Adopted Budget	
Fiscal Year 2024	

Sedona Point	
Community Development District	

May 19, 2023

Sedona Point	
Community Development District	

Adopted	
Budget	
FY 2023	

Actual	
thru	
4/30/2023	

Projected	
Next	
5 Months	

Total	
Projected at	
9/30/2023	

Adopted	
Budget	
FY 2024	

Description	

Revenues	

General Fund

Developer Contributions/Assessments	$77,228		$34,575		$32,982		$67,557		$77,005	
Total Revenues	$77,228		$34,575		$32,982		$67,557		$77,005	

Expenditures

Administrative										

Engineering Fees	
Arbitrage Rebate	
Dissemination Agent	
Assessment Roll	
Attorney Fees	
Annual Audit	
Trustee Fees	
Management Fees	
Computer Time	
Website Administration	
Postage	
Printing & Binding	
Insurance	
Legal Advertising	
Other Current Charges	
Office Supplies	
Dues, Licenses & Subscriptions	

$4,500	
$2,000	
$1,500	
$2,000	
$12,000	
$5,000	
$3,000	
$24,000	
$1,000	
$1,000	
$800	
$100	
$5,300	
$1,500	
$1,000	
$100	
$428	

$0	$3,500	
$0	$0	
$0	$0	
$0	$0	
$8,630	$5,000	
$0	$0	
$0	$0	
$12,000	$10,000	
$500	$417	
$500	$417	
$0	$500	
$0	$50	
$3,233	$0	
$2,674	$500	
$318	$425	
$72	$29	
$175	$0	

$3,500	
$0	
$0	
$0	
$13,630	
$0	
$0	
$22,000	
$917	
$917	
$500	
$50	
$3,233	
$3,174	
$743	
$100	
$175	

$4,500	
$2,000	
$1,500	
$2,000	
$12,000	
$5,000	
$3,000	
$24,000	
$1,000	
$1,000	
$800	
$100	
$5,300	
$1,500	
$1,000	
$105	
$200	

	$65,228		$28,101		$20,837		$48,938		$65,005	

Field

Contingency	

$12,000		

$0		

$10,000		

$10,000		

$12,000	
Total Field	$12,000		$0		$10,000		$10,000		$12,000	
										
Total Expenditures	$77,228		$28,101		$30,837		$58,938		$77,005	
										
Excess Revenues/Expenditures	$0		$6,474		$2,146		$8,619		$0	

FY 2024	
Gross Assessment	$81,058	
Less: Disc & Coll (5%)	($4,053)	
Net Assessment	$77,005	
# Units	345	
Net Per Unit Assessment	$223.20	
Gross Per Unit Assessment	$234.95	

Page 1

REVENUES:

Developer Contributions/Assessments
The District will levy a Non-Ad Valorem assessment on all the platted lots within the District to pay all of the operating expenses for the Fiscal Year in accordance with the adopted budget.

EXPENDITURES:

Administrative:

Engineering Fees
The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc.

Arbitrage
The District is required to have an annual arbitrage rebate calculation on the District’s Bonds. The District will contract with an independent auditing firm to perform the calculations.

Dissemination Agent
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues.

Assessment Roll
Represents cost associated with annually levying and collection Non-Ad Valorem Assessments utilized to fund the operating and debt service cost of the District.

Attorney Fees
The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc.

Annual Audit
The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

Trustee Fees
The District bonds will be held and administered by a Trustee. This represents the trustee annual fee.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services – South Florida, LLC.

Computer Time

The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.

Website Administration
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated monthly.

Telephone
Telephone and fax machine

Page 2

Administrative: (continued)

Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.

Printing & Binding
Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.

Legal Advertising
The District is required to advertise various notices for monthly Board meetings, public hearings etc in a newspaper of general circulation.

Other Current Charges
Bank charges and any other miscellaneous expenses that incurred during the year.

Office Supplies
Miscellaneous office supplies

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Field

Contingency
Represents any unbudgeted expense.

Page 3

	

	

	

Sedona Point	
Community Development District	

 	
Debt Service Fund	
Series 2023 Special Assessment Bond	

Revenues	
Interest Income	
Special Assessments	
Direct Assessment	
Carry Forward Surplus (1)	

$0	
$0	
$0	
$0	

$0	
$0	
$0	
$0	

$0	
$0	
$172,422	
$0	

$0	
$0	
$172,422	
$0	

$0	
$453,749	
$0	
$172,452	

Adopted	
Budget	
FY 2023	

Actual	
thru	
4/30/2023	

Projected	
Next	
5 Months	

Total	
Projected at	
9/30/2023	

Adopted	
Budget	
FY 2024	

Description

Total Revenues	$0	$0	$172,422	$172,422	$626,201

Series 2023	
Interest Expense - 12/15	
Interest Expense - 06/15	
Principal Expense - 06/15	
Total Expenditures	

Expenditures

$0	
$32,569	
$0	

$0	
$0	
$0	

$0	
$32,539	
$0	

$0	
$32,539	
$0	

$172,422	
$110,000	
$172,422	

$32,569	$0	$32,539	$32,539	$454,844

Other Financing Sources/(Uses)

Total Other Financing Sources/	
(Uses)	
EXCESS REVENUES	

Bond Proceeds	$259,444	$259,444	$0	$259,444	$0

$259,444	$259,444	$0	$259,444	$0

$226,875	$259,444	$139,883	$399,327	$171,357

		

		

(1) Carry forward is net of Reserve Fund requirement.	12/15/24 Interest	$ 170,153

FY2024	
Per Unit	# Units	Total

Gross Assessments:
Single Family - 75' $1,744.36		15		$26,165 Single Family - 50' $1,693.55		30		$50,807 Townhomes	$1,405.64		93	$130,725 Villas	$1,304.03	207	$269,934
Gross Assessments	$477,631

Less: Disc.& Coll. (5%)	($23,882)
Net Assessments	$453,749	

Page 4

Debt Service Fund	
Series 2023 Special Assessment Bond	
Term 1: Maturity 6/15/2030	

PRINCIPAL	
	BALANCE		
$875,000.00	
$875,000.00	
$875,000.00	
$765,000.00	
$765,000.00	
$650,000.00	
$650,000.00	
$530,000.00	
$530,000.00	
$405,000.00	
$405,000.00	
$275,000.00	
$275,000.00	
$140,000.00	
$140,000.00	

  INTEREST		
$6,015.63	
$18,046.88	
$18,046.88	
$15,778.13	
$15,778.13	
$13,406.25	
$13,406.25	
$10,931.25	
$10,931.25	
$8,353.13	
$8,353.13	
$5,671.88	
$5,671.88	
$2,887.50	
$2,887.50	

  PRINCIPAL		
$0.00	
$0.00	
$110,000.00	
$0.00	
$115,000.00	
$0.00	
$120,000.00	
$0.00	
$125,000.00	
$0.00	
$130,000.00	
$0.00	
$135,000.00	
$0.00	
$140,000.00	

   DATE		
15-Jun-23	
15-Dec-23	
15-Jun-24	
15-Dec-24	
16-Jun-25	
15-Dec-25	
15-Jun-26	
15-Dec-26	
15-Jun-27	
15-Dec-27	
15-Jun-28	
14-Dec-28	
15-Jun-29	
15-Dec-29	
15-Jun-30	

  RATE		
4.125%	
4.125%	
4.125%	
4.125%	
4.125%	
4.125%	
4.125%	
4.125%	
4.125%	
4.125%	
4.125%	
4.125%	
4.125%	
4.125%	
4.125%	

	TOTAL	
$24,062.51

$143,825.00

$144,184.38

$144,337.50

$144,284.38

$144,025.00

$143,559.38

$142,887.50

	Total			$156,165.63		$875,000.00		$1,031,165.63

Page 5

Debt Service Fund	
Series 2023 Special Assessment Bond	
Term 2: Maturity 6/15/2043	

PRINCIPAL	
	BALANCE		
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,620,000.00	
$2,475,000.00	
$2,475,000.00	
$2,320,000.00	
$2,320,000.00	
$2,160,000.00	
$2,160,000.00	
$1,990,000.00	
$1,990,000.00	
$1,810,000.00	
$1,810,000.00	
$1,620,000.00	
$1,620,000.00	
$1,420,000.00	
$1,420,000.00	
$1,210,000.00	
$1,210,000.00	
$990,000.00	
$990,000.00	
$760,000.00	
$760,000.00	
$520,000.00	
$520,000.00	
$265,000.00	
$265,000.00	

  INTEREST		
$18,012.50	
$65,500.00	
$65,500.00	
$65,500.00	
$65,500.00	
$65,500.00	
$65,500.00	
$65,500.00	
$65,500.00	
$65,500.00	
$65,500.00	
$65,500.00	
$65,500.00	
$65,500.00	
$65,500.00	
$65,500.00	
$65,500.00	
$61,875.00	
$61,875.00	
$58,000.00	
$58,000.00	
$54,000.00	
$54,000.00	
$49,750.00	
$49,750.00	
$45,250.00	
$45,250.00	
$40,500.00	
$40,500.00	
$35,500.00	
$35,500.00	
$30,250.00	
$30,250.00	
$24,750.00	
$24,750.00	
$19,000.00	
$19,000.00	
$13,000.00	
$13,000.00	
$6,625.00	
     $6,625.00	
  $1,943,012.50	

  PRINCIPAL		
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$145,000.00	
$0.00	
$155,000.00	
$0.00	
$160,000.00	
$0.00	
$170,000.00	
$0.00	
$180,000.00	
$0.00	
$190,000.00	
$0.00	
$200,000.00	
$0.00	
$210,000.00	
$0.00	
$220,000.00	
$0.00	
$230,000.00	
$0.00	
$240,000.00	
$0.00	
$255,000.00	
$0.00	
   $265,000.00	
  $2,620,000.00	

   DATE		
15-Jun-23	
15-Dec-23	
15-Jun-24	
15-Dec-24	
16-Jun-25	
15-Dec-25	
15-Jun-26	
15-Dec-26	
15-Jun-27	
15-Dec-27	
15-Jun-28	
14-Dec-28	
15-Jun-29	
15-Dec-29	
15-Jun-30	
15-Dec-30	
15-Jun-31	
15-Dec-31	
15-Jun-32	
15-Dec-32	
15-Jun-33	
15-Dec-33	
15-Jun-34	
15-Dec-34	
15-Jun-35	
15-Dec-35	
15-Jun-36	
15-Dec-36	
15-Jun-37	
15-Dec-37	
15-Jun-38	
15-Dec-38	
15-Jun-39	
15-Dec-39	
15-Jun-40	
15-Dec-40	
15-Jun-41	
15-Dec-41	
15-Jun-42	
15-Dec-42	
  15-Jun-43 	
   Total		

  RATE		
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	

	TOTAL	
$83,512.50

$131,000.00

$131,000.00

$131,000.00

$131,000.00

$131,000.00

$131,000.00

$131,000.00

$272,375.00

$274,875.00

$272,000.00

$273,750.00

$275,000.00

$275,750.00

$276,000.00

$275,750.00

$275,000.00

$273,750.00

$272,000.00

$274,625.00

	$271,625.00
	$4,563,012.50

Page 6

Debt Service Fund	
Series 2023 Special Assessment Bond	
Term 3: Maturity 6/15/2053	

PRINCIPAL	
	BALANCE		
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,555,000.00	
$3,275,000.00	
$3,275,000.00	
$2,980,000.00	
$2,980,000.00	
$2,670,000.00	
$2,670,000.00	
$2,345,000.00	
$2,345,000.00	
$2,000,000.00	
$2,000,000.00	
$1,640,000.00	
$1,640,000.00	
$1,260,000.00	
$1,260,000.00	
$860,000.00	
$860,000.00	
$440,000.00	
$440,000.00	

  INTEREST		
$8,540.45	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$88,875.00	
$81,875.00	
$81,875.00	
$74,500.00	
$74,500.00	
$66,750.00	
$66,750.00	
$58,625.00	
$58,625.00	
$50,000.00	
$50,000.00	
$41,000.00	
$41,000.00	
$31,500.00	
$31,500.00	
$21,500.00	
$21,500.00	
$11,000.00	
    $11,000.00	
  $4,614,790.45	

  PRINCIPAL		
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$0.00	
$280,000.00	
$0.00	
$295,000.00	
$0.00	
$310,000.00	
$0.00	
$325,000.00	
$0.00	
$345,000.00	
$0.00	
$360,000.00	
$0.00	
$380,000.00	
$0.00	
$400,000.00	
$0.00	
$420,000.00	
$0.00	
   $440,000.00	
  $3,555,000.00	

   DATE		
15-Jun-23	
15-Dec-23	
15-Jun-24	
15-Dec-24	
16-Jun-25	
15-Dec-25	
15-Jun-26	
15-Dec-26	
15-Jun-27	
15-Dec-27	
15-Jun-28	
14-Dec-28	
15-Jun-29	
15-Dec-29	
15-Jun-30	
15-Dec-30	
15-Jun-31	
15-Dec-31	
15-Jun-32	
15-Dec-32	
15-Jun-33	
15-Dec-33	
15-Jun-34	
15-Dec-34	
15-Jun-35	
15-Dec-35	
15-Jun-36	
15-Dec-36	
15-Jun-37	
15-Dec-37	
15-Jun-38	
15-Dec-38	
15-Jun-39	
15-Dec-39	
15-Jun-40	
15-Dec-40	
15-Jun-41	
15-Dec-41	
15-Jun-42	
15-Dec-42	
15-Jun-43	
15-Dec-43	
15-Jun-44	
15-Dec-44	
15-Jun-45	
15-Dec-45	
15-Jun-46	
15-Dec-46	
15-Jun-47	
15-Dec-47	
15-Jun-48	
15-Dec-48	
15-Jun-49	
15-Dec-49	
15-Jun-50	
15-Dec-50	
15-May-51	
15-Dec-51	
15-Jun-52	
15-Dec-52	
  15-Jun-53 	
   Total		

  RATE		
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	
5.000%	

	TOTAL	
$97,415.45

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$177,750.00

$450,750.00

$451,375.00

$451,250.00

$450,375.00

$453,625.00

$451,000.00

$452,500.00

$453,000.00

$452,500.00

	$451,000.00
	$8,169,790.45

Page 7

Sedona Point	Series 2023 Special Assessment Bond Community Development District		Amortization Schedule
Summary

	DATE			PRINCIPAL
	BALANCE			
	RATE			
  INTEREST			
  PRINCIPAL			
	TOTAL		
15-Jun-23		$7,050,000.00		4.125%		$32,568.58		$0.00		$204,990.46	
15-Dec-23		$7,050,000.00		4.125%		$172,421.88		$0.00			
15-Jun-24		$7,050,000.00		4.125%		$172,421.88		$110,000.00		$452,575.00	
15-Dec-24		$6,940,000.00		4.125%		$170,153.13		$0.00			
16-Jun-25		$6,940,000.00		4.125%		$170,153.13		$115,000.00		$452,934.38	
15-Dec-25		$6,825,000.00		4.125%		$167,781.25		$0.00			
15-Jun-26		$6,825,000.00		4.125%		$167,781.25		$120,000.00		$453,087.50	
15-Dec-26		$6,705,000.00		4.125%		$165,306.25		$0.00			
15-Jun-27		$6,705,000.00		4.125%		$165,306.25		$125,000.00		$453,034.38	
15-Dec-27		$6,580,000.00		4.125%		$162,728.13		$0.00			
15-Jun-28		$6,580,000.00		4.125%		$162,728.13		$130,000.00		$452,775.00	
14-Dec-28		$6,450,000.00		4.125%		$160,046.88		$0.00			
15-Jun-29		$6,450,000.00		4.125%		$160,046.88		$135,000.00		$452,309.38	
15-Dec-29		$6,315,000.00		4.125%		$157,262.50		$0.00			
15-Jun-30		$6,315,000.00		4.125%		$157,262.50		$140,000.00		$451,637.50	
15-Dec-30		$6,175,000.00		5.000%		$154,375.00		$0.00			
15-Jun-31		$6,175,000.00		5.000%		$154,375.00		$145,000.00		$450,125.00	
15-Dec-31		$6,030,000.00		5.000%		$150,750.00		$0.00			
15-Jun-32		$6,030,000.00		5.000%		$150,750.00		$155,000.00		$452,625.00	
15-Dec-32		$5,875,000.00		5.000%		$146,875.00		$0.00			
15-Jun-33		$5,875,000.00		5.000%		$146,875.00		$160,000.00		$449,750.00	
15-Dec-33		$5,715,000.00		5.000%		$142,875.00		$0.00			
15-Jun-34		$5,715,000.00		5.000%		$142,875.00		$170,000.00		$451,500.00	
15-Dec-34		$5,545,000.00		5.000%		$138,625.00		$0.00			
15-Jun-35		$5,545,000.00		5.000%		$138,625.00		$180,000.00		$452,750.00	
15-Dec-35		$5,365,000.00		5.000%		$134,125.00		$0.00			
15-Jun-36		$5,365,000.00		5.000%		$134,125.00		$190,000.00		$453,500.00	
15-Dec-36		$5,175,000.00		5.000%		$129,375.00		$0.00			
15-Jun-37		$5,175,000.00		5.000%		$129,375.00		$200,000.00		$453,750.00	
15-Dec-37		$4,975,000.00		5.000%		$124,375.00		$0.00			
15-Jun-38		$4,975,000.00		5.000%		$124,375.00		$210,000.00		$453,500.00	
15-Dec-38		$4,765,000.00		5.000%		$119,125.00		$0.00			
15-Jun-39		$4,765,000.00		5.000%		$119,125.00		$220,000.00		$452,750.00	
15-Dec-39		$4,545,000.00		5.000%		$113,625.00		$0.00			
15-Jun-40		$4,545,000.00		5.000%		$113,625.00		$230,000.00		$451,500.00	
15-Dec-40		$4,315,000.00		5.000%		$107,875.00		$0.00			
15-Jun-41		$4,315,000.00		5.000%		$107,875.00		$240,000.00		$449,750.00	
15-Dec-41		$4,075,000.00		5.000%		$101,875.00		$0.00			
15-Jun-42		$4,075,000.00		5.000%		$101,875.00		$255,000.00		$452,375.00	
15-Dec-42		$3,820,000.00		5.000%		$95,500.00		$0.00			
15-Jun-43		$3,820,000.00		5.000%		$95,500.00		$265,000.00		$449,375.00	
15-Dec-43		$3,555,000.00		5.000%		$88,875.00		$0.00			
15-Jun-44		$3,555,000.00		5.000%		$88,875.00		$280,000.00		$450,750.00	
15-Dec-44		$3,275,000.00		5.000%		$81,875.00		$0.00			
15-Jun-45		$3,275,000.00		5.000%		$81,875.00		$295,000.00		$451,375.00	
15-Dec-45		$2,980,000.00		5.000%		$74,500.00		$0.00			
15-Jun-46		$2,980,000.00		5.000%		$74,500.00		$310,000.00		$451,250.00	
15-Dec-46		$2,670,000.00		5.000%		$66,750.00		$0.00			
15-Jun-47		$2,670,000.00		5.000%		$66,750.00		$0.00		$125,375.00	
15-Dec-47		$2,345,000.00		5.000%		$58,625.00		$0.00			
15-Jun-48		$2,345,000.00		5.000%		$58,625.00		$0.00		$108,625.00	
15-Dec-48		$2,000,000.00		5.000%		$50,000.00		$0.00			
15-Jun-49		$2,000,000.00		5.000%		$50,000.00		$360,000.00		$451,000.00	
15-Dec-49		$1,640,000.00		5.000%		$41,000.00		$0.00			
15-Jun-50		$1,640,000.00		5.000%		$41,000.00		$380,000.00		$452,500.00	
15-Dec-50		$1,260,000.00		5.000%		$31,500.00		$0.00			
15-May-51		$1,260,000.00		5.000%		$31,500.00		$400,000.00		$453,000.00	
15-Dec-51		$860,000.00		5.000%		$21,500.00		$0.00			
15-Jun-52		$860,000.00		5.000%		$21,500.00		$420,000.00		$452,500.00	
15-Dec-52		$440,000.00		5.000%		$11,000.00		$0.00			
  15-Jun-53 		$440,000.00		5.000%			$11,000.00			$440,000.00			$451,000.00	
	Total							  $6,713,968.58		  $6,380,000.00		 $13,093,968.58	

Page 8