HomeMy WebLinkAboutFIN 2017-09-19 Item 2A - Report - 2017 2nd Quarter Investment ReportCity of Tukwila
INFORMATIONAL MEMORANDUM
TO: Mayor Ekberg
Finance and Safety Committee
FROM: Peggy McCarthy, Finance Director
BY: Vicky Carlsen, Deputy Finance Director
DATE: September 13, 2017
SUBJECT: Second Quarter 2017 Cash & Investment Report
ISSUE
Allan Ekberg, Mayor
The second 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 June 30, 2017, the portfolio totaled $96.708 million comprised of $82.504 million in cash
and cash equivalents and $14.205 million in longer term investments. The portfolio balance
increased by $3.442 million from a March 31, 2017 balance of $93.332 million. Details on
individual fund activity is provided below in the Fund Cash & Investment Balances section.
In June, our 13 -month Bank of Washington CD, with an interest rate of 0.7% matured. It was
replaced with a 2 -year CD with an interest rate of 1.40%. In June, two bonds were purchased.
A City of Auburn Build America Bond, with a principal amount of $300 thousand and an interest
rate of 1.65% was purchased and placed in the Equipment Rental fund, and a City of Seattle
bond, with a principal amount of $380 thousand and an interest rate of 1.45% was purchased and
was also placed in the Equipment Rental fund. No agencies or bonds matured or were called
during the second 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 June 30, 2017, was 0.78%. Considering the portfolio's
weighted average maturity was 0.4 years, and the yields on the cash & cash equivalent accounts
was 0.72%, the portfolio yield of 0.78% is still favorable. The total yield has been sustained by
the 4.13% average yield on the municipal bond investments, the 1.49% average yield on the
agencies, the 1.40% yield on the certificate of deposits
Investment income received through the end of June 2017 for all investments is $207,877 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.
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INFORMATIONAL MEMO
Page 2
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 operating loan through June 2017 is $7,085. The capital loan is being repaid semi-
annually and will be paid in full by December 2022. Interest accrued through June 2017 is $8,578.
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 2nd 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 $95.055 million, which is $42.123 million higher
than second quarter 2016. The significant increase is directly attributable to $36.5 million bond
fund received in December 2016 for the public safety plan.
The general fund total cash and investment balance is $10.780 million, which is $1.865 million
higher than June of 2016. Transfers of $2.2 million from the general fund into capital projects
funds for first and second quarters 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. The funds were received
in 2016 and have not been spent.
Debt service funds reflect a total net increase in cash and investments of $756 thousand. Excess
property tax revenue associated with the voter approved bonds are received each month and
placed in fund 213 until debt service is due. Debt service payments occur twice a year with
interest paid in June and interest plus principal paid in December.
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 $79 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. The golf course cash and
investment balance is $183 thousand lower than second quarter 2016. The golf course
experienced significant rain through the spring, which impacted revenue.
Investment Environment
The U.S. economy continues to expand with strong growth in employment. However, there is
uncertainty with China. Interest rates were hiked in March and again in June with one additional
rate hike planned for later in the year. However, economic disruptions caused by back-to-back
hurricanes may cause a delay in the next interest rate hike into 2018.
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.
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INFORMATIONAL MEMO
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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
3
4
Agency / Issuer
CITY OF TUKWILA
CASH & INVESTMENT REPORT
June 30, 2017
(a) (c) (d)
Rating Purchase Maturity Term Par Book Yield to Annualized
Moodys Investment Type Date Date Yrs Value Balance Maturity Retum
CASH & CASH EQUIVALENTS
US Bank Depository Various (b) $25,060,880 $25,060,880 (e) $ 38,983 (e)
0.45%
Washington State Treasurer LGIP Investment Pool Various ib) 18,107,164 18,107,164 (f) 0.99% 105,406 (b)
Opus Bank Public Interest Various (al 25,060,017 25,060,017 1.00% 60,017 (f)
Checking -
Columbia Bank Money market Various Ib) 14,275,620 14,275,620 0.98 % 56,311 (f)
Total Cash & Cash Equivalents
82,503,681 82,503,681 0.72% 260,717
INVESTMENTS
Certificates of Deposit
Bank of Washington
Sound Community Bank
Certificate of Deposit 6/2/2017 6/2/2019 2.0 250,000 250,000 1.40% 1,010 (g)
Certificate of Deposit 3/4/2017 3/4/2019 2.0 3.000,000 3,219,954 1.40% 18,051 (g)
CERTIFICATES OF DEPOSIT -- TOTAL 2.0 3,250,000
3,469,954 1.40% 19,061
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 MATURED 0 0.00% 7,500
3134G6R70
Federal Home Loan Mtg Corp US agency 5/25/2016 5/25/2018 2.0 1,000,000 1,001,227 0.82% 10,000
3134G9HC4
FHLB US agency 12/27/2016 12/27/2019 3.0 1,000,000 1,000,000 1.70% In 17,000
3133EG2M6
Federal Farm Credit Bank US agency 1/19/2016 12/21/2018 2.9 1,000,000 1,001,073 1.38% In 13,750
3133EFSW8
TOTAL AGENCIES
1.9 7,000,000 7,002,301 1.49% 104,150
Taxable Municipal Bonds
City of Marysville, sinking Aa3 LTGO Refunding 11/23/2010 12/1/2017 5.5 150,000 159,190 3.37% 4,076
2014-2017, ave 5.5 years
Skagit County BAB Aa3 1/12/2016 12/1/2017 0.4 365,000 370,449 2.85% 10,403
UW Biomedical Center Aal Revenue Bonds 12/14/2010 7/1/2017 6.6 500,000 501,829 4.05% 12,203
UW Biomedical Center Aal Revenue Bonds 12/14/2010 7/1/2019 8.6 500,000 500,517 4.70% 29,000
Douglas County, ESD, sinking Aal UTGO 12/23/2010 12/1/2020 8.9 1,135,000 1,142,290 4.55% 54,480
2018-2020, ave 9 yrs
Port of Anacortes Al LTGO 12/17/2010 9/1/2020 9.7 340,000 334,969 5.00% 15,256
City of Aubum BABs BABs 6/14/2017 12/1/2019 2.5 300,000 320,520 1.65% 13,485
City of Seattle Taxable Refunding 6/14/2017 11/1/2019 2.4 380,000 402,587 1.45% 15,200
TOTAL MUNICIPAL BONDS
6.4 3,670,000 3,732,351 4.13% 154,101
Total Investments
3.0 13,920,000 14,204,606 1.10% 277,312
Interest eamed from matured/called investments
TOTAL CASH, CASH EQUIVALENTS & INVESTMENTS 0.4 $ 96,423,681 $ 96,708,286 1 0.78 % 1 $ 538,029
(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.
the annualized retum above the current CD rates.
the annualized return above the current CD rates.
(h) Annualized Retum represents actual earnings through current reporting period
Current Portfolio�ield
Percent of Cash & Investment Portfolio
Money
Market Agencies
15% 7% Municipal
CDs - Bonds
Opus
26%
LGIP
19%
Cash
26%
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CITY OF TUKWILA
Policy Compliance & Liquidity Analysis
CASH & INVESTMENT REPORT
June 30, 2017
Liquidity Analysis & Maturity Diversification
As of Report Date
Available Available Available in
Portfolio Within 1 Year Within 5 5 - 10 Years
Amount Years
Funds immediately available $ 82,503,681 $ 82,503,681 $ 82,503,681
Fixed Maturity Investments, maturing in:
0-90 days after Report Date 2,501,829
91-180 days after Report Date 529.639
181-270 days after Report Date -
271-360 days after Report Date 1,001,227
Investments maturing in 1 year or less 4,032,695 4,032,695 4,032,695
Investments maturing in 1-3 years 8,694,651 8,694,651
Investments maturing in 3-5 years 1,477,259 1,477,259
Investments maturing in 5-7 years -
Investments maturing in 7-10 years
Investments maturing in more than 1 year
and less than 10 years. 10,171,911
TOTALS $ 96,708,286 $ 86,536,376 $ 96,708,286 $
89% 100%
0%
Liquidity Requirements and Funds Available for Investing:
Funds immediately available $ 82,503,681
Restrictions & designations:
Operating liquidity (a) 14,000,000
Liquidity threshold 14,000,000
Funds available for longer term investing $ 68,503,681
(a)
Represents largest one month decline in portfolio balance over the most recent 36 month period doubled; or the
equivalent of a 100% cushion.
Portfolio POLICY Policy
Financial Institution Diversification Amount % of Total MAXIMUM Met?
US Bank $ 25,060,880 25.9% 50.0% Yes
Washington State Treasurer 18,107,164 18.7% 75.0% Yes
Opus Bank 25,060,017 25.9% 50.0% Yes
Bank of Washington 250,000 0.3% 50.0% Yes
Columbia Bank 14,275,620 14.8% 50.0% Yes
Sound Community Bank 3,219,954 3.3% 50.0% Yes
Other financial institutions 10,734,651 11.1% 50.0% Yes
Total $ 96,708,286 100.0%
Portfolio POLICY Policy
Investment Mix Amount % of Total MAXIMUM Met?
Depository 25,060,880 25.9% insured by PDPC Yes
State Investment Pool 18,107,164 18.7% 75.0% Yes
Money market 39,335,637 40.7% insured by PDPC Yes
Certificate of Deposit 3,469,954 3.6% insured by PDPC Yes
US Agency 7,002,301 7.2% 75.0% Yes
Municipal Bonds 3,732,351 3.9% no limit specified in policy Yes
Total 96,708,286 100.0%
Weighted Average Maturites:
Certificates of deposit
Municipal bonds
Total Investments
Total Portfolio
POLICY MAXIMUM
Policy Met?
Years
2.0
6.4
3.0
0.4
3.5
Yes
Note: Cash and cash equivalents are available within one day and are factored
into the Total Portfolio weighted average maturity.
6
Performance Analysis
Current portfolio yield 0.78%
Benchmarks:
6 month treasury 1.14%
2 year treasury 1.38%
Local Govt Invst Pool (f) 0.99%
CITY OF TUKWILA
Cash & Investment Balances By Fund and Fund Group
CASH & INVESTMENT REPORT
June 30, 2017
Fund Grou.
Balances
6/30/17
General
General Total
Special Revenue
000 GENERAL
Special Revenue Total
Debt Service
Debt Service Total
Capital Project
101 HOTEL/MOTEL TAX
105 CONTINGENCY
107 FIRE EQUIP. CUM. RESERVE
109 DRUG SEIZURE FUND
10,780,496
10,780,496
1,049,773
6,066,203
200 DEBT SERVICE
206 L.I. GUARANTEE
208 LIMITED TAX G.O. BONDS 2000
209 LIMITED TAX G.O. BONDS 2003
210 LIMITED TAX G.O. REFUNDING 2003
211 LIMITED TAX G.O. REFUNDING 2008
212 LTGO SCORE BONDS
213 UNLIMITED TAX G.O. BONDS 2016
214 LTGO 2010 SERIES A
215 LTGO 2010 SERIES B
216 VALLEY COM REFUNDING BONDS 2010
217 LIMITED TAX GO BONDS REFUNDING
218 LTGO 2013
233 LID #33
Capital Project Total
Enterprise
Enterprise Total
Internal Service
103 STREET
104 ARTERIAL STREET
301 LAND ACQ, REC & PARK DEVLPMNT
302 FACILITY REPLACEMENT
303 GENERAL GOVERNMNT IMPROVEMENTS
304 FIRE IMPACT FEES
305 PUBLIC SAFETY PLAN -VOTED DEBT
306 CITY FACILITIES
400 UTILITY ON ACCT (overpayments)
401 WATER
402 SEWER
404 WATER/SEWER REVENUE BONDS
405 BOND RESERVE
411 FOSTER GOLF COURSE
412 SURFACE WATER
461,923
7,577,899
545,452
669,152
195
340,416
2
713,189
234,312
794
218,039
36,831
2,758,382
481,977
4,268,716
3,379,956
410,499
301,481
962,688
36,462,547
(79,210)
46,188,655
20,402
5,853,362
7,592,668
Internal Service Total
Grand Total
501 EQUIPMENT RENTAL
502 INSURANCE
503 INSURANCE - LEOFF I
604,660
4,163,760
18,234,852
5,113,963
3,380,608
1,020,548
9,515,118
95,055,403
Balances Balances
6/30116 6/30/15
Balances Balances
6/30/14 6/30/13
$ 8,915,911
8,915,911
797,137
5,602,503
20,265
$ 8,211,831
8,211,831
378,109
5,777,260
48,952
6,419,905 6,204,321
447,966
669,149
1
195
327,916
2
231,339
794
210,539
114,349
208,614
669,147
195
315,416
2
192,676
115,194
203,039
120,971
2,002,250 1,825,256
704,929
5,380,807
2,421,570
829,711
378,110
613,058
1,022,252
7,338,446
1,565,474
1,432,223
453,915
520,962
10,328,186
33,541
5,928,220
6,631,035
788,121
2,396,149
12,333,271
17,544
5,007,023
5,386,807
785,170
1,399,569
$ 6,987,822 $ 4,149,258
6,987,822 4,149,258
495,322 660,126
5,763,258 1,461,857
945,694
68,308 146,312
6,326,889 3,213,989
669,147
1
244,320
406,416
291,688
296,039
106,434
274,214
81,316
3,020,451
247
218
1,390
108,557
4,612
12,954
2,369,574 3,148,430
1,450,893
1,582,095
1,236,430
1,904,720
570,592
454,321
1,051,963
911,325
1,099,701
2,088,543
637,101
402,514
7,199,051 6,191,148
22,106 27,857
5,376,215 5,655,077
3,335,265 2,316,037
622,681 458,643
2,361,899 2,985,279
15,777,068 12,596,113 11,718,166 11,442,893
5,321,862
3,183,595
984,062
4,627,495
4,418,574
856,012
9,489,519 9,902,081
4,650,880 4,474,197
5,238,745 6,239,565
735,138 1,666,674
10,624,763 12,380,436
52,932,838 51,072,873 45,226,266 40,526,154
Funds not included in the Grand Total are the fiduciary funds. However, these balances ($1,652,883) are included in the investment balances.
7
CITY OF TUKWILA
Treasury Rates and Yield Curves
CASH & INVESTMENT REPORT
June 30, 2017
Rates at June 30, 2017
Term
Closing
Yield
6/30/2017
3mo
1.03%
6mo
1.14%
1Yr
1.24%
2Yr 1.38%
3Yr 1.55%
5Yr 1.89%
10Yr 2.31%
30Yr
2.84%
Source: US Department of the Treasury
Rate %
Change Change
0.77% 75%
0.78% 68%
0.79% 64% 1 Yr
0.80% 58%
0.84% 54% 3Yr 0.71%
0.88% 47%
0.82% 35% 10Yr 1.49%
0.54% 19%
Rates at June 30, 2016
Term
Closing
Yield
6/30/2016
3mo
0.26%
6mo
0.36%
0.45%
2Yr 0.58%
5Yr 1.01%
30Yr 2.30%
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
Comparison of Treasury Rates
3mo 6mo 1yr 2yr 3yr 5yr 10 yr 30 yr
16/30/2017
-4F-6/30/2016
8
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 $ - $ 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 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 1,033,306.76 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
12/1/2015 845,252.16 10,121.48 1,408.75 836,539.44 69,997.90 8,712.73 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 1,247.68
_12/1/2016__739,735.70 10_121.48__ 1,23_2_.89___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 1,218.08
2/1/2017 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 urrent
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
9
MPD Capital Loan
PAYMENT BEGINNING
DUE DATE BALANCE
Capital Loan to MPD Repayment Schedule
PRINCIPAL
PAYMENT
INTEREST INTEREST
RATE PAYMENT ENDING
2/1/2013 Amount loaned to the MPD
6/1/2013 1,000,000.00 (50,731.67) 0.02
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 (49,970.26)
6/1/2016 703,714.05 (46,537.07)
(48,258.90) 0.02
(48,681.17) 0.02
(49,107.13) 0.02
(49,536.82) 0.02
0.02
0.03
1_ 2/1 /2016_ 657,176.98
6/1/2017 609,976.75
12/1/2017
6/1/2018
12/1/2018
6/1/2019
12/1/2019
6/1/2020
12/1/2020
6/1/2021
12/1/2021
6/1/2022
12/1/2022
10
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
1, 000, 000.00
(5,833.33) 949,268.33
(8,306.10) 901,009.43
(7,883.83)
(7,457.87)
(7,028.18)
(6,594.74)
(10,027.93)
852, 328.26
803,221.13
753,684.31
703,714.05
657,176.98
_ _(47,200.23) _ _ _ _0.03_ _ _ (9,362.77)_ _ 6c2,976.75 _
(47,872.83) 0.03 (8,692.17) 562,103.92
(48,555.02) 0.03
(49,246.93) 0.03
(49,948.70)
(48,277.93)
(49,243.49)
(50,228.36)
(51,232.93)
(52,257.59)
(53,302.74)
(54, 368.80)
(55,441.43)
0.03
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
(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)
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