STONEBRIER COMMUNITY DEVELOPMENT DISTRICT

Agenda Package
Board of Supervisor Budget
Workshop

Date & Time: Tuesday, March 21, 2023
5:30 PM

Heritage Harbor Clubhouse 19502 Heritage Harbor Parkway
Lutz, FL 33558

Note: The Advanced Meeting Package is a working document and all materials are considered DRAFTS prior to presentationn and Board acceptance, approval or adoption.

Stonebrier Community Development District
DPFG Management & Consulting, LLC
[X]	250 International Parkway, Suite 208 La ke Ma ry FL 32746
321-263-0132

Board of Supervisors
Stonebrier Community Development District

Dear Board Members:

The Budget Workshop of t h e Board of Supervisors of the Stonebrier CDD is scheduled for Tuesday, March 21, 2023, at 5:30 P.M. at Heritage Harbor Clubhouse, 19502 Heritage Harbor Parkway, Lutz, FL 33558.

The advanced copy of the agenda for the meeting is attached, along with associated documentation for your consideration. Any additional support material will be forward to you under separate cover or distributed at the meeting.

Should you have any questions regarding the agenda, please contact me at (321) 263-0132 X-285 or
tdobson@dpfgmc.com. We look forward to seeing you at the meeting.

Sincerely,
Tish Dobson
Tish Dobson
District Manager

Enclosure

Cc: District Attorney District Engineer District Records

District:	STONEBRIER COMMUNITY DEVELOPMENT DISTRICT

Date of Meeting:	Tuesday, March 21, 2023 Time:	5:30 PM
Location:	Heritage Harbor Clubhouse
19502 Heritage Harbor Parkway Lutz, FL 33558
Call-in Number: +1 (929) 205-6099
Meeting ID: 913 989 9080
Passcode: 842235 Zoom Link:
https://vestapropertyservices.zoom.us/j/9139899080?pwd=aFdWVzFxb3Y0L2w4eG9VTnZRakl0UT09

Budget Workshop Agenda	
I.	Call to Order	
II.	Discussion Items	

III.	A. FY 2023-2024 Preliminary Budget
Adjournment	Exhibit 1	

Page 1 of 1

EXHIBIT 1

STONEBRIER COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023-2024 PROPOSED BUDGET

	FY2021 ACTUAL	FY2022 ACTUAL	FY2023 YTD
(10/2022-2/2023)	FY2023 ADOPTED	FY2024 PROPOSED	VARIANCE FY23-
FY24	
REVENUE							
SPECIAL ASSESSMENTS ON-ROLL (NET)	$	604,372	$	603,613	$	438,960	$	452,222	$	452,222	$	-	
INTEREST	1,049	2,602	12,972	-	-	-	
MISCELLANEOUS		240		-	-	-	
FUND BALANCE FORWARD				-	-	-	
DISCOUNTS				-	-	-	
TOTAL REVENUE	605,421	606,455	451,932	452,222	452,222	-	

EXPENDITURES							
ADMINISTRATIVE							
SUPERVISOR COMPENSATION	9,000	10,600	4,000	12,000	12,000	-	
PAYROLL TAXES	658	780	306	918	918	-	
PAYROLL SERVICES	497	600	253	750	750	-	
DISTRICT MANAGEMENT	31,380	31,380	5,000	12,000	12,000	-	
ADMINISTRATIVE SERVICES	3,765	3,765	4,167	10,000	10,000	-	
ACCOUNTING SERVICES			4,167	10,000	10,000	-	
ASSESSMENT ROLL PREPARATION	6,800	6,800	2,292	5,500	5,500	-	
GENERAL MASS MAILING	68	861	-	1,000	1,000	-	
AUDITING	2,600	2,700.00	-	2,700	2,700	-	
MISCELLANEOUS BANK FEES	28	450	225	500	500	-	
REGULATORY AND PERMIT FEES	175	175	175	175	175	-	
LEGAL ADVERTISEMENTS	1,147	1,411	184	2,500	2,500	-	
ENGINEERING SERVICES	31,001	17,837	3,355	22,000	22,000	-	
LEGAL SERVICES	14,338	29,346	14,502	22,000	22,000	-	
WEBSITE DEVELOPMENT AND HOSTING	2,015	2,215	994	2,015	2,015	-	
EMAIL	792	1,031	590	720	720	-	
INSURANCE	7,585	7,850	8,469	9,596	9,596	-	
MISCELLANEOUS SERVICES	240	888	116	900	900	-	
TOTAL ADMINISTRATIVE	112,090	118,689	48,794	115,274	115,274	-	

DEBT SERVICE ADMINISTRATION							
TRUSTEE FEES	3,286	3,593	4,041	3,718	3,718	-	
DISSEMINATION AGENT	1,500	1,500	1,500	1,500	1,500	-	
ARBITRAGE	500		500	650	650	-	
TRUST FUND ACCOUNTING	3,660	3,660		-	-	-	
TOTAL DEBT SERVICE ADMINISTRATION	8,946	8,753	6,041	5,868	5,868	-	

GENERAL FUND, OPERATIONS & MAINTENANCE (O&M)

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35

STONEBRIER COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023-2024 PROPOSED BUDGET

	FY2021 ACTUAL	FY2022 ACTUAL	FY2023 YTD
(10/2022-2/2023)	FY2023 ADOPTED	FY2024 PROPOSED	VARIANCE FY23-
FY24	

FIELD OPERATIONS
FIELD OPERATIONS SERVICES (PART-TIME)			

4,167	

10,000	

10,000	

-	
PROPERTY TAXES (Streetlights)
ENTRY & WALLS MAINTENANCE	18,897	18,703	-
1,024	19,000
2,500	19,000
2,500	-
-	
ELECTRICITY- (IRRIGATION SYSTEM)	5,940	5,135	3,324	7,500	7,500	-	
POND & LAKE MAINTENANCE	23,431	19,826	9,012	21,628	21,628	-	
MITIGATION MAINTENANCE	4,500		-	-	-	-	
LANDSCAPE MAINTENANCE (Inclusive of annual rotation)	207,097	207,097	95,466	213,309	213,309	-	
LANDSCAPE REPLENISHMENT	5,299	15,468	1,839	12,000	12,000	-	
LANDSCAPE IRRIGATION	10,541	16,818	1,156	12,000	14,000	2,000	
MISC REPAIRS & PRESSURE WASHING
SIGNAGE		4,963	1,800
-	7,584
250	7,584
250	-
-	
HOLIDAY DECORATIONS	10,250	10,750	10,750	10,750	11,000	250	
CAPITAL PROJECTS PORTER SERVICES
DOG WASTE SERVICES	49,099	133,623	-	-	- 65
347	- 65
347	
CONTINGENCY		2,195	360	14,560	11,898	(2,662)	
TOTAL FIELD OPERATIONS	335,053	434,577	128,897	331,081	331,081	-	

RENEWAL & REPLACEMENT RESERVE	
16,250	
22,350		
-	
-	
-	
TOTAL EXPENDITURES	472,339	584,370	183,732	452,222	452,222	-	

OTHER FINANCING SOURCES & USES
TRANSFER TO CAPITAL RESERVE FUND				

(595,940)	

-		
EXCESS OF REVENUE OVER (UNDER) EXPENDITURES	133,082	22,085	268,201	(595,940)	-	-	

FUND BALANCE - BEGINNING - UNAUDITED
USE OF FUND BALANCE FORWARD	
573,266	
706,348	
750,783	
750,783	
154,843	
(595,940)
-	
INCREASE OF FUND BALANCE (RENEWAL & REPLACEMENT)		22,350				-	
NET CHANGE IN FUND BALANCE	133,082	22,085	268,201	(595,940)	-	-	
FUND BALANCE - ENDING - PROJECTED	706,348	750,783	1,018,984	154,843	154,843	(595,940)	

GENERAL FUND, OPERATIONS & MAINTENANCE (O&M)

36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
65
66

STONEBRIER COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023-2024 PROPOSED BUDGET
CONTRACT SUMMARY

FINANCIAL STATEMENT CATEGORY	VENDOR	ANNUAL AMOUNT	DESCRIPTION, SCOPE OF WORK	
ADMININSTRATIVE EXPENDITURES:				
SUPERVISORS COMPENSATION	SUPERVISORS	12,000	Florida Statute, Chapter 190.006(8) sets a $200 per Supervisor for each meeting of the Board of Supervisors not to exceed $4,800 for each fiscal year per Supervisor. The
District anticipates 12 meetings and 10 workshops	
PAYROLL TAXES	PAYCHEX	918	7.65.% of compensation	
PAYROLL SERVICES	PAYCHEX	750	Fee per payroll processed - $56.00 monthly plus year end fees of $56.00	

DISTRICT MANAGEMENT	
DPFG	
12,000	Florida Statute, Chapter 190.007(1) states that the Board shall employ and fix the compesation of a District Manager. The District Manager shall have charge and supervision of the works of the District. The District entered into an agreement with DPFG-MC a wholly owned subsidiary of Vesta Property Services, Inc., for district
management services on	, which remains in effect until such a time as either party terminates the agreement. The following services are provided under the District	
ADMINISTRATIVE SERVICES	DPFG	10,000	DPFG provides aministrative services to the District under the management services agreement. These services include preparation of meeting agenda and minutes, coordinating postings on the website, records retention, responding to resident requests and complying with all regulatory requirements involving District activities.	
ACCOUNTING SERVICES	DPFG	10,000	DPFG provides budget preparation and financial reporting, cash management, revenue reporting and accounts payable functions.	
ASSESSMENT ROLL PREPARATION	DPFG	5,500	DPFG provides assessment roll services, which include preparing, maintaining and transmitting the annual roll with the annual special assessment amounts for the operating, maintenance and capital assessments.	
GENERAL MASS MAILING	MISC.	1,000	Postage for mailings, including the annual letters to residents related to the annual assessments and public hearings	
AUDITING	Dibartolomeo	2,700	The District is required to have an independent examination of its financial accounting, records and accounting procedures each year. This audit is conducted pursuant to
Florida State Law and the Rules of the Auditor General. An Independent Auditor is selected through a RFP process.	
MISCELLANEOUS (BANK FEES)	VARIOUS	500	
The District pays fees to various fiancial institutions for its bank accounts.	
REGULATORY AND PERMIT FEES	FL DEPART. OF ECONOMIC OPPORTUNITY	175	
The District pays an annual registration fee to the State of Florida to fund the administration of the Uniform Special District Accountability Act.	
LEGAL ADVERTISEMENTS	Times Publishing Company	2,500	Per Florida Statutes, the District advertises for all meetings, workshops, public hearings and public bids. These advertisements are to be in a newspaper of general
circulation in the area in which the CDD is located.	
ENGINEERING SERVICES	CARDNO	22,000	The District has engaged Cardno, a District Engineering firm to provide engineering, consulting and construction services to the District while crafting solutions with
sustainability for the long-term interests of the community while recognizing the needs of government, the environment and maintenance of the District's facilities.	
LEGAL SERVICES	HOPPING GREEN & SAMS	22,000	Hopping Green & Sams provides on-going general counsel and legal representation. These lawyers are confronted with issues relating to public finance, public bidding,
rulemaking, open meetings, public records, real property dedications, conveyances and contracts.	
WEBSITE MONTHLY MAINTENANCE	CAMPUS SUITE	2,015	The District contracts with Campus Suite to produce and maintain the District's website which is required by the State of Florida. Includes IT support, security tools,
email, quarterly technology alignment and vCIO reviews, roadmap, password manager, security awareness training, 24/7 security operations center etc,	
EMAIL	Google Mail	720	Google website hosting	
INSURANCE	EGIS INSURANCE	9,596	
The District obtains general liability, property, hired non-owned auto, employment practices liability, and public officials insurance.	
MISCELLANEOUS SERVICES	MISC.	900	Meeting Room Rental ($75.00/meeting)	
TOTAL ADMINISTRATIVE		115,274		
DEBT SERVICE ADMINISTRATION				
TRUSTEE FEES	US BANK	3,718	Confirmed with Trustee	
DISSEMINATION AGENT	DIGITAL ASSURANCE CERTIFICATION	1,500	Agreement 7B - May/June Distribution	
ARBITRAGE	GNP	650	Agreement 22, $650 per bond per period only Series 2016. Time period is from August to August	
TRUST FUND ACCOUNTING	DPFG	-	Included in Accounting Services	
TOTAL DEBT SERVICE ADMINISTRATION		5,868		

FIELD OPERATIONS EXPENDITURES:				
FIELD OPERATIONS SERVICES	DPFG	10,000	For part-time Field Operations Services, monthly field operations report, and support with proposals and vendor management of landscaping and aquatics	
PROPERTY TAXES (Streetlights)	HILLSBOROUGH COUNTY - TAX COLLECTOR	19,000	
The District pays a fee to the Hillsborough County Tax Collector for the collection and disbursement of its annual assessment.	
ENTRY & WALLS MAINTENANCE		2,500	
The District will incur expenses for entry & walls maintenance.	
ELECTRICITY-IRRIGATION SYS.	TAMPA ELECTRIC	7,500	Estimated on current usage of approximately $650 per month, credits were recevied in prior years	
POND & LAKE MAINTENANCE	STEADFAST ENVIRONMENTAL, LLC	21,628	The District has a waterway management contract with Steadfast Environmental, LLC - Includes the maintenance of the conservation area.	
MITIGATIONS MAINTENANCE	ECOLOGICAL CONSULTANTS	-	The Corp of Engineers and EPC have released the site as successful. SWFWMD has suspended further monitoring. Maintenance will be continued in order to keep the
site in compliance	
LANDSCAPE MAINTENANCE		213,309	
The District has a contract to provide landscape maintenance services, inclusive of annuals throughout the community.	
LANDSCAPE REPLENISHMENT		12,000	The District will incur expenses for landscape replenishment.	
LANDSCAPE IRRIGATION	BRIGHTVIEW	14,000	The District will incur expenses for irrigation repairs and replacements.	
MISC. REPAIRS & PRESSURE WASHING	N/A	7,584	Pressure wash and any other miscellaneous.	
SIGNAGE		250	As needed for signs and painting of poles.	
HOLIDAY LIGHTING		11,000	The District will incur expenses for holiday light displays. All lights to be installed after Thanksgiving and prior to January 5 of each year.	
CAPITAL PROJECTS		-	Moved to Capital Reserve Fund	
PORTER SERVICES		65		
DOG WASTE SERVICES		347		
CONTINGENCY	N/A	11,898	Estimated, as needed	
TOTAL FIELD OPERATIONS		331,081		
				
RENEWAL & REPLACEMENT RESERVE		-	MOVED TO CAPITAL RESERVE FUND STARTING FY23	

STONEBRIER COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023-2024 PROPOSED BUDGET

	FY 2023
ADOPTED	FY 2024
PROPOSED	VARIANCE
FY23-FY24	

REVENUES
SPECIAL ASSESSMENTS - ON ROLL (NET) INTEREST¹	

$	

177,045
-	

$	

177,045	

$	

-	
TOTAL REVENUES	177,045	177,045	-	

EXPENDITURES
RENEWAL AND REPLACEMENT (RESERVE STUDY) CAPITAL IMPROVEMENT PLAN (ANNUAL ENHANCEMENTS)	

66,414
79,600		

(66,414)
(79,600)	
TOTAL EXPENDITURES	146,014	-	(146,014)	
				
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES	31,031	177,045	146,014	

OTHER FINANCING SOURCES & USES
TRANSFER IN FROM GENERAL FUND	

595,940		

(595,940)	
TOTAL OTHER FINANCING SOURCES & USES	595,940	-	(595,940)	

FUND BALANCE - BEGINNING - UNAUDITED NET CHANGE IN FUND BALANCE	
- 626,971	
626,971
177,045	
626,971
(449,926)	
FUND BALANCE - ENDING - PROJECTED	626,971	804,016	177,045	

CAPITAL RESERVE FUND (CRF)

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2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

CAPITAL RESERVE FUND (CRF)

FIELD BUDGET

ADMIN BUDGET

ALLOCATION OF CAPITAL RESERVE ASSESSMENT

ERU	TOTAL % TOTAL	TOTAL	CRF PER FACTOR ERU's	ERU's		CRF		LOT

STONEBRIER COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023-2024 PROPOSED BUDGET ASSESSMENT ALLOCATION

NET O&M ADMIN BUDGET	$121,141.60	NET O&M FIELD BUDGET	$331,080.88	NET CAPITAL RESERVE FUND	$177,045.00	
COUNTY COLLECTION COSTS	$2,577.48	COUNTY COLLECTION COSTS	$7,044.27	COUNTY COLLECTION COSTS	$3,766.91	
EARLY PAYMENT DISCOUNT		$5,154.96	EARLY PAYMENT DISCOUNT 		$14,088.55	EARLY PAYMENT DISCOUNT		$7,533.83	
GROSS O&M ADMIN ASSESSMENT		$128,874.04	GROSS O&M FIELD ASSESSMENT  	$352,213.70	GROSS CRF ASSESSMENT	 $188,345.74	

UNIT TYPE	UNITS ASSESSED	
	
O&M	SERIES 2016 DEBT
SERVICE (1)	

SINGLE FAMILY 50'	
278	
278	
SINGLE FAMILY 60'	37	37	
SINGLE FAMILY 65'	129	129	
SINGLE FAMILY 75'	62	62	

ALLOCATION OF ADMIN O&M ASSESSMENT	
TOTAL % TOTAL TOTAL ADMIN ADMIN ERU FACTOR ERU's	ERU's	O&M	O&M PER
LOT	

1.00  278.0	54.94%	$70,804.32	$254.69
1.00	37.0	7.31%	$9,423.60	$254.69
1.00  129.0	25.49%	$32,855.24	$254.69
1.00	62.0	12.25%	$15,790.89	$254.69	

ALLOCATION OF FIELD O&M ASSESSMENT	
ERU  TOTAL % TOTAL		TOTAL	FIELD FACTOR ERU's	ERU's	FIELD O&M O&M PER
LOT	

1.00  278.0	47.68%	$167,922.16  $604.04
1.20	44.4	7.61%	$26,819.22 $724.84
1.30  167.7	28.76%	$101,296.93 $785.25
1.50	93.0	15.95%	$56,175.40 $906.05	

	

1.00  278.0	47.68%	$89,796.12	$323.01
1.20	44.4	7.61%	$14,341.54	$387.61
1.30  167.7	28.76%	$54,168.38	$419.91
1.50	93.0	15.95%	$30,039.71	$484.51	

	506	506		 506.0	100.00%	$128,874.04	  583.1  100.00%	$352,213.70	 583.1	100.00%  $188,345.74

UNIT SIZE & PHASE	PER UNIT ANNUAL ASSESSMENT	
	
O&M & CRF	
PER LOT	SERIES 2016 DEBT
SERVICE(2)	TOTAL PER UNIT (3)	

SINGLE FAMILY 50'	
$1,181.74	
$812.67	
$1,994.41	
SINGLE FAMILY 60'	$1,367.14	$975.21	$2,342.35	
SINGLE FAMILY 65'	$1,459.85	$1,056.48	$2,516.32	
SINGLE FAMILY 75'	$1,645.26	$1,219.01	$2,864.27	

FY 2023 PER LOT	VARIANCE
FY22 VS FY23 PER LOT	% VARIANCE	

$1,994.41	
$0.00	
0.0%	
$2,342.35	$0.00	0.0%	
$2,516.32	$0.00	0.0%	
$2,864.27	$0.00	0.0%	

(1) Reflects the total number of lots with Series 2016A-1 debt outstanding.
(2)Annual debt service assessments per unit adopted in connection with the Series 2016A-1 bond issuances. Annual Debt Service Assessments includes principal, interest, County collection costs and early payment discounts.
(3)Annual assessments that will appear on the November, 2023 County property tax bill. Amount shown includes all applicable county collection costs (2%) and early payment discounts (up to 4% if paid early).

STONEBRIER COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023-2024 PROPOSED BUDGET DEBT SERVICE REQUIREMENT, SERIES 2016

	FY 2024 BUDGET	
REVENUE
SPECIAL ASSESSMENTS - NET MADS	
$	
445,438	
TOTAL REVENUE	445,438	

EXPENDITURES		
INTEREST EXPENSE		
May 1, 2024	87,213	
November 1, 2024	83,838	
PRINCIPAL RETIREMENT		
May 1, 2024	270,000	
TOTAL EXPENDITURES	441,050	
		
EXCESS OF REVENUE OVER (UNDER) EXPENDITURES	$	4,388	

STONEBRIER COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2023-2024 PROPOSED BUDGET
$6,530,000 SPECIAL ASSESSMENT REFUNDING BONDS, SERIES 2016

Period Ending	Principal	Coupon	Interest	Debt Service	Annual Debt		Amount	
						Service	Outstanding	
8/30/2016							$	6,530,000	
5/1/2017	200,000	2.00%	141,612.60	341,612.60				6,330,000	
11/1/2017	10,000	2.00%	103,768.75	113,768.75		455,381.35		6,320,000	
5/1/2018	240,000	2.00%	103,668.75	343,668.75				6,080,000	
11/1/2018		2.00%	101,268.75	101,268.75		444,937.50		6,080,000	
5/1/2019	245,000	2.00%	101,268.75	346,268.75				5,835,000	
11/1/2019		2.00%	98,818.75	98,818.75		445,087.50		5,835,000	
5/1/2020	250,000	2.00%	98,818.75	348,818.75				5,585,000	
11/1/2020		2.00%	96,318.75	96,318.75		445,137.50		5,585,000	
5/1/2021	255,000	2.25%	96,318.75	351,318.75				5,330,000	
11/1/2021		2.25%	93,450.00	93,450.00		444,768.75		5,330,000	
5/1/2022	260,000	2.25%	93,450.00	353,450.00				5,070,000	
11/1/2022		2.50%	90,525.00	90,525.00		443,975.00		5,070,000	
5/1/2023	265,000	2.50%	90,525.00	355,525.00				4,805,000	
11/1/2023		2.50%	87,212.50	87,212.50		442,737.50		4,805,000	
5/1/2024	270,000	2.50%	87,212.50	357,212.50				4,535,000	
11/1/2024		2.50%	83,837.50	83,837.50		441,050.00		4,535,000	
5/1/2025	280,000	3.00%	83,837.50	363,837.50				4,255,000	
11/1/2025		3.00%	79,637.50	79,637.50		443,475.00		4,255,000	
5/1/2026	290,000	3.00%	79,637.50	369,637.50				3,965,000	
11/1/2026		3.00%	75,287.50	75,287.50		444,925.00		3,965,000	
5/1/2027	300,000	3.50%	75,287.50	375,287.50				3,665,000	
11/1/2027		3.50%	70,037.50	70,037.50		445,325.00		3,665,000	
5/1/2028	310,000	3.50%	70,037.50	380,037.50				3,355,000	
11/1/2028		3.50%	64,612.50	64,612.50		444,650.00		3,355,000	
5/1/2029	320,000	3.50%	64,612.50	384,612.50				3,035,000	
11/1/2029		3.50%	59,012.50	59,012.50		443,625.00		3,035,000	
5/1/2030	330,000	3.50%	59,012.50	389,012.50				2,705,000	
11/1/2030		3.50%	53,237.50	53,237.50		442,250.00		2,705,000	
5/1/2031	345,000	3.50%	53,237.50	398,237.50				2,360,000	
11/1/2031		3.50%	47,200.00	47,200.00		445,437.50		2,360,000	
5/1/2032	355,000	4.00%	47,200.00	402,200.00				2,005,000	
11/1/2032		4.00%	40,100.00	40,100.00		442,300.00		2,005,000	
5/1/2033	370,000	4.00%	40,100.00	410,100.00				1,635,000	
11/1/2033		4.00%	32,700.00	32,700.00		442,800.00		1,635,000	
5/1/2034	385,000	4.00%	32,700.00	417,700.00				1,250,000	
11/1/2034		4.00%	25,000.00	25,000.00		442,700.00		1,250,000	
5/1/2035	400,000	4.00%	25,000.00	425,000.00				850,000	
11/1/2035		4.00%	17,000.00	17,000.00		442,000.00		850,000	
5/1/2036	415,000	4.00%	17,000.00	432,000.00				435,000	
11/1/2036		4.00%	8,700.00	8,700.00		440,700.00		435,000	
5/1/2037	435,000	4.00%	8,700.00	443,700.00				-	
11/1/2037		4.00%	-	-		443,700.00		-	
Totals	$6,530,000		2,796,962.60	9,326,962.60		9,326,962.60			
		
Maximum Annual Debt Service (MADS) =	
$	
445,437.50