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OSB 14-010 RESOLUTION NO. OSB 14-010 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE POWAY REDEVELOPMENT AGENCY APPROVING A MARCH 29, 1988 DRAINAGE 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, dated March 29, 1988 (March 29, 1988 Drainage Fund Loan; Exhibit A), whereby the City lent to the Redevelopment Agency an amount equal to $620,000 from the City's Drainage Fund for the purpose of completing Rattlesnake Creek Improvements at Poway Community Park; 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 ("DOE") 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 14-010 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 March 29, 1988 Drainage Fund Loan, together with other information relating thereto, to the Oversight Board and requested that the Oversight Board approve the March 29, 1988 Drainage Fund Loan, and find that the loan of funds under the March 29, 1988 Drainage 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 March 29, 1988 Drainage Fund Loan and hereby finds and determines that the loan of funds by the City to the former Redevelopment Agency under the March 29, 1988 Drainage 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 March 29, 1988 Drainage Fund Loan reflect the repayment to the City of amounts advanced to or on behalf of the former Redevelopment Agency in order to assist the Redevelopment Agency with completing Rattlesnake Creek Improvements at Poway Community Park to benefit the Paguay Redevelopment Project Area and the community. b) Financing public improvements in the Paguay Redevelopment Project Area 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 Resolution No. OSB 14-010 Page 3 areas constituting the Paguay Redevelopment Project Area pursuant to the adopted Redevelopment Plan. The Redevelopment Agency entered into the March 29, 1988 Drainage Fund Loan with the City in order to borrow funds necessary for the Redevelopment Agency to pay costs associated with completing Rattlesnake Creek Improvements at Poway Community Park 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 March 29, 1988 Drainage 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 March 29, 1988 Drainage Fund Loan. The Oversight Board hereby approves the March 29, 1988 Drainage 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 March 29, 1988 Drainage Fund Loan Repayment Schedule (Exhibit B). The total principal and interest owed ("Amounts Owed") for the March 29, 1988 Drainage Fund Loan is $660,905.81. The Oversight Board further determines that the repayment of Amounts Owed under the March 29, 1988 Drainage Fund Loan is an enforceable obligation and the Successor Agency is authorized to include the repayment of the March 29, 1988 Drainage 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 Drainage 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 March 29, 1988 Drainage Fund Loan are repaid in full to the City's Drainage Fund. Section 4. Transmittal of March 29, 1988 Drainage 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 March 29, 1988 Drainage Fund Loan as an enforceable obligation. Resolution No. OSB 14-010 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. AEI Bruce Tarzy, Ch:it * ATTEST: Sheila . Cobian, CMC, Secretary Resolution No. OSB 14-010 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 14-010 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 Shei . Cobian, CMC, Secretary Attachments: Exhibit A — March 29, 1988 Drainage Fund Loan Repayment Agreement and Supporting Budget Documentation Exhibit B — March 29, 1988 Drainage Fund Loan Repayment Schedule II19 II CITY OF POWAY DRAINAGE FUND 1986-1987 1987-1988 1987-1988 1988-1989 1988-1989 ACTUAL BUDGET ESTIMATED PROPOSED APPROVED IIFUND ACTIVITY. DETAIL BEGINNING BALAMtE-July 1 $ 891,847 $2,118,318 $ 2,118,318 $ 815,336 $ 815,336. Prior Years Appropriation - - - - - Revenues 1,386,433 556,700 628,245 512,600 512,600 TOTAL FUNDS AVAILABLE $2,278,280 $2,675,018 $ 2,746,563 $1,327,936 $1,327,936 EXPENDITURES Operating Expenses: Admin. Services $ - $ - $ - $ 8,098 $. 8098 Public Services 159,962 298,010 299,227 234,480 234,480 Total Operating Expenses $ 159,962 $ 298,010 $ 299,227 $ 242,578 $ 242,578 Capital Projects: 1 ` Flood Control & Drainage$ - $ - $ - $ - $ - Total Capital Projects $ - $ - $ - $ - $ - TOTAL EXPENDITURES $ 159,962 $ 298,010 $ 299,227 $ 242,578 $ 242,578 TRANSFERS/LOANS-In (Out) Transfer to General Fund $ - $ - $ (792,000) $ - $ - Transfer from County Transfer 1 and 2 - - - - Loan to Redevelopment Agency - - (840,000) - - TOTAL TRANSFERS/LOANS $ - $ - $(1,632,000) $ - $ - TOTAL APPROPRIATIONS - - - - - ENDING BALANCE-June 30 $2,118,318 $2,377,008 $ 815,336 $1,085,358 $1,085,358 Loan Reconciliation: }i 9-22-87 Loan $220,000 3-29-88 Loan $620000 Total $840,000 > • Exhibit A 208 AGENCY REDEVELOPMENT AG E CAPITAL IMPROVEMENT PROGRAM DETAIL . 1' Department: Activity: REDEVELOPMENT AGENCY FLOOD CONTROL AND DRAINAGE (Cont'd.) ACTIVITY COMMENTARY 5405 COMMUNITY ROAD STORM DRAIN This storm drainage project will be bid with the Community Road project to provide adequate drainage for the Poway Plaza development. The developer will reimburse the City for a portion of the costs. Cost Estimate - $400,000 FY 87-88 - $400,000 5406 MIDLAND ROAD DRAINAGE STUDY This provides funds in FY 1987-88 for a study to determine drainage improvement needs on Midland Road. Further improvements will be planned for future years. Cost Estimate - $32,500 FY 87-88 - $32,500 • 5407 RATTLESNAKE CREEK IMPROVEMENTS This project provides for improvements to Rattlesnake Creek through Community Park. These improvements protect the future' swimming pool as well as other park improvements from flood damage. Cost Estimate - $620,000 ,y FY 87-88 - $620,000 Exhibit A $ 6.20/ova AGENDA REPORT ' .1., CITY OF POWAY �y ' riMi iir .�4 &'.?.'.?_.!S THE co`- TO: Honorable Chairman and Members of the Redevelopment Agency 7 • ° FROM: James L. Bowersox, Executive Dire INITIATED BY: Alan D. Archibald, Director of Public Services klr J. Bradley Kutzner, Senior Civil Engineer DATE: March 29, 1988 SUBJECT: Appropriation of Funds for Rattlesnake Creek Improvements at Poway Community Park ABSTRACT • In order to protect the future swimming pool and park improvewments from flood damage, improvements to a portion of Rattlesnake Creek are needed in Community Park. It is recommended that $620,000 be appropriated to improve Rattlesnake • Creek through Community Park. BACKGROUND 'N The Poway Community Park will soon have a new swimming pool, .a second tennis court and an adventure playground on both sides of Rattlesnake Creek. When these projects are complete, access for construction purposes will be very dif- ficult without major disruptions to those improvements. Rattlesnake Creek, from Buckley Street to the north boundary of the park, is unimproved and will not carry 100-year storm flows. To protect both the upcoming park improvements and the existing residences to the west, channel improvements will be needed. After evaluating several options, staff proposes the installation of a riprap lined channel, 105 feet wide with a blanket of earth placed over it and planted with grass. The channel slopes would be 5:1 and easily maintained. This would .conform to the existing channel alignment except at the transition to the existing concrete channel near Buckley Street (Attachment 1). The concept would allow a parklike appearance to the channel except for an 8-foot wide concrete low-flow swale. This option provides the needed protection against 100-year storms, minimizes "drainage channel" appearances, allows adequate room for the surrounding pro- jects, and if done at this time, could be built without disturbing new improve- ments planned for the area. AS-CREEK ACTION: 1 of 5 MAR 29 1988 ITEM 84).04 Exhibit A Agenda - March 29, 1988 Appropriation of Funds for Rattlesnake Creek at Community Park Page 2 FINDINGS The Redevelopment Agency will construct this project. Funds are available in the City's Drainage Fund. A loan from the Unappropriated Drainage Fund in the amount of $620,000 to the Poway Redevelopment Agency is needed to fund this project. The Poway Redevelopment Agency and the Poway City Council must make fin- dings of benefit to the Agency for this project. Attached are resolutions declaring those findings. RECOMMENDATIONS It is recommended that the City Council: 1. Authorize the loan of $620,000 from the Unappropriated Drainage Fund to the Poway Redevelopment Agency. 2. Approve the attached Resolution of Benefit (Attachment 2). It is also recommended that the Poway Redevelopment Agency: 1. Accept the loan of $620,000 from the City. 2. Appropriate the money for this project. 3. Approve the attached Resolution of Benefit (Attachment 3). 4. Direct staff to proceed with the project. • JLB:ADA:JBK:mh Attachments: 1. Site Plan 2. Resolution of the City Council 3. Resolution of the Poway Redevelopment Agency AGCREEK2 2 cf 5 MAR 291988 ITEM 81, Exhibit A . a .... — _...., ...........-.....■.. ....... .... .1:11111\ . . , ' \ . I I / . I 1 1 I . ' or4 mer co/ve.cH4l4Yc - ' ,%----:::. "-t -.;a_I P....' .--'■ . • ts..... __ ______,,_.,,,i-,f::•-:- '7 • ''..- ..--"''''''' I. , ,,. , _.,......._,„?..,s. ....Z■■■■,■.....ws..re••••■•••••or....-..... T,- 1.. ./ii•-••:.."--'":"i-6,4 . ..e.; .^..1:-.• •-•• ••—•-•,----.:„ '....-"--7." . ., 4 ......:-.2,' I.:LW...7,24 V -....4__...'• -.. • ,`Iff.9 - , f!1,91.(1,4, ••, ..... "". ......;;;4.07..! ------- ."•-4010.0,. %. „...Trs ------sr 117".61-77 - --...-----.—.-....... . , • • A••:■; .1 • .•• .ii. . . .... . -(..114..ictl". ".. • ' .4 ^ •••1 ".. 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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA, DETERMINING CERTAIN PUBLIC IMPROVEMENTS TO BE OF BENEFIT TO THE PAGUAY REDEVELOPMENT PROJECT WHEREAS, the Poway Redevelopment Agency will undertake the Construction of Improvements to Rattlesnake Creek in Poway Community Park; and 'WHEREAS, the proposed project is within the Paguay Redevelopment Project and the installation of the aforesaid improvements is necessary for the execution of the project under the provisions of the California Community Redevelopment Law (Health and Safety Code, Section 33000 et seq.), and pursuant to the Redevelopment Plan for the project, which Redevelopment Plan was adopted on December 13, 1983 by Ordinance No. 117 of the City Council; and • NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway as follows: • Section 1. It is hereby determined that the Construction of Improvements to Rattlesnake Creek in Poway Community Park is of benefit to the Paguay Redevelopment Project. Section 2. That no other reasonable means of financing the improvements are available to the community. Section 3. The Clerk shall certify to the adoption of this resolution. PASSED, ADOPTED AND APPROVED, by the City Council of the City of Poway, • California, at a regular meeting thereof this 22nd day of ;larch, 1988. Bob Emery, Mayor ATTEST: Marjorie K. Wahlsten, City Clerk • • ATTACHMENT 2 • 4of5 0-(b MAR 29 1989 ITEM 51. • Exhibit A RESOLUTION NO. R-88-___ A RESOLUTION OF THE POWAY REDEVELOPMENT AGENCY DETERMINING CERTAIN PUBLIC IMPROVEMENTS TO BE OF BENEFIT TO THE PAGUAY REDEVELOPMENT PROJECT WHEREAS, the Poway Redevelopment Agency will undertake the Construction of Improvements to Rattlesnake Creek in Poway Community Park; and WHEREAS, the proposed project is within the Paguay Redevelopment Project and the installation of the aforesaid improvements is necessary for the execution of the project under the provisions of the California Community Redevelopment Law (Health and Safety Code, Section 33000 et seq.), and pursuant to the Redevelopment Plan for the project, which Redevelopment Plan was adopted on December 13, 1983 by Ordinance No. 117 of the City Council; and WHEREAS, Section 33445 of the California Health and Safety Code requires the Agency to determine the issue of benefit to the Paguay Redevelopment Project prior to construction of the public improvements and that no other reasonable means of financing are available. NOW, THEREFORE, BE IT RESOLVED by the Poway Redevelopment Agency as follows: Section 1. It is hereby determined that the Construction of ` "' Improvements to Rattlesnake Creek in Poway Community Park is of benefit to the Paguay Redevelopment Project. Section 2. That no other reasonable means of financing the improvements area available to the community. Section 3. The Secretary shall certify to the adoption of this - resolution. PASSED, ADOPTED AND APPROVED, by the Poway Redevelopment Agency, at an adjourned regular meeting thereof this 22nd day of March, 1988. Bob Emery, Chairman ATTEST: Marjorie K. Wahlsten, Secretary ATTACHMENT .3 5 of 5 �(l MAR 2 91988 ITEM 3.1 Exhibit A RESOLUTION NO. R-88- 03 A RESOLUTION OF THE POWAY REDEVELOPMENT AGENCY DETERMINING CERTAIN PUBLIC IMPROVEMENTS TO BE OF BENEFIT TO THE PAGUAY REDEVELOPMENT PROJECT WHEREAS, the Poway Redevelopment Agency will undertake the Construction of Improvements to Rattlesnake Creek in Poway Community Park; and WHEREAS, the proposed project is within the Paguay Redevelopment Project and the installation of the aforesaid improvements is necessary for the execution of the project under the provisions of the California Community Redevelopment Law (Health and Safety Code, Section 33000 et seq.), and pursuant to the Redevelopment Plan for the project, which Redevelopment Plan was adopted on December 13, 1983 by Ordinance No. 117 of the City Council; and WHEREAS, Section 33445 of the California Health and Safety Code requires the Agency to determine the issue of benefit to the Paguay Redevelopment Project prior to construction of the public improvements and that no other reasonable means of financing are available. NOW, THEREFORE, BE IT RESOLVED by the Poway Redevelopment Agency as follows: Section 1. It is hereby determined that the Construction of Improvements to Rattlesnake Creek in Poway Community Park is of benefit to the Paguay Redevelopment Project. Section 2. That no other reasonable means of financing the improvements area available to the community. Section 3. The Secretary shall certify to the adoption of this resolution. PASSED, ADOPTED AND APPROVED, by the Poway Redevelopment Agency, at a regular meeting thereof this 29th day of March, 1988. Bob Emery, Chairman ATTEST: Marjorie Wahlsten, Secretary Exhibit A �-. Resolution No. R-88-03 Page 2 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-88-03, was duly adopted by the Redevelopment Agency at a meeting of said Agency on the 29th day of March, 1988, and that it was so adopted by the following vote: AYES: Brannon, Higginson, Kruse, Tarzy, Emery NOES: None - ABSTAIN: None ABSENT: None 1 Mar on Wahlsten Secretar y Poway R de elopment Agency A--(1 Exhibit A MARCH 29, 1988 DRAINAGE FUND LOAN 18-YEAR $620,000 Principal Balance Annual payment on.6130 of each fiscal year{i8 year repayment) 37,532.99 LAIF Interest'rate 0.26%0; Pymt# Balances Principal Interest Total Balance @ 6/30/15 620,000.00 40,905.81 660,905.81 1 I Payment @ 6/30/15 (3,372.82) 40,905.81 37,532.99 Balance @ 7/1/15 623,372.82 - 623,372.82 FY 15-16 Interest - 1,620.77 1,620.77 Balance CO 6/30/16 623,372.82 1,620.77 624,993.59 2 I Payment @ 6/30/16 35,912.22 1,620.77 37,532.99 Balance @ 7/1/16 587,460.60 - 587,460.60 FY 16-17 Interest - 1,527.40 1,527.40 Balance @ 6/30/17 587,460.60 1,527.40 588,988.00 3 I Payment @ 6/30/17 36,005.59 1,527.40 37,532.99 Balance @ 7/1/17 551,455.01 - 551,455.01 FY 17-18 Interest - 1,433.78 1,433.78 Balance @ 6/30/18 551,455.01 1,433.78 552,888.79 4 I Payment @ 6/30/18 36,099.21 1,433.78 37,532.99 Balance @ 7/1/18 515,355.80 - 515,355.80 FY 18-19 Interest - 1,339.93 1,339.93 Balance @ 6/30/19 515,355.80 1,339.93 516,695.73 5 I Payment @ 6/30/19 36,193.06 1,339.93 37,532.99 Balance @ 7/1/19 479,162.74 - 479,162.74 FY 19-20 Interest - 1,245.82 1,245.82 Balance @ 6/30/20 479,162.74 1,245.82 480,408.56 6 I Payment @ 6/30/20 36,287.17 1,245.82 37,532.99 Exhibit B MARCH 29, 1988 DRAINAGE FUND LOAN 18-YEAR $620,000 Principal Balance Continued Pymt# Balances Principal Interest Total Balance @ 7/1/20 442,875.57 - 442,875.57 FY 20-21 Interest - 1,151.48 1,151.48 Balance @ 6/30/21 442,875.57 1,151.48 444,027.05 7 I Payment @ 6/30/21 36,381.51 1,151.48 37,532.99 Balance @ 7/1/21 406,494.06 - 406,494.06 FY 21-22 Interest - 1,056.88 1,056.88 Balance @ 6/30/22 406,494.06 1,056.88 407,550.94 8 I Payment @ 6/30/22 36,476.11 1,056.88 37,532.99 Balance @ 7/1/22 370,017.95 - 370,017.95 FY 22-23 Interest - 962.05 962.05 Balance @ 6/30/23 370,017.95 962.05 370,980.00 9 I Payment @ 6/30/23 36,570.94 962.05 37,532.99 Balance @ 7/1/23 333,447.01 - 333,447.01 FY 23-24 Interest - 866.96 866.96 • Balance @ 6/30/24 333,447.01 866.96 334,313.97 10 I Payment @ 6/30/24 36,666.03 866.96 37,532.99 Balance @ 7/1/24 296,780.98 - 296,780.98 FY 24-25 Interest - 771.63 771.63 Balance @ 6/30/25 296,780.98 771.63 297,552.61 11 I Payment @ 6/30/25 36,761.36 771.63 37,532.99 Balance @ 7/1/25 260,019.62 - 260,019.62 FY 25-26 Interest - 676.05 676.05 Balance @ 6/30/26 260,019.62 676.05 260,695.67 12 I Payment @ 6/30/26 36,856.94 676.05 37,532.99 Exhibit B MARCH 29, 1988 DRAINAGE FUND LOAN 18-YEAR $620,000 Principal Balance Continued Pymt# Balances Principal Interest Total Balance @ 7/1/26 223,162.68 - 223,162.68 FY 26-27 Interest - 580.22 580.22. Balance @ 6/30/27 223,162.68 580.22 223,742.90 13 I Payment @ 6/30/27 36,952.77 580.22 37,532.99 Balance @ 7/1/27 186,209.91 - 186,209.91 FY 27-28 Interest - 484.15 484.15 Balance @ 6/30/28 186,209.91 484.15 186,694.06 14 I Payment @ 6/30/28 37,048.84 484.15 37,532.99 Balance @ 7/1/28 149,161.07 - 149,161.07 FY 28-29 Interest - 387.82 387.82 Balance @ 6/30/29 149,161.07 387.82 149,548.89 15 I Payment @ 6/30/29 37,145.17 387.82 37,532.99 Balance @ 7/1/29 112,.015.90 - 112,015.90 FY 29-30 Interest - 291.24 291.24 Balance @ 6/30/30 112,015.90 291.24 112,307.14 16 I Payment @ 6/30/30 37,241.75 291.24 37,532.99 Balance @ 7/1/30 74,774.15 - 74,774.15 FY 30-31 Interest - 194.41 194.41 Balance @ 6/30/31 74,774.15 194.41 74,968.56 17 I Payment @ 6/30/31 37,338.58 194.41 37,532.99 Balance @ 7/1/31 37,435.57 - 37,435.57 FY 31-32 Interest - 97.33 97.33 Balance @ 6/30/32 37,435.57 97.33 37,532.90 18 I Payment @ 6/30/32 37,435.57 97.33 37,532.90 Balance @ 7/1/32 - - 0.00 Exhibit B