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OSB 14-003
RESOLUTION NO. OSB 14-003 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE POWAY REDEVELOPMENT AGENCY APPROVING A FY 1997-98 SEWER FUND LOAN BETWEEN THE CITY OF POWAY AND THE FORMER POWAY REDEVELOPMENT AGENCY AND MAKING FINDINGS RELATING THERETO WHEREAS, pursuant to the provisions of the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.), the City Council of the City of Poway ("City") activated the Poway Redevelopment Agency ("Redevelopment Agency") and adopted, and subsequently amended, the Redevelopment Plan for the Paguay Redevelopment Project Area ("Redevelopment Plan"); and WHEREAS, in furtherance of its redevelopment activities, the City and Redevelopment Agency completed a loan in FY 1997-98 (FY 1997-98 Sewer Fund Loan; Exhibit A), whereby the City lent to the Redevelopment Agency an amount equal to $3.3 million from the City's Sewer Fund, of which a principal balance of$1,384,130 remains, for the purpose of funding Redevelopment Agency debt service; and WHEREAS, Assembly Bill (AB.) X1 26, enacted June 2011, and AB 1484, enacted June 2012 (collectively, the "Dissolution Act") required the dissolution of redevelopment agencies and established certain procedures and requirement for the wind-down of their activities; and WHEREAS, the Successor Agency to the Poway Redevelopment Agency ("Successor Agency") is the successor entity to the Redevelopment Agency and, pursuant to the Dissolution Act, is responsible for the wind-down affairs of the former Redevelopment Agency, including without limitation the performance and repayment of all enforceable obligations of the former Redevelopment Agency; and WHEREAS, the Oversight Board is the oversight board to the Successor Agency and, pursuant to the Dissolution Act, is responsible to oversee the actions of the Successor Agency in the wind-down affairs of the former Redevelopment Agency, including without limitation the performance and repayment of all enforceable obligations of the former Redevelopment Agency; and WHEREAS, Health and Safety Code Section 34171(d)(2) provides, with a few exceptions, that "enforceable obligation" does not include any agreements, contracts, or arrangements between the city, county, or city and county that created the redevelopment agency and the former redevelopment agency; and WHEREAS, the Dissolution Act further provides that after a successor agency receives a finding of completion from the Department of Finance ("DOF") pursuant to Health and Safety Code Section 34179.7, loan agreements entered into between the redevelopment agency and the city, county, or city and county that created the redevelopment agency shall be deemed to be enforceable obligations provided that the oversight board makes a finding that the loan was for legitimate redevelopment purposes; and Resolution No. OSB 14-003 Page 2 WHEREAS, the Successor Agency has received a finding of completion from the DOF on May 24, 2013; and WHEREAS, in addition to establishing when a loan agreement between the city and redevelopment agency shall be deemed to be an enforceable obligation, Health and Safety Code Section 34191.4 further establishes certain restrictions and limitations concerning loan repayments; and WHEREAS, the City and Successor Agency have submitted the FY 1997-98 Sewer Fund Loan, together with other information relating thereto, to the Oversight Board and requested that the Oversight Board approve the FY 1997-98 Sewer Fund Loan, and find that the loan of funds under the FY 1997-98 Sewer Fund Loan was for legitimate redevelopment purposes; NOW, THEREFORE, BE IT RESOLVED by the Oversight Board to the Successor Agency of the Poway Redevelopment Agency as follows: Section 1. Recitals. The recitals set forth above are true and correct and are incorporated into this Resolution by this reference. Section 2. Findings. The Oversight Board has reviewed the original purpose and use of the FY 1997-98 Sewer Fund Loan and hereby finds and determines that the loan of funds by the City to the former Redevelopment Agency under the FY 1997-98 Sewer Fund Loan was for legitimate redevelopment purposes. This finding is based upon the following: a) The amounts due and owing to the City under the FY 1997-98 Sewer Fund Loan reflect the repayment to the City of amounts advanced to or on behalf of the former Redevelopment Agency for the purpose of funding Redevelopment Agency debt service, thereby benefiting the Paguay Redevelopment Project Area and the community. b) Financing public improvements in the Paguay Redevelopment Project Area via bond issuance was specifically identified in the Redevelopment Plan as activities to be undertaken by the Redevelopment Agency to further the goals of the Redevelopment Plan. c) Health and Safety Code Section 33133 authorizes a redevelopment agency to accept assistance from any public or private source for the redevelopment agency's activities. Furthermore, the Redevelopment Plan specifically authorizes the Redevelopment Agency to receive assistance from the City in forms that include advances and loans. d) The Redevelopment Agency was established for the purpose of eliminating blight; stimulating private investment; upgrading commercial and industrial areas; developing parks and recreation facilities; financing public improvements; alleviating infrastructure deficiencies; and providing affordable housing in the areas constituting the Paguay Redevelopment Project Area pursuant to the adopted Redevelopment Plan. The Redevelopment Agency entered into the FY Resolution No. OSB 14-003 Page 3 1997-98 Sewer Fund Loan with the City in order to borrow funds necessary for funding Redevelopment Agency debt service in accordance with and in implementation of the Redevelopment Plan and the five-year Implementation Plan adopted by the Redevelopment Agency pursuant to Health and Safety Code Section 33490. e) The amounts provided to the Redevelopment Agency under the FY 1997-98 Sewer Fund Loan were loaned to the Redevelopment Agency to further the Redevelopment Agency's redevelopment activities and goals in accordance with and in furtherance of the Redevelopment Plan and the Implementation Plan, to benefit the Paguay Redevelopment Project Area and the surrounding community. Section 3. Approval of FY 1997-98 Sewer Fund Loan. The Oversight Board hereby approves the FY 1997-98 Sewer Fund Loan from the City to the former Redevelopment Agency, including without limitation the recalculation of interest using the Local Agency Investment Fund rate as of the quarter ending December 31, 2013, in accordance with and as set forth in the FY 1997-98 Sewer Fund Loan Repayment Schedule (Exhibit B). The total principal and interest owed ("Amounts Owed") for the FY 1997-98 Sewer Fund Loan is $1,410,814.69. The Oversight Board further determines that the repayment of Amounts Owed under the FY 1997-98 Sewer Fund Loan is an enforceable obligation and the Successor Agency is authorized to include the repayment of the FY 1997-98 Sewer Fund Loan as an enforceable obligation under its future Recognized Obligation Payment Schedules (ROPS) submitted to the Oversight Board for approval. As Proposition 218, and other constitutional requirements that must be met, support the need for repayment of the full amounts loaned to the Redevelopment Agency from the City's Sewer Fund, the Oversight Board hereby approves, and authorizes the Successor Agency to take such actions, in cooperation with the City, to ensure that all monies due and owing under the FY 1997-98 Sewer Fund Loan are repaid in full to the City's Sewer Fund. Section 4. Transmittal of FY 1997-98 Sewer Fund Loan to Department of Finance. The Successor Agency is hereby authorized and directed to take any action necessary to carry out the purposes of this Resolution, including without limitation, providing any documentation and evidence to the Department of Finance as necessary to obtain from the Department of Finance approval of the FY 1997-98 Sewer Fund Loan as an enforceable obligation. Resolution No. OSB 14-003 Page 4 PASSED, ADOPTED AND APPROVED by the Oversight Board to the Successor Agency of the Poway Redevelopment Agency at a meeting thereof this 30th day of April 2014. Bruce Tarzy, C it ATTEST: Shei R. Cobian, CMC, Secretary Resolution No. OSB 14-003 Page 5 STATE OF CALIFORNIA ) ) ss. COUNTY OF SAN DIEGO ) I, Sheila R. Cobian, Secretary of the Successor Agency of the Poway Redevelopment Agency, do hereby certify under penalty of perjury that the foregoing Resolution No. OSB 14-003 was duly adopted by the Oversight Board to the Successor Agency of the Poway Redevelopment Agency at a meeting of said Board held on the 30th day of April 2014, and that it was so adopted by the following vote: AYES: TARZY, FONG-SAKAI, LYON, SCOTT, LADERMAN, THOLANDI NOES: NONE ABSENT: TAM DISQUALIFIED: NONE AIVOH 6 P► «aC It S heilCobian, CMC, Secretary ta ry Attachments: Exhibit A — FY 1997-98 Sewer Fund Loan Repayment Agreement and Supporting Budget Documentation Exhibit B — FY 1997-98 Sewer Fund Loan Repayment Schedule Original Loan Amount:$3,300,000 Current Outstanding Loan Amount$4384,130 Chart K F: Perla* I Fiscal Year: 1-a-F Index: Fund: FiEr--:- Account i819F—F Account Transaction Date Type Document Description Amount Debar Credit jao ri?P:01:11444:1':: 45-97,... F21.104.17 icifAi?fii.FE7009-9 .4K.5 .410.82.Z'::: ••::•Y.-.:':'-'.1'2.L.:."::*1_*9q tcr-R---0,71-1 = { 67-_-____ ki..,,..199,,,.__ . c!I tr.c .19807i7777 [Fy .expense booked fy 83 rev 6,88 _ _ . _ Debt • ETI.7_7_ 111_48Ay-1998_ 4.1-9;97__ .198.1. _ _1.700,000.00 Debt • P07_ 17Ist4R-199cc... A1TiT7. J9rnq3°T---2 LR-f cFd!°..an.!?ct•!4r f4w15.RD.A .. . ._ _ _ __ _ .1...9°.1)9°.°° !Dem FITT7 131-OCT-1997 .106 1;t988).1:77-7 1CORR.ECTLALCULATION ERROR.49706030 688609 !Debt ••• 31-JuLn7.177.____ JF47-2 J960 orn!. .rianpayment to Gen.tristsulofSvir 2,008.89 'Debt •1 1 126JUN:1997__ 40917__-_ 149706062 114bve CF13 portents to geneml Tunr! ____ __ _ _30,758.76 'Debt H 1;: 7 E.,.W.,,..5-..—,.._ IT)u W3-1 REPAYMENTS . IL ...: ,,_ _ 7.871.Sa knot v I I:i 1,,!,9 7,H----67, _. [Fps.RECEPTS CODING CORRECTION S.885.00 Debt • 1',..." FFro I 101.48L-1997 YrToe— 16LF139701 BEGINNING BALANCE 3.219,33825 Deb __ . ., . - [ I. r.-- I [. _ __— ____ ____.__ __________...._ __. ___.___... ET-7H . 1---- rI - ' .17.7.7.717_ I . 1_._. I___ _.. . . _ . . . . _ 'I -,, ... , E------' L E--- L.-- I - 7 i Total: 6,555,962.00 DetblEr- raidpi-iA(tW(164iAanAtigdidadi:ii :.(M'ati6iiif:T:.:Oi!:5::::.,,.,..?::;Ei. . , . . ,;,.; :'::-.,71-:,•. ..:Y,:;: :::":;:;',/,:-..:;7"::,:ji; Chart :-.., Perin* E7:: Fiscal Year: 957:1 . trate= FT_ Fund: 1621F • Account 0190n7:177 Account Transaction Date Type Document Description Amount DOB! Credit l ,70,:i7,iiiikiiie, 8190 j 31-L1AR-1999 . I . t_..646 DUE TO1FROM BALANCES(6 033199 803.0V Credit • 8190 : MAR-1999 IORCC_ 99C9809 WOE Debt ■ Pia', 131-JAN-1999 JOFF9—: 119901017 1CLEAR DUE TO/PROM BALANCES ei 01319S zeozzo: craft v[ _. Lao. —: lo4-JAN-Itne ORFT-C- 100049809 !Stevens Construction 1.68250! 1 __._ 04-..ti- 1ORCC ' 100049809 'Stevens Canstructon 1,140.017 Debt •I ___ LP7".:1—: 0-NOV-1998 JO9E9--- 149911009 1CLEAR DuE TO/FROM BALANCES @ 1i3098 L 2,813.ei F : 19. 98 otri k12 39083 kleinfelder hc 677.87 (Debi -I [8190 105-N0V-1998 [67:Lci— [J9911006 1CodeCorr19903190 to 1263A 2,23621 Debt • 1:,...1 [8190 138JUN-1998 °PT P9E106100 __ 1cLEAR DUE TO/FROM BALANCES al 063098 _ 105,129.06 Credit t311-7-7___ 130,..64N.1998 : mtiC 1491306073 fry 99 expense booked fy 98 rev 1099 106,129.00. !tuba -1 I I Inn) loa-JuL-Issa FT 1BLFD9801 16ECIPLNNO BALANCE I. 6,656,962.00' 'Debt T1 i r---------, [------7 [- - [-----. 1 I -I L I . t I I I H L----.. I I— I I. t 11_—_._...: L.. • L_ L -I _ __ 1 . 1---- I I I Total 1._ __ . .. .,,T.797c10.- P.F7'7.. . . • • • Exhibit A AGe69(21 LedgerAc1mry,FGICI C.8:4 ORODGB) ., ° ,.: t V ' ......... 1 Chart: FIFT Period: 1— Fiscal Year: p7-- Index —:r _. Fund: 520 :F Account 8190 Account Transaction Date Type Document Description Amount DebitJ Credit 16190 P74Ei4o ,Y, I4 ; 1401415`«l ki(4 ° nam(on` @fi ` I ;m A4P,?zga Ii s.:i-I 81 /1 _.._. 20JAB-2004 _ 1099 110401015 `Loan payment&Mt on 2.1M ban I ...727,613.00- I Credit -I F8190 —_-, 131 4cr-2003-. Pose 130410027 - Ipkwy Aloes Ram-Rambling Lats L._ 127,297.9& I Credit -I 8190 , 1014UL-2003 -CF-71-3 IBLF00301_ ..` IBEr3inN030 BALANCE 3,813,008.90 Debi - I r— f I _— �- I_ :: I f I_...- - .... f - - -- I.: ff _ - ____ I I--_. . I—.-. f . l -I 17-_-__.-7_ f._ -- Cam-` I --_-_. L 1 — — --- - -._ ---- I-- I-..-- --.—: I— I —..— ,_-- -- - - - --- - = I I -- IL-- ---- I- I L- l_ --- ----- I--------- I -I Total: 2,883,09757 Debit Loan Reconciliation: Loan /9803032 1,600,000.00 Loan /9805026 1,700,000.00 Total loan 3,300,000.00 Loan payback 39905028 x(1,188,257.00) Loan payback 30401015 (727,613.00) Total payback (1,915,870.00) Oustanding loan balance 1,384,130.00 • Exhibit A GENDA REPORT SUMMARY \C!?Y W THE co TO: Honorable Mayor and Members of the City Council FROM: James L. Bowersox, City Man •r- INITIATED BY: Peggy A. Stewart, Director of Administrative Services Peter Moote, Deputy Director of Administrative Services(' Andrew White, Finance Managerav DATE: March 3, 1998 SUBJECT: FY 1997-98 Midyear Evaluation and Budget Amendments ABSTRACT It is recommended that the City Council/Redevelopment Agency receive this report and adopt the attached resolutions approving midyear budget amendments for fiscal year 1997-1998. EIHERatiMENTALLAMEN Environmental review is not required for this agenda item under California Environmental Quality Act guidelines. FISCAL IMPACT . As stated throughout this report. ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE None � _ VIb ** .. .-., .. .. RECOMMENDATION it is recommended that the City Council/Redevelopment Agency receive this report and adopt the attached resolutions approving the midyear budget amendments for fiscal year 1997-1998. 1 of 12' 11A1 13 1998 ITEM 5 ' Exhibit A '' AGENDA REPOR..1" CITY OF POWAY - `er n 7141. a TO: Honorable Mayor and Members of the City Council • FROM: James L. Bowersox, City Man INITIATED BY: Peggy A. Stewart, Director of Administrative Services Peter Moote, Deputy Director of Administrative Services ' Andrew White, Finance Manager c ' DATE: March 3, 1998 SUBJECT: FY 1997-98 Midyear Evaluation and Budget Amendments BACKGROUND On July 1, 1997,the City Council approved the FY 1997-98 Financial Program and established a General Fund Budget in which revenues exceeded expenditures by$191,124. The Financial Program as adopted for FY 1997-98 established an operating budget of $40,473,150 and a Redevelopment/Housing Services operating budget of$5,245,210. In addition,the Program funded $11,056,810 for the City and Redevelopment Agency capital Improvement projects. Staff has completed an evaluation of the City's FY 1997-98 midyear fiscal status. This evaluation is the first of two reports scheduled this fiscal year regarding the City of Poway Comprehensive Financial Program as follows: March 3 FY 1997-98 midyear evaluation and budget amendments. June 30 FY 1997-98 year-end evaluation and consideration of revisions to the FY 1998-99 Comprehensive Financial Program. - ACTION: MAR 3 1988 ITEM 5 2 of 12 Exhibit A Agenda Report March 3, 1998 Page 2 FINDINGS The following is an extensive review of year-to-date revenue and expenditure activity. Staff is projecting that fiscal year 1997-98 will dose with a General Fund surplus of$1,192,250. The largest portion of this increase Is due to development fee revenues, now projected to exceed the original budget by 82%. Although this increase is substantial, accelerated development fee revenues will only be sustained during the rapid growth period of the business parks and the completion of the last two large residential projects in Poway. This is anticipated to occur. over the next two to three years. Therefore, the revenue increase is short-term in nature and should not be used to support ongoing operating expenditures. • Property tax revenue is expected to be within one percent of the original budget projection, which is an increase from prior years actuals of 3.5%. Sales tax revenue Increases to date have been healthy and are expected to exceed the original budget by approximately $300,000, a 7.35% increase. The general fund expenditure level Increases from an approved budget of$16,987,446 to -- $17,440,233. The major components of this increase are in Planning and Engineering and are directly related to contractual costs for development activities; i.e., building inspection and plan check and are funded by the Increased revenues. Attachment A provides a summary of General Fund revenues and expenditure activity. Attachment B provides a summary of significant adjustments to operating budgets. Requests for additional appropriations for line-item budgets are listed in the attached resolutions authorizing the midyear budget amendments. ENVIRONMENTALREVIEW Environmental review is not required for this agenda item under California Environmental Quality Act guidelines. FISCAl.. IMPACT As stated throughout this report. PUSUC NOTIFICATION AND CORRESPONDENCE None Aft 3 1998 5 3 of 12 Exhibit A Agenda Report March 3, 1998 Page 3 RECOMMENDATION It Is recommended that the City Council/Redevelopment Agency receive this report and adopt the attached resolutions approving the midyear budget amendments for fiscal year 1997-1998. JLB:PAS:PM:AW:eg Attachments: Attachment A-General Fund Budget Overview, FY 1995-96-FY 1998-99 Attachment B -Summary of Significant Adjustments to Midyear Operating Budgets Attachment C- Resolution Approving Midyear Budget Amendments, City of Poway Attachment D-Resolution Approving Midyear Budget Amendments, Poway Redevelopment Agency. • fin 3 1998 a 4 of 12 • • Exhibit A Summary of Significant Midyear Amendments . • Reduce/ Department/Division • _:SignificantChaftge from Original Budget Appropriate Various Divisions Expenditure activity from the prior year which extended beyond year-end closing requires the following reappropriations: Public Services Special Studies +$ 25,000 Street Maintenance Roadways R&M +$300,000 Gas and Electric/Water +$131,680 Administrative Services • Capital Replacement Water Utility Billing System + $ 12,480 (108) Replace Park Ranger vehicle + $22,000 Community Services Director(200) Paint for Parents&Kids' Sake Trailer +$1,000 Performing Arts Center Rent NC unit +$8,582 (204) Planning Services Building & Safety Increase building inspections due to Inspection (303) development activity + $448,500 Public Services • Water Supply/ Overtime Salaries for emergency responses +$2,000 Treatment(402/404) Electric Gate +$5,000 Street Maintenance Purchase asphalt spreader-total cost$19,100 +$9,500 (407) Special Assessment LMD 87-01 cross-connection testing for Districts(425) reclaimed water +$17,951 Safety Services Fire Suppression (501) Purchase new instead of used vehicle +$4,000 Fire Prevention (502) Increased inspections due to development activity +$25,690 • • Attachment B 6 of 12 IiAR 1998 FTENI 5 • • Exhibit A Summary of Significant Midyear Amendments (continued) - Reduce/ .Department/Divisiori- • :Significant Change.frorn Original.Budget. • Appropriate Engineering Services Additional funds to scan maps +$5,000 Inspection (602) Secretarial desk +$ 800 Inspection/Land Devel- Increase plan check/inspections due to opment(602/603) , development activity +$204,103 • Redevelopment/ Housing RDA& Housing Additional attorneys' fees and Brookview costs +$91,886 Services (1020) Economic Development (1030) Economic Development Manager +$7,945 Poinsettia Senior Mobile Home Park (1130) Sewer/gas line repairs +$11,342 Poway Royal (1140) Grading/carport slab +$1,438 RDA Debt Service/Low- Transfer funds for 95-96 and 96-97 interest +$1,1 18,533 Mod Smith Settlement Settlement amount + $5,641,743 1997-98 interest on settlement + $ 564,174 RDA Debt Service/ Sewer Loan $3,300,000 Capital Projects/ Programs • Pomerado Bike Lane Additional costs for installation of (1240A) communication conduits +$3,000 City Clerk's Office Redesign interior of office and add file cabinets +$12,000 Remodel (1528a) Visual Surveillance Install visual surveillance.equipment in new Equipment(1529) Sheriffs Substation +$36,676 NAR 3 1998 ITEU 5 7 of 12 Exhibit A • RESOLUTION NO. R-98- A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF POWAY, CALIFORNIA, APPROVING MIDYEAR BUDGET AMENDMENTS FOR FISCAL YEAR 1997-1998 WHEREAS, the City Council of the City of Poway adopted on July 1, 1997, the Poway Financial Program Fiscal Year 1997-98, and WHEREAS, a midyear review of revenue and expenditure activity has determined that certain amendments to the Fiscal Year 1997-98 Poway Financial Program are necesesary. NOW,THEREFORE,the Redevelopment Agency of the City of Poway does hereby resolve and order as follows: Section 1:The following additional appropriations authorized by Resolution No. R-98- are to be made: :.:; ES' P< O 0. °. r Redevelopment& Housing $82,723 1020-1702D Litigation -Other Attorney 9,163 1020-1799 Other Professional Services Economic Development • $7,945 I 1030-1110 Regular Salaries Capital Projects/Programs $1,716,000 436-0103-7544 SB-300 Grant 1,736,994 436-0103-7823 Developer Participation Mobile Homes $2,744 292-1130-4304 Building Repair& Maintenance • 8,598 614-1130-4304 Building Repair& Maintenance 1,438 293-1140-4304 Building Repair&Maintenance Debt Service/Low-Mod • $1,118,533 321-2003-5330 Transfer-out • $1,118,533 471-2002-5320 Transfer-in • $5,641,743 321-2003-5330/8656 Transfer-out/due to $5,641,743 471-2002-5320/8190 Transfer-in/due from $ 564,174 321-2001-5110 Interest Expense •°• $ 564,174 471-0103-7414 Interest Income-Loans $3,300,000 510-8190 Due from Other Funds $3,300,000 321-8656 . Due to Other Funds • 11 of 12 Attachment D hAR 3 1998 5 ' Exhibit A • Resolution No. R-98- Page 2 PASSED,ADOPTED, AND APPROVED by the Redevelopment Agency of the City of Poway, California, at a regular meeting thereof this 3rd day of March 1998. Don Higginson, Chairman ATTEST: Marjorie K. Wahisten, Secretary STATE OF CALIFORNIA ) ) ss. COUNTY OF SAN DIEGO ) I, Marjorie K.Wahlsten, Secretary of the Poway Redevelopment Agency, do hereby certify under penalty of perjury that the foregoing Resolution No. R-98- was duly adopted by the City Council at a meeting of said City Council held on the 3rd day of March, 1998, and that it was so adopted by the following vote: AYES: NOES: ABSTAIN: ABSENT: Marjorie K.Wahlsten, Secretary Poway Redevelopment Agency e:ladmnsMdrectorlbudgeticnidyeanmidyr98.rpt ASR 3 1998 '° 5 • 12 of 12 • Exhibit A FY 1997-98 SEWER FUND LOAN 18-YEAR $1,384,130 Principal Balance Annual payment,on 6/30 of eachflscal year(18 yearirepayment) • 80G,1.20 47 LAIF(merest rate 0.26%, Pymt#, Balances Principal Interest Total Balance @ 6/30/15 1,384,130.00 26,684.69 1,410,814.69 1 I Payment @ 6/30/15 53,435.78 26,684.69 80,120.47 Balance @ 7/1/15 1,330,694.22 - 1,330,694.22 FY 15-16 Interest - 3,459.80 3,459.80 Balance @ 6/30/16 1,330,694.22 3,459.80 1,334,154.02 2 I Payment @ 6/30/16 76,660.67 3,459.80 80,120.47 Balance @ 7/1/16 1,254,033.55 - 1,254,033.55 FY 16-17 Interest - 3,260.49 3,260.49 Balance @ 6/30/17 1,254,033.55 3,260.49 1,257,294.04 3 I Payment @ 6/30/17 76,859.98 3,260.49 80,120.47 Balance @ 7/1/17 1,177,173.57 - 1,177,173.57 FY 17-18 Interest - 3,060.65 3,060.65 Balance @ 6/30/18 1,177,173.57 3,060.65 1,180,234.22 4 I Payment @ 6/30/18 77,059.82 3,060.65 80,120.47 Balance @ 7/1/18 1,100,113.75 - 1,100,113.75 FY 18-19 Interest - 2,860.30 2,860.30 Balance.@ 6/30/19 1,100,113.75 2,860.30 1,102,974.05 5 I Payment @ 6/30/19 77,260.17 2,860.30 80,120.47 Balance @ 7/1/19 1,022,853.58 - 1,022,853.58 FY 19-20 Interest - 2,659.42 2,659.42 Balance @ 6/30/20 1,022,853.58 2,659.42 1,025,513.00 6 I Payment @ 6/30/20 77,461.05 2,659.42 80,120.47 Exhibit B FY 1997-98 SEWER FUND LOAN 18-YEAR $1,384,130 Principal Balance Continued Pymt# Balances Principal Interest Total Balance @ 7/1/20 945,392.53 - 945,392.53 FY 20-21 Interest - 2,458.02 2,458.02 Balance @ 6/30/21 945,392.53 2,458.02 947,850.55 7 1 Payment @ 6/30/21 77,662.45 2,458.02 ' 80,120.47 Balance @ 7/1/21 867,730.08 - 867,730.08 FY 21-22 Interest - 2,256.10 2,256.10 Balance @ 6/30/22 867,730.08 2,256.10 869,986.18 8 I Payment @ 6/30/22 77,864.37 2,256.10 80,120.47 Balance @ 7/1/22 789,865.71 - 789,865.71 FY 22-23 Interest - 2,053.65 2,053.65 Balance @ 6/30/23 789,865.71 2,053.65 791,919.36 9 I Payment @ 6/30/23 78,066.82 2,053.65 80,120.47 Balance © 7/1/23 711,798.89 - 711,798.89 FY 23-24 Interest - 1,850.68 1,850.68 Balance @ 6/30/24 711,798.89 1,850.68 713,649.57 10 I Payment @ 6/30/24 78,269.79 1,850.68 80,120.47 Balance @ 7/1/24 633,529.10 - 633,529.10 FY 24-25 Interest - 1,647.18 1,647.18 Balance @ 6/30/25 633,529.10 1,647.18 635,176.28 11 I Payment @ 6/30/25 78,473.29 1,647.18 80,120.47 Balance @ 7/1/25 555,055.81 - 555,055.81 FY 25-26 Interest - 1,443.15 1,443.15 Balance @ 6/30/26 555,055.81 1,443.15 556,498.96 12 I Payment @ 6/30/26 78,677.32 1,443.15 80,120.47 Exhibit B FY 1997-98 SEWER FUND LOAN 18-YEAR $1,384,130 Principal Balance Continued Pymt# Balances Principal Interest Total Balance @ 7/1/26 476,378.49 - 476,378.49 FY 26-27 Interest - 1,238.58 1,238.58 Balance @ 6/30/27 476,378.49 1,238.58 477,617.07 13 I Payment @ 6/30/27 78,881.89 1,238.58 80,120.47 Balance @ 7/1/27 397,496.60 - 397,496.60 FY 27-28 Interest - 1,033.49 1,033.49 Balance @ 6/30/28 397,496.60 1,033.49 398,530.09 14 I Payment @ 6/30/28 79,086.98 1,033.49 80,120.47 Balance @ 7/1/28 318,409.62 - 318,409.62 FY 28-29 Interest - 827.87 827.87 Balance @ 6/30/29 318,409.62 827.87 319,237.49 15 I Payment @ 6/30/29 79,292.60 827.87 80,120.47 1 Balance @ 7/1/29 239,117.02 - 239,117.02 FY 29-30 Interest - 621.70 621.70 Balance @ 6/30/30 239,117.02 621.70 239,738.72 16 I Payment @ 6/30/30 79,498.77 621.70 80,120.47 Balance CO 7/1/30 159,618.25 159,618.25 FY 30-31 Interest - 415.01 415.01 Balance @ 6/30/31 159,618.25 415.01 160,033.26 17 1 Payment @ 6/30/31 79,705.46 415.01 80,120.47 Balance @ 7/1/31 79,912.79 - 79,912.79 FY 31-32 Interest - 207.77 207.77 Balance @ 6/30/32 79,912.79 207.77 80,120.56 18 I Payment @ 6/30/32 79,912.79 207.77 80,120.56 Balance @ 7/1/32 (0.00) - 0.00 Exhibit B