1,093.81 $ 992.19 $ 590,472.80
6/15/2026 .,$v/ 1,128.37 $ 957.63 $ 589,515.17
7/15/2026 ¥1,090.20 $ 995.80 $ 588,519.37
8/15/2026 $ 1,124.64 $ 961.36 $ 587,558.01
9/15/2026 $ 1,122.80 $ 963.20 $ 586,594.81
10/15/2026 $ 1,084.80 $ 1,001.20 $ 585,593.61
11/15/2026 $ 1,119.05 $ 966.95 $ 584,626.65
12/15/2026 $ 1,081.16 $ 1,004.84 $ 583,621.81
1/15/2027 $ 1,115.28 $ 970.72 $ 582,651.09
2/15/2027 $ 1,113.42 $ 972.58 $ 581,678.51
3/15/2027 $ 1,003.99 $ 1,082.01 $ 580,596.50
4/15/2027 $ 1,109.50 $ 976.50 $ 579,620.00
5/15/2027 $ 1,071.90 $ 1,014.10 $ 578,605.90
6/15/2027 $ 1,105.69 $ 980.31 $ 577,625.59
Payment Interest Principal Balance
7/15/2027 $ 1,068.21 $ 1,017.79 $ 576,607.80
8/15/2027 $ 1,101.87 $ 984.13 $ 575,623.68
9/15/2027 $ 1,099.99 $ 986.01 $ 574,637.67
10/15/2027 $ 1,062.69 $ 1,023.3 1 $ 573,614.36
11/15/2027 $ 1,096.15 $ 989.85 $ 572,624.51
12/15/2027 $ 1,058.96 $ 1,027.04 $ 571,597.47
1/15/2028 $ 1,092.30 $ 993.70 $ 570,603.77
2/15/2028 $ 1,090.40 $ 995.60 $ 569,608.17
3/15/2028 $ 1,018.27 $ 1,067.73 $ 568,540.45
4/15/2028 $ 1,086.46 $ 999.54 $ 567,540.90
5/15/2028 $ 1,049.56 $ 1,036.4ft-' l,.s 566,504.46
6/15/2028 $ 1,082.57 $ 1,00;-(4� $565,501.03
7/15/2028 $ 1,045.79 $ 1,,640.2-J. $ 564,460.82
8/15/2028 $ 1,078.66 $ /li,007�4• � 563,453.48
9/15/2028 $ 1,076.74 $ A 'V1,009.26' 1 .. s,562,444.22
10/15/2028 $ 1,040.14 $ // 1,045.86 �'561,398.36
11/15/2028 $ 1,072.8 1 $ /Y 1,013.19 $�560,385.16
12/15/2028 $ 1,036.33 $ // ,.1�49.67 $ V 559,335.49
1/15/2029 $ 1,068.87 $ " /f,017.13 $ 558,318.36
2/15/2029 $ 1,066.92 $ ' 'J° / 1,019.08 $557,299.28
3/15/2029 $ 961.91 $ "-1,124.09 $556,175.20
4/15/2029 $ 1,0(2�3"' � '�,023.17 $ 555,152.03
5/15/2029 $ 1,02�.&5 'S-............... ,1:�59.35 $ 554,092.68
6/15/2029 $ 1,058�5\ $ ) _ -......._ I,027.15 $ 553,065.53
7/15/2029 $ 1,022.79 �$// � 1,063.21 $ 552,002.32
8/15/2029 $ / '1.,054.85, $/ 1,031.15 $ 550,97 1.17
9/15/2029 $ /Y \l\052.88 ,$\ 1,033.12 $ 549,938.05
10/15/2029 $ // } J,017.01 $. \ 1,068.99 $ 548,869.06
11/15/2029 $'' / �8� �-v 1,037.13 $ 547,831.93
12/15/2029 $ "-'v/ 1,0f3".'1"1--;$ 1,072.89 $ 546,759.04
1/15n.0-36 �� ,t 1,044.83 $ 1,041.17 $ 545,717.88
2/1,5'l�30 �s,' "' 1,042.84 $ 1,043.16 $ 544,674.72 ,.37 l,,S72 0 30 $ ,\."\.' 940.12 $ 1,145.88 $ 543,528.85
( 4/:J,5/2030 $ \ \ ...,, 1,038.66 $ 1,047.34 $ 542,48 1.5 1
'!:illS'/�030 $ I I 1,003.22 $ 1,082.78 $ 541,398.73
6/isL2os._o $ JI 1,034.59 $ 1,05 1.41 $ 540,347.32
7/15/2'030 � // 999.27 $ 1,086.73 $ 539,260.59
8/15/2030 .,$v/1,030.50 $ 1,055.50 $ 538,205.09
9/15/2030 ¥1,028.49 $ 1,057.51 $ 537,147.58
10/15/2030 $ 993.36 $ 1,092.64 $ 536,054.94
11/15/2030 $ 1,024.38 $ 1,061.62 $ 534,993.32
12/15/2030 $ 989.37 $ 1,096.63 $ 533,896.69
1/15/2031 $ 1,020.25 $ 1,065.75 $ 532,830.94
2/15/2031 $ 1,018.22 $ 1,067.78 $ 531,763.16
3/15/2031 $ 9 17.84 $ 1,168.16 $ 530,595.00
4/15/2031 $ 1,013.95 $ 1,072.05 $ 529,522.94
5/15/2031 $ 979.25 $ 1,106.75 $ 528,4 16.20
6/15/2031 $ 1,009.78 $ 1,076.22 $ 527,339.98
7/15/2031 $ 975.22 $ 1,110.78 $ 526,229.20
8/15/2031 $ 1,005.60 $ 1,080.40 $ 525,148.80
Payment Interest Principal Balance
9/15/2031 $ 1,003.54 $ 1,082.46 $ 524,066.34
10/15/2031 $ 969.16 $ 1,116.84 $ 522,949.50
11/15/2031 $ 999.34 $ 1,086.66 $ 521,862.84
12/15/2031 $ 965.09 $ 1,120.91 $ 520,741.92
1/15/2032 $ 995.12 $ 1,090.88 $ 519,651.04
2/15/2032 $ 993.03 $ 1,092.97 $ 518,558.07
3/15/2032 $ 927.01 $ 1,158.99 $ 517,399.08
4/15/2032 $ 988.73 $ 1,097.27 $ 516,301.81
5/15/2032 $ 954.80 $ 1,131.20 $ 515,170.62
6/15/2032 $ 984.47 $ 1,101.53 $ 514,069.09
7/15/2032 $ 950.68 $ 1,135.3}' I'>$512,933.76
8/15/2032 $ 980.20 $ 1,lOY.80, $ 511,827.96
9/15/2032 $ 978.08 $ 1,/407.�2 $510,720.04
10/15/2032 $ 944.48 $ /1,ffi�2 .. Mi 509,578.52
11/15/2032 $ 973.78 $ A 'Vi,112.22' 1 .. $, 508,466.31
12/15/2032 $ 940.31 $ // 1,145.69 $'\.'507,320.62
1/15/2033 $ 969.47 $ /Y 1,116.53 $�506,204.09
2/15/2033 $ 967.34 $ // ,.1�18.66 $V 505,085.42
3/15/2033 $ 871.79 $ " / /,214.21 $503,871.22
4/15/2033 $ 962.88 $ '-'J° / 1,123.12 $502,748.09
5/15/2033 $ 929.74 $ "-1,156.26 $ 501,591.83
6/15/2033 $ 958.�2' �'-"\J,127.48 $ 500,464.35
7/15/2033 $ 92�.5'2 's-............... ,1;;60.48 $ 499,303.87
8/15/2033 $ 954'3.s\ $ ) _ -......._ 1,131.85 $ 498,172.02
9/15/2033 $ 951.99 �$// � 1,134.01 $ 497,038.01
10/15/2033 $ / '919.18, $/ 1,166.82 $ 495,871.19
11/15/2033 $ /Y \i947.59 ,$\ 1,138.41 $ 494,732.78
12/15/2033 $ // } /914.92 $. \ 1,171.08 $ 493,561.69
1/15/2034 $'' / -943;1'8-.. -..$_V 1,142.82 $ 492,418.87
2/15/2034 $ "-'v/ 940_99 .. ;$1,145.01 $ 491,273.86
3/15n.0-34 �� ,t 847.95 $ 1,238.05 $ 490,035.81
4/W�4 �$,' "'936.44 $ 1,149.56 $ 488,886.25
,BJl:572034 $ ,\. "\.' 904.10 $ 1,181.90 $ 487,704.36
( GN,5/2034 $ \ \ ...,, 931.98 $ 1,154.02 $ 486,550.34
).L1S'R034 $ I I 899.78 $ 1,186.22 $ 485,364.12
8/151203.4 $ JI 927.51 $ 1,158.49 $ 484,205.63
9/15/2'QJ4 �$ // 925.30 $ 1,160.70 $ 483,044.93
10/15/2034 .,$v/ 893.30 $ 1,192.70 $ 481,852.23
11/15/2034 ¥920.80 $ 1,165.20 $ 480,687.03
12/15/2034 $ 888.94 $ 1,197.06 $ 479,489.98
1/15/2035 $ 916.29 $ 1,169.71 $ 478,320.26
2/15/2035 $ 914.05 $ 1,171.95 $ 477,148.31
3/15/2035 $ 823.57 $ 1,262.43 $ 475,885.88
4/15/2035 $ 909.40 $ 1,176.60 $ 474,709.28
5/15/2035 $ 877.89 $ 1,208.11 $ 473,501.17
6/15/2035 $ 904.84 $ 1,181.16 $ 472,320.01
7/15/2035 $ 873.47 $ 1,212.53 $ 471,107.48
8/15/2035 $ 900.27 $ 1,185.73 $ 469,921.74
9/15/2035 $ 898.00 $ 1,188.00 $ 468,733.75
10/15/2035 $ 866.84 $ 1,219.16 $ 467,514.58
Payment Interest Principal Balance
11/15/2035 $ 893.40 $ 1,192.60 $ 466,321.98
12/15/2035 $ 862.38 $ 1,223.62 $ 465,098.36
1/15/2036 $ 888.78 $ 1,197.22 $ 463,901.14
2/15/2036 $ 886.50 $ 1,199.50 $ 462,701.64
3/15/2036 $ 827.16 $ 1,258.84 $ 461,442.80
4/15/2036 $ 881.80 $ 1,204.20 $ 460,238.60
5/15/2036 $ 851.13 $ 1,234.87 $ 459,003.72
6/15/2036 $ 877.14 $ 1,208.86 $ 457,794.86
7/15/2036 $ 846.61 $ 1,239.39 $ 456,555.47
8/15/2036 $ 872.46 $ 1,213.54 $ 455,341.93
9/15/2036 $ 870.14 $ 1,215.8fo-' I'>$454,126.06
10/15/2036 $ 839.82 $ 1,24?-l� $452,879.89
11/15/2036 $ 865.43 $ 1,1i20.51 $451,659.32
12/15/2036 $ 835.26 $ /1756�4• �$450,408.58
1/15/2037 $ 860.71 $ A 'Vi,225.29' 1 .. $, 449,183.29
2/15/2037 $ 858.37 $ // 1,227.63 $'\.'447,955.67
3/15/2037 $ 773.18 $ /Y 1,312.82 $�446,642.85
4/15/2037 $ 853.52 $ // �4-32.48 $V 445,410.37
5/15/2037 $ 823.70 $ " / ,.1';262.30 $444,148.07
6/15/2037 $ 848.75 $ ''J° / 1,237.25 $442,910.82
7/15/2037 $ 819.08 $ "-1,266.92 $441,643.90
8/15/2037 $ 8(3.�� � ' "'\J,242.04 $ 440,401.86
9/15/2037 $ 84\.59 'S-............... ,1�44.41 $ 439,157.45
10/15/2037 $ 812'3.4\ $ ) _ -......._ 1,273.86 $ 437,883.59
11/15/2037 $ 836.7 -S �$// � 1,249.22 $ 436,634.37
12/15/2037 $ / '807.47, $/ 1,27 8.5 3 $ 435,355.85
1/15/2038 $ /Y \i831.95 ,$\ 1,254.05 $ 434,101.79
2/15/2038 $ // } /829.55 $. \ 1,256.45 $ 432,845.34
3/15/2038 $'' / -7 4 7:li},. -..$_V 1,338.90 $ 431,506.45
4/15/2038 $ "-'v/ 3:[43-9 .. ;$1,261.41 $ 430,245.04
5/15n.0-38 �� ,t 795.66 $ 1,290.34 $ 428,954.70
6/¢4')38 �s,' "' 819.71 $ 1,266.29 $ 427,688.41
f/'J$/20 3s $ ,\. "\.' 790.93 $ 1,295.07 $ 426,393.34
( SN,5/2038 $ \ \ ...,, 814.82 $ 1,271.18 $ 425,122.16
9-l1S'R038 $ I I 812.39 $ 1,273.61 $ 423,848.55
10/Niois $ JI 783.83 $ 1,302.17 $ 422,546.38
11/15/2'()J8 �$ // 807.47 $ 1,278.5 3 $ 421,267.85
12/15/2038-.,$v/ 779.06 $ 1,306.94 $ 419,960.91
1/15/2039 ¥802.53 $ 1,283.47 $ 418,677.44
2/15/2039 $ 800.08 $ 1,285.92 $ 417,391.51
3/15/2039 $ 720.43 $ 1,365.57 $ 416,025.94
4/15/2039 $ 795.01 $ 1,290.99 $ 414,734.95
5/15/2039 $ 766.98 $ 1,319.02 $ 413,415.92
6/15/2039 $ 790.02 $ 1,295.98 $ 412,119.95
7/15/2039 $ 762.14 $ 1,323.86 $ 410,796.08
8/15/2039 $ 785.01 $ 1,300.99 $ 409,495.10
9/15/2039 $ 782.5 3 $ 1,303.47 $ 408,191.63
10/15/2039 $ 754.87 $ 1,331.13 $ 406,860.50
11/15/2039 $ 777.49 $ 1,308.51 $ 405,552.00
12/15/2039 $ 749.99 $ 1,336.01 $ 404,215.99
Payment Interest Principal Balance
1/15/2040 $ 772.44 $ 1,313.56 $ 402,902.43
2/15/2040 $ 769.93 $ 1,316.07 $ 401,586.36
3/15/2040 $ 717.90 $ 1,368.10 $ 400,218.26
4/15/2040 $ 764.80 $ 1,321.20 $ 398,897.06
5/15/2040 $ 737.69 $ 1,348.31 $ 397,548.75
6/15/2040 $ 759.70 $ 1,326.30 $ 396,222.45
7/15/2040 $ 732.74 $ 1,353.26 $ 394,869.19
8/15/2040 $ 754.58 $ 1,331.42 $ 393,537.77
9/15/2040 $ 752.03 $ 1,333.97 $ 392,203.80
10/15/2040 $ 725.31 $ 1,360.69 $ 390,843.11
11/15/2040 $ 746.89 $ 1,339.lY I'>$389,504.00
12/15/2040 $ 720.32 $ 1,367-6� $388,138.31
1/15/2041 $ 741.72 $ 1,,3�4.2-8 $ 386,794.03
2/15/2041 $ 739.15 $ /1fl�&5• �$385,447.18
3/15/2041 $ 665.29 $ A 'Vi,420.7:i' 1 .. $, 384,026.47
4/15/2041 $ 733.86 $ // 1,352.14 $'\.'382,674.33
5/15/2041 $ 707.69 $ /Y 1,378.31 $�381,296.01
6/15/2041 $ 728.64 $ // �57.36 $V 379,938.65
7/15/2041 $ 702.63 $ " / ,.1';383.37 $378,555.28
8/15/2041 $ 723.40 $ ' 'J° / 1,362.60 $377,192.68
9/15/2041 $ 720.80 $ "-1,365.20 $375,827.48
10/15/2041 $ 6f{5 • .Q2' �, "'\J,390.98 $ 374,436.51
11/15/2041 $ 11tsa' 'S-............... ,1�70.47 $ 373,066.04
12/15/2041 $ 689�2\ $ ) _ -......._ 1,396.08 $ 371,669.96
1/15/2042 $ 710.26 �$// � 1,375.75 $ 370,294.20
2/15/2042 $ / '707.62, $/ 1,378.38 $ 368,915.82
3/15/2042 $ /Y \i636.76 ,$\ 1,449.24 $ 367,466.58
4/15/2042 $ // } /702.21 $. \ 1,383.79 $ 366,082.79
5/15/2042 $'' / �r.o� -..$_V 1,409.00 $ 364,673.79
6/15/2042 $ "-'v/ 6§'o.88 .. ;$1,389.12 $ 363,284.67
7/15no4-z �� ,t 671.83 $ 1,414.17 $ 361,870.50
8/W4')4Z �$,' "'691.52 $ 1,394.48 $ 360,476.02
jjJlS/2042 $ ,\. "\.' 688.85 $ 1,397.15 $ 359,078.87
(lo/J .5/2042 $ \ \ ...,, 664.05 $ 1,421.95 $ 357,656.92
1'\L15'Ro42 $ I I 683.47 $ 1,402.53 $ 356,254.39
12/15L2O4.2 $ JI 658.83 $ 1,427.17 $ 354,827.22
1/15/2�3 �$ // 678.06 $ 1,407.94 $ 353,419.28
2/15/2043' .,$v/ 675.37 $ 1,410.63 $ 352,008.65
3/15/2043 ¥607.58 $ 1,478.42 $ 350,530.22
4/15/2043 $ 669.85 $ 1,416.15 $ 349,114.07
5/15/2043 $ 645.62 $ 1,440.38 $ 347,673.70
6/15/2043 $ 664.39 $ 1,421.61 $ 346,252.09
7/15/2043 $ 640.33 $ 1,445.67 $ 344,806.41
8/15/2043 $ 658.91 $ 1,427.09 $ 343,379.33
9/15/2043 $ 656.18 $ 1,429.82 $ 341,949.51
10/15/2043 $ 632.37 $ 1,453.63 $ 340,495.88
11/15/2043 $ 650.67 $ 1,435.33 $ 339,060.56
12/15/2043 $ 627.03 $ 1,458.97 $ 337,601.59
1/15/2044 $ 645.14 $ 1,440.86 $ 336,160.73
2/15/2044 $ 642.39 $ 1,443.61 $ 334,717.12
Payment Interest Principal Balance
3/15/2044 $ 598.36 $ 1,487.64 $ 333,229.48
4/15/2044 $ 636.79 $ 1,449.21 $ 331,780.27
5/15/2044 $ 613.57 $ 1,472.43 $ 330,307.84
6/15/2044 $ 631.20 $ 1,454.80 $ 328,853.04
7/15/2044 $ 608.15 $ 1,477.85 $ 327,375.19
8/15/2044 $ 625.60 $ 1,460.40 $ 325,914.79
9/15/2044 $ 622.81 $ 1,463.19 $ 324,451.60
10/15/2044 $ 600.01 $ 1,485.99 $ 322,965.62
11/15/2044 $ 617.17 $ 1,468.83 $ 321,496.79
12/15/2044 $ 594.55 $ 1,491.45 $ 320,005.34
1/15/2045 $ 611.52 $ 1,474.4)1' I'>$318,530.86
2/15/2045 $ 608.70 $ 1,47Jf3()! $ 317,053.56
3/15/2045 $ 547.24 $ 1,,,538.16 $ 315,514.80
4/15/2045 $ 602.94 $ /1��6· �$314,031.73
5/15/2045 $ 580.74 $ A 'Vi,505.26' 1 .. $, 312,526.48
6/15/2045 $ 597.23 $ // 1,488.77 $'\.'311,037.70
7/15/2045 $ 575.21 $ /Y 1,510.79 $�309,526.91
8/15/2045 $ 591.49 $ // �4.94.51 $V 308,032.40
9/15/2045 $ 588.64 $ " / ,.1';497 .36 $306,535.04
10/15/2045 $ 566.88 $ '-'J° / 1,519.12 $305,015.92
11/15/2045 $ 582.87 $ "-1,503.13 $303,512.79
12/15/2045 $ 5(;i1.)9"' �'- "'\J,524.71 $ 301,988.08
1/15/2046 $ 5�.09 'S-............... ,1;!i08.91 $ 300,479.17
2/15/2046 $ 574)id\ $ ) _ -......._ 1,511.80 $ 298,967.37
3/15/2046 $ 516.03 �$// � 1,569.97 $ 297,397.40
4/15/2046 $ / '568.31, $/ 1,517.69 $ 295,879.71
5/15/2046 $ /Y \i547.17 ,$\ 1,538.83 $ 294,340.89
6/15/2046 $ // } /562.47 $. \ 1,523.53 $ 292,817.36
7/15/2046 $'' / ,r..-5;:n:s-1-, -..$_V 1,544.49 $ 291,272.87
8/15/2046 $ "-'v/ 55'o.6-r ;$1,529.39 $ 289,743.48
9/15n046 �� ,t 553.69 $ 1,532.31 $ 288,211.17
10/}57�46 �$,' "'532.99 $ 1,553.01 $ 286,658.17
U11572046 $ ,\. "\.' 547.79 $ 1,538.21 $ 285,119.96
(12/J .5/2046 $ \ \ ...,, 527.28 $ 1,558.72 $ 283,561.23
1'l1S'Ro4 7 $ I I 541.87 $ 1,544.13 $ 282,017.11
2/f5L204.? $ JI 538.92 $ 1,547.08 $ 280,470.03
3/15/2�7 �$ // 484.10 $ 1,601.90 $ 278,868.13
4/15/2047' .,$v/ 532.91 $ 1,553.09 $ 277,315.04
5/15/2047 ¥512.84 $ 1,573.16 $ 275,741.88
6/15/2047 $ 526.93 $ 1,559.07 $ 274,182.81
7/15/2047 $ 507.05 $ 1,578.95 $ 272,603.86
8/15/2047 $ 520.93 $ 1,565.07 $ 271,038.80
9/15/2047 $ 517.94 $ 1,568.06 $ 269,470.74
10/15/2047 $ 498.34 $ 1,587.66 $ 267,883.08
11/15/2047 $ 511.91 $ 1,574.09 $ 266,308.99
12/15/2047 $ 492.49 $ 1,593.51 $ 264,715.48
1/15/2048 $ 505.86 $ 1,580.14 $ 263,135.34
2/15/2048 $ 502.84 $ 1,583.16 $ 261,552.18
3/15/2048 $ 467.57 $ 1,618.43 $ 259,933.75
4/15/2048 $ 496.72 $ 1,589.28 $ 258,344.47
Payment Interest Principal Balance
5/15/2048 $ 477.76 $ 1,608.24 $ 256,736.23
6/15/2048 $ 490.61 $ 1,595.39 $ 255,140.84
7/15/2048 $ 471.84 $ 1,614.16 $ 253,526.68
8/15/2048 $ 484.48 $ 1,601.52 $ 251,925.16
9/15/2048 $ 481.42 $ 1,604.58 $ 250,320.58
10/15/2048 $ 462.92 $ 1,623.08 $ 248,697.50
11/15/2048 $ 475.25 $ 1,610.75 $ 247,086.75
12/15/2048 $ 456.94 $ 1,629.06 $ 245,457.69
1/15/2049 $ 469.06 $ 1,616.94 $ 243,840.75
2/15/2049 $ 465.97 $ 1,620.03 $ 242,220.72
3/15/2049 $ 418.08 $ 1,667.9)-' I'>$240,552.80
4/15/2049 $ 459.69 $ 1,62,¢3J; $ 238,926.49
5/15/2049 $ 441.85 $ 1,.,644.i'5 $ 237,282.34
6/15/2049 $ 453.44 $ /li,632�6• �$235,649.77
7/15/2049 $ 435.79 $ A 'Vi,650.2:i' 1 .. $, 233,999.56
8/15/2049 $ 447.16 $ // 1,638.84 $'\.'232,360.73
9/15/2049 $ 444.03 $ /Y 1,641.97 $�230,718.76
10/15/2049 $ 426.67 $ // P,�59.33 $ V 229,059.43
11/15/2049 $ 437.72 $ " / ,.1';648.28 $ 227,411.16
12/15/2049 $ 420.55 $ ' 'J° / 1,665.45 $225,745.71
1/15/2050 $ 431.39 $ "-1,654.61 $224,091.10
2/15/2050 $ 4(8.)3" � ' "'\J,657.77 $ 222,433.33
3/15/2050 $ 38t93' 'S-............... ,1�02.07 $ 220,731.26
4/15/2050 $ 421�1\ $ ) _ -......._ 1,664.19 $ 219,067.06
5/15/2050 $ 405.l��$// � 1,680.88 $ 217,386.19
6/15/2050 $ / '415.42, $/ 1,670.58 $ 215,715.60
7/15/2050 $ /Y \i398.93 ,$\ 1,687.07 $ 214,028.53
8/15/2050 $ // } /409.00 $. \ 1,677.00 $ 212,351.53
9/15/2050 $'' / �8� -..$_V 1,680.20 $ 210,671.32
10/15/2050 $ "-'v/ 389�0 .. ;$1,696.40 $ 208,974.92
11/15no-56 �� ,t 399.34 $ 1,686.66 $ 207,288.27
12;¢�0 �$,' "'383.34 $ 1,702.66 $ 205,585.61
;.11572051 $ ,\. , '392.87 $ 1,693.13 $ 203,892.47
( 2N,5/2051 $ \ \ ...,, 389.63 $ 1,696.37 $ 202,19 6.10
3-l1S'R051 $ I I 349.00 $ 1,737.00 $ 200,459.10
4/15L20SJ $ JI 383.07 $ 1,702.93 $ 198,756.17
5/15/2:�1· �$ // 367.56 $ 1,718.44 $ 197,037.73
6/15/2051' .,$v/376.53 $ 1,709.47 $ 195,328.26
7/15/2051 ¥361.22 $ 1,724.78 $ 193,603.48
8/15/2051 $ 369.97 $ 1,716.03 $ 191,887.45
9/15/2051 $ 366.69 $ 1,719.31 $ 190,168.14
10/15/2051 $ 351.68 $ 1,734.32 $ 188,433.82
11/15/2051 $ 360.09 $ 1,725.91 $ 186,707.91
12/15/2051 $ 345.28 $ 1,740.72 $ 184,967.19
1/15/2052 $ 353.46 $ 1,732.54 $ 183,234.66
2/15/2052 $ 350.15 $ 1,735.85 $ 181,498.81
3/15/2052 $ 324.46 $ 1,761.54 $ 179,737.27
4/15/2052 $ 343.47 $ 1,742.53 $ 177,994.74
5/15/2052 $ 329.17 $ 1,756.83 $ 176,237.91
6/15/2052 $ 336.78 $ 1,749.22 $ 174,488.69
Payment Interest Principal Balance
7/15/2052 $ 322.68 $ 1,763.32 $ 172,725.38
8/15/2052 $ 330.07 $ 1,755.93 $ 170,969.45
9/15/2052 $ 326.72 $ 1,759.28 $ 169,210.17
10/15/2052 $ 312.92 $ 1,773.08 $ 167,437.09
11/15/2052 $ 319.97 $ 1,766.03 $ 165,671.05
12/15/2052 $ 306.38 $ 1,779.62 $ 163,891.43
1/15/2053 $ 313.19 $ 1,772.81 $ 162,118.62
2/15/2053 $ 309.80 $ 1,776.20 $ 160,342.42
3/15/2053 $ 276.76 $ 1,809.24 $ 158,533.18
4/15/2053 $ 302.95 $ 1,783.05 $ 156,750.13
5/15/2053 $ 289.88 $ 1,796.1)-' I'>$154,954.01
6/15/2053 $ 296.11 $ 1,78,?(8� $ 153,164.12
7/15/2053 $ 283.25 $ 1,,-802.� $ 151,361.37
8/15/2053 $ 289.25 $ /l i,-79�5• �$149,564.62
9/15/2053 $ 285.81 $ A 'Vi,800.19' 1 .. $, 147,764.43
10/15/2053 $ 273.26 $ // 1,812.74 $'\.'145,951.69
11/15/2053 $ 278.91 $ /Y 1,807 .09 $�144,144.60
12/15/2053 $ 266.57 $ // �&.19.43 $V 142,325.17
1/15/2054 $ 271.98 $ " / ..t,'814.02 $140,511.14
2/15/2054 $ 268.51 $ ''J° / 1,817.49 $138,693.66
3/15/2054 $ 239.39 $ "-1,846.61 $ 136,847.04
4/15/2054 $ 2(;i1.�r-�' "'\J,824.49 $ 135,022.55
5/15/2054 $ 24'Q.70 'S-............... ,1;�36.30 $ 133,186.25
6/15/2054 $ 254:{)l.\ $ ) _ -......._ 1,831.49 $ 131,354.77
7/15/2054 $ 242.92 �$// � 1,843.08 $ 129,511.68
8/15/2054 $ / '247.49, $/ 1,838.5 1 $ 127,673.17
9/15/2054 $ /Y '1243.98 ,$\ 1,842.02 $ 125,831.15
10/15/2054 $ // } /232.70 $. \ 1,853.30 $ 123,977.85
11/15/2054 $'' / -ru;:9-2--, -..$_V 1,849.08 $ 122,128.77
12/15/2054 $ "-'v/ 2'.l�S-. ;$1,860.15 $ 120,268.62
1/15no-s-s-�� ,t 229.83 $ 1,856.17 $ 118,412.45
21¢�5' �$,' "'226.28 $ 1,859.72 $ 116,552.73
,371572055 $ ,\. "\. ' 201.17 $ 1,884.83 $ 114,667.91
(4N,5/2055 $ \ \ ...,, 219.13 $ 1,866.87 $ 112,801.03
5-l1S'R055 $ I I 208.60 $ 1,877.40 $ 110,923.64
6/f5L2os._5 $ JI 211.97 $ 1,874.03 $ 109,049.61
7/15/2�5 �$ // 201.67 $ 1,884.33 $ 107,165.28
8/15/2059' .,$v/ 204.79 $ 1,881.21 $ 105,284.06
9/15/2055 ¥201.19 $ 1,884.81 $ 103,399.26
10/15/2055 $ 191.22 $ 1,894.78 $ 101,504.48
11/15/2055 $ 193.97 $ 1,892.03 $ 99,612.45
12/15/2055 $ 184.21 $ 1,901.79 $ 97,710.66
1/15/2056 $ 186.72 $ 1,899.28 $ 95,811.38
2/15/2056 $ 183.09 $ 1,902.91 $ 93,908.47
3/15/2056 $ 167.88 $ 1,918.12 $ 91,990.35
4/15/2056 $ 175.79 $ 1,910.21 $ 90,080.14
5/15/2056 $ 166.59 $ 1,919.41 $ 88,160.73
6/15/2056 $ 168.47 $ 1,917.53 $ 86,243.20
7/15/2056 $ 159.49 $ 1,926.51 $ 84,316.69
8/15/2056 $ 161.13 $ 1,924.87 $ 82,391.82
Payment Interest Principal Balance
9/15/2056 $ 157.45 $ 1,928.55 $ 80,463.26
10/15/2056 $ 148.80 $ 1,937.20 $ 78,526.06
11/15/2056 $ 150.06 $ 1,935.94 $ 76,590.12
12/15/2056 $ 141.64 $ 1,944.36 $ 74,645.76
1/15/2057 $ 142.64 $ 1,943.36 $ 72,702.41
2/15/2057 $ 138.93 $ 1,947.07 $ 70,755.34
3/15/2057 $ 122.13 $ 1,963.87 $ 68,791.47
4/15/2057 $ 131.46 $ 1,954.54 $ 66,836.92
5/15/2057 $ 123.60 $ 1,962.40 $ 64,874.53
6/15/2057 $ 123.97 $ 1,962.03 $ 62,912.50
7/15/2057 $ 116.35 $ 1,969.6,S' I"'$60,942.84
8/15/2057 $ 116.46 $ 1,96;}f5� $ 58,973.30
9/15/2057 $ 112.70 $ 1fi73.30 $ 57,000.00
10/15/2057 $ 105.41 $ /1�6�9• �$ 55,019.41
11/15/2057 $ 105.14 $ A �,980.86' 1 .. s,53,038.55
12/15/2057 $ 98.08 $ // 1,987.92 $'\.' 51,050.63
1/15/2058 $ 97.56 $ /Y 1,988.44 $� 49,062.19
2/15/2058 $ 93.76 $ // fi.�9,92.24 $ V 47,069.95
3/15/2058 $ 81.24 $ " /"-:t'004. 76 $ 45,065.19
4/15/2058 $ 86.12 $ ' 'J° / 1,999.88 $ 43,065.31
5/15/2058 $ 79.64 $ "-2,006.36 $ 41,058.95
6/15/2058 $ (8,�� �...._ '""\7,007.54 $ 39,051.41
7/15/2058 $ i9..22 'S-............... ,2�13.78 $ 37,037.63
8/15/2058 $ 70'i/8\ $ ) _ -......._ 1,015.22 $ 35,022.41
9/15/2058 $ 66.93 �s// � 2,019.07 $ 33,003.33
10/15/2058 $ / ' 61.03, $/ 2,024.97 $ 30,978.37
11/15/2058 $ // \ \ 59.20 ,S\ 2,026.80 $ 28,951.56
12/15/2058 $ // J I s3.54 $. \ 2,032.46 $ 26,919.11
1/15/2059 $'' / -S-1.44-..�-v 2,034.56 $ 24,884.55
2/15/2059 $ "-'v/ 4T.5-S-. ;$ 2,038.45 $ 22,846.10
3/15/:�059 �� ,t 39.43 $ 2,046.57 $ 20,799.53
4/}51�9 �$,' "'39.75 $ 2,046.25 $ 18,753.28
$/l$/2059 $ ,\. " ' 34.68 $ 2,051.32 $ 16,701.96
( 6/J .S/2059 $ \ \ ...,, 31.92 $ 2,054.08 $ 14,647.88
),[i5'R059 $ I I 27.09 $ 2,058.91 $ 12,588.97
8/ N.205._9 $ JI 24.06 $ 2,061.94 $ 10,527.02
9/15/2{)�9 �$ // 20.12 $ 2,065.88 $ 8,461.14
10/15/2059' .. sv/15.65 $ 2,070.35 $ 6,390.79
11/15/2059 ¥ 12.21 $ 2,073.79 $ 4,317.00
12/15/2059 $ 7.98 $ 2,078.02 $ 2,238.98
1/15/2060 $ 4.28 $ 2,081.72 $ 157.26
2/15/2060 $ 0.30 $ 157.26 $ 0.00
3/15/2060 $ 0.00 $ 0.00