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Home My WebLink AboutFIN 2017-05-02 Item 2B - Report - 2016 4th Quarter Investment Reportice] FROM: BY: DATE: SUBJECT City of Tukwila Allan Ekberg, Mayor Mayor Ekberg Finance and Safety Committee Peggy McCarthy, Finance Director Vicky Carlsen, Deputy Finance Director April 12, 2017 Fourth Quarter 2016 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 sufficient liquidity to meet the City's are diversified by type, by financial Investment Policy. DISCUSSION reasonable return while preserving principal and allowing operating needs. To achieve these objectives investments institution, and by maturities in compliance with the City Portfolio Components As of December 31, 2016, the portfolio totaled $93.3 million comprised of $82.9 million in cash and cash equivalents and $10.55 in longer term investments. The portfolio balance increased by $1.9 million from a June 30, 2016 balance of $54.5 million. Details on individual fund activity is provided below in the Fund Cash Investment Balances section. In July, the Washington State Convention Center $500,000 par bond matured. This had been a longer term investment with an interest rate of 3.6%. On September 21 st, a Federal Farm Credit Bank agency investment of $1 million was called. The City purchased an agency in late December to replace the investment that matured in September. We continue to look for investments where the interest rate exceeds the rate the City receives with US Bank. Portfolio Performance The portfolio weighted average yield on December 31, 2016, was .47%. Considering the portfolio's weighted average maturity was 0.4 years, and the yield on the cash & cash equivalent accounts was .24%, the portfolio yield of 0.47% is still favorable. The total yield has been sustained by the 4.71% average yield on the municipal bond investments, the .93% yield on the certificate of deposits, the 0.66% yield on the agencies, and the .45% earnings credit on the US Bank depository account. Investment income received through the end of December 2016 for all investments is $440,605 against an annual budget of $227,322. 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 2016 is $15,765. The capital loan is being repaid semi- 5 INFORMATIONAL MEMO Page 2 annually and will be paid in full by December 2022. Interest accrued through December 2016 is $19,393. 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 Year over Year Comparison Total fund cash and investments balances are $91.8 million, which is $42.4 million higher than fourth quarter 2015. The general fund total cash and investment balance is $9.3 million, which is $877K higher than December of 2015. Overall, revenues exceeded expenditures for the year. Special revenue funds all show a year-over-year increase. Over $400 thousand was transferred to the contingency fund from the general fund per the City's minimum fund balance policy. Additionally, the drug seizure fund received almost $539 thousand in seizure funds from the federal government related to the motel seizure that occurred in 2013. In November, voters approved a $77 million bond measure to fund public safety facilities and equipment. The first debt issue occurred in December, increasing fund balance in the capital projects funds group by $36.8 million. Throughout 2016, the Land Acquisition, Recreation, and Park Development fund received $1.4 million in real estate excise tax, accounting for most of the $1.6 cash & investment increase. This is considerably higher than most years. Utility funds all have increases in fund balances from the prior year. Investment Environment The Federal Reserve raised interest rates in December 2016 and again in March 2017, signaling rising confidence that the economy is poised for more robust growth. The overnight funds rate is now at 1 % and sets the Feds on a likely path of regular hikes in the future. Locally, the economy in King County remains positive. Employment grew by 3.4% in the fourth quarter of 2016 relative to 2015, with continued growth in information jobs. Unemployment rate for King County declined again, down to 3.4% in December 2016. Home prices continue to rise, with a 10.4% increase since fourth quarter 2015. The portfolio will continue to be managed to take advantage of investment opportunities as they arise. RECOMMENDATION Presentation is for information only. 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 N. CITY OF TUKWILA CASH & INVESTMENT REPORT December 31, 2016 INVESTMENTS Certificates of Deposit Bank of Washington Certificate of Deposit 5/2/2016 6/2/2017 1.1 250,000 250,000 0.80% 3,196 (g) Sound Community Bank Certificate of Deposit 3/4/2014 3/4/2017 3.0 3,000,000 3,201,903 0.85% 27,165 (g) CERTIFICATES OF DEPOSIT -- TOTAL 7/1/2017 6.6 500,000 (a) 3,250,000 (c) (d) Rating Agencies Purchase Maturity Term Par Book Yield to Annualized Agency / Issuer Moodys Investment Type Date Date Yrs Value Balance Maturity Return CASH & CASH EQUIVALENTS 0.75% 7,500 3134G6R70 US Bank Depository Various (b) $25,652,931 $25,652,931 (e) $ 71,375 (e) 2.0 1,000,000 996,086 0.82% 5,000 3134G9HC4 0.45% Washington State Treasurer LGIP Investment Pool Various (b) 43,001,758 43,001,758 (f) 0.51% 52,906 (b) Columbia Bank Money market Various (b) 14,219,309 14,219,309 (f) 72,515 (f) 0.52% Total Cash & Cash Equivalents US agency 1/19/2016 12/21/2018 82,873,997 82,873,997 0.24% 196,797 INVESTMENTS Certificates of Deposit Bank of Washington Certificate of Deposit 5/2/2016 6/2/2017 1.1 250,000 250,000 0.80% 3,196 (g) Sound Community Bank Certificate of Deposit 3/4/2014 3/4/2017 3.0 3,000,000 3,201,903 0.85% 27,165 (g) CERTIFICATES OF DEPOSIT -- TOTAL 7/1/2017 6.6 500,000 2.9 3,250,000 3,451,903 0.93% 30,361 Agencies 500,000 501,829 4.70% 24,405 12/23/2010 12/1/2020 8.9 1,135,000 Federal Home Loan Mtg Corp US agency 1/12/2016 5/26/2017 1.4 1,000,000 1,000,508 0.75% 7,500 3134G6R70 Federal Home Loan Mtg Corp US agency 5/25/2016 5/25/2018 2.0 1,000,000 996,086 0.82% 5,000 3134G9HC4 (h) Annualized Return represents actual earnings through current reporting period FHLB US agency 12/27/2016 12/27/2019 3.0 1,000,000 1,000,203 1.70% (f) - 3133EG2M6 Federal Farm Credit Bank US agency 1/19/2016 12/21/2018 2.9 1,000,000 1,000,015 1.38% (f) 13,750 3133EFSW8 TOTAL AGENCIES 2.3 4,000,000 3,996,812 0.66% 26,250 Taxable Municipal Bonds City of Marysville, sinking Aa3 LTGO Refunding 11/23/2010 12/1/2017 5.5 150,000 159,190 3.37% 15,759 2014 -2017, ave 5.5 years Skagit County BAB Aa3 1/12/2016 12/1/2017 0.4 365,000 370,449 2.85% 10,403 UW Biomedical Center Aal Revenue Bonds UW Biomedical Center Aal Revenue Bonds Douglas County, ESD, sinking Aal UTGO 2018 -2020, ave 9 yrs Port of Anacortes Al LTGO 12/14/2010 7/1/2017 6.6 500,000 500,517 4.05% 21,480 12/14/2010 7/1/2019 8.6 500,000 501,829 4.70% 24,405 12/23/2010 12/1/2020 8.9 1,135,000 1,142,290 4.55% 54,480 12/17/2010 9/1/2020 9.7 340,000 334,969 5.00% 15,256 TOTAL MUNICIPAL BONDS 7.3 2,990,000 3,009,243 4.71% 141,782 Total Investments 3.9 10,240,000 10,457,958 1.90% 198,393 Interest earned from matured /called investments 45,415 TOTAL CASH, CASH EQUIVALENTS & INVESTMENTS 0.4 $ 93,113,997 $ 93,331,956 1 0.47% $ 440,605 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 fixed maturity, funds are available within one day. Percent of Cash & Investment Portfolio Money Agencies (c) Yield to Maturity represents average rate for the year for various investment vehicles. Market 4� Municipal (d) Annualized Return represents actual earnings for the fiscal year for bonds. 15% CDs Bonds (e) Represents earning credit from US Bank. City earns interest up to the amount of fees. 4% 3% (f) Represents rate in effect for period ending this report. (g) CD that matured in March 2014 had a higher interest rate than the current CD, which increases Cash the annualized return above the current CD rates. 28� (h) Annualized Return represents actual earnings through current reporting period woi VA CITY OF TUKWILA Policy Compliance & Liquidity Analysis CASH & INVESTMENT REPORT December 31, 2016 Liauiditv Analvsis & Maturity Diversification Funds immediately available Fixed Maturity Investments, maturing in: 0 -90 days after Report Date 91 -180 days after Report Date 181 -270 days after Report Date 271 -360 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. TOTALS Investment Policy Parameters Funds available within 1 year Funds available within 5 years Funds available in 5- 10 years Liauiditv Reauirements and Funds Available for Investina: Funds immediately available Restrictions & designations: Operating liquidity (a) Liquidity threshold Funds available for longer term investing Q Q1 ill "r, POLICY LIMIT 30.0% 80.0% 20.0% $ 82,873,997 14,000,000 14,000,000 $ 68,873,997 $ 88,356,564 95% PORTFOLIO min 95% min 100% max 0% $ 93,331,956 $ - 100% 0% Policy Met? Yes Yes Yes (a) Represents largest one month decline in portfolio balance over the most recent 36 month period doubled; or the equivalent of a 100% cushion. 7.3 As of Report Date 3.9 Available Available Available in Portfolio Within 1 Year Within 5 5 - 10 Years Amount Policy Years $ 82,873,997 $ 82,873,997 $ 82,873,997 3,201,903 US Bank $ 25,652,931 1,250,508 50.0% Yes 500,517 43,001,758 46.1% 529,639 Yes Columbia Bank 5,482,566 5,482,566 5,482,566 3,498,133 Sound Community Bank 3,498,133 1,477,259 50.0% 1,477,259 4,975,392 7,256,055 7.8% Q Q1 ill "r, POLICY LIMIT 30.0% 80.0% 20.0% $ 82,873,997 14,000,000 14,000,000 $ 68,873,997 $ 88,356,564 95% PORTFOLIO min 95% min 100% max 0% $ 93,331,956 $ - 100% 0% Policy Met? Yes Yes Yes (a) Represents largest one month decline in portfolio balance over the most recent 36 month period doubled; or the equivalent of a 100% cushion. 7.3 Total Investments 3.9 Total Portfolio 77 d sr » ✓ l ,,. Yi f / 1' / }✓. e /Pr /�pY �r 71 %ef n r � ✓ tr;A r , „�'A •. %S „ <,r.% .,,r,, r .a �i.e,,,, :.. s.l „<;< „ - /,. „'�r6,�.✓�iau�aoa</5✓fl, ✓ikar,✓n, r,,, tki� /.rJl�/r,.li,d,y..h.,,td,t A �l.✓iuCwSe 4�, �ntic�v��r�,J)ia�;mfr'i�i��7Gi Q, ✓,Y,.,��e a{m�r}�,�v,��i trokal�'"'S.�''A..:�, ��01: POLICY MAXIMUM Portfolio Policy Met? POLICY Policy Financial Institution Diversification Amount % of Total MAXIMUM Met? US Bank $ 25,652,931 27.5% 50.0% Yes Washington State Treasurer 43,001,758 46.1% 75.0% Yes Columbia Bank 14,219,309 15.2% 50.0% Yes Sound Community Bank 3,201,903 3.4% 50.0% Yes Other financial institutions 7,256,055 7.8% 50.0% Yes Total $ 93,331,956 100.0% Portfolio POLICY Policy Investment Mix Amount % of Total MAXIMUM Met? Depository 25,652,931 27.57/ insured by PDPC Yes State Investment Pool 43,001,758 46.1% 75.0% Yes Money market 14,219,309 15.2% insured by PDPC Yes Certificate of Deposit 3,451,903 3.7% insured by PDPC Yes US Agency 3,996,812 4.3% 75.0% Yes Municipal Bonds 3,009,243 3.2% no limit specified in policy Yes Total 93,331,956 100.0% Weighted Average Maturites: Years Certificates of deposit 2.9 Municipal bonds 7.3 Total Investments 3.9 Total Portfolio 0.4 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. i Performance Analysis Current portfolio yield 0.47% Benchmarks: 6 month treasury 0.62% 2 year treasury 1.20% Local Govt Invst Pool (00.51% CITY OF TUKWILA Cash & Investment Balances By Fund and Fund Group CASH & INVESTMENT REPORT December 31, 2016 208 LIMITED TAX G.O. BONDS 2000 ---------- ---------- -- Balances Balances Balances Balances Balances Fund Group 1 1 12/31/16 12/31115 12/31/14 12/31/13 12/31/12 General 000 GENERAL 9,255,066 $8,377,573 $7,824,725 $ 7,737,222 $3,826,856 General Total . . . . ...... .. 2 9,255,066 8,377,573 7,824,725 7,737,222 3,826,856 Special 101 HOTEL/MOTEL TAX 1,049,539 449,165 432,607 537,454 398,276 2,710 105 CONTINGENCY 6,047,926 5,574,087 5,766,790 5,762,932 1,460,454 216 107 FIRE EQUIP. CUM, RESERVE - - - - 944,770 539 109 DRUG SEIZURE FUND 550,333 - ---------- 35,263 92,161 75,609 161,355 ..Special Revenue Total - 233 7,647,79 - 9 6,058,515 6,291,559 6,375,995 2,964,856 Debt Service 200 DEBT SERVICE 358,740 167,372 - - - 719,316 206 L.I. GUARANTEE 669,150 669,148 669,147 668,849 4,608,747 208 LIMITED TAX G.O. BONDS 2000 ---------- ---------- -- - - 4,969,028 209 LIMITED TAX G.O. BONDS 2003 - 1 1 - 210 LIMITED TAX G.O. REFUNDING 2003 195 195 195 497 211 LIMITED TAX G.O. REFUNDING 2008 416 416 416 718 212 LTGO SCORE BONDS 2 2 2 1,453 213 LTGO SCORE BLD AMER BONDS - - - - 214 LTGO 2010 SERIES A 33,940 33,705 2,710 6,561 215 LTGO 2010 SERIES B - - - - 216 VALLEY COM REFUNDING BONDS 2010 794 794 794 74 217 LIMITED TAX GO BONDS REFUNDING 539 539 539 514 218 LTGO 2013 - - - - 233 LID #33 898,722 1,038,769 1,013,693 17,681 Debt Service Total 3,329,158 1,962,497 1,910,940 1,687,496 696,346 Capital Project 103 STREET 719,316 926,387 1,175,916 1,359,905 104 ARTERIAL STREET 4,038,744 4,608,747 462,014 1,167,156 301 LAND ACQ, REC & PARK DEVLPMNT 2,079,567 436,607 1,292,321 1,159,366 302 FACILITY REPLACEMENT 445,059 1,300,301 1,103,366 2,005,539 303 GENERAL GOVERNMNT IMPROVEMENTS 401,572 432,673 430,911 516,311 304 Inc FIRE IMPACT FEES PUBLIC CACC-rV PLAN k/nTrn nC:DT 736,518 36 647 890 551,434 504,500 437,222 CapitalPro /ectTotal ---------- ---------- -- 45,038,666 8,256,149 4,969,028 6,645,499 Enterprise 400 UTILITY ON ACCT (overpayments) - 20 170 - 401 WATER 7,161,533 5,977,039 5,826,837 6,315,350 402 SEWER 7,446,577 6,437,402 4,701,199 2,755,073 404 WATER /SEWER REVENUE BONDS - - - - 405 BOND RESERVE - - - - 411 FOSTER GOLF COURSE 779,462 827,771 829,633 535,926 412 SURFACE WATER 3,333,787 1,768,287 1,695,931 2,612,292 Enter nse Total 18,721,358'.. 15,010,519 13,053,771 12,218,641 Internal Service 501 EQUIPMENT RENTAL 4,811,338 4,936,907 4,575,448 4,316,337 502 INSURANCE 3,329,158 3,888,853 4,710,763 6,087,219 503 INSURANCE -LEOFF1 1,077,247 932,303 526,650 1,111,132 Internal Service Total 9,217,744 9,758,063 9,812,861 11,514,688 Grand Total 91,843,129 49,371,758 43,639,440 45,188,392 Funds not included in the Grand Total are the fiduciary funds. However, these balances ($1,630,114) are included in the investment balances 3,006,134 246 217 126 995 37 4,612 14 3,012,381 1,031,761 394,755 1,068,126 2,105,864 164,599 348,010 5,113,114 4,635,412 1,584,458 309,581 2,344,887 8,874,338 4,167,390 6,390,261 1,921,032 12,478,683 36,270,227 0 CITY OF TUKWILA Treasury Rates and Yield Curves CASH & INVESTMENT REPORT December 31, 2016 Patpcz at njzromhpr'10 9nlR 3mo 0.51% 6mo 0.62% 1 Y 0.85% 2Yr 1.20% 3Yr 1.47% 5Yr 1.93% 1 OYr 2.45% 30Yr 3.06% Source: US Department of the Treasury 3,50% 3,00% Rnt,zQ nt nPr--Pmhinr *in gnl,,; Rate % Change Change 119MM 0.30% 59% 3mo 0.21% 0.15% 24% 6mo 0.47% 0.21% 25% 1 Y 0.64% 0.12% 10% 2Yr 1.08% 0,11% 7% 3Yr 1.36% 0.13% 7% 5Yr 1.80% 0.14% 6% 1 OYr 2.31% 0.02% 1 % 30Yr 3.04% Comparison of Treasury Rates W 11 MPD Operating Loan - through end of 2016 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 19,69Z58 19, 692.58 6/1/2013 1,100,000.00 10,121.48 1,833.33 1,091,711.85 21,525.91 8,28815 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 Prior 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 1,033,30636 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 1,016,49415 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 1,609.53 957,20711 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 1,53836 4!1/2015 914,43410 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 1,481.00 879,95834 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 8,68336 1,43732 11/1/2015 853,950.39 10,121.48 1,423.25 845,25216 68,589.14 8,698.23 1,423.25 12/1/2015 845,25216 10,121.48 1,408.75 836,539.44 69,997.90 8,71233 1,408.75 1/1/2016 836,539.44 10,121.48 1,394.23 827,812.19 71,392.13 8,727.25 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 1,24268 12/1/2016_ -_ 1,23_2.89___7_30, 847.11_ _85, 763.33_ __8,888.59_ _1,2_32.89 - - - - -' 1/1/2017 _739,73_5.70 730,847.11 _10,121.48_ 10,121.48 1,218_08 721,943.71 86,981.41 8,903.40 1,218.08 211/2017 721,943.71 10,121.48 1,203.24 713,025.47 88,184.65 8,918.24 1,203.24 3/1/2017 713,025.47 10,121.48 1,188.38 704,092.37 89,373.03 8,933.10 1,188.38 4/1/2017 704,092.37 10,121.48 1,173.49 695,144.38 90,546.52 8,947.99 1,173.49 5/1/2017 695,144.38 10,121.48 1,158.57 686,181.47 91,705.09 8,962.91 1,158.57 6/1/2017 686,181.47 10,121.48 1,143.64 677,203.63 92,848.73 8,977.84 1,143.64 - Current 7/1/2017 677,203.63 10,121.48 1,128.67 668,210.82 93,977.40 8,992.81 1,128.67 8/1/2017 668,210.82 10,121.48 1,113.68 659,203.02 95,091.08 9,007.80 1,113.68 9/1/2017 659,203.02 10,121.48 1,098.67 650,180.21 96,189.75 9,022.81 1,098.67 10/1/2017 650,180.21 10,121.48 1,083.63 641,142.37 97,273.39 9,037.85 1,083.63 11/1/2017 641,142.37 10,121.48 1,068.57 632,089.46 98,341.96 9,052.91 1,068.57 12/1/2017 632,089.46 10,121.48 1,053.48 623,021.46 99,395.44 9,068.00 1,053.48 11 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 i 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 12/1/2015 753,684.31 (49,970.26) 0.02 (6,594.74) 703,714.05 6/1/2016 703,714.05 (46,537.07) 0.03 (10,027.93) 657,176.98 12/1/2016_ 657,176..98_ (4_200.23L 3 647 ._ 69976.75 _ _6/217 _ 609,97675 _ _ (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) 12 Prior Current