Rolling Oaks
Community Development District

Adopted Budget
FY2024

Table of Contents

1-2	General Fund	

3-6	

General Fund Narrative	

7	

Series 2016 Debt Service Fund	

8	

Series 2016 Amortization Schedule	

9	

Series 2018 Debt Service Fund	

10	

Series 2018 Amortization Schedule	

11	

Series 2022 Debt Service Fund	

12 - 13	

Series 2022 Amortization Schedule	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2023	6/30/23	3 Months	9/30/23	FY2024	

Revenues						
Assessments	$539,586	$513,642	$25,944	$539,586	$813,131	
Developer Contributions	$45,457	$59,750	$3,185	$62,934	$0	
Total Revenues	$ 585,044	$	573,392	$	29,129	$	602,521	$	813,131	

Expenditures						
Administrative
Supervisor Fees	
$12,000	
$5,000	
$3,000	
$8,000	
$12,000	
FICA Expense	$918	$383	$230	$612	$918	
Engineering	$10,000	$700	$2,700	$3,400	$10,000	
Attorney	$15,000	$3,375	$1,125	$4,501	$15,000	
Arbitrage	$1,350	$900	$450	$1,350	$1,350	
Dissemination	$8,000	$5,833	$2,000	$7,833	$8,000	
Assessment Administration	$10,000	$10,000	$0	$10,000	$10,000	
Annual Audit	$3,675	$0	$3,675	$3,675	$5,000	
Trustee Fees	$11,041	$7,000	$4,041	$11,041	$11,041	
Management Fees	$37,853	$28,390	$9,463	$37,853	$40,124	
Information Technology	$1,000	$750	$250	$1,000	$1,250	
Website Maintenance	$594	$446	$148	$594	$743	
Telephone	$100	$0	$50	$50	$100	
Postage	$800	$231	$240	$471	$800	
Insurance	$7,686	$6,885	$0	$6,885	$7,918	
Printing & Binding	$800	$129	$165	$294	$800	
Legal Advertising	$2,000	$250	$1,750	$2,000	$2,000	
Other Current Charges	$2,000	$363	$121	$485	$2,000	
Office Supplies	$130	$3	$50	$53	$130	
Property Appraiser Fee	$300	$347	$0	$347	$350	
Property Taxes	$80	$10	$0	$10	$80	
Meeting Room	$1,674	$284	$425	$709	$1,701	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	
 Administrative Expenditures	$ 127,176	$	71,454	$	29,883	$	101,337	$	131,480	

Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2023	6/30/23	3 Months	9/30/23	FY2024	

Field Operations						
Property Insurance	$8,718	$7,889	$0	$7,889	$15,384	
Electric	$9,689	$8,517	$2,839	$11,357	$16,614	
Streetlights	$112,151	$79,127	$26,850	$105,977	$183,496	
Utilities- Water& Sewer	$85,000	$91,697	$33,136	$124,833	$172,192	
Landscape Maintenance	$113,400	$143,505	$28,350	$171,855	$173,088	
Landscape Enhancements	$50,000	$0	$0	$0	$50,000	
Landscape Irrigation	$6,500	$2,282	$1,902	$4,184	$6,500	
Lawn Mowing/Trimming	$27,720	$12,600	$8,800	$21,400	$12,000	
Lake Maintenance	$37,321	$33,621	$13,869	$47,490	$45,007	
Contingency	$7,370	$3,700	$2,500	$6,200	$7,370	
 Field Operations Expenditures	$ 457,868	$	382,938	$	118,246	$	501,184	$	681,652	
						
Total Expenditures	$ 585,044	$	454,392	$	148,129	$	602,521	$	813,131	
						
Excess Revenues/(Expenditures)	$	-	$	119,000	$	(119,000)	$	-	$	-	

FY2024	
				Net Assessments	$813,131	
Add: Discounts & Collections 		$51,902	 Gross Assessments 	$865,033	

Product	
ERU's	Assessable Units	
ERU/Unit	
Net Assessment  Net Per Unit	
Gross Per Unit	
Single Family	663.00	663	1.00	$397,864.32	$600.10	$638.40	
Condo	516.00	645	0.80	$309,650.06	$480.08	$510.72	
Apartment	176.00	352	0.50	$105,617.07	$300.05	$319.20	
	1355.00	1660		$813,131.45		

Product	FY2024 Gross Per Unit	FY2023 Gross Per Unit	
Increase			
Single Family	$638.40	$	532.00	$	106.40		
Condo	$510.72	$	425.60	$	85.12		
Apartment	$319.20	$	266.00	$	53.20		

Community Development District
General Fund Budget

REVENUES:

Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the fiscal year.

EXPENDITURES:

Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to received $200 per meeting, not to exceed $4,800 per year paid to each Supervisor for the time devoted to District business and meetings.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from the Board of Supervisor checks.

Engineering

The District's engineer provides general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review of invoices and requisitions, preparation and review of contract specifications and bid documents, and various projects assigned as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel provides general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2016, Series 2018, and Series 2022 Special Assessment Revenue Bonds.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues.

Assessment Administration

The District has contracted with Governmental Management Services-CF, LLC to levy and administer the collection of non- ad valorem assessment on all assessable property within the District.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Trustee Fees

The District will pay annual trustee fees for the Series 2016, Series 2018, and Series 2022 Special Assessment Revenue

Management Fees

The District has contracted with Governmental Management Services-Central Florida, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but not limited to, recording and transcription of board meetings, budget preparation, all financial reporting, annual audit, etc.

Information Technology

Represents costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc

Website Maintenance

Represents costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc.

Telephone

Telephone and fax machine.

Postage

The District incurs charges for mailing of agenda packages, overnight deliveries, checks for vendors and other required correspondence.

Insurance

The District’s general liability and public officials liability insurance coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Printing & Binding

Materials used for board meetings, printing of computerized checks, stationary, envelopes etc.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings, etc in a newspaper of general circulation.

Other Current Charges

Represents any miscellaneous expenses incurred during the fiscal year such as bank fees, deposit slips, stop payments, etc.

Office Supplies

The District incurs charges for office supplies that need to be purchased during the fiscal year.

Property Appraiser

Represents a fee charged by Osceola County Property Appraiser’s office for assessment administration services.

Property Taxes

Represents a fee charged by the Osceola County Tax Collector’s Office for all assessable property within the District.

Meeting Room

Represents the fee charged by Margaritaville Resort Orlando for room rental.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Field Operations:

Property Insurance

The District’s property insurance coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Electric

Represents estimated costs for electrical accounts with Duke Energy for entrance lighting, irrigation meters and other District areas.

Streetlights

Represents the cost to maintain street lights within the District Boundaries that are expected to be in place throughout the fiscal year.

Utilities – Water & Sewer

Represents estimated costs for water & sewer services with Toho Water Authority.

Landscape Maintenance

The District will incur monthly landscape expenses, which include mowing, edging, and string-trimming from Creative Landscaping.

Description	Monthly

Landscape Maintenance	$	12,924.00

Fertilization	Quarterly
$	9,000.00

Total	Annually

$ 155,088.00

$	18,000.00	
	$ 173,088.00	

Landscape Enhancements

Represents estimated costs for landscape enhancements from Creative North Landscaping.

Landscape Irrigation

Represents estimated costs for any miscellaneous landscape irrigation repairs needed for the District from Creative Landscaping.

Lawn Mowing/Trimming

This represents the mowing of the Pond #4 banks. The District has contracted Lawnmasters Landscaping Of Orlando Inc.

Lake Maintenance

Solitude Lake Management Services will provide monthly aquatic management services for inspection and treatment of lakes throughout the District.

Description	Monthly
Maintenance	$	2,069.54
Midge Treatment	$	1,154.19

Quarterly
Lake Assessment	$	1,260.80

Semiannually
Aeration Maintenance	$	639.57

Total	Annually
$	24,834.45
$	13,850.30

$	5,043.21

$	1,279.14	
	$	45,007.10	

Contingency

Represents any additional field expense that may not have been provided for in the budget.

Adopted Budget Debt Service Fund Series 2016

	Adopted Budget	Actuals Thru	Projected Next	Total Thru	Adopted Budget	
Description	FY2023	6/30/23	3 Months	9/30/23	FY2024	

Revenues						
Assessments - Tax Roll	$1,125,001	$1,138,780	$0	$1,138,780	$1,125,001	
Interest	$500	$54,112	$18,037	$72,149	$500	
Carry Forward Surplus	$810,612	$832,783	$0	$832,783	$921,703	
Total Revenues	$ 1,936,113	$ 2,025,675	$	18,037	$ 2,043,713	$ 2,047,205	

Expenditures						
Interest - 11/01	$429,116	$429,116	$0	$429,116	$	423,153	
Principal - 11/01	$265,000	$265,000	$0	$265,000	$	275,000	
Interest - 05/01	$423,153	$423,153	$0	$423,153	$	415,934	
Total Expenditures	$ 1,117,269	$ 1,117,269	$	-	$ 1,117,269	$ 1,114,088	

Other Financing Sources/(Uses)						
Transfer In(Out)	$0	($4,740)	$0	($4,740)	$0	
Total Other Financing Sources/(Uses)	$	-	$	(4,740)	$	-	$	(4,740)	$	-	
						
Excess Revenues/(Expenditures)	$	818,844	$	903,666	$	18,037	$	921,703	$	933,117	

Principal 11/1 $	290,000
Interest 11/1  $	415,934 
Total	 $	705,934 

Single Family
Less: Discount/Collection (6%)

500	$

2,393.62	$ 1,196,810.00

$

(71,808.60)

Net Annual Assessment	$	1,125,001

Unit Type	Units	Gross Per Unit	Total

Rolling Oaks Community Development District Series 2016 Special Assessment Bonds
Amortization Schedule

Date	Balance	Prinicpal	Interest	Total

11/01/23	$	14,430,000.00	$	275	
05/01/24	$	14,155,000.00	$	
11/01/24	$	14,155,000.00	$	290	
05/01/25	$	13,865,000.00	$	
11/01/25	$	13,865,000.00	$	305	
05/01/26	$	13,560,000.00	$	
11/01/26	$	13,560,000.00	$	320	
05/01/27	$	13,240,000.00	$	
11/01/27	$	13,240,000.00	$	340	
05/01/28	$	12,900,000.00	$	
11/01/28	$	12,900,000.00	$	355	
05/01/29	$	12,545,000.00	$	
11/01/29	$	12,545,000.00	$	375	
05/01/30	$	12,170,000.00	$	
11/01/30	$	12,170,000.00	$	395	
05/01/31	$	11,775,000.00	$	
11/01/31	$	11,775,000.00	$	420	
05/01/32	$	11,355,000.00	$	
11/01/32	$	11,355,000.00	$	445	
05/01/33	$	10,910,000.00	$	
11/01/33	$	10,910,000.00	$	470	
05/01/34	$	10,440,000.00	$	
11/01/34	$	10,440,000.00	$	500	
05/01/35	$	9,940,000.00	$	
11/01/35	$	9,940,000.00	$	530	
05/01/36	$	9,410,000.00	$	
11/01/36	$	9,410,000.00	$	560	
05/01/37	$	8,850,000.00	$	
11/01/37	$	8,850,000.00	$	590	
05/01/38	$	8,260,000.00	$	
11/01/38	$	8,260,000.00	$	625	
05/01/39	$	7,635,000.00	$	
11/01/39	$	7,635,000.00	$	665	
05/01/40	$	6,970,000.00	$	
11/01/40	$	6,970,000.00	$	705	
05/01/41	$	6,265,000.00	$	
11/01/41	$	6,265,000.00	$	745	
05/01/42	$	5,520,000.00	$	
11/01/42	$	5,520,000.00	$	790	
05/01/43	$	4,730,000.00	$	
11/01/43	$	4,730,000.00	$	840	
05/01/44	$	3,890,000.00	$	
11/01/44	$	3,890,000.00	$	890	
05/01/45	$	3,000,000.00	$	
11/01/45	$	3,000,000.00	$	940	
05/01/46	$	2,060,000.00	$	
11/01/46	$	2,060,000.00	$	1,000	
05/01/47	$	1,060,000.00	$	
11/01/47	$	1,060,000.00	$	1,060	

$	423,153.13	$	1,121,306.25	
$	415,934.38		
$	415,934.38	$	1,121,868.75	
$	408,321.88		
$	408,321.88	$	1,121,643.75	
$	400,315.63		
$	400,315.63	$	1,120,631.25	
$	391,915.63		
$	391,915.63	$	1,123,831.25	
$	382,990.63		
$	382,990.63	$	1,120,981.25	
$	373,671.88		
$	373,671.88	$	1,122,343.75	
$	362,656.25		
$	362,656.25	$	1,120,312.50	
$	351,053.13		
$	351,053.13	$	1,122,106.25	
$	338,715.63		
$	338,715.63	$	1,122,431.25	
$	325,643.75		
$	325,643.75	$	1,121,287.50	
$	311,837.50		
$	311,837.50	$	1,123,675.00	
$	297,150.00		
$	297,150.00	$	1,124,300.00	
$	281,581.25		
$	281,581.25	$	1,123,162.50	
$	265,131.25		
$	265,131.25	$	1,120,262.50	
$	247,800.00		
$	247,800.00	$	1,120,600.00	
$	229,050.00		
$	229,050.00	$	1,123,100.00	
$	209,100.00		
$	209,100.00	$	1,123,200.00	
$	187,950.00		
$	187,950.00	$	1,120,900.00	
$	165,600.00		
$	165,600.00	$	1,121,200.00	
$	141,900.00		
$	141,900.00	$	1,123,800.00	
$	116,700.00		
$	116,700.00	$	1,123,400.00	
$	90,000.00		
$	90,000.00	$	1,120,000.00	
$	61,800.00		
$	61,800.00	$	1,123,600.00	
$	31,800.00		
$	31,800.00	$	1,123,600.00	

,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00

$	14,430,000.00	$	13,200,390.63	$	28,053,543.75

Rolling Oaks
Community Development District Adopted Budget
Debt Service Fund Series 2018

	Adopted Budget	Actuals Thru	Projected Next	Total Thru	Adopted Budget	
Description	FY2023	6/30/23	3 Months	9/30/23	FY2024	

Revenues						
Assessments	$899,947	$671,140	$228,807	$899,947	$899,947	
Interest	$500	$35,420	$17,710	$53,130	$500	
Carry Forward Surplus	$601,733	$606,679	$0	$606,679	$661,541	
Total Revenues	$ 1,502,180	$ 1,313,239	$	246,517	$ 1,559,756	$ 1,561,988	

Expenditures						
Interest - 11/01	$342,063	$342,063	$0	$342,063	$	337,359	
Principal - 11/01	$215,000	$215,000	$0	$215,000	$	225,000	
Interest - 05/01	$337,359	$337,359	$0	$337,359	$	332,438	
Total Expenditures	$	894,422	$	894,422	$	-	$	894,422	$	894,797	

Other Financing Sources/(Uses)						
Transfer In(Out)	$0	($3,793)	$0	($3,793)	$0	
Total Other Financing Sources/(Uses)	$	-	$	(3,793)	$	-	$	(3,793)	$	-	
						
Excess Revenues/(Expenditures)	$	607,758	$	415,024	$	246,517	$	661,541	$	667,192	

Principal 11/1 $	230,000
Interest 11/1  $	332,438 
Total	$	562,438

Unit Type	Units	Gross Per Unit	Total	
Single Family		163	$	2,393.62	$	390,159.65	
Condo		300	$	1,890.77	$	567,231.00	
Less: Discount/Collection (6%)			$	(57,443.44)	
Net Annual Assessment			$	899,947	

Rolling Oaks Community Development District Series 2018 Special Assessment Bonds
Amortization Schedule

Date	Balance	Prinicpal	Interest	Total

11/01/23	$	12,545,000.00	$	225	
05/01/24	$	12,320,000.00	$	
11/01/24	$	12,320,000.00	$	230	
05/01/25	$	12,090,000.00	$	
11/01/25	$	12,090,000.00	$	245	
05/01/26	$	11,845,000.00	$	
11/01/26	$	11,845,000.00	$	255	
05/01/27	$	11,590,000.00	$	
11/01/27	$	11,590,000.00	$	270	
05/01/28	$	11,320,000.00	$	
11/01/28	$	11,320,000.00	$	280	
05/01/29	$	11,040,000.00	$	
11/01/29	$	11,040,000.00	$	295	
05/01/30	$	10,745,000.00	$	
11/01/30	$	10,745,000.00	$	310	
05/01/31	$	10,435,000.00	$	
11/01/31	$	10,435,000.00	$	325	
05/01/32	$	10,110,000.00	$	
11/01/32	$	10,110,000.00	$	345	
05/01/33	$	9,765,000.00	$	
11/01/33	$	9,765,000.00	$	365	
05/01/34	$	9,400,000.00	$	
11/01/34	$	9,400,000.00	$	385	
05/01/35	$	9,015,000.00	$	
11/01/35	$	9,015,000.00	$	405	
05/01/36	$	8,610,000.00	$	
11/01/36	$	8,610,000.00	$	425	
05/01/37	$	8,185,000.00	$	
11/01/37	$	8,185,000.00	$	450	
05/01/38	$	7,735,000.00	$	
11/01/38	$	7,735,000.00	$	475	
05/01/39	$	7,260,000.00	$	
11/01/39	$	7,260,000.00	$	500	
05/01/40	$	6,760,000.00	$	
11/01/40	$	6,760,000.00	$	525	
05/01/41	$	6,235,000.00	$	
11/01/41	$	6,235,000.00	$	555	
05/01/42	$	5,680,000.00	$	
11/01/42	$	5,680,000.00	$	585	
05/01/43	$	5,095,000.00	$	
11/01/43	$	5,095,000.00	$	615	
05/01/44	$	4,480,000.00	$	
11/01/44	$	4,480,000.00	$	650	
05/01/45	$	3,830,000.00	$	
11/01/45	$	3,830,000.00	$	685	
05/01/46	$	3,145,000.00	$	
11/01/46	$	3,145,000.00	$	725	
05/01/47	$	2,420,000.00	$	
11/01/47	$	2,420,000.00	$	765	
05/01/48	$	1,655,000.00	$	
11/01/48	$	1,655,000.00	$	805	
05/01/49	$	850,000.00	$	
11/01/49	$	850,000.00	$	850	

$	337,359.38	$	899,718.75	
$	332,437.50		
$	332,437.50	$	894,875.00	
$	326,831.25		
$	326,831.25	$	898,662.50	
$	320,859.38		
$	320,859.38	$	896,718.75	
$	314,643.75		
$	314,643.75	$	899,287.50	
$	308,062.50		
$	308,062.50	$	896,125.00	
$	301,237.50		
$	301,237.50	$	897,475.00	
$	293,309.38		
$	293,309.38	$	896,618.75	
$	284,978.13		
$	284,978.13	$	894,956.25	
$	276,243.75		
$	276,243.75	$	897,487.50	
$	266,971.88		
$	266,971.88	$	898,943.75	
$	257,162.50		
$	257,162.50	$	899,325.00	
$	246,815.63		
$	246,815.63	$	898,631.25	
$	235,931.25		
$	235,931.25	$	896,862.50	
$	224,509.38		
$	224,509.38	$	899,018.75	
$	212,415.63		
$	212,415.63	$	899,831.25	
$	199,650.00		
$	199,650.00	$	899,300.00	
$	185,900.00		
$	185,900.00	$	896,800.00	
$	171,462.50		
$	171,462.50	$	897,925.00	
$	156,200.00		
$	156,200.00	$	897,400.00	
$	140,112.50		
$	140,112.50	$	895,225.00	
$	123,200.00		
$	123,200.00	$	896,400.00	
$	105,325.00		
$	105,325.00	$	895,650.00	
$	86,487.50		
$	86,487.50	$	897,975.00	
$	66,550.00		
$	66,550.00	$	898,100.00	
$	45,512.50		
$	45,512.50	$	896,025.00	
$	23,375.00		
$	23,375.00	$	896,750.00	

,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00

$	12,545,000.00  $	11,349,728.13  $	24,232,087.50

Rolling Oaks
Community Development District Adopted Budget
Debt Service Fund Series 2022

		Proposed Budget	Actuals Thru	Projected Next	Total Thru	Adopted Budget	
	Description	FY2023	6/30/23	3 Months	9/30/23	FY2024	

Revenues							

Assessments	
$0	
$0	
$0	
$0	
$576,163	
Interest	$34,628	$23,085	$11,543	$34,628	$0	
Carry Forward Surplus	$0	$0	$0	$0	$269,953	
Total Revenues	$	34,628	$	23,085	$	11,543	$	34,628	$	846,116	

Expenditures						
Interest - 11/01	$0	$0	$0	$0	$242,247	
Principal - 11/01	$0	$0	$0	$0	$90,000	
Interest - 05/01	$213,985	$213,985	$0	$213,985	$242,247	
Total Expenditures	$	213,985	$	213,985	$	-	$	213,985	$	574,494	

Other Financing Sources/(Uses)						
Bond Proceeds	$1,032,394	$1,032,394	$0	$1,032,394	$0	
Transfer In(Out)	$0	$4	$0	$4	$0	

Total Other Financing Sources/(Uses)	$ 1,032,394	$ 1,032,398	$	-	
$ 1,032,398	
$	-	
Excess Revenues/(Expenditures)	$	853,037	$	841,498	$	11,543	$	853,041	$	271,622	

Interest 11/1  $	239,716

Unit Type	Units	Gross Per Unit	Total	
Condo		345	$	1,777.64	$	612,939	
Less: Discount/Collection (6%)			$	36,776	
Net Annual Assessment			$	576,163	

DATE	BALANCE	PRINCIPAL	INTEREST	TOTAL

05/01/23	$	7,635,000.00	$	
11/01/23	$	7,635,000.00	$	
05/01/24	$	7,635,000.00	$	90	
11/01/24	$	7,545,000.00	$	
05/01/25	$	7,545,000.00	$	95	
11/01/25	$	7,000,000.00	$	
05/01/26	$	7,000,000.00	$	105	
11/01/26	$	7,000,000.00	$	
05/01/27	$	7,000,000.00	$	110	
11/01/27	$	7,000,000.00	$	
05/01/28	$	7,000,000.00	$	115	
11/01/28	$	7,000,000.00	$	
05/01/29	$	7,000,000.00	$	120	
11/01/29	$	7,000,000.00	$	
05/01/30	$	7,000,000.00	$	130	
11/01/30	$	4,510,000.00	$	
05/01/31	$	4,510,000.00	$	135	
11/01/31	$	4,510,000.00	$	
05/01/32	$	4,510,000.00	$	145	
11/01/32	$	4,510,000.00	$	
05/01/33	$	4,510,000.00	$	155	
11/01/33	$	4,510,000.00	$	
05/01/34	$	4,510,000.00	$	165	
11/01/34	$	4,510,000.00	$	
05/01/35	$	4,510,000.00	$	175	
11/01/35	$	4,510,000.00	$	
05/01/36	$	4,510,000.00	$	185	
11/01/36	$	4,510,000.00	$	
05/01/37	$	4,510,000.00	$	200	
11/01/37	$	4,510,000.00	$	
05/01/38	$	4,510,000.00	$	210	
11/01/38	$	4,510,000.00	$	
05/01/39	$	4,510,000.00	$	225	
11/01/39	$	4,510,000.00	$	
05/01/40	$	4,510,000.00	$	240	
11/01/40	$	4,510,000.00	$	
05/01/41	$	4,510,000.00	$	255	
11/01/41	$	4,510,000.00	$	
05/01/42	$	4,510,000.00	$	270	
11/01/42	$	4,510,000.00	$	
05/01/43	$	4,510,000.00	$	290	
11/01/43	$	4,220,000.00	$	
05/01/44	$	4,220,000.00	$	310	
11/01/44	$	3,910,000.00	$	

$	213,984.74	$	-	
$	242,246.88	$	456,231.61	
$	242,246.88	$	-	
$	239,715.63	$	571,962.50	
$	239,715.63	$	-	
$	237,043.75	$	571,759.38	
$	237,043.75	$	-	
$	234,090.63	$	576,134.38	
$	234,090.63	$	-	
$	230,996.88	$	575,087.50	
$	230,996.88	$	-	
$	227,762.50	$	573,759.38	
$	227,762.50	$	-	
$	224,387.50	$	572,150.00	
$	224,387.50	$	-	
$	220,325.00	$	574,712.50	
$	220,325.00	$	-	
$	216,106.25	$	571,431.25	
$	216,106.25	$	-	
$	211,575.00	$	572,681.25	
$	211,575.00	$	-	
$	206,731.25	$	573,306.25	
$	206,731.25	$	-	
$	201,575.00	$	573,306.25	
$	201,575.00	$	-	
$	196,106.25	$	572,681.25	
$	196,106.25	$	-	
$	190,325.00	$	571,431.25	
$	190,325.00	$	-	
$	184,075.00	$	574,400.00	
$	184,075.00	$	-	
$	177,512.50	$	571,587.50	
$	177,512.50	$	-	
$	170,481.25	$	572,993.75	
$	170,481.25	$	-	
$	162,981.25	$	573,462.50	
$	162,981.25	$	-	
$	155,012.50	$	572,993.75	
$	155,012.50	$	-	
$	146,575.00	$	571,587.50	
$	146,575.00	$	-	
$	137,150.00	$	573,725.00	
$	137,150.00	$	-	
$	127,075.00	$	574,225.00	

-
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-

DATE		BALANCE	PRINCIPAL	INTEREST		TOTAL	

05/01/45	
$	
3,910,000.00	
$	330,000.00	
$	127,075.00	
$	
-	
11/01/45	$	3,580,000.00	$	-	$	116,350.00	$	573,425.00	
05/01/46	$	3,580,000.00	$	355,000.00	$	116,350.00	$	-	
11/01/46	$	3,225,000.00	$	-	$	104,812.50	$	576,162.50	
05/01/47	$	3,225,000.00	$	375,000.00	$	104,812.50	$	-	
11/01/47	$	2,850,000.00	$	-	$	92,625.00	$	572,437.50	
05/01/48	$	2,850,000.00	$	400,000.00	$	92,625.00	$	-	
11/01/48	$	2,450,000.00	$	-	$	79,625.00	$	572,250.00	
05/01/49	$	2,450,000.00	$	430,000.00	$	79,625.00	$	-	
11/01/49	$	2,020,000.00	$	-	$	65,650.00	$	575,275.00	
05/01/50	$	2,020,000.00	$	455,000.00	$	65,650.00	$	-	
11/01/50	$	1,565,000.00	$	-	$	50,862.50	$	571,512.50	
05/01/51	$	1,565,000.00	$	490,000.00	$	50,862.50	$	-	
11/01/51	$	1,075,000.00	$	-	$	34,937.50	$	575,800.00	
05/01/52	$	1,075,000.00	$	520,000.00	$	34,937.50	$	-	
11/01/52	$	555,000.00	$	-	$	18,037.50	$	572,975.00	
05/01/53	$	555,000.00	$	555,000.00	$	18,037.50	$	573,037.50	
			$	7,635,000.00	$	10,019,484.74	$	17,654,484.74