HRA Agenda 11-14-1990 SpecialAGENDA
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
SPECIAL MEETING
Wednesday, November 14, 1990 - 7:30 A.M.
City Hall
MEMBERS: Chairperson Al Larson, Ben Smith, Lowell Schrupp,
Everette Ellison, and Tom St. Hilaire.
STAFF: Rick Wolfeteller, Jeff O'Neill, and 011ie Koropchak.
1. CALL TO ORDER.
2. CONSIDERATION OF THE HRA TO ENTER INTO A TAR INCREMENT
PLEDGE AGREEMENT BY AND BETWEEN THE CITY OF MONTICELLO
AND THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF MONTICELLO, MINNESOTA.
a) See Supporting Data: Exhibit A and Exhibit B.
3. CONSIDERATION OF THE HRA TO ADOPT A RESOLUTION AUTHORIZING
EXECUTION OF TWO TAR INCREMENT PLEDGE AGREEMENTS.
a) See Supporting Data: Copy of resolution.
4. OTHER BUSINESS.
5. ADJOURNMENT.
LJ
EXHIBIT A
TAX INCREMENT PLEDGE AGREEMENT
by and between
THE CITY OF MONTICELLO, MtNNEMA
and
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, MINNESOTA
THIS AGREEMENT Is made and entered Into on or as of the _ day of
, 1990, by and between the City of Monticello, Minnesota (the "City"),
and The Housing and Redevelopment Authority in and for the City of Monticello,
Minnesota (the "HRA').
WHEREAS, the HRA established Tax Increment Financing District No. 1-9
(the "District"), prepared the Tax Increment Financing Plan (the "Plan") for the
District, and approved the Plan, as modified, on August 13, 1990; and
WHEREAS, the City Council of the City approved the Plan, as modified, on
August 13, 1990; and
WHEREAS, pursuant to authority conferred by Minnesota Statutes, Section
469.178, and Minnesota Statutes, Chapter 475, the City has agreed to finance
certain public redevelopment costs to be incurred by the HRA In Redevelopment
Project No. 1 (the "Project") through the issuance of general obligation bonds of
the City, designated the $305,000 General Obligation Taxable Tax Increment
Bonds, Series 1990D (the "Bonds"); and
WHEREAS, the HRA has agreed to pledge certain tax Increment revenues
from the District and from Tax Increment Financing District No. 1-10 to the City
for the payment of the principal of and Interest on the Bonds; and
WHEREAS, pursuant to Minnesota Statutes, Section 469.178, subd. 4, any
agreement to pledge tax Increment revenues must be made by written agreement
by and between the HRA and the City and must be filed with the County Auditor of
Wright Countyl
NOW, THEREFORE, the City and the HRA mutually agree to the following%
(1) The City will sell the Bonds.
(9) The proceeds from the sale of the Bonds and the earnings from
the Investment of such proceeds will be made available to the HRA to pay
or reimburse the HRA for public redevelopment coats.paid, Incurred, or to
be paid or Incurred, by the HRA In the Project, $140,000 of which are to be
used by the HRA In connection with the District.
(S) All tax Increment generated by the District from and after the
date of this Agreement ahall be deposited In a special fund (the "Project
Fund") held by the HRA. The HRA hereby pledges to the payment of the
principal and Interest on the Bonds, tax Increment from the Project Fund In
an amount equal to 105% of the following annual principal and Interest
payments due on the Bonds:
A-1
Total
Year of
Principal
Maturity
Principal
Interest
h Interest
1992
= 0
15,326
$ 15,326
1993
15,000
12,261
27,261
1994
15,000
11,005
26,005
1995
15,000
9,730
24,730
1996
15,000
8,425
23,425
1997
20,000
7,120
27,120
1998
20,000
5,340
25,340
1999
20,000
3,560
23,560
2000
20,000
1,780
21,780
(4) Not later than five (5) business days prior to each February 1
and August 1 debt service payment date for the Bonds, there shall be
transferred from the Project Fund to the Debt Service Account maintained
by the City for the payment of the Bonds, an amount which when taken
together with amounts already on deposit in the Debt Service Account, is
equal to the principal and Interest next due on the Bonds. If at any time the
Project Fund contains an amount in excess of the amount to be transferred
to the Debt Service Account for the payment of the Bonds on the following
two debt service payment dates (excluding debt service payment dates for
which Interest Is payable from proceeds of the Bonds deposited In the Debt
Service Account), then such excess amounts shall be available to the HRA to
pay or reimburse the HRA for public redevelopment costs paid, Incurred, or
to be paid or incurred, by the HRA In the District.
,(5) Without regard to anything In this Agreement to the contrary,
tax increment generated by the District shall be available to pay principal
of and Interest on both the Bonds and any other obligations Issued by the
City, HRA or any other public body to finance public redevelopment costs
paid or Incurred by the HRA In the District.
(6) When the entire public redevelopment costs of the District
have been paid and all principal and Interest on the Bonds and other
obligations Issued to finance the public redevelopment coats of the District
have been paid, and the City has been reimbursed from collections of tax
Increment from the Project for collections of general ad valorem taxes used
to pay principal of and Interest on the Bonds, then the HRA shall report such
fact to the City Council of the City and the HRA shall submit a final
statement of such payments. Upon audit of this statement and approval
thereof by the City Council, the payment of the expenditures of the HRA in
the Project shall be reported to the County Auditor of Wright County.
(7) An executed copy of this Agreement shall be filed with the
County Auditor of Wright County.
IN WITNESS WHEREOF, the City and the HRA have caused this Agreement
to be duly executed on their behalf and their seats to be hereunto affixed and such
signatures and seals to be attested, as of the day and year first above written.
A-2
0
ATTEST: CITY OF MONTICELLO
R9
Administrator Mayor
(SEAL)
ATTEST: THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE
CITY OF MONTICELLO, MINNESOTA
E9
Secretary Chairman
A-i
EXHIBIT B
TAX INCREMENT PLEDGE AGREEMENT
by and between
THE CITY OF MONTICELLO, MINNBSOTA
and
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, MINNESOTA
THIS AGREEMENT is made and entered Into on or as of the day of
, 1990, by and between the City of Monticello, Minnesota (the "City"),
and The Housing and Redevelopment Authority In and for the City of Monticello,
Minnesota (the "HRA').
WHEREAS, the HRA established Tax Increment Financing District No; 1=10
(the "District), prepared the Tax Increment Financing Plan (the "Plan') for the
District, and approved the Plan, as modified, on , 1990; and
WHEREAS, the City Council of the City approved the Plan, as modified, on
, 1990; and
WHEREAS, pursuant to authority conferred by Minnesota Statutes, Section
469.178. and Minnesota Statutes, Chapter 475, the City has agreed to finance
certain public redevelopment costs to be Incurred by the HRA In Redevelopment
Project No. I (the "Project') through the Issuance of general obligation bonds of
the City, designated the $305,000 General Obligation Taxable Tax Increment
Bonds, Series 1990D (the "Bonds'); and
WHEREAS, the HRA has agreed to pledge certain tax Increment revenues
from the District and from Tax Increment Financing District No. 1-9 to the City
for the payment of the principal of and Interest on the Bonds; and
WHEREAS, pursuant to Minnesota Statutes, Section 469.178, subxl. 2, any
agreement to pledge tax Increment revenues must be made by written agreement
by and between the HRA and the City and must be tiled with the County Auditor of
Wright Countyl
NOW, THEREFORE, the City and the HRA mutually agree to the followings
(1) The City will sell the Bonds.
c(4) The proceeds from the sale of the Bonds and the earnings from
the Investment of such proceeds will be made available to the HRA to pay
or reimburse the HRA for public redevelopment costs paid, Incurred, or to
be paid or incurred, by the HRA In the Project, SIMO00 of which are to be
used by the HRA in connection with the District.
t!) All tax Increment generated by the District from and after the
date of this Agreement shall be deposited In a special fund (the "Project
Fund') held by the HRA. The HRA hereby pledges to the payment of the
principal and Interest on the Bonds, tax Increment from the Project Fund In
an amount equal to 105% of the following annual principal and interest
payments due on the Bonds
B-1
Total
Year of
Principal
Maturity
Principal
Interest
&Interest
1992
$ 0
18,083
$ 18,083
1993
15,000
14,466
29,466
1994
15,000
13,210
28,210
1995
20,000
11,935
31,935
1996
20,000
10,195
30,195
1997
20,000
8,455
28,455
1998
25,000
6,675
31,675
1999
25,000
4,450
29,450
2000
25,000
2,225
27,225
(4) Not later than five (5) business days prior to each February 1
and August 1 debt service payment date for the Bonds, there shall be
transferred from the Project Fund to the Debt Service Account maintained
by the City for the payment of the Bonds, an amount which when taken
together with amounts already on deposit In the Debt Service Account, Is
equal to the principal and Interest next due on the Bonds. If at any time the
Project Fund contains an amount In excess of the amount to be transferred
to the Debt Service Account for the payment of the Bonds on the following
two debt service payment dates (excluding debt service payment dates for
which interest Is payable from proceeds of the Bonds deposited In the Debt
Service Account), then such excess amounts shall be available to the HRA to
pay or reimburse the HRA for public redevelopment costs paid, Incurred, or
to be paid or Incurred, by the HRA in the District.
(5) Without regard to anything In this Agreement to the contrary,
tax Increment generated by the District shall be available to pay principal
of and Interest on both the Bonds and any other obligations Issued by the
City, HRA or any other public body to finance public redevelopment costs
paid or Incurred by the HRA In the District.
(6) When the entire public redevelopment costs of the District
have been paid and all principal and Interest on the Bonds and other
obligations Issued to finance the public redevelopment coats of the District
have been paid, and the City has been reimbursed from collections of tax
Increment from the Project for collections of general ad valorem taxes used
to pay principal of and interest on the Bonds, then the HRA shall report such
fact to the City Council of the City and the HRA shall submit a final
statement of such payments. Upon audit of this statement and approval
thereof by the City Council, the payment of the expenditures of the HRA In
the Project shall be reported to the County Auditor of Wright County.
(7) An executed copy of this Agreement shall be filed with the
County Auditor of Wright County.
IN WITNESS WHEREOF, the City and the HRA have caused this Agreement
to be duly executed on their behalf and their seals to be hereunto affixed and such
signatures and seals to be attested, as of the day and year first above written.
B-2
ATTEST: CITY OF MONTICELLO
By
Administrator Mayor
(SEAL)
ATTEST: THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE
CITY OF MONTICELLO, MINNESOTA
By
secretary Chairman
B-3
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO.
RESOLUTION AUTHORIZING EXECUTION OF A TWO
TAX INCREMENT PLEDGE AGREEMENTS
WHEREAS, the Monticello Housing and Redevelopment Authority (the
"HRA") has heretofore established Tax Increment Financing District No.=1-9.and
Tax Increment Financing District No. L•10;(together, the "Districts'), prepared Tax
Increment Financing Plans (the "Plans") for the Districts, and has heretofore
approved the Plansl and
WHEREAS, the City Council of the City of Monticello (the "City") has
heretofore approved the Plansi and
WHEREAS, In order to finance certain public redevelopment costa of the
HRA's Redevelopment Project No. 1 relating to the District, it 1s necessary that
the Authority enter Into a Tax Increment Pledge Agreement with the City pursuant
to Minnesota Statutes, Section 469.178. securing $305,000 aggregate principal
amount of General Obligation Taxable Tax Increment Bonds, Series 19901) of the
City and the Interest thereon, Issued to finance such public redevelopment costs.
sY , NOW, THEREFORE, BE IT RESOLVED by the Monticello Housing and
Redevelopment Authority, in and for the City of Monticello. Minnesota:
cL , That the Chair end the Secretary of the HRA are hereby authorized
and directed to execute the Tax Increment Pledge Agreements (the "Agreements')
on behalf of the Authority In substantially the form attached hereto as Exhibits A
and B and Incorporated herein by reference.
�11. Upon execution of the Agreements by the parties thereto, the
Secretary of the Authority Is hereby directed pursuant to Minnesota Statutes,
Section 469.178, to file an executed copy of each of the Agreements with the
County Auditor of Wright County, Mlnnesote.
Adopted this day of November, 1990.
Chair
Attest:
_ Secretary
SMITH BE MAYES
M H o O„IG
--1H W.I.NU1 eTT1EET
ATTORNO W e AT LAw
[u ev[x p•,G
CINEYP PROFEi510PWLL OWO.
P.O. Box an
GREGORY V . 5WTH. J.O.
ea7 MM, ST.. SUST'E 102
MONTICELLO. MINNSSOT11553624O a
a11RY L PRINaI L. J D. 11040-IE571
ELK RIVER. MINNE50T.56370
TKOM.e O. 04ATE5. J.O.
OMICE RIO..E INIEI O.-s1O7
011K. N WIN «I.MIb
RICHARD O. =LOUaN. J.O.
March 29, 1989
Mr. Kenneth Holker
711 East Broadway
Monticello, MH 55362
He: Stelton/Tope]
Dear Mr. Holker:
I have been unable to reach you by telephone. I have been advised that you are
representing the Topels with respect to the party wall between Steltona and
Topela property on Broadway. As you may know the HRA has entered into a
purchase agreement for the Stelton property. The party wall agreement has been
noted as an objection to title. The HRA is anxious to have the prope,,ty close
as soon as possible. Please advise me on the status of the party wall resolu-
tion. Thank you.
Tours truly,
Thomas D. Hayes
TDH/scs
Pilo llc,. 98-16652
co: 011ie Koropchek
!I�
#S
DmGHEm D wKiNs
MEMORANDUM
TO: Richard Wolssteller, Finance Director
Board of Commissioners
Housing and Redevelopment Authority
City of Monticello
FROM: Wood Kidner, Vice President, Dougherty Dawkins
RE: Proposal for Tax Increment
Refunding Bonds
Ladies and Gentlemen:
We have had the opportunity to discuss with staff and Pat Pelstring
of Business Development Services the possibility of structuring a
combined refunding/new money general obligation tax increment bond
issue in conjunction with the creation of a master district. Based
on our discussions and analysis of the existing tax increment
indebtedness, we believe that a refunding/new money issue of
approximately $1,200,000 provides several significant benefits to
the HRA and City, including the following:
- Improved Cash Flow
- Repayment of General Fund Loans
- Free Up Excess Future Increment
- Reduce General Fund Exposure
- Reduce Indebtedness Necessary for Future Projects
- Simplification and Administrative Efficiency
These benefits are discussed in more detail below. If the proposal
meets with the approval of the HRA, Dougherty Dawkins would propose
to negotiate the sale of the Bonds in an amount of up to $1,200,000
for a discount of 2.0% of the par amount of the issue. This fee
would include all services in conjunction with the sizing,
structuring, purchase, and resale of the proposed bonds. Our fee
would be entirely contingent upon a successful sale and closing of
the Bonds at interest rates approved by the HRA and City.
EXISTING TAX INCREMENT DISTRICTS AND FINANCING
It is our understanding that the HRA presently has seven Tax
Increment Districts. The Districts are a mixture of Economic
Development and Redevelopment Districts. Three Districts (ba 7, S
and ) have tax exempt bond issues outstanding, one District (64)101'X
has a taxable bond issue outstanding, and throe Districts (la 1,2
and 4) have been financed internally through loans from the City'a
General Fund. The total tax exempt debt outstanding is
i 5v�,eoo approximately $648r000, the total taxable debt outstanding is
ieeapproximatoly $950,-300; and the total of the existing internal
loans is approximately $243,000.
DOUGMRTY, DAWKW. STRAND • YOST INCOWRAT6D
100 SOUTH rrrm ffmazT, SUITS 23W
haKNEAPOYS, SURMOTA 83103
6IU0414=
We also understand that the HRA is presently in the process of
negotiating additional projects and has committed to significant
acquisition and demolition in Tax Increment District No. 2.
REFUNDING BONDS
We believe that in conjunction with the creation of a master
Development District, that general obligation tax exempt bonds
could be issued for the following purposes in the approximate
amount of $1,200,000:
1. Refund the three outstanding tax exempt bond issues in the
approximate amount of $645,900; 41sti0.000
2. Refund the existing three internal loans from the General
Fund 1n the approximate amount of $243,000 and repay the
General Fund (assuming that any underlying developer
guarantees an these loans would not cause the bonds to be
taxable);
3. Bond for amounts necessary to finance new TIF projects,
specifically, acquisition and demolition proposed for
District No. 2 and the proposed Northern States Power
Project;
4. Bond for the City's administrative expenses incurred with
respect to the Districts; and
5. Release the existing }}iMRJ� tax increment pledge agreements on
Districts 3, 5, and 40which require that excess increment be
accumulated until a 150% debt service reserve is created.
These increments can be used to fund new project costs
and/or operating deficits in existing districts.
We believe that the refunding bonds could be sold in today's
market, assuming a 15 year maturity, for an average interest cost
of 6.75-7.00%.
BENEFITS OF REFUNDING BONDS
We believe the refunding will provide numerous benefits to the HRA
and City:
1. Rnduce Debt Service. Interest rates on the outstanding tax
exempt bond issues will be reduced approximately 10 to 153
basis points by refunding the outstanding bond issues based
on current interest rates. However, as the attached savings
report indicates, this interest rate savings is offset by
the costs of issuance of the refunding. At current interest
rates, refunding the existing bonds would result in a
nominal (approximately $2,000) present value coat to the HRA
after taking into account the discount. Other fixed costs
of issuance (bond counsel) have not been considered because,
based on discussions with staff, the HRA will likely
undertake a bond issue in 1989 and incur these fixed costs
in any event. The refunding does, however, allow the use of
the tax increme t and accutulated tax increment reserves
from Districts, 5, and A to be used to pay HRA costs in
other districts and is the key to restructuring the HRA's
debt and providing the following significant benefits.
2. Improved Cash F1ow. The refunding bonds will be structured
to match overall tax increment receipts to overall tax
increment obligations, thereby improving annual cash flow.
This results in more excess increment to finance current
projects and a better match between revenues and debt
service requirements.
7. Free Up Excess Increment. The refunding bonds would be sold
with a general obligation pledge and a pledge of tax
increment revenues on an annual basis. The existing
required tax increment reserves would be released and any
additional excess tax increment generated by the Districts
as a whole would be available for additional projects
reduction of debt or for return to the taxing jurisdictions.
6. Repay General Fund Loans and Reduce General Fund Exposure.
Existing loans for the General Fund would be immediately
repaid. Additionally, in the future, if any single Tax
Increment District runs into cash flow problems, excess
increment from other districts would be available to pay
related bond debt service prior to any claim on the General
Fund. This is not true under the existing structure.
Existing increment from Districts 1-6 will provide
approximately 135 percent debt service coverage on the new
issue under projected new tax capacity rates. We believe
this coverage ratio provides the City and HRA a significant
margin of safety and makes release of the existing pledge
agreements prudent.
S. Simolification and Administrative Efficiency. Three
existing bond issues, three City loans, and a proposed 1989
tax increment issue with different terms, covenants and
payment dates would be replaced by a single bond issue.
This will eliminate the requirements of differing pledge
covenants, reduce staff responsibilities and transaction
expense, reduce bookkeeping and make it much easier for the
HRA to determine the financial results of its Districts as a
whole.
6. Provide Necesnary Financing for District No. 2. Proposed NSP
Proiect and Future Proiectn Morn Efficiently. By including
necossary now money financing for Districts 2 and 8 in the
proposed new bond issues, bonding for capitalized interest
for those projects can bo eliminated, reducing bond needs by
approximately $50,000. Additionally, the rostructuring of
debt service together with roloaoo of the existing pledge
agreements should provide the HRA with approximately
$200,000 in tax increment over the next three years which
would be available to finance additional smaller projects
without the necessity of bonding.
I look forward to the opportunity to work with the HRA and the City
on this matter. I have attached some general information regarding
Dougherty Dawkins.
Ve/ry t/rul yo rs,
W
Wood Kidn)r
Vice President
WK/yb
CITY OF BOITICELLO, BIIIESOTA
GENERAL OBLIGATION TAI IICREBEIT EEYOIOIIG BONDS, 8E1188 1989
IEFUIOIIG ISSUE SIZED TO PROVIDE 1300.000 ADDITIONAL PONDS
u msaam.uaou.m.
300tCaaII1=a�AID•0118 0P F01DB
m.....,,,....:m,,.m,.m...................
DILIMI DATE: 7/ 1/89
80UICE8
Ym,.
PAR LHU1T OF BONDS ................... 11,200,000.00
#PRENIUB /-D18COOIT................... 10.00 4 -s'
BOND PROCEEDS ........................................... I,1o0.000.00
OMIT TIF FOND BILANCES ............................... 128.390.00
USES OF FUNDS
CURRENT IEPUIDIIG OP TIP 1 CITY LOAN ....................
CURRENT ISFOID116 OF TIP 2 CITY LOAN ....................
COIIBIT UPOIDIIG OF TIP 1 CITY LOAN ....................
/ ADVANCE IIFUIDIIG OP TIP ) BOIOS........................
.9 < MAKE REPUIDII6 OP TIP S BONDS ........................
ADVANCE REFONDING Of TIP 6 BONDS ........................
TIP POND IALA1Cl P01 FOTOIB PROJECTS ....................
COSTS OF 1810AICI.......................................
OIDEIIIITII'8 DISCOUNT ..................( 1.0000001).••
COITIIGEICY.............................................
[fall lLhlfd
10,1/1.68
il),711.81
76),T11.91
� � V • S 1 1 . l,'1
751,089.1T
1/,Dao.o0
2,811.)7
11,328,310.00
MOATS: 01-30-1989 1 15:36:16 FILEIW: BONTI IBY: WHO)
III OF KOITICELLO, IIIIESOTA
CORRAL OBLIGATIO1 TAI IIC➢IKEIT UMDIIO BOZOS, SERIES 1989
REFOID110 ISSOE 31ZED TO PROVIDE 1300,000 ADOITIOILL FONDS
0E67SERVICE SCIEOOLR
OATS
FRIICIPIL
COME
IIM13T
PERIOD TOTLL
FIRM TOTLL
1/ 1J19
34,111.75
34,216.75
1/ 1/90
60,000.00
1.200000
41,062.50
101,063.50
135,281.15
1/ 1/90
39,202.50
39,202.50
1/ 1/91
60,000.00
6.300000
39,202.50
99.202.30
138,405.00
111/91
37,311.50
37,312.50
1/ 1/92
60,000.00
6.600DD0
37,312.50
97,313.50
136,615.00
11 1/91
35,392.50
35,392.50
2/ 1/93
85,000.00
6.500000
35,312.50
120,392.30
151,715.00
1/ 1/93
32,630.00
32,630.00
1/ 1/96
90,000.00
6.600000
32,630.00
122.630.00
155,260.00
of 1/94
21,660.00
29,660.00
1/ 1/95
50,000.00
6.700000
191610.00
79,660.00
109,120.00
11 1/95
21,98S.00
27,185.00
1/ 1/96
55,000.00
1.750000
17,985.00
51,965.00
110,970.00
1/ 1/96
26,121.75
26.128.75
1/ 1/97
601000.00
6.900000
26,128.75
106,128.75
132,257.50
1/ 1/97
23.401.75
23,408.75
1/ 1/91
65,000.00
6.530000
13.401.75
66,405.75
1111117.50
$1 1196
21,112.50
211161.50
1/ 1/99
65,000.00
1.900000
21.112.50
86,152.50
107,163.00
1/ 1/99
II.M.00
18,940.00
65,000.00
7.000000
11,940.00
13,940.00
102,610.00
1/ II 0
16.115.00
16.665.00
1J 1J 1
75,000.00
7.050000
161615.00
91.665.00
106,130.00
11 1/ 1
14,011.15
14,021.15
21 I/ 3
801000.00
7.100000
14,011.25
94,021.25
108,042.50
it 11 2
11,111.15
11,181.25
2/ 1/ 3
85.000.00
7.150000
11,111.15
91,181.25
107,311.50
I/ it 3
1,162.10
6,142.50
1/ 1/ A
90,000.00
7.200000
11111,50
91,142.50
106.215.00
11 1/ 6
6,101.50
4,903.50
1/ IJ !
100.000.00
7.250000
61N3.50
104,902.50
109,603.00
1/ I J 5
1.277.50
11277.30
1/ I/ 6
35,000.00
7.300000
11177.50
35,277.30
37,355.00
..............
1,200,000.00
.......................
771,N1AS
1,971,1AA,iS
IOCRORD
113001000.00
..............
............................
771,30.15
I.M.346.15
` 191DATI:
01.30.1989 1
16:19:11
PILuw: MITI IR7; IIPOI03
CITY OF MOITICELLO, KIIIBBOTI
6BIBIAL OILIOAT101 TAI INCIEIIBIT IBFSIDIIO 11011113. BB116B 1989
IBFOIDII6 IBBOB 9IEBD TO PIOTI01 $300,000 ADBITIOIAL FOIDB
aasaaaaaaam
DBBTaBBITICB BCIMULB
axaeaaaavxaaaaasaaa
DATED 7/ 1/69 /ITS DBLI►BIT 07 2/ 1/69
BOND YEW 11.000.000
AvElln COOF01 7.012
ATBIAOB LIFE 9.167
1 1 C 1 7.012239 % USING 100.0000000
IDIDATB: 01-I0-1959 1 16:19:21 PILEILIS: BORE IBT: IEFDIDI
1959
1990
1991
1992
1993
1994
1995
1996
1997
1990
1199
2000
loot
1002
2007
2006
loos
2006
CITY OF I10117CELLO, 1111ESOT►
G.O. TAR IICUWT IRYUIDIIG 10101, SERIES 1989
TIT IICIEKEIT LID DEBT SERVICE COVERAGI AMYSIS
TOTAL
DEBT
DEBT
RAMON
IICIEIEIT
SERVICE
BICESS
SERVICE
DEBT
AVAILABLE
---------
IEQUIUMIT
-------------
IICIEBBIT
---------
COVERAGE
--------
SERVICE
-------
171,925.20
155,595.53
210,896.80
135,211.25
75,563.55
1.56
183,511.30
209.920.80
136,405.00
71,515.80
1.52
102.539,82
208.687.20
134,625.00
74.262.20
1.55
181.641.04
199,560.10
155,755.00
43,775.80
1.21
173,531.13
199,O01.80
155,260.00
67,711.80
1.28
173.051.13
142.891.40
109.320.00
22,571,90
1.51
124,259.48
142,906.90
110,970.00
31,935.60
1.29
126,261.52
176,191.00
111,157.50
41,921.50
1.22
151,474.71
142,711.80
111,617.50
30,599.30
1.26
124,101.57
142.711.50
107,361.00
35.351.50
1.25
124,101.57
142,711.80
101,110.00
39,035.80
1.29
124,101.57
162, 716.00
101,220.00
24.216.80
1.21
124.101.57
142.716.80
108.042.50
26,674.30
1.12
124,101.57
142,716.SO
107,262.50
35,054.30
1.02
124,101.57
161,711.60
106,265.00
36,621.60
1.26
124,101.57
141:716.so
109,805.00
32,911.80
1.70
124,111.57
$1,700.00
27,5S5.00
14.145.00
1,26
44,956.51
I1160,595.20 1,911,266.25
............ ............
►Vera/a Debt Service Coverage • 1.26
prepared by Doslberty. Deakins, Itrsod 11 Yost for. 70-Jas-19
City of Monticello, Minnesota
General Obligation Tax Increment Bonds
Refunding Analysis
Sources of Funds $40 , u c e
° '1
Series 1989 Refunding Bonds �,u 0 $ 855,000.00
Uses of Funds
Advance Refund Series 1984 (A3) 113,311.84
Advance Refund Series 1985 (/6) 357,089.27
Advance Refund Series 1987A (/5) 363,741.91
Costs of Issuance (2%) and Rounding 20.a56.98
Results in Present Value Costs of $2,580
855,000.00
(,a-;Ig,d00)
8efunding Schedules
1. Savings Report
2. Schedules of Existing Debt Service for Series 1984, 1985 and
1987A.
3. Present Values of Escrow Requirements of these Issues.
4. Debt service of the portion of the new issue applicable to
the advance refundings.
5. Combined schedule of three refunded issues.
Cl" OF OOITICI110, IIIIESOTl
GEIEIAI 016IGATl01 TU IICIt7B1T 90101
SHIES 11e1, 1985, 19171 -- IIF01111G e0105
BAI IIGI IIPOIT
- - - - - - - -
PtOP01ID DEBT IEITICI - - - - - - - -
Pilo'
COIOLITITE
DITI
PIIICIPIL
cODP01
I17EESBT
TOT11
0/I
IIIIIGI
IITIICI
1/ 1/69
12,969.79
1/ 1/90
63.000.00
6.200000
11,763.75
117.711.54
115.661.17
-2,064.38
-1,064.31
1/ 1/90
26,746.75
2J 1/91
65,000.00
6.300000
16,71e.75
111,417.30
116,e00.00
.1,617.50
-3,661.81
1/ 1/91
24,701.25
2J 1/92
63,000.00
6.400000
24,701.25
114,402.50
112,110.00
-1,321.50
-5,204.31
e/ 1/92
12,621.25
1/ 1/91
73.000.00
6.500000
22,621.25
120,241.50
118,730.00
-1,512.50
-6,716.11
e/ 1191
20,163.75
2/ 1/96
10,000.00
6.600000
20,1e5.75
120,367.50
118,697.50
-1,670.00
-6.116.81
e/ 1/94
17.543.75
2/ 1/95
55,000.00
6.700000
17,$12.75
10.087,SO
$6.121.00
-1,162.50
-10,119,31
B/ 1/15
15,701.25
2/ 1/91
60,000.00
1.750000
15.701.25
11.402.50
89,640.00
-1,762.10
-12,111.11
B/ 1/11
13,676.25
1/ 1197
60.000.00
61100000
13,676.25
17,352.5D
03,670.00
-13e2.50
-13,794.31
e/ 1/97
11,636.25
1/ 1/91
65,000.00
6.150000
11.636.25
11.272.50
11,590.00
3,317.30
-10,476.81
e/ 1/11
9,410.00
3/ 1/99
65.000.00
6.900000
9,410.00
13,920.00
16,660.00
21120.00
-7,656.11
e/ 1194
7110.50
20,000.00
7.000000
71167.30
11,115.00
36,625.00
3.210.00
-3,366.11
1,467.50
23.000.00
7.050000
6.417.50
37,935.00
39.985.00
2,050.00
-3,316.11
B/ I/ I
5,511.tf
35.000.00
7.100000
5.586.15
11,171.50
37,912.50
11750.00
1,511,11
10,060.00
7.150000
4.618.73
i9,597.50
10,160.00
1.461.30
-106,11
3.616.25
2/ 1/ 1
30,000.00
7.300000
1.616.15
37.251.30
36,370.00
1,117.50
1.011,11
e/ I/
2.546.25
15,000.00
7.150000
21546.25
41.092.50
40.160.00
767.50
1.600.13
1/ I/ 7
I,111.50
15,000.00
7.10000D
1,117.l0
37,555.00
!7,160.00
185.00
1,115,0
..............
............................ .... _.........
a . o 01----------...-
155,000,00
619,91e.56
IJ11,111.54
1,217,104.17
2,163.11
Icc101D
855,000.00
ouuunon
11/.111.51 1,114,118.54 1.297.104.17
nuuuuuu ......wins.. nunuunn
1,165.61
uaununm
IOID►TI: 01-11-19e9 1 IS: 37:39 IIU161Q: eOITI UT: 1I1
0
CITY 0➢ IOITICILLO, RUIESOTI
BIIERAL ORLIE1T101 TAI IICRBMT SOIDS
SERIES 1954, 1985, 19I7A -- IE➢OIDI10 IOIDS
I1YI16S REPORT
maa.m.nn
DATED 5/ 1/19 SITE DELIMY 07 5/ 1/89
SOID YRARI 1,752.750
►TRESS COME 6.921
AISll61 LIFE 7.431
1 1 C 1 6.123761 R W116 100.0000000
EST ➢RRASIT IALDE SAYIIGS IT: 6.9760% IQ01L9-2,510.I2 01-0.50191 0➢ ➢1R O7 TER COIREIT 13S01
OR 4.5167R 0➢ ➢AI or THE PRIOR I1801
RSIDITI: 01-18-19I9 ! 15:27:15 ➢ILSIAM IOITI Ely: IRS
CITY OF AOITICILLO, AIIFISOTA
6IIELt OeL16►TIOI TII IICIEAEIT IOIDS
Ila1B.1 19e/ -- IIF01021D 10105
DBIT 81IIICBs1C®D011
UATI
PIIICIP6L COUPO1 anwT PIIIOD TOTLL PISCLL
TOTIL
I/ 1/19
1,191.e1
3,716.10
2/ 1/10
31,000.00 7.750000 61S56,25
24,556.23
21.153.13
of 11to
3,711.25
3.711.23
2/ 1111
21.000.00 8.000000 11761.25
13,761.25
27,562.50
I/ 11t)
21991.25
1.911.25
2/ 1112
10,000.00 8.250000 21901.25
12,911.25
25.962.30
e/ 11t2
21151.25
2.156.25
1/ 1111
25,000.00 1.500000 21136.25
27,151.25
11.312.30
e/ 1195
1,013.75
1,093.75
2/ 11+6
25,000.00 1.750000 1,013.75
26.013.75
17,117.50
--110,000.00
25.371.13
111,170 11
ICCIOSD
..............
110,000.0,L 26.376.13
............................
118,378.13
UT11 1/ 1/09 IITA DILIIUI OF 11 1119
101D R6II
315.171
I/EI1R C00POI 6./�
IrE191 LIFE
1.051
1 I C 1
1.450062 1 11116 100.0000000
T I C 1
1.119985 1 from Delivery Date
111111101: 01-17.1989 (t 18:01:35 PILIIM ADIT1
[IT: OLDII
1
CITY OF 80ITICELLO, 1111E80TA
6EIEIAL OBLIOATIOI Tu 11CUMIT 10103
SERIES 1985j -- UPUGHD eO1DS�
OEeT SERIIU SCHUOLH Q..,�~
DATE PI11C1PAL COU01
1/ 1/89
2/ 1/90
10,000.00
6.300000
1/ 1/90
1/ 1/01
10.000.00
6.750000
e/ 1/91
1/ 1/92
10,000.00
7.000000
1/ 1/92
2/ 1/93
10,000.00
7.200000
1/ 1/93
1/ 1/94
15,000.00
7.400000
1/ 1196
2/ 1/95
15,000.00
7.600000
8/ 1/95
1/ 1/96
15,000.00
7.800000
1/ 1196
1/ 1/97
15,000.00
1.000000
1/ 1/97
1/ 1/95
20,000.00
1.100000
1/ 1/98
1/99
20,000.00
8.200000
1/ 1/99
1/ 1/ 0
20,000.00
6.200000
1/ 1/ 0
1/ 1/ 1
25,000.00
1.230000
1/ 1/ 1
1/ 1/ 2
25,000.00
1.350000
1/ 1/ 1
2/ 1/ 3
30,000.00
1.300000
I/ 1/ 3
1/ I/
30.000.00
1.300000
35,000.00
0.400000
1/us
1/ 1/ 6
..............
35,000.00
9.400000
340,000.00
ACCIUD
340,000.00
IDIDATI: 01-17-1989 ! 11:05:41
��
IMUST PERIOD TOTAL FISCAL TOTAL
13,615.00
33,615.00
34,974.17
13,300.00
13.300.00
13,300.00
23,300.00
36,600.00
12,162.50
12,%3.50
13,162.50
22,162.30
15,925.00
12,612.30
12.611.50
13.612.50
23,612.30
35.225.00
12,251.50
12,252.50
11,232.50
27,252.50
39.505.00
11,697.50
11,617.50
11,697.50
26,607.50
36,395.00
11.127.50
11.127.50
11,127.50
26,127.50
37,255.00
16,512.50
(01561.50
101542.50
25.542.50
36,095.00
9,142.50
9,142.50
1."1.50
29,142.50
39.865.00
9.132.50
9,132.50
9.131.50
11,132.50
38,265.00
11311.50
1,312.50
11311.50
28,312.50
36.635.00
71691.50
7,491.50
7,492.50
32,491.50
39,915.00
6.461.25
6,661.25
6.461.25
31,461.25
37,922.50
51630.00
51630.00
51630.00
35,430.00
40,160.00
61105.00
4.105.01
4.103.00
36,1e7,00
31,370.00
21940.00
11960.00
11161.00
37,940.00
40,810.00
11670.00
1,470.00
11670.00
36,470.00
37,940.00
1
3061701.67 666,701.67
.............. ..I...........
PIUTAOI: IOIT1 117: OLDIS
CITY OF KUTICELLO, 61118SOTA
GENERAL OBLIGATION TAI IICI WT BONDS
SERIES 1965 -- IIPOIDID 10105
DEBT SBIIICt�BC83DOLS
....................
DATED 1/ 1/19 VITO DELIVERY Of 5/ 1/69
BOND nm 31711.667
AVE➢AGI COUPON —
AVERAGE LIPS 10.117
1 1 C 1 6.209295 1 O3116 100.0000000
T I C 1 6.173556 1 Pros Delivery Date
IOIDATE: 01-17-1969 1 18:05:46 PILBIAMI: IIOITI SET: OLD65
CITY OF MOITICELLO, 81IIE80TA G)
;EIEIIAL OILI;ATI01 TAI IlCUK2ST BOID)
321118 1987A -- IBP010ID aOiDE
Deer aII11CBjICIBDu
PATS
PIIICIPiL
COMI
I1nW
PRIM TOTAL
FISCAL TOTAL
S/ I/19
10.153.13
11,153.13
2/ 1/90
30,000.00
51500000
12,113.75
41,153.75
52,136.81
S/ 1/90
11,358.75
11,356.75
2/ 1/91
30,000.00
5.730000
11.356.75
41,350.75
52,717.50
1/ 1/91
10,496.25
11,496.25
1/ 1/92
30,000,00
6.000000
10,696.25
40,496.23
50,992.50
1/ 1/92
11516.23
I,S96.25
2/ 1/93
35.000.00
6.230000
9.596.15
44,596.25
54,192.50
1/ 1/93
1,502.50
1,SO2.50
2/ 1/94
35.000.00
6.500000
1,502.50
61,502.50
51,005.00
1/ 1/94
71365.00
7,365.00
2/ 1/95
$5,000.00
6.700000
71365.00
42,365.00
41,730.00
8/ 1195
6.192.50
1.192.50
1/ 1/96
40,000.00
7,000000
4,192.50
66,192.50
32,385.00
1/ 1/96
61702.50
4,792.50
1/ 1/97
40,000.00
7.100000
4.791.50
66,792.50
49,585.00
1/ 1/97
$1352.50
31352.50
1/ 1/98
45,000.00
7,400000
1,153.50
41,352.50
51,705.00
1/ 1/98
11617.51
11667.50
1/ 1/99
45,000.00
7.500000
MUM
66,687.50
61,175.00
..............
us,000.00
..............
149,024.31
..------------
$16,024.]a
►CCIgID
..............
363,000.00
............................
141,024.39
514.024.39
I1T11 3/ 1154 fih MIMI OF 2/
1/19
1010 IeAU
21119.51)
IIIIIGI COOP01
�1—
ITEIA;I LIII
5.136
1 1 C I
6.Mall I gill; 100.0000000
T I C t
1.160206 1, Froe Dollrory Site
IOIDATI: 01-17-1919 f 11:10:19 I11.11 : IOITI HT: CLI07
CITY OF ROITICILLO, RIIII90TA
0818RAL 06L101TIO1 TA1 IICRBREIT BOIDS
9E1189
1981 .. IIFUIDn SOID9
r 3/8Y
Pl DATE: 1/ 1/1189 wilA
1 Compoeadiop atiol 70/160
Year Basis
III RESULTS: FI TOTAL •
111,511.66 FI IAn • 6.9760000000
CASH - FLOI SUBTOTAL .
131.871.13
DAn /I1001T
IIn PI FACT01
PI ABOU1T
1/ 1/1159 5,796.18
6.9760000 0.97183307
51669.93
1/ 1/1990 14,556.25
6.1760000 0.93907102
15,060.11
1/ 1/1990 3.781.25
6.9760000 0.90711697
$1911.21
1/ 1/1991 '71,761.15
6.9760000 0.87686170
20.851.61
1/ 1/1191 2,981.25
6.1760000 0.84721925
11525.98
1/ 1/1991 72,981.15
6.1760000 0.81873168
59,752.08
10BTOTLL 131,878.13
.
113,311 61
RUIDAn: 01-17-1989 f 11:01:11 FIUTARB: ROITI
III: UC66
CITY OF ROITICELLO. IIII&10TA
EE111AL ODLIOATI01 TAI IICl1IE1T IOIDE
6E1113 1965 IROIOID
3��r
-- DOID6
Pt Din: 3/ 1/1911
[itE
2 CotPoeediep utel 30/360
far hula
PV IISOLT6: Pl
TOTAL •
357.089.27 PI IAn • 6.9760000000
CA31 - PL01 RMAL •
490.621.17
PAR
MOOR
IATI PI IAR01
Ill NOOR
6/ 1/1969
^� 11051.17
1.9760000 0.97103307
�11,034.35
3/ 111910
23,625.00
6.1160000 0.93907903
12,185.72
6/ 1/1990
13,100.00
6.9760000 0.90742697
11,016.76
3/ 1/1191
23,300.00
6.1760000 0.87664270
20,430.43
6/ 1/1991
12,962.50
1.1760000 0.11725923
IO,t52.99
2/ 1/1992
11,962.50
6.9760000 0.01173198
15,100.13
6/ 111992
12,612.50
6.9760000 0.79113702
MID.22
2/ 111913
22,612.30
6.9760000 0.76117223
17.216.63
6/ 111993
12,252.50
6.9760000 0.73170616
91051.00
31 1/1916
27,252.50
1.9760000 0.71180952
19,453.07
6/ 1/1994
11,697.30
1.9760000 0.68975004
1,066.33
3/ 1/1995
196,697.50
6.1760000 0.66650163
191-f69 61
BOMTAL
-
490,629.17
351,019.27
1010AT1: 01-17-1119
1 11:07:25 II1,11AM:IORI
UY:IIC13
CITY 01 I0ITICELL0, 0111E90T1
CURIAL OILIGATI01 TAI IICIEAEIT 901D9
MIEI 19071 -- IEP0IDED IOID9
` J
PY DATE: 1/ 111909
with
2 Cowpoudiop weiei 10/160
Tier Oasis
PI II90LT9: "
TOTAL .
363,741.91 PI un . 1.9760000000
CIEI - PL01 0DITOTIL .
411,974.10
DAn
III001T
LTI PI PICTOI
P9 IE00R
0/ 1/1159
10,153.13
1.9760000 0.97111107
9,867.14
1/ I/I910
42.103.75
6.9760000 0.93907102
39,613.13
0/ 1/I990
11,358.75
6.9760000 0.90742697
10,307.24
2/ I/I191
41,358.75
6.9760000 0.87611270
36,265.12
0/ 1/1991
10,496.25
1.9760000 0.14726925
8,893.36
2/ 1/1992
40,496.25
6.9760000 0.01073186
11,135.57
0/ 1/1992
9.516.23
6.9760000 0.79113702
7,591.95
2/ 1/1991
66,596.25
6.9760000 0.16117123
51,092.39
0/ 1/199)
0,302.50
6.9760000 0.73070616
6,280.15
1/ 1/1996
61,503.50
6.9760000 0.71300852
31,052.46
0/ 1/1914
7.365.00
6.9760000 0.65973004
51080.01
2/ 1/1915
312,365.00
6.9760000 0.66650143
141,541.79
IOITOTIL
401.974.30
263,741.11
10IDITI: 01-17-1909
! 16:11:66
FIUTAR: IIOITI
BY: IIC01
CITY OF ROITICILLO, 1111HOTA
601SI11. OILIOATI01 Till IICIBIISIT BONDS
S311IS 1916, 1985, 1911A -- 11"IDIIO 10103
OBIT 91111C1 1C�OOL1
DATE PIIICIIIL COUPON
e/ 1/01
1/ 1/10
65.001.00
6.200000
e/ I/90
2/ 1191
Is.000.00
6/300000
e/ 1/91
2/ 1/92
55101.00
1.400000
1/ 1/92
2/ 1/13
75 1011.00
6.500000
1/ 1/93
2/ 1/19
90.010.00
4.600000
S/ 1/94
1/ I//S
55.001.00
4.700000
e/ I/15
2/ 1/H
60,001.00
1.7$0000
e/ 1/91
1/ 1/97
60.111.00
6.100000
e/ 1/97
1/ Illl
65,10 M
4.650000
e/ un
7/ 1191
65,000.00
6.100000
1/ 1/99
10.001.00
71000000
21 1/ 1
25,4OL00
71050000
e/ul
25.110,00
7.100000
e/ 2l 1
30,001.00
7.150000
30,011.00
7.200000
35,N0,00
7,1$0000
35.110.00
7.300000
155.001.00
ACCI011
0S 5 �000�00
111111ST MIOD TOTAL FISCAL MAL
21,09.79
23.969.79
20,163.75
93,761.15
117,733.54
26,741.73
16,76e.75
26,741.75
91.760.75
118,497.50
14,701.25
24,701.25
24,701.25
69.701.15
114,402.50
22,611.25
22,621.25
21,621.25
97,621.25
120,242.50
20,113.75
20,103.75
20,113.75
100,183.75
120.367.50
17,513.73
17,543.75
17,543.75
72,543.73
90,087.50
15,701.25
15,701.25
15.701.25
75,701.25
91,401.50
11,176.25
13,676.25
13,616.25
711676.15
07,352.50
11.06.25
111616.25
11.01.25
76336.25
80.272.30
11610.00
91610.00
9,410.00
76,610.00
13,810.00
7,10.30
71167.50
71167.50
27,167.50
34,335.00
11617.50
1.467.30
1,467.50
31,617.50
37.935.00
51716.25
5.5e1,13
51516.25
30,51625
36,173.50
61611.75
61690.75
4,111.75
34,601.75
39.397.50
1,616.25
3.621.25
3,116.25
13,626,13
37,251.50
3, 566.25
1.541.15
11546.25
37,546.23
60.092.30
11177.50
1.277.50
1,177.50
31,177.50
37,355.01
6311111.56 1.296, IIIJ6
431,911.34 11294,911.54
........................
IUIDITI: 01.18-1111 1 11:01:51 M11111: IOITI n►: INS
d)
CITY OF ROITICBLLO, RIIIBIOTA
6B111AL OB110ATI01 TAl IICIMIT IOID1
31111115 1914, 1915, 198% -- IBPOIOIIO BOIDB
DHDf�IHI1IC1 BCBdDOLB
.................
DATED 5/ 1/19
IITB OILITBIT OF 1/ 1/19
1010 IIAIB
6,551.756
AYBIA61 COOPOI
6.916
AT11A61 1,111
7.431
1 1 C 1
6.913762 1 01110 100.0000000
T I C 1
6.981398 1 lroe Delivery Date
MUTE: 01.1E-1199 1 16:01:56 1ILIIAKII: ROITI M: 111
OUT 981IIC8 BCUDOL6
DATE
PIIICIPLL
IMIUT
181101 TOTAL 118C►L TOTLL
-------
e/ 1/89
--- --- ------
------- -----
25,304.17
---------- --------------
23.304.17
7/ 1/90
60.000.00
30,365.00
90,365.00
115,669.17
8/ 1190
28,690.00
18,660.00
1/ 1191
60,000.00
28,"0.00
18,660.00
116.150.00
8/ 1/91
26.660.00
26,960.00
7/ 1/92
60,000.00
26.6A0.00
86,660.00
112,660.00
1/ 1/92
26,365.00
24,365.00
2/ 1/93
70,000.00
24,365.00
14,365.00
118,730.00
1/ 1/93
21,86e.7!
21,548.75
1/ 1196
75.000.00
21,841.75
16,668.75
118,697.50
1/ 1/96
19.062.50
19.062.30
2/ 1/95
S0,000.00
19.062.50
61,062.30
60.125.00
e/ 1/95
17,320.00
17,320.00
2/ 1/%
55,000.00
17.320.00
71.320.00
89,640.00
8/ 1/96
15,33S.00
15.335.00
2/ 1197
55,000.00
15,335.00
70,335.00
85.670.00
e/ I/91
13,295.00
13,295.00
7/ 1/90
65,000.00
13,295.00
71.295.00
91.590.00
e/ 1/93
10,120.00
10,120.00
` 2/ 1/99
65,000.00
101120.00
75,820.00
66,640.00
1/ 1/99
8.311.50
1,312.S0
)/ 1/ 0
20,000.00
01311.50
28,312.50
36.625.00
0/ 1/ 0
1.691.50
71692.50
23,600.60
71692.30
)2,192.50
3i, ii).Dv
61661.15
61661.15
13,000.00
61661.13
31,461.13
37.922.50
5,430.00
51630.00
2/ 1/ 1
30.000.00
51630.00
35,430.00
40,160.00
8/ 1/ 1
4,185.00
9,185.00
2/ 1/ 6
10,000.00
6,11S,00
34.185.00
36,370.00
0/ 1/ 6
31940.00
1,940.00
33,000.00
31w0.00
37.940.00
60,010.00
11670.00
1,470.00
351000.00
11670.00
16,470.00
37.140,00
............................
IIS,000.00
411,104.17
..............
1,297,104.17
ACCIOID
—115 0DQ 00
......-....................................
412,104.17
1,197,104.17
DATED 3/
1/19 IITI DILITHY
01 3/ 1/11
IOIOATI:
01•18.1989 1
I5:13:61
PILUM: fly: