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HomeMy WebLinkAboutFIN 2017-06-20 Item 2C - Report - 2017 1st Quarter Cash and InvestmentTO: City of Tukwila INFORMATIONAL MEMORANDUM Mayor Ekberg Finance and Safety Committee FROM: Peggy McCarthy, Finance Director BY: Vicky Carlsen, Deputy Finance Director DATE: June 14, 2017 SUBJECT: First Quarter 2017 Cash & Investment Report ISSUE Allan Ekberg, Mayor The first 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 As of March 31, 2017, the portfolio totaled $93.266 million comprised of $78.660 million in cash and cash equivalents and $14.606 million in longer term investments. The portfolio balance decreased by $66 thousand from a December 31, 2016 balance of $93.332 million. Details on individual fund activity is provided below in the Fund Cash & Investment Balances section. In January, the City purchased two agencies of $1 million each. One agency was placed in the general fund and the other was placed in the public safety plan fund. Additionally, in March an agency of $2 million was purchased and placed in the contingency fund. No investments matured or were called during the first quarter of the year. 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 March 31, 2017, was 0.87 %. Considering the portfolio's weighted average maturity was 0.5 years, and the yields on the cash & cash equivalent accounts was 0.69 %, the portfolio yield of 0.87% is still favorable. The total yield has been sustained by the 3.98% average yield on the municipal bond investments, the 1.3% average yield on the agencies, the 1.35% yield on the certificate of deposits, and the 0.45% earnings credit on the US Bank depository account. Investment income received through the end of March 2017 for all investments is $31,002 against an annual budget of $270,809. It should be noted that a significant portion of investment interest is received from agencies and municipal bonds, which is received twice a year rather than monthly. 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 19 INFORMATIONAL MEMO Page 2 earned on the operating loan through March 2017 is $3,610. The capital loan is being repaid semi - annually and will be paid in full by December 2022. Interest accrued through March 2017 is $5,215. 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 1St 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 $91.499 million, which is $40.495 million higher than first quarter 2016. The general fund total cash and investment balance is $6.712 million, which is $1.048 million higher than March of 2016. Transfers of $546 thousand from the general fund into capital projects funds for first quarter have not been recorded yet. Rather than transferring funds automatically, we will be transferring funds into the capital projects funds as needed. Special revenue funds all show a year- over -year increase. Over $460 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 $36.5 million. Fund 306, city facilities, currently shows a negative balance of $40 thousand. Allocation of the project manager fees, SOJ, for the upcoming Public Works Shops facility have been incurred. A funding source for these costs will be identified and included in the budget amendment process later in the year. 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. We have seen interest rates increase in all our short -term investment vehicles. 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 20 INFORMATIONAL MEMO Page 3 Cash and Investment Balances by Fund Treasury Rates and Yield Curves Amortization Schedule — MPD Operating Loan Amortization Schedule — MPD Capital Loan 21 -- G CITY OF TUKWILA CASH & INVESTMENT REPORT March 31, 2017 (a) (c) (d) Rating Purchase Maturity Term Par Book Yield to Annualized Agency / Issuer Moodys Investment Type Date Date Yrs Value Balance Maturity Return CASH & CASH EQUIVALENTS US Bank Washington State Treasurer Opus Bank Columbia Bank Depository Various LGIP Investment Pool Various Public Interest Various Checking Money market Various (b) (b) (b) (b) $21,346,654 $21,346,654 (e) $ 16,949 (e) 0.45% 18,066,946 18,066,946 (f) 0.51% 65,188 (b) 25,002,569 25,002,569 0.88% 2,569 (f) 14,243,379 14,243,379 0.92% 24,070 (f) Total Cash & Cash Equivalents 78,659,547 78,659,547 0.69% 108,776 INVESTMENTS Certificates of Deposit Bank of Washington Sound Community Bank Certificate of Deposit 5/2/2016 6/2/2017 1.1 250,000 250,000 0.70% 432 (g) Certificate of Deposit 3/4/2017 3/4/2019 2.0 3,000,000 3,208,618 1.40% 6,716 (g) CERTIFICATES OF DEPOSIT -- TOTAL 1.9 3,250,000 3,458,618 1.35% 7,147 Agencies Farmer Mac US agency 1/23/2017 7/23/2019 2.5 1,000,000 1,000,000 1.40% 14,000 3132X0NK3 FHLB US agency 1/30/2017 1/30/2019 2.0 1,000,000 1,000,000 1.29% 12,900 3130AAM54 Federal Farm Credit Bank US agency 3/20/2017 9/20/2017 0.5 2,000,000 2,000,000 1.45% 29,000 3133EHCX9 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% 10,000 3134G9HC4 FHLB US agency 12/27/2016 12/27/2019 3.0 1,000,000 1,000,203 1.70% (f) 17,000 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 1.8 8,000,000 7,996,812 1.30% 104,150 Taxable Municipal Bonds City of Marysville, sinking Aa3 LTGO Refunding 11/23/2010 12/1/2017 5.5 150,000 155,138 3.37% 4,076 2014 -2017, ave 5.5 years Skagit County BAB Aa3 1/12/2016 12/1/2017 0.4 365,000 370,490 2.85% 10,403 UW Biomedical Center Aa1 Revenue Bonds 12/14/2010 7/1/2017 6.6 500,000 507,915 4.05% 12,203 UW Biomedical Center Aa1 Revenue Bonds 12/14/2010 7/1/2019 8.6 500,000 537,765 4.70% 29,000 Douglas County, ESD, sinking Aa1 UTGO 12/23/2010 12/1/2020 8.9 1,135,000 1,221,237 4.55% 54,480 2018 -2020, ave 9 yrs Port of Anacortes Al LTGO 12/17/2010 9/1/2020 9.7 340,000 357,986 5.00% 15,256 TOTAL MUNICIPAL BONDS Total Investments 7.4 2,990,000 3,150,530 3.98% 125,416 3.1 14,240,000 14,605,961 1.88% 236,713 Interest earned from matured /called investments TOTAL CASH, CASH EQUIVALENTS & INVESTMENTS 0.5 $ 92,899,547 $ 93,265,508 1 0.87% I $ 345,489 (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. (c) Yield to Maturity represents average rate for the year for various investment vehicles. (d) Annualized Return represents actual earnings for the fiscal year for bonds. (e) Represents earning credit from US Bank. City earns interest up to the amount of fees. (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 the annualized return above the current CD rates. (h) Annualized Return represents actual earnings through current reporting period Current Portfolio Yield Percent of Cash & Investment Portfolio Money Market_,,, 15% � oz Municipal Bonds CDs 3% 4% Cash Opus 27% LGIP 19% 23% 23 CITY OF TUKWILA Policy Compliance & Liquidity Analysis CASH & INVESTMENT REPORT March 31, 2017 Liquidity Analysis & 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 Portfolio Amount $ 78,659,547 1,250,508 2,507,915 525,627 4,284,050 8,742,687 1,579,223 10,321,911 $ 93,265,508 POLICY LIMIT 30.0% 80.0% 20.0% Available Within 1 Year $ 78,659,547 4,284,050 $ 82,943,597 89% PORTFOLIO min 89% min 100% max 0% As of Report Date Available Available in Within 5 5 - 10 Years Years $ 78,659,547 4,284,050 8,742,687 1,579,223 $ 93,265,508 $ 100% Policy Met? Yes Yes Yes 0% Liquidity Requirements and Funds Available for Investing: Funds immediately available Restrictions & designations: Operating liquidity (a) Liquidity threshold Funds available for longer term investing (a) $ 78,659,547 14,000,000 14,000,000 $ 64,659,547 Represents largest one month decline in portfolio balance over the most recent 36 month period doubled; or the equivalent of a 100% cushion. Financial Institution Diversification US Bank Washington State Treasurer Opus Bank Columbia Bank Sound Community Bank Other financial institutions Total Investment Mix Depository State Investment Pool Money market Certificate of Deposit US Agency Municipal Bonds Total Portfolio Amount $ 21,346,654 18,066,946 25,002,569 14,243,379 3,208,618 11,397,342 $ 93,265,508 Portfolio Amount 21,346,654 18,066,946 39,245,947 3,458,618 7,996,812 3,150,530 93,265,508 % of Total 22.9% 19.4% 26.8% 15.3% 3.4% 12.2% 100.0% % of Total 22.9% 19.4% 42.1 3.7% 8.6% 3.4% 100.0% POLICY MAXIMUM 50.0% 75.0% 50.0% 50.0% 50.0% 50.0% POLICY MAXIMUM insured by PDPC 75.0% insured by PDPC insured by PDPC 75.0% no limit specified in policy Policy Met? Yes Yes Yes Yes Yes Yes Policy Met? Yes Yes Yes Yes Yes Yes Weighted Average Maturites: Certificates of deposit Municipal bonds Total Investments Total Portfolio POLICY MAXIMUM Policy Met? Years 1.9 7.4 3.1 0.5 3.5 Yes Note: Cash and cash equivalents are available within one day and are factored into the Total Portfolio weighted average maturity. 24 Performance Analysis Current portfolio yield 0.87% Benchmarks: 6 month treasury 0.91% 2 year treasury 1.27% Local Govt Invst Pool (f) 0.51% CITY OF TUKWILA Cash & Investment Balances By Fund and Fund Group CASH & INVESTMENT REPORT March 31, 2017 Balances Fund Group 3/31/17 General General Total Special Revenue Balances Balances Balances Balances 3/31/16 3/31/15 3/31/14 3/31/13 000 GENERAL 6,711,536 $ 5,663,247 $ 5,941,116 $ 6,545,525 $ 944,197 6,711,536 5,663,247 5,941,116 6,545,525 944,197 925,984 658,235 452,750 433,781 440,090 6,051,878 5,587,107 5,772,086 5,764,212 1,461,267 - - - - 945,312 544,762 10,257 49,977 68,308 147,083 7,522,624 6,255,599 6,274,813 6,266,301 2,993,751 200 DEBT SERVICE 521,849 378,884 400 - 206 L.I. GUARANTEE 669,151 669,148 669,147 668,997 208 LIMITED TAX G.O. BONDS 2000 - - - - 209 LIMITED TAX G.O. BONDS 2003 - 1 1 1 3,012,901 210 LIMITED TAX G.O. REFUNDING 2003 195 195 195 195 (55) 211 LIMITED TAX G.O. REFUNDING 2008 202,891 203,191 416 416 (84) 212 LTGO SCORE BONDS 2 2 2 1,453 126 213 LTGO SCORE BLD AMER BONDS 95,681 - 995 214 LTGO 2010 SERIES A 163,821 164,603 2,710 5,910 (614) 215 LTGO 2010 SERIES B - - - - 4,612 216 VALLEY COM REFUNDING BONDS 2010 794 794 794 74 14 217 LIMITED TAX GO BONDS REFUNDING 138,614 137,708 539 214 (299) 218 LTGO 2013 28,283 28,283 233 LID #33 36,831 108,515 121,290 42,591 Debt Service Total 1,858,112 1,691,324 795,493 719,850 3,017,595 Capital Project 103 STREET 594,914 815,696 1,119,402 1,365,235 1,045,854 104 ARTERIAL STREET 4,015,837 4,484,245 (56,259) 875,506 588,392 301 LAND ACQ, REC & PARK DEVLPMNT 3,107,439 2,347,596 1,336,048 1,159,087 1,088,513 302 FACILITY REPLACEMENT 419,759 1,174,351 1,037,559 1,967,648 2,103,024 303 GENERAL GOVERNMNT IMPROVEMENTS 363,712 378,675 399,945 404,809 804,988 304 FIRE IMPACT FEES 753,683 560,927 516,235 438,317 359,809 305 PUBLIC SAFETY PLAN -VOTED DEBT 36,467,274 306 CITY FACILITIES (39,555) Capital Project Total 45,683,062 9,761,490 4,352,930 6,210,602 5,990,581 Enterprise 400 UTILITY ON ACCT (overpayments) 22,425 25,257 16,614 18,491 22,585 401 WATER 7,068,713 6,237,109 5,391,569 5,698,414 5,306,169 402 SEWER 7,700,700 6,862,764 4,937,844 3,431,464 1,917,966 404 WATER /SEWER REVENUE BONDS - 405 BOND RESERVE - 411 FOSTER GOLF COURSE 529,214 634,362 671,946 371,314 218,979 412 SURFACE WATER 5,112,620 3,924,594 3,096,696 3,066,715 3,433,716 Enterprise Total 20,433,672 17,684,086 14,114,669 12,586,398 10,899,416 Internal Service 501 EQUIPMENT RENTAL 4,883,996 5,175,880 5,036,571 4,482,904 4,398,645 502 INSURANCE 3,366,760 3,799,298 4,764,528 5,491,187 6,559,638 503 INSURANCE - LEOFF I 1,039,195 973,476 813,557 910,664 1,839,349 Internal Service Total 9,289,951 9,948,653 10,614,656 10,884,755 12,797,632 Grand Total 91,498,956 51,004,398 42,093,676 43,213,432 36,643,172 Special Revenue Total Debt Service 101 HOTEL /MOTEL TAX 105 CONTINGENCY 107 FIRE EQUIP. CUM. RESERVE 109 DRUG SEIZURE FUND Funds not included in the Grand Total are the fiduciary funds. However, these balances ($1,766,552) are included in the investment balances. 25 CITY OF TUKWILA Treasury Rates and Yield Curves CASH & INVESTMENT REPORT March 31, 2017 Rates at March 31, 2017 Term Closing Yield 3/31/2017 Rate % Change Change 3mo 0.76% 0.55% 72% 0.52% 57% 1.03% 0.44% 43% 1 Yr 0.54% 42% 3Yr 1.50% 0.63% 42% 3Yr 0.87% 0.72% 37% 10Yr 2.40% 0.62% 26% 10Yr 1.78% 0.41% 14% 6mo 0.91% 1Yr Rates at March 31, 2016 Term Closing Yield 3/31/2017 3mo 0.21% 6mo 0.39% 2Yr 1.27% 0.59% 2Yr 0.73% 5Yr 1.93% 5Yr 1.21% 30Yr 3.02% Source: US Department of the Treasury 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 30Yr 2.61% Comparison of Treasury Rates 3 mo 6mo 1 yr 2 yr 3 yr 5 yr 10 yr 30 yr X3/31/2017 13/31/2017 26 Period (Date) MPD Operating Loan - through end of 2016 only Accumulated Interest Beg Bal Funding Payments Interest End Bal Interest Principal Pmt Pmt 10/1/2011 $ - 11/1/2011 191,612.82 12/1/2011 191,932.18 1/1/2012 192,252.07 2/1/2012 192,572.49 3/1/2012 192,893.44 4/1/2012 193,214.93 5/1/2012 418,911.95 6/1/2012 419,610.14 7/1/2012 420,309.49 8/1/2012 421,010.01 9/1/2012 421,711.69 10/1/2012 422,414.54 11/1/2012 857,547.41 12/1/2012 858,976.66 1/1/2013 860,408.28 2/1/2013 1,112,258.96 3/1/2013 1,114,112.73 4/1/2013 1,115,969.58 5/1/2013 1,117,829.53 6/1/2013 1,100,000.00 7/1/2013 1,091,711.85 8/1/2013 1,083,409.89 9/1/2013 1,075,094.10 10/1/2013 1,066,764.44 11/1/2013 1,058,420.90 12/1/2013 1,050,063.46 1/1/2014 1,041,692.08 2/1/2014 1,033,306.76 3/1/2014 1,024,907.45 4/1/2014 1,016,494.15 5/1/2014 1, 008, 066.83 6/1/2014 999,625.46 7/1/2014 991,170.02 8/1/2014 982,700.49 9/1/2014 974,216.85 10/1/2014 965,719.06 11/1/2014 957,207.11 12/1/2014 948,680.98 1/1/2015 940,140.63 2/1/2015 931,586.06 3/1/2015 923,017.22 4/1/2015 914,434.10 5/1/2015 905,836.68 6/1/2015 897,224.93 7/1/2015 888,598.82 8/1/2015 879,958.34 9/1/2015 871,303.46 10/1/2015 862,634.15 11/1/2015 853,950.39 12/1/2015 845,252.16 1/1/2016 836,539.44 2/1/2016 827,812.19 3/1/2016 819,070.40 4/1/2016 810,314.03 5/1/2016 801,543.08 6/1/2016 792,757.50 7/1/2016 783,957.28 8/1/2016 775,142.40 9/1/2016 766,312.82 10/1/2016 757,468.53 11/1/2016 748,609.50 $ 191,294 $ - $ 319 $ 191,613 $ 319 319.35 191,932.18 638.18 319.89 192,252.07 958.07 320.42 192, 572.49 1,278.49 320.95 192, 893.44 1,599.44 321.49 193,214.93 1,920.93 225,000.00 697.02 418,911.95 2,617.95 698.19 419,610.14 3,316.14 699.35 420,309.49 4,015.49 700.52 421,010.01 4,716.01 701.68 421,711.69 5,417.69 702.85 422,414.54 6,120.54 433,706.00 1,426.87 857,547.41 7,547.41 1,429.25 858,976.66 8,976.66 1,431.63 860,408.28 10,408.28 250,000.00 1,850.68 1,112,258.96 12,258.96 1,853.76 1,114,112.73 14,112.73 1,856.85 1,115,969.58 15,969.58 1,859.95 1,117,829.53 17,829.53 19,692.58 1,863.05 1,100,000.00 19,692.58 19,692.58 10,121.48 1,833.33 1,091,711.85 21,525.91 8,288.15 1,833.33 10,121.48 1,819.52 1,083,409.89 23,345.43 8,301.96 1,819.52 10,121.48 1,805.68 1,075,094.10 25,151.12 8,315.80 1,805.68 10,121.48 1,791.82 1, 066, 764.44 26, 942.94 8,329.66 1,791.82 10,121.48 1,777.94 1,058,420.90 28,720.88 8,343.54 1,777.94 10,121.48 1,764.03 1,050,063.46 30,484.92 8,357.45 1,764.03 10,121.48 1,750.11 1,041,692.08 32,235.02 8,371.37 1,750.11 10,121.48 1,736.15 1,033,306.76 33,971.18 8,385.33 1,736.15 10,121.48 1,722.18 1,024,907.45 35,693.35 8,399.30 1,722.18 10,121.48 1,708.18 1,016,494.15 37,401.53 8,413.30 1,708.18 10,121.48 1,694.16 1,008,066.83 39,095.69 8,427.32 1,694.16 10,121.48 1,680.11 999,625.46 40,775.80 8,441.37 1,680.11 10,121.48 1,666.04 991,170.02 42,441.84 8,455.44 1,666.04 10,121.48 1,651.95 982,700.49 44,093.79 8,469.53 1,651.95 10,121.48 1,637.83 974,216.85 45,731.63 8,483.65 1,637.83 10,121.48 1,623.69 965,719.06 47,355.32 8,497.79 1,623.69 10,121.48 1,609.53 957,207.11 48,964.85 8,511.95 1,609.53 10,121.48 1,595.35 948,680.98 50,560.20 8,526.13 1,595.35 10,121.48 1,581.13 940,140.63 52,141.33 8,540.34 1,581.14 10,121.48 1,566.90 931,586.06 53,708.24 8,554.58 1,566.90 10,121.48 1,552.64 923,017.22 55,260.88 8,568.84 1,552.64 10,121.48 1,538.36 914,434.10 56,799.24 8,583.12 1,538.36 10,121.48 1,524.06 905,836.68 58,323.30 8,597.42 1,524.06 10,121.48 1,509.73 897,224.93 59,833.03 8,611.75 1,509.73 10,121.48 1,495.37 888,598.82 61,328.40 8,626.11 1,495.37 10,121.48 1,481.00 879,958.34 62,809.40 8,640.48 1,481.00 10,121.48 1,466.60 871,303.46 64,276.00 8,654.88 1,466.60 10,121.48 1,452.17 862,634.15 65,728.17 8,669.31 1,452.17 10,121.48 1,437.72 853,950.39 67,165.89 8,683.76 1,437.72 10,121.48 1,423.25 845,252.16 68,589.14 8,698.23 1,423.25 10,121.48 1,408.75 836,539.44 69,997.90 8,712.73 1,408.75 10,121.48 1,394.23 827,812.19 71,392.13 8,727.25 1,394.23 10,121.48 1,379.69 819,070.40 72,771.82 8,741.79 1,379.69 10,121.48 1,365.12 810,314.03 74,136.93 8,756.36 1,365.12 10,121.48 1,350.52 801,543.08 75,487.46 8,770.96 1,350.52 10,121.48 1,335.91 792,757.50 76,823.36 8,785.57 1,335.91 10,121.48 1,321.26 783,957.28 78,144.62 8,800.22 1,321.26 10,121.48 1,306.60 775,142.40 79,451.22 8,814.88 1,306.60 10,121.48 1,291.90 766,312.82 80,743.12 8,829.58 1,291.90 10,121.48 1,277.19 757,468.53 82,020.31 8,844.29 1,277.19 10,121.48 1,262.45 748,609.50 83,282.76 8,859.03 1,262.45 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_ 1,23_2_.89 1 _ 7_30,847.11_ _85,763.33_ _ _ _8, 888.59_ _ _1,2_32.89 _ 1/1/2017 730,847.11 10,121.48 1,218 08 721,943.71 86,981.41 8,903.40 ,218.08 2/1/2017 721,943.71 3/1/2017 713,025.47 4/1/2017 704,092.37 5/1/2017 695,144.38 6/1/2017 686,181.47 7/1/2017 677,203.63 8/1/2017 668,210.82 9/1/2017 659,203.02 10/1/2017 650,180.21 11/1/2017 641,142.37 12/1/2017 632,089.46 10,121.48 1,203.24 713,025.47 88,184.65 8,918.24 1,203.24 10,121.48 1,188.38 704,092.37 89,373.03 8,933.10 1,188.38 10,121.48 1,173.49 695,144.38 90,546.52 8,947.99 1,173.49 10,121.48 1,158.57 686,181.47 91,705.09 8,962.91 1,158.57 10,121.48 1,143.64 677,203.63 92,848.73 8,977.84 1,143.64 10,121.48 1,128.67 668,210.82 93,977.40 8,992.81 1,128.67 10,121.48 1,113.68 659,203.02 95,091.08 9,007.80 1,113.68 10,121.48 1,098.67 650,180.21 96,189.75 9,022.81 1,098.67 10,121.48 1,083.63 641,142.37 97,273.39 9,037.85 1,083.63 10,121.48 1,068.57 632,089.46 98,341.96 9,052.91 1,068.57 10,121.48 1,053.48 623,021.46 99,395.44 9,068.00 1,053.48 Prior urrent 27 MPD Capital Loan PAYMENT BEGINNING DUE DATE BALANCE 2/1/2013 6/1/2013 1,000,000.00 12/1/2013 949,268.33 6/1/2014 901,009.43 12/1/2014 852,328.26 6/1/2015 803,221.13 12/1/2015 753,684.31 6/1/2016 703,714.05 12/1/2016 657,176.98 Capital Loan to MPD Repayment Schedule PRINCIPAL INTEREST PAYMENT RATE INTEREST PAYMENT ENDING Amount loaned to the MPD (50,731.67) 0.02 (48,258.90) 0.02 (48,681.17) 0.02 (49,107.13) 0.02 (49,536.82) 0.02 (49,970.26) 0.02 (46,537.07) 0.03 (47,200.23) 0.03 6/1/2017 609,976.75 (47,872.83) 0.03 12/1/2017 562,103.92 (48,555.02) 0.03 6/1/2018 513,548.90 (49,246.93) 0.03 12/1/2018 464,301.97 (49,948.70) 0.03 6/1/2019 414,353.27 (48,277.93) 0.04 12/1/2019 366,075.34 (49,243.49) 0.04 6/1/2020 316,831.85 (50,228.36) 0.04 12/1/2020 266,603.49 (51,232.93) 0.04 6/1/2021 215,370.56 (52,257.59) 0.04 12/1/2021 163,112.97 (53,302.74) 0.04 6/1/2022 109,810.23 (54,368.80) 0.04 12/1/2022 55,441.43 (55,441.43) 0.04 28 (5,833.33) (8,306.10) (7,883.83) (7,457.87) (7,028.18) (6,594.74) (10,027.93) (9,364.77) (8,692.17) _ (8,009.98) (7,318.07) (6,616.30) (8,287.07) (7,321.51) (6,336.64) (5,332.07) (4,307.41) (3,262.26) (2,196.20) (1,108.83) (131,285.26) 1,000,000.00 949,268.33 901,009.43 852,328.26 803,221.13 753,684.31 703,714.05 657,176.98 609,976.75 _ 562,103.92 513,548.90 464,301.97 414,353.27 366, 075.34 316,831.85 266,603.49 215,370.56 163,112.97 109,810.23 55,441.43 0.00 Prior Current