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Home My WebLink AboutFS 2016-04-05 Item 2B - Report - 2015 Fourth Quarter Investment Report[to] FROM: BY: DATE: SUBJECT: City of Tukwila Allan Ekberg, Mayoi INFORMATIONAL MEMORANDUM Mayor Ekberg Finance and Safety Committee Peggy McCarthy, Finance Director Vicky Carlsen, Deputy Finance Director March 30, 2016 Fourth Quarter 2015 Cash & Investment Report ISSUE The fourth quarter Investment Report is included with this memorandum and is discussed below. BACKGROUND City funds are invested to earn a reasonable return while preserving principal and allowing sufficient liquidity to meet the City's operating needs. To achieve these objectives investments are diversified by type, by financial institution, and by maturities in compliance with the City Investment Policy. DISCUSSION Portfolio Components At the end of 2015, the portfolio totaled $50.7 million comprised of $39.0 million in cash and cash equivalents and $11.7 in longer term investments. The portfolio balance decreased by $1.8 million from a June 30, 2015 balance of $52.5 million. Details on individual fund activity is provided below in the Fund Cash Investment Balances section. In May, the City purchased an agency (Federal Home Loan Bank) for $1 million with an interest rate of 1.22 %. In September, the City purchased an additional agency (Federal Farm Credit Bank) for $1 million with an interest rate of 1.25 %. Due to the low interest rate environment, several of the City's longer -term investments were called. In September, one of the City's agency investments (Federal home Loan Bank) with an interest rate of 1.27% was called. In October, 2 more agencies (Federal Home Loan Bank) investments were called. Each agency was $1 million each with interest rates of 1.3% and 1.5% respectively. In December, the City of Marysville called $125 thousand of their LTGO taxable bonds. The net impact of the above transactions decreased the percentage of the City's longer -term investments, however, the total portfolio yield is at 0.56% because of the higher interest rate on the agencies and bonds. Portfolio Performance The portfolio weighted average yield on December 31, 2015, was .56 %. Considering the portfolio's weighted average maturity was 1.0 years, and the yield on the cash & cash equivalent accounts was .27 %, the portfolio yield of 0.56% is still relatively favorable. The yield has been sustained by the 3.21 % average yield on the municipal bond investments, the .87% yield on the 15 INFORMATIONAL MEMO Page 2 certificate of deposits, the .89% yield on the agencies, and the .45% earnings credit on the US Bank depository account. Investment income for fiscal year 2015 for all investments is $349,011 plus $70,882 of accrued municipal bond and agencies interest for a total of $7,942 against a budget of $187,088. Not included in the portfolio is interest earned from the operating and capital loans to the MPD. The operating loan is being repaid on a monthly basis and will be paid in full by May 2023. Interest earned on the loan through December 2015 is $17,857. The capital loan is being repaid semi- annually and will be paid in full by December 2022. Interest through December 2015 is $13,623. Attached to the investment report are amortization schedules for both loans to the MPD. Policy Compliance and Liquidity Analysis As of the end of the 4th quarter, the portfolio profile is well within the range of all the investment policy parameters. There is currently a healthy mix of investments with a range of maturity dates. Current investments allow for adequate cash flow requirements. Fund Cash & Investment Balances Total fund cash and investments balances are 2014 year -end. $49.4 million, which is $5.7 million higher than The general fund total cash and investment balance is $8.2 million, which is $357K higher than 2014. Special revenue funds, which include hotel /motel, contingency, and drug seizure funds, decreased balances by $232K. $350K was transferred from the contingency fund to the general fund and marked as assigned fund balance for the Police department RMS system. The arterial street fund in the capital projects fund group shows the largest change with an increase of $4.1 million. The City issued $5.8 million LTGO bonds as partial funding for the Interurban South and BAR Bridge projects. Proceeds are expected to be spent by the end of 2016. The sewer fund cash and investment balance increased by $1.7 million while the other enterprise funds show minimal increases. Investment Environment While the Federal Reserve increased the target rate from zero to 0.25% in December 2015, it is anticipated that additional rate hikes will not likely occur until at least June of 2016. Moderate growth and uncertainties overseas is expected to hold the Fed to only 2 possible rate hikes. The first rate hike is anticipated in June and a second one possibly in December. Job growth is expected to stay strong in 2015, averaging 200,000 jobs a month gain. Unemployment rate, currently just under 5 %, is expected to decrease throughout the year to 4.6 %. Consumer spending grew slightly in January 2016 with modest growth predicted throughout the year. The portfolio will continue to be managed to take advantage of investment opportunities as they arise. RECOMMENDATION Presentation is for information only. 16 INFORMATIONAL MEMO Page 3 ATTACHMENTS Cash and Investment Report Policy Compliance & Liquidity Analysis Cash and Investment Balances by Fund Treasury Rates and Yield Curves Amortization Schedule — MPD Operating Loan Amortization Schedule — MPD Capital Loan 17 IF., CITY OF TUKWILA CASH & INVESTMENT REPORT December 31, 2015 Total Cash & Cash Equivalents 2.7 5,000,000 4,999,750 (a) 39,000,980 (c) (d) Rating INVESTMENTS Purchase Maturity Term Par Book Yield to Annualized Agency/ Issuer Moodys Investment Type Date Date Yrs Value Balance Maturi Return CASH & CASH EQUIVALENTS 5.5 290,000 Bank of Washington Certificate of Deposit 4/1/2015 5/1/2016 1.1 US Bank Depository Various (b) $13,905,335 $13,905,335 (e) 56,547 3.0 3,000,000 3,174,738 0.85% 26,861 0.45% Washington State Treasurer LGIP Investment Pool Various (b) 10,948,851 10,948,851 (f) 14,716 2.9 3,250,000 3,424,738 0.87% 0.2160% Agencies Columbia Bank Money market Various (b) 14,146,794 14,146,794 (f) 32,903 Federal Home Loan Mtg Corp US agency 4/10/2014 5/13/2016 2.1 2,000,000 0.28% 0.50% Total Cash & Cash Equivalents 2.7 5,000,000 4,999,750 0.89% 39,000,980 39,000,980 0.27% 104,166 INVESTMENTS Washington State Convention Aa3 Lodging Tax Bonds 11/30/2010 7/1/2016 5.6 500,000 500,728 3.60% 18,026 Certificates of Deposit City of Marysville, sinking Aa3 LTGO Refunding 11/23/2010 1211/2017 5.5 290,000 Bank of Washington Certificate of Deposit 4/1/2015 5/1/2016 1.1 250,000 250,000 0.80% 1,507 Sound Community Bank Certificate of Deposit 3/4/2014 3/4/2017 3.0 3,000,000 3,174,738 0.85% 26,861 CERTIFICATES OF DEPOSIT -- TOTAL 2.9 3,250,000 3,424,738 0.87% 28,368 Agencies Federal Home Loan Mtg Corp US agency 4/10/2014 5/13/2016 2.1 2,000,000 2,000,476 0.50% 10,000 ( FHLMC) FNMA US agency 6/6/2014 8/23/2017 3.2 1,000,000 999,274 1.00% 10,008 FHLB US agency 9/21/2015 9/21/2018 3.0 1,000,000 1,000,000 1.22% M 12,200 FHLMC US agency 5/29/2015 5/25/2018 3.0 1,000,000 1,000,000 1.25% (f) 12,500 TOTAL AGENCIES 2.7 5,000,000 4,999,750 0.89% 44,708 Taxable Municipal Bonds Washington State Convention Aa3 Lodging Tax Bonds 11/30/2010 7/1/2016 5.6 500,000 500,728 3.60% 18,026 Center Facility City of Marysville, sinking Aa3 LTGO Refunding 11/23/2010 1211/2017 5.5 290,000 327,149 3.37% 11,025 2014 -2017, ave 5.5 years UW Biomedical Center Aai Revenue Bonds 12/14/2010 7/1/2017 6.6 500,000 501,586 4.05% 20,314 UW Biomedical Center Aai Revenue Bonds 12/14/2010 7/1/2019 8.6 500,000 502,565 4.70% 23,621 Douglas County, ESD, sinking Aal UTGO 12/23/2010 12/1/2020 8.9 1,135,000 1,144,802 4.55% 52,088 2018 -2020, ave 9 yrs Port of Anacortes Al LTGO 12/17/2010 9/1/2020 9.7 340,000 333,598 5.00% 16,680 TOTAL MUNICIPAL BONDS 6.9 3,265,000 3,310,426 3.21% 106,316 Total Investments 4.2 11,515,000 11,734,915 1.53% 179,392 TOTAL CASH, CASH EQUIVALENTS & INVESTMENTS 1.0 $ 50,515,980 $ 50.735.896 1 0.56% 1 $ 283.558 Current Portfolio (a) On calleable bonds, term is calculated to final maturity even though call date may occur first; term of liquid investments is one day; on sinking fund bonds, average maturity is used to calculate term. (b) No foxed maturity, funds are available within one day. Percent of Cash & Investment Portfolio 7% 23% 19 CITY OF TUKWILA Policy Compliance & Liquidity Analysis CASH & INVESTMENT REPORT December 31, 2015 Liauidity Analvsis & Maturity Diversification Funds immediately available Fixed Maturity Investments, maturing in: 0 -90 days after Report Date 91 -180 days after Report Date Investments maturing in 1 year or less Investments maturing in 1 -3 years Investments maturing in 3 -5 years Investments maturing in 5 -7 years Investments maturing in 7 -10 years Investments maturing in more than 1 year and less than 10 years. As of Report Date Available Available Available in Portfolio Within 1 Year Within 5 5 - 10 Years Amount Years $ 39,000,980 $ 39,000,980 $ 39,000,980 2,250,476 2,751,204 7,002,747 1,980,965 8,983,712 2,751,204 2,751,204 7,002,747 1,980,965 TOTALS $ 50,735,896 $ 41,752,184 $ 50,735,896 $ - 82% 100% 0% �.�r � r . �., ,��,�i r /.... le.,.. ✓r / /, L ,,,ra; r. i � /,,,a.., /. ,.T,,.�o,,,. l �rr,�,.,!,r ! , �, .,.,.; ,r .�1, , „ ,�, <. �.r, �. ,ir„re, r ,,, �.e�;� r �,..,, «. / Fr,�..�� i olir�rv.I� r r / ��, ddi Liauiditv Reauirements and Funds Available for Investina: Funds immediately available $ 39,000,980 Restrictions & designations: Operating liquidity (a) 14,000,000 Liquidity threshold 14,000,000 Funds available for longer term investing 25,000,980 (a) Represents largest one month decline in portfolio balance over the most recent 36 month period doubled; or the equivalent of a 100% cushion. r r fy. >�.U,� r/ Ui .,r,�, it � „� „/G r. ,ava.�, /% ev 2�a. �ro,�. .,, ��, c�c Jo.,lr „irr,,,,✓� ,z,,,.o.,,,r ✓ rri „.v� r, r,�. / /// „e.��r,r /,.�„�n ri/ �,�e,.:n � / „�r 66r .,��dai � „�, ".; Note: Cash and cash equivalents are available within one day and are factored into the Total Portfolio weighted average maturity. 20 Portfolio POLICY Policy Financial Institution Diversification Amount % of Total MAXIMUM Met? US Bank $ 13,905,335 27.4% 50.0% Yes Washington State Treasurer 10,948,851 21.6% 75.0% Yes Columbia Bank 14,146,794 27.9% 50.0% Yes Sound Community Bank 3,174,738 6.3% 50.0% Yes Other financial institutions 8,560,178 16.9% 50.0% Yes Total $ 50,735,896 100.0% Portfolio POLICY Policy Investment Mix Amount % of Total MAXIMUM Met? Depository 13,905,335 27.4% insured by PDPC Yes State Investment Pool 10,948,851 21.6% 75.0% Yes Money market 14,146,794 27.9% insured by PDPC Yes Certificate of Deposit 3,424,738 6.8% insured by PDPC Yes US Agency 4,999,750 9.9% 75.0% Yes Municipal Bonds 3,310,428 6.5% no limit specified in policy Yes Total 50, 735, 896 100.0% Weighted Averaae Maturites: Years Performance Analysis Certificates of deposit 2.9 Current portfolio yield 0.56% Benchmarks: Municipal bonds 6.9 6 month treasury 0.49% Total Investments 4.2 2 year treasury 1.06% Total Portfolio 1.0 Local Govt Invst Pool (f) 0.2160% POLICY MAXIMUM 3.5 Policy Met? Yes Note: Cash and cash equivalents are available within one day and are factored into the Total Portfolio weighted average maturity. 20 CITY OF TUKWILA Cash & Investment Balances By Fund and Fund Group CASH & INVESTMENT REPORT December 31, 2015 Funds not included in the Grand Total are the fiduciary funds. However, these balances ($1,364,230) are included in the investment balances. 21 Balances Balances Balances Balances • mossommom 0 11 1 1 1 1 1 1, 1 12131/14 12131113 12131/12 12/31/11 Ge n eral m, 000 GENERAL 8,181, 181, 427 $ 7,824,725 $ 7,737,222 $ 3,826,856 $ 3,554,218 General Total 6,,181,427 7,824,725 7,737,222 3,826,856 3,554,218 Special Revenue 101 HOTEUMOTEL TAX 450,230 432,607 537,454 398,276 416,263 105 CONTINGENCY 5,574,087 5,766,790 5,762,932 1,460,454 1,457,728 107 FIRE EQUIP. CUM. RESERVE - - - 944,770 949,888 DRUG SEIZURE FUND mm .. A 5,263 3 92,161 75,609 161,355 229,711 S cial Revenue Total 6059580 6,291,559 6,375,995 2,964,856 3,053,591 Debt Service 200 DEBT SERVICE 167,372 - - - _ 206 L.I. GUARANTEE 669,148 669,147 668,849 - 208 LIMITED TAX G.O. BONDS 2000 - - - - 70 209 LIMITED TAX G.O. BONDS 2003 1 1 - 3,006,134 3,303,041 210 LIMITED TAX G.O. REFUNDING 2003 195 195 497 246 1,156 211 LIMITED TAX G.O. REFUNDING 2008 416 416 718 217 5,408 212 LTGO SCORE BONDS 2 2 1,453 126 707 213 LTGO SCORE BLD AMER BONDS - - - 995 616 214 LTGO 2010 Series A 33,705 2,710 6,561 37 37 215 LTGO 2010 Series B - - - 4,612 5,264 216 VALLEY COM Refunding bonds 2010 794 794 74 14 14,014 217 LIMITED TAX GO BONDS REFUNDING 539 539 514 - - 218 LTGO 2013 - - - _ 233 LID #33 v _ 1,038,769 1,013,693 17,681 - Debt Service Total _., � ITm -IT _ 1910 940® 1,687,496 696,346 3,012,381 3,330,312 Capital Project 103 STREET 926,387 1,175,916 1,359,905 1,031,761 861,950 104 ARTERIAL STREET 4,608,747 462,014 1,167,156 394,755 4,640,647 301 LAND ACQ, REC & PARK DEVLPMNT 428,793 1,292,321 1,159,366 1,068,126 1,662,953 302 FACILITY REPLACEMENT 1,300,301 1,103,366 2,005,539 2,105,864 2,027,271 303 GENERAL GOVERNMNT IMPROVEMENTS 432,673 430,911 5111 164,599 561,688 304 FIRE IMPACT FEES 551,,434 504,500 437,222 348,010 313,819 Ca ital Pro t Total _ 8.248e335 M 4,969,028 6,645,499 5,113,114 10,068,327 Enterprise 400 UTILITY ON ACCT (overpayments) 20 170 - - - 401 WATER 5,909,208 5,826,837 6,315,350 4,635,412 4,533,184 402 SEWER 6,422,030 4,701,199 2,755,073 1,584,458 997,382 404 WATER/SEWER REVENUE BONDS - - - - - 405 BOND RESERVE - - - _ 411 FOSTER GOLF COURSE 803,501 829,633 535,926 309,581 32,012 412 SURFACE WATER _ - . _.. 1,877v777 1,695,931 2,612,292 2,344,887 2,097,280 15.012.537 12.537 13,053,771 12,218,641 8,874,338 7,659,857 Internal Service 501 EQUIPMENT RENTAL 5,137,691 4,575,448 4,316,337 4,167,390 3,515,168 502 INSURANCE 3,888,853 4,710,763 6,087,219 6,390,261 6,435,672 503 INSURANCE - LEOFF 1 932,303 526,650 1,111,132 1,921,032 1,822,186 Internal Service Total 9,956,847 9,812,861 11,514,688 12,478,683 11,773,025 Grand Total 49,371,666 43,639,440 45,188,392 36,270,227 _39,439,330 Funds not included in the Grand Total are the fiduciary funds. However, these balances ($1,364,230) are included in the investment balances. 21 CITY OF TUKWILA Treasury Rates and Yield Curves CASH & INVESTMENT REPORT December 31, 2015 Rates at December 31, 2015 Source: US Department of the Treasury Ratac at nPrramhar R1 9r11d 3mo 6mo 1 Yr 2Yr 3Yr 5Yr 10Yr 30Yr Comparison of Treasury Rates 0.04% 0.12% 0.25% 0.67% 1.10% 1.65% 2.17% 2.75% 22 ate §1001M Change Change 3mo 0.16% 0.12% 75% 6mo 0.49% 0.37% 76% 1 Yr 0.65% 0.40% 62% 2Yr 1.06% 0.39% 37% 3Yr 1.31% 0.21% 16% 5Yr 1.76% 0.11% 6% 10Yr 2.27% 0.10% 4% 30Yr 3.01% 0.26% 9% Source: US Department of the Treasury Ratac at nPrramhar R1 9r11d 3mo 6mo 1 Yr 2Yr 3Yr 5Yr 10Yr 30Yr Comparison of Treasury Rates 0.04% 0.12% 0.25% 0.67% 1.10% 1.65% 2.17% 2.75% 22 MPD Operating Loan - through end of 2015 only Period Accumulated Interest (Date) Beg Bal Funding Payments Interest End Bal Interest Principal Pmt Pmt 10/1/2011 $ - $ 191,294 $ - $ 319 $ 191,613 $ 319 11/1/2011 191,612.82 - - 319.35 191,932.18 638.18 12/1/2011 191,932.18 - - 319.89 192,252.07 958.07 1/1/2012 192,252.07 - - 320.42 192,572.49 1,278.49 2/1/2012 192,572.49 - - 320.95 192,893.44 1,599.44 3/1/2012 192,893.44 - - 321.49 193,214.93 1,920.93 4/1/2012 193,214.93 225,000.00 - 697.02 418,911.95 2,617.95 5/1/2012 418,911.95 - - 698.19 419,610.14 3,316.14 6/1/2012 419,610.14 - - 699.35 420,309.49 4,015.49 7/1/2012 420,309.49 - - 700.52 421,010.01 4,716.01 8/1/2012 421,010.01 - - 701.68 421,711.69 5,417.69 9/1/2012 421,711.69 - - 702.85 422,414.54 6,120.54 10/1/2012 422,414.54 433,706.00 - 1,426.87 857,547.41 7,547.41 11/1/2012 857,547.41 - - 1,429.25 858,976.66 8,976.66 12/1/2012 858,976.66 - - 1,431.63 860,408.28 10,408.28 1/1/2013 860,408.28 250,000.00 - 1,850.68 1,112,258.96 12,258.96 2/1/2013 1,112,258.96 - - 1,853.76 1,114,112.73 14,112.73 3/1/2013 1,114,112.73 - - 1,856.85 1,115,969.58 15,969.58 4/1/2013 1,115, 969.58 - - 1,859.95 1,117,829.53 17,829.53 5/1/2013 1,117,829.53 - 19,692.58 1,863.05 1,100,000.00 19,692.58 19,692.58 6/1/2013 1,100,000.00 - 10,121.48 1,833.33 1,091,711.85 21,525.91 8,288.15 1,833.33 7/1/2013 1,091,711.85 - 10,121.48 1,819.52 1,083,409.89 23,345.43 8,301.96 1,819.52 8/1/2013 1,083,409.89 - 10,121.48 1,805.68 1,075,094.10 25,151.12 8,315.80 1,805.68 9/1/2013 1,075,094.10 - 10,121.48 1,791.82 1,066,764.44 26,942.94 8,329.66 1,791.82 10/1/2013 1,066,764.44 - 10,121.48 1,777.94 1,058,420.90 28,720.88 8,343.54 1,777.94 11/1/2013 1,058,420.90 - 10,121.48 1,764.03 1,050,063.46 30,484.92 8,357.45 1,764.03 12/1 /2013 1,050,063.46 - 10,121.48 1,750.11 1,041,692.08 32,235.02 8,371.37 1,750.11 1/1/2014 1,041,692.08 - 10,121.48 1,736.15 1,033,306.76 33,971.18 8,385.33 1,736.15 2/1/2014 1,033,306.76 - 10,121.48 1,722.18 1,024,907.45 35,693.35 8,399.30 1,722.18 3/1/2014 1,024,907.45 - 10,121.48 1,708.18 1,016,494.15 37,401.53 8,413.30 1,708.18 4/1/2014 1,016,494.15 - 10,121.48 1,694.16 1,008,066.83 39,095.69 8,427.32 1,694.16 5/1/2014 1,008,066.83 - 10,121.48 1,680.11 999,625.46 40,775.80 8,441.37 1,680.11 6/1/2014 999,625.46 - 10,121.48 1,666.04 991,170.02 42,441.84 8,455.44 1,666.04 7/1/2014 991,170.02 - 10,121.48 1,651.95 982,700.49 44,093.79 8,469.53 1,651.95 8/1/2014 982,700.49 - 10,121.48 1,637.83 974,216.85 45,731.63 8,483.65 1,637.83 9/1/2014 974,216.85 - 10,121.48 1,623.69 965,719.06 47,355.32 8,497.79 1,623.69 10/1/2014 965,719.06 - 10,121.48 1,609.53 957,207.11 48,964.85 8,511.95 1,609.53 11/1/2014 957,207.11 - 10,121.48, 1,595.35 948,680.98 50,560.20 8,526.13 1,595.35 12/1/2014 948,680.98 - 10,121.48 1,581.13 940,140.63 52,141.33 8,540.34 1,581.14 1/1/2015 940,140.63 - 10,121.48 1,566.90 931,586.06 53,708.24 8,554.58 1,566.90 2/1/2015 931,586.06 - 10,121.48 1,552.64 923,017.22 55,260.88 8,568.84 1,552.64 3/1/2015 923,017.22 - 10,121.48 1,538.36 914,434.10 56,799.24 8,583.12 1,538.36 4/1/2015 914,434.10 - 10,121.48 1,524.06 905,836.68 58,323.30 8,597.42 1,524.06 5/1/2015 905,836.68 - 10,121.48 1,509.73 897,224.93 59,833.03 8,611.75 1,509.73 6/1/2015 897,224.93 - 10,121.48 1,495.37 888,598.82 61,328.40 8,626.11 1,495.37 7/1/2015 888,598.82 - 10,121.48 1,481.00 879,958.34 62,809.40 8,640.48 1,481.00 8/1/2015 879,958.34 - 10,121.48 1,466.60 871,303.46 64,276.00 8,654.88 1,466.60 9/1/2015 871,303.46 - 10,121.48 1,452.17 862,634.15 65,728.17 8,669.31 1,452.17 10/1/2015 862,634.15 - 10,121.48 1,437.72 853,950.39 67,165.89 8,683.76 1,437.72 11/1/2015 853,950.39 - 10,121.48 1,423.25 845,252.16 68,589.14 8,698.23 1,423.25 _ 12/11/2015 _ __ _84_5,252.16 _ _ _ _ _ _ _ _ _ 10,121.48 1,408.7_5 _ _ 836_539.44_ —82-7—,81- _ _69_997.90_ 1/1/2016 836,539.44 - 10,121.48 1,394.23 27,812.19 71,392.13 _ _ _8,712.73_ 8,727.25 _ _1_4_08.75 1,394.23 2/1/2016 827,812.19 - 10,121.48 1,379.69 819,070.40 72,771.82 8,741.79 1,379.69 3/1/2016 819,070.40 - 10,121.48 1,365.12 810,314.03 74,136.93 8,756.36 1,365.12 4/1/2016 810,314.03 - 10,121.48 1,350.52 801,543.08 75,487.46 8,770.96 1,350.52 5/1/2016 801,543.08 - 10,121.48 1,335.91 792,757.50 76,823.36 8,785.57 1,335.91 6/1/2016 792,757.50 - 10,121.48 1,321.26 783,957.28 78,144.62 8,800.22 1,321.26 7/1/2016 783,957.28 - 10,121.48 1,306.60 775,142.40 79,451.22 8,814.88 1,306.60 8/1/2016 775,142.40 - 10,121.48 1,291.90 766,312.82 80,743.12 8,829.58 1,291.90 9/1/2016 766,312.82 - 10,121.48 1,277.19 757,468.53 82,020.31 8,844.29 1,277.19 10/1/2016 757,468.53 - 10,121.48 1,262.45 748,609.50 83,282.76 8,859.03 1,262.45 11/1/2016 748,609.50 - 10,121.48 1,247.68 739,735.70 84,530.44 8,873.80 1,247.68 12/1/2016 739,735.70 - 10,121.48 1,232.89 730,847.11 85,763.33 8,888.59 1,232.89 rent 23 Capital Loan to MPD Repayment Schedule MPD Capital Loan PAYMENT BEGINNING PRINCIPAL INTEREST INTEREST DUE DATE BALANCE PAYMENT RATE PAYMENT ENDING 2/1/2013 Amount loaned to the MPD 1,000,000.00 6/1/2013 1,000,000.00 (50,731.67) 0.02 (5,833.33) 949,268.33 12/1/2013 949,268.33 (48,258.90) 0.02 (8,306.10) 901,009.43 6/1/2014 901,009.43 (48,681.17) 0.02 (7,883.83) 852,328.26 12/1/2014 852,328.26 (49,107.13) 0.02 (7,457.87) 803,221.13 6/1/2015 803,221.13 (49,536.82) 0.02 (7,028.18) 753,684.31 _ 1_2/1 /2015 _ _753,68_4.31 _ _ (49,970_.26 _ _ _ _0.02_ -(4-6,-5-37-07) _ (,594.74_ _ 7_03,714.05 6/1/2016 703,714.05 0.03 (10,027.93) _ 657,176.98 12/1/2016 657,176.98 (47,200.23) 0.03 (9,364.77) 609,976.75 6/1/2017 609,976.75 (47,872.83) 0.03 (8,692.17) 562,103.92 12/1/2017 562,103.92 (48,555.02) 0.03 (8,009.98) 513,548.90 6/1/2018 513,548.90 (49,246.93) 0.03 (7,318.07) 464,301.97 12/1/2018 464,301.97 (49,948.70) 0.03 (6,616.30) 414,353.27 6/1/2019 414,353.27 (48,277.93) 0.04 (8,287.07) 366,075.34 12/1/2019 366,075.34 (49,243.49) 0.04 (7,321.51) 316,831.85 6/1/2020 316,831.85 (50,228.36) 0.04 (6,336.64) 266,603.49 12/1 /2020 266,603.49 (51,232.93) 0.04 (5,332.07) 215,370.56 6/1/2021 215,370.56 (52,257.59) 0.04 (4,307.41) 163,112.97 12/1/2021 163,112.97 (53,302.74) 0.04 (3,262.26) 109,810.23 6/1/2022 109,810.23 (54,368.80) 0.04 (2,196.20) 55,441.43 12/1 /2022 55,441.43 (55,441.43) 0.04 (1,108.83) 0.00 (131,285.26) 24 Prior Current