SAN BERNARDINO VALLEY MUNICIPAL WATER DISTRICT 380 E. Vanderbilt Way, San Bernardino, CA 92408

BOARD OF DIRECTORS WORKSHOP

AGENDA

3:00p.m. Thursday, March 7, 2013

CALL TO ORDER

1. PUBLIC COMMENT Any person may address the Board on matters within its jurisdiction.

2. DISCUSSION ITEMS

A Continuing Investment Advisory Agreement with PFM Asset Management (Page 2)

B. Review Resolution Establishing Rules and Procedures for Directors' Compensation and for Reimbursement of Directors and Staff (Page 4)

C. Response from DWR to Joint Letter Requesting Contract Term Extension for Financing of the East Branch Extension Phase II (Page 14)

3. ADJOURNMENT

PLEASE NOTE: Materials related to an item on this Agenda submitted to the Board after distribution of the agenda packet are available for public inspection in the District's office located at 380 E. Vanderbilt Way, San Bernardino, during normal business hours. Also, such documents are available on the District's website at www.sbvmwd:com subject to staffs ability to post the documents before the meeting. The District recognizes its obligation to provide equal access to those individuals with disabilities. Please contact Lillian Jaramillo at (909) 387-9214 two working days prior to the meeting with any special requests for reasonable accommodation.

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alleN BERNARDINO

MUNICIPALY WATER DISTRICT

DATE: March 7, 2013

TO: Board of Directors

FROM: Douglas Headrick, General Manager Cindy Saks, Finance Manager

SUBJECT: Investment Advisory Agreement with PFM Asset Management

Background

The Board met in 2011 and early 2012 in a series of workshops to discuss the District's

Investment Policy. At the conclusion of that process, the Board authorized a contract with PFM

Asset Management (PFM) to provide investment advisor services on March 6, 2012.

Subsequently, an updated investment strategy was developed and adopted by the Board. As

directed by the Board, Richard Babbe, Senior Managing Consultant of PFM Asset Management

has provided quarterly investment results to the Board throughout this past year.

The District is at the one year anniversary of the investment advisory agreement with PFM

Management. The District will continue to receive investment advisory services from PFM

Management for another year at the same cost of $80,000 unless the Board chooses to modify

or terminate the agreement.

At the most recent quarterly Board workshop, Mr. Babbe reported that under the new

investment strategy established by the Board and implemented by PFM, the District investment

portfolio has been diversified and increased from a average yield of .26% and average maturity

of .35 years to an average yield of .47% and average maturity of 1.72 years. For the 8 months

that this new strategy has been in place, the District has earned over $250,000 in additional

interest when compared to the former investment strategy. The District has paid $44,600 to

PFM for services from May 2012 through December 2012.

Staff is requesting that the Board discuss and provide direction regarding continuing the

investment advisory agreement with PFM Management for another year.

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Recommendation

Staff recommends continuing with the current investment strategy and allowing the contract with

PFM Management for Investment Advisory Services to remain in effect for another year.

3/18

all SAN BERNARDINO

MUNICIPIT WATER DISTRICT

DATE: March 7, 2013

TO: Board of Directors

FROM: Douglas Headrick, General Manager Cindy Saks, Finance Manager

SUBJECT: Review Resolution Establishing Rules and Procedures for Directors' Compensation and for Reimbursement of Directors and Staff

Background

At the Board meeting of January 15, 2013, it was the consensus of the Board to review the

policies contained in Resolution 761 regarding reimbursement of director's travel expenses after

Directors Killgore and Navarro return from the ACWA conference held in Washington DC in late

February.

Attached is Resolution 761 which establishes rules and procedures for Director's Compensation

and for reimbursement of expenses which is currently in effect. Staff has obtained similar travel

policies from several water districts and compared these with the District's policy in the attached

matrix.

In addition to rules on expense reimbursement, Resolution 761 Section 5 designates and

maintains a schedule of meetings which the Board desires representation by District Directors.

The schedule and list of meetings needs to be reviewed and updated by the Board to ensure the

desired representation at various meetings is obtained.

For discussion at today's workshop, Director Copelan has provided a draft list of ideas for

potential changes to the Resolution which is included in this packet.

Recommendation

After review of Resolution 761and discussion at the workshop, Staff is requesting

• Further direction from the Board regarding any possible changes to Resolution 761

• Modification to the schedule of meetings the Board desires representation by District

Directors to include the Basin Technical Advisory Committee (BTAC) and to remove the

Exchange Plan management committee from the list.

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r

2280

Superseded res 677

RESOLUTION NO. 761

RESOLUTION OF THE BOARD OF DIRECTORS OF THE SAN BERNARDINO VALLEY MUNICIPAL WATER DISTRICT ESTABLISHING RULES AND PROCEDURES FOR DIRECTORS' COMPENSATION AND FOR REIMBURSEMENT OF DIRECTORS AND STAFF

BE IT RESOlVED by the Board of Directors of the San Bernardino Valley Municipal Water District that the following Rules and Procedures for Compensation of Directors and for Reimbursement of Directors and Staff are hereby adopted.

A. DIRECTORS' COMPENSATION.

1. Directors' compensation shall be as determined from time to time by the Board as provided by law. The determination currently applicable is Ordinance No. 65, enacted November 6, 1989.

2. Directors shall file with the District accounting office a signed wsBVMWD Directors' Meeting Reimbursement Request 11 form each month covering activities for the previous month, indicating subject, time, and place of meetings.

3. Meetings other than regular SBVMWD Board Meetings shall be reimbursable only if attendance at such meetings is at the request of the Board or as otherwise authorized below.

4. Directors' fees paid for attendance at other agencies' meetings shall be reduced by any amounts such agencies pay to individuals for atten­dance at such meetings.

5. The Board shall designate and maintain a schedule of meetings at which the Board desires representation by District Directors. Any Director attending said meetings will be entitled to compensation for such attendance. Said schedule shall be updated and revised periodically as required.

6. Each Board member shall be provided with a monthly report showing the amount of compensation or reimbursement requested by each Board member.

7. California Water Resources Association and Association of California Water Agencies conferences shall be attended by not more than two Board members unless authorized by the Board. Attendance shall be subject to specific prior Board approval.

8. Each Board member is authorized to attend not more than three meetings per month in addition to those described above when, in his/her discretion, it will be beneficial to the work of the Board and the District for him to do so. Such meetings shall be within the state. For reimburse­ment for more than thre~ meetings per month in this category, prior Board approval is required.

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9. Compensation for attendance at out·of-state meetings requires prior Board approval in all cases.

B. REIMBURSABLE EXPENSES FOR DIRECTORS AND STAFF.

1. Reimbursement Forms.

Directors/staff members shall file with the accounting office a signed "SBVMWD Request for Reimbursement of Expenses" form listing all expenses of the previous month. Such listing shall include, as separate nonreimbursable expenses, items charged on credit cards which may be provided by District to certain individuals.

2. Receipts.

Receipts for all expenses and charge slips shall be attached to the Request for Reimbursement form.

3. Staff Travel Authorization.

Staff travel for more than one day in or outside the state shall have prior written approval of the General Manager. Staff travel for less than one day shall have the prior verbal approval of the General Manager.

4. Travel Reimbursement.

Payment will be made on the basis of vehicle mileage within California and air transportation (economy or tourist class) to areas outside of California. Should Directors/staff members choose private vehicle in lieu of air travel, the lesser rate of the two will be allowed. No payment will be made for additional food or lodging required due to D1rectors'/staff members' choice of private vehicle. No salaries or Directors' fees shall be paid for additional time required for private vehicle travel.

Airline reservations and tickets shall be procured through District staff member designated by the General Manager. District shall purchase no tickets for persons other than District Directors/staff members/consultants. Tickets for guests of Directors/staff members/consultants shall be purchased by such persons in a direct cash transaction without use of any District funds.

Stubs of used airline tickets shall be returned to the accounting office for verification of travel agency billings.

Rental cars shall only be used wh~re absolutely required; taxi/bus/limo service shall be utilized whenever possible.

Reimbursement for use of private vehicles for District business shall be at the rate specified by the Board from time to time.

5. Food and Beverage.

All food and beverage receipts shall identify the persons consuming such 1tems and the nature of the business discussed. District shall not pay

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for any alcoholic beverage of any type consumed by Directors/staff members.

~ Employees working overtime requiring work through a normal eating period shall be provided meals paid for by the District at the discretion of the General Manager.

6. S~ouses and Friends.

District shall pay no expenses covering spouses or friends of Directors/staff members who may accompany Directors/staff members in such travel activity unless specifically authorized by Board.

7. Travel Advance.

Travel advances may be requested by Directors/staff members in an appropriate amount as approved by the General Manager. Within five business days after return from such trip, the Directors/staff members will complete a special "SBVMWD Request for Reimbursement of Expenses" form covering cash and credit card expenditures incurred. Any surplus travel advance funds shall be returned at this time.

8. Tele~hone.

long-distance telephone calls shall be made for District business only. Directors/staff members shall be allowed one personal call to his/her home for each day absent from time while traveling on District business.

9. Approval of Ex~enses.

Directors' and General Manager's expenses shall be approved by the Treasurer or Board Member designated by the Board. Staff members' expenses shall be approved by the General Manager. Any unapproved expenses shall be charged back against any present or future reimbursement requests or Directors' fees payable.

10. Public File.

An individual public file shall be maintained by the accounting office. The file shall contain all cash, credit card or direct charges to the District for expenses incurred by each Director/staff member.

11. Political Campaign.

The cost of printing and handling the candidates' statements shall be borne by the candidate for office of Director.

Candidate for the office of Director shall provide his/her own staff, supplies, postage, and any other related campaign expense items. Candidates shall not solicit campaign funds from any employee, consultant, customer, or supplier of the San Bernardino Valley Municipal Water District.

~ San Bernardino Valley Municipal Water District staff shall not participate in election campaigns during regularly scheduled work hours. No office supplies, postage, copying service, poster material, mailing lists, or any items related to his/her political campaign shall be furnished to any

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candidate for the office of Director with or without reimbursement to the San Bernardino Valley Municipal Water District.

12. Reports.

Staff members will provide Directors and staff with forms and assistance in filing Statements of Economic Interest, Short Form candidate and Officeholder Campaign Statements with th San Bernardino County Registrar of Voters. and other filings of this ure which rna be required from time to time by various governmental agen

ENACTED: June 4, 19 90

ATTEST:

&~ Secretaf.Y

(SEA~)

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,...... 1 Schedule of meetings at which the Board desires representation by District

Directors:

-. ' I !

a. Association of the San Bernardino County Special Districts.

b. SBVMWO Advisory Commission on Water Policy.

c. Publicly noticed meetings of the Board.

d. SBVMWO Service Area Committees for respective Divisions.

e. Duly appointed Committees of the Board.

f. Santa Ana River-Mill Creek Cooperative Water Project "Exchange Plan" Management Committee.

g. Upper Santa Ana Water Resources Association.

h. Meetings attended by any Director when authorized by the Board of Directors.

i. Regular and Adjourned Regular Board meetings.

Approved 6/4/90

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....... 0 ........ ....... 00

San Bernardino Valley Municipal Water District Review of Board Travel Policies

The first column are specific items included contained in the SBVMWD Board Resolution 761 establishing rules and procedures for Directors' Compensation and for the Reimbursement of Directors and Staff dated June 4, 1990. These items were then compared to five other agency's policies .

Specifititemincludedin .. · . ·· .. · . · . ....

· .. ·. SBVMWDPolicy ... .·· Compared to•these agency's.policies . . · .. ·.·

·.· .·.·.

Western San Gorgonio San Bernardino Valley Municipal Water Pass Water Inland Empire West Valley Water Yucaipa Valley

Municipal Water District District Agency Utility Agency District Water District Combined policy of rules for Separate Policy on directors' compensation and Yes Travel and Expense Yes Yes Yes

expense reimbursement Reimbursement Reimbursement Form required to be submitted Yes Yes Yes Yes Yes with all receipts

l

Board approval needed for Yes Yes Does not mention Does not mention Does not mention

Out of State Travel

Mileage allowed Mileage paid for

District business. No Mileage reimbursed within but no overnight

No Does not mention mileage for Yes District's service expenses within

attending meetings the service area

at the District office

In lieu of air travel, the States actual and

States actual, lesser rate will be

Yes Yes Yes necessary and

reimbursed between vehicle necessary

reasonable and air travel

expenses expenses

Food and Beverage receipts Expenses must be

States actual and moderate and Actual, necessary

with be reimbursed with no reasonable- no

Yes necessary- no Yes and reasonable

alcoholic beverages allowed alcohol

alcohol

Travel advances allowed Does not mention Does not mention Yes Does not mention Does not mention

.......

.......

' ....... CD

Specific i~fJJiNOT il)c/uded in SBVMWD Policy

San Bernardino Valley

Municipal Water District Updated Director

compensation and expense reimbursement policy in

accordance with AB 1234 on District's Ethics Statement

Policy

Sets a maximum amount

of travel expenses

allowed in a fiscal year for each director

San Bernardino Valley Municipal Water District Review of Board Travel Policies

I I

'.· :' COtri_Jl: echto these agency's policies .... "" .-,

Western San Gorgonio

Municipal Water Pass Water Inland Empire West Valley Yucaipa Valley

District Agency Utility Agency Water District Water District

Yes No Yes Yes Yes

Maximum amount Reviewed each per Director for January- no

Yes sets maximum No amount of travel No

travel expenses set mention of expenses allowed

in the policy maximum amount

The district board, under the provisions of (California Water Code and Government Code can elect to provide certain stipends and expense reimbursements to it's board members in compensation for the time, energy, and costs associated in providing policy guidance. No board member is entitled to stipends or cost reimbursement at any time. It is a privilege afforded 1mder the law to a member, by board action and discretion, for service to the board. It is not a benefit of office. It should be clear that these benefits are allowed by law but are CONTROLED by this policy and by board actions.

Even though a member has won public office, they must coordinate and comply with the rest of the board. An individual member of the board has no authority on his/her own to do anything. Only a majority ofthe board is inpowered to conduct the business of the board. Thus the board of directors has sought to "speak with au_ · voice" on all issues under it's authority and control. fu doing so, the board seeks t;., inate it's efforts and control it's costs by providing clear rules by which it's mewoef~4pperate, to fmmally authorize a member or members to convey board position.§ on fs~~' and to limit individual members from putting their personal posi . ns, ~ead 0 ' ,:,fJ:fficial board ' position. Control of meeting stipends, travel, and nse' reimbursem6htt>, san and should be used by the majority of the board as a mean~;· ,.1§ op ' sired indiviqil'~l behavior by limiting stipends, cost reimbursements, and, ifnecl!$.$!!1' 'imposing fanctions upon individual members. ·:~&~);;:,"

''!'1~~~. . ?

There are two budgets und described below; a boar

Pre-App1·oved Item fp. · ese are meetings, travel, and expenses related to any item in which the board mem1Jer has sought authority and approval from the board, in advance, to represent the board as a member of it's delegation or team. These meetings generally:

*Require overnight stays and/or, *Travel of more than 100 miles, one-way, from the district and/or, *Are "delegation" related

Generally, all meeting stipends and expenses related to a pre-approved item will be covered and expensed to the board budget, since the expenses are pre-authorized and directed by the majority of the board. However, any questioned expenses may require an

12/18

additional approval by the board. The board can limit the budget, duration, or number of meetings as an additional means of controlling costs.

Legislative conferences, ACW A/CSDA conferences, WEF Tours, etc. are examples of Items which should be pre-approved. Allowances for Coach, 3 day limits, no travel days, etc. are examples of imposing limitations.

Allowable Items: These are meetings and events related directly to the business of the board, it's services, industry, and affiliated agencies. The overarching theme to these Items is the principle that a member would not incur expenses on these items, where it not for his or her service to the board. Generally, a meeting stipend and related expenses will be covered and allocated to the individual board members as a discretionary expense.

No overnight stays. Travel less than 100 miles, one-way, from the distric " Business related to water or sewer agencies withi Business related to water or sewer agencies wit, Business related to water or sewer agencies that

Allowable meetings are defined as:

41 Unapproyg,~.· Disavow e meetings, activities, or actions in which the board has found tl:i'l: ""poard me has disregarded or ignored the board's desire to "speak

s acte , 'utside his or her authority. The board may: ' ,pv-

Require a member t~~g~fpre-approval for any and all expenses and stipends Cap any and all experrfe and stipends (except for stipends for required board meetings) Officially rep1imand or censure a member for such conduct

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DATE: March 7, 2013

TO: Board of Directors' Workshop

FROM: Douglas Headrick, General Manager

SUBJECT: Response from DWR to Joint Letter Requesting Contract Term Extension for Financing of the East Branch Extension Phase II

Summary

On December 18, 2012, the Valley District Board authorized a joint letter to the California Department

of Water Resources (DWR) with the San Gorgonio Pass Water Agency (Pass Agency). A copy of the

letter is attached. The letter requested that the DWR finance the $220 million East Branch Extension

(EBX) Phase I Improvements and EBX Phase II with 30 year bonds to reduce the annual payments.

Staff from Valley District and the Pass Agency have met with DWR management staff. The results of

those discussions are reported to the Board in this memorandum.

Background

Valley District holds a contract for delivery of supplemental water from the State Water Project (SWP)

with the (DWR). The original Contract was signed in December of 1960. Under current

interpretations of the Contract language by DWR, bonds issued to finance the construction of project

related facilities cannot have a term beyond 2035. This financing time limit (22 years) has, and will

continue to, make it more difficult for some SWP Contractors to finance needed system

improvements. Due to its lower tax base, the Pass Agency is concerned that the shorter bond

financing term would require significant tax rate increases. Valley District, with its higher tax base,

has been planning for these additional financing costs for many years and has the necessary

reserves and bonding capacity to pay for them without tax rate increases. However, we joined with

our long-term partner the Pass Agency in the letter to DWR to show support for their financial

situation.

DWR management staff, including the Deputy Director for the SWP, Carl Torgerson, responded to

the joint letter. An analysis of the different financing options was prepared by DWR and delivered to

Valley District and the Pass Agency in February. The summary of that analysis is provided as an

attachment to this memorandum. In short, due to the historic low bond interest rates, it appears that

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the best option is to issue bonds with a 22 year term. The difference in annual payments between the

22 and 30 year bonds (Scenario 1 vs. Scenario 6) is only $1.7 million (a 15%). In addition, the two

districts will save almost $55 mi. Ilion in interest costs over the life of the shorter bond term.

The Pass Agency is still discussing these results and will be making a determination of their preferred

alternative in the next 30 days.

Staff Recommendation

Staff recommends that the Valley District Board direct staff to continue to work with the Pass Agency

and DWR to implement a financing strategy for EBX that meets the needs of all parties.

Attachment

1. Letter to DWR

2. Summary of Financing Alternatives for EBX

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San Gorgon1o Pass vVater Agency A Cal{/ornia Stare rVater Project Contractor

1210 Beaumont Avenue • Beaumont, C A 92223 Phone (95 1) 845d2577 • Fax ( 951) 845-0281

San Bernurdino Valley Municipal \Vater District A Cal{fbrnia State Water Pndect Controctor

\ '; .\ ~ i H. t ' h i !t !'- -J

380 E. Vanderbilt Drive • San Bernardino, CA 92408 Phone (909) 387-9211 • Fm (909) 387.-9247

December 19, 2012 Mr. Rob Cooke, Chief State Water Project Analysis Office Department of Water Resources

· 1416 Ninth Street P. 0. Box 942836 Sacramento, CA 94236

Dear Mr. Cooke:

The San Gorgonio Pass Water Agency (Agency) and the San Bemardino Valley Municipal Water District (Valley Distdct), in partnership with the Depmiment of Water Resources (Depmiment), have worked diligently over the past several years to ensure that Phase 2 of the East Branch Extension of the Califomia Aqueduct (EBX 2) progresses towards completion. Thus far, much progress has been made, and the project is cmTently under construction.

As the national economic downtum moves into its fifth year, our collective propeliy tax base is down 15% from its peak. Because of this, the Agency's Board has already had to increase its tax rate in order to maintain its previous revenue level. For a Contractor that is already paying $7 million per year for EBX 1, in addition to other State Water Project obligations, this downtum has been devastating. Fmther increases requ.ired to pay future debt service on EBX 2 will increase the burden on Pass area residents even more.

In order to minimize fm1her fiscal impacts, the Agency and Valley District have already reduced the cost of EBX 2 substantially by reducing the diameter ofthe Mentone Pipeline South and the Mentone Pipeline East, and tlu·ough other decisions made during the design process (always in consultation with the Depmiment).

Still, Agency projections show that in order to pay for EBX 2 under the current repayment schedule, the Agency Board would have to rapidly increase its tax rate by more than 50%, up to ten cents above the current level of $0.185 per hundred dollars of assessed valuation. Such an increase will significantly add to the tax burden oflocal residents and business owners, and could slow or halt the region's recovery. Under the current repayment schedule, bonds sold to finance EBX 2 will have a tenn of approximately 23 years or less, depending on when they are sold. This is, as you know, the result of the State Water Project's project repayment pe1iod, which currently ends in December 2035.

Agency intemal calculations show that, with a standard bond repayment period of30 years, its ad valorem prope1ty tax could be increased at a much slower rate, thus easing the burden on local

16/18

Mr. Rob Cooke December 19, 2012 Page Two

property owners. It could also reduce the peak tax rate required to be imposed by the Agency, as the increased time to make payments and the reduced costs per year could buy the time required for local construction to pick up, thus adding to the local tax base.

The Agency's board made the decision to proceed with EBX 2 during a period when its tax base was rapidly increasing. At that time, the Agency felt that financing EBX 2 would be quite feasible, even with some minor compression of the repayment period. Certain developments since that time, including the failure by a federal regulatory agency to act in a timely manner and the submittal of only one exceedingly high bid on a pmnp and motor contract, necessitating a rewrite of the specification and a rebid, have delayed the project by nearly two years. These delays have shortened the repayment period and have the potential to increase the tax rate even further. These issues, combined with the prolonged reduction in the local tax base, have made the repayment of debt service for EBX 2 by 2035 a matter of grave concern for the Agency.

As a result of our calculations, and in an effort to keep the tax burden on our residents as low as possible, the Agency and Valley District respectfully request that the Department finance EBX 2 th:rough the sale of 30-year bonds. Such an action would have the effect of extending the project repayment period for this one facility beyond 2035, under Atiicle 2 of om Contracts with the Department.

We would appreciate a written response to our request in a timely mmmer so that we may make our plans accordingly. Thank you in advance for your consideration ofthis request; we would be happy to answer any questions you may have about it.

Very truly yours,

9:Jf/ tvA_)v;'io Jekf:lav1s General Manager

~Crru,g/!.eul A./l.ta~~tlk Doug!~s D. Headrick General Manager, San Bernardino Valley IvfWD

Cc Terry Erlewine, SWC Russ Belu·ens, General Counsel SGPW A Board of Directors SBVMWD Bom·d of Directors

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Summary of Financing Options

Cali£omia DWR- Comparison o£ Debt Service

Scenario 1. Scenario. 2 Scenario 3 Scenario 4 Scenario 5 Scenario 6 Base Case Balloon VR.DBs Put: Bonds CABs 30-Year Bonds

~2/~/20~3 4,~95,400.00 4,32~,375.00 547,278.00 ~,218,468.00 4,363,800.00

12/1/2014 13,455,800.00 11,572,750.00 4,988,244.00 5,421,936.00 11,712,600.00

12/1/2015 13,454,500.00 11,569,150.00 5,914,843.50 5,446,713.00 11,712,900.00

12/1/2016 13,454,550.00 11,569,600.00 6,844,065.00 5,500,782.00 11,711,550.00 12/1/2017 13,454,950.00 11,572,350.00 7,749,429.50 5,558,789.00 11,712,500.00

12/~/2018 13,455,750.00 ~1,570,550.00 8,906,~3~.25 7,828,737.50 11,708,300.00

12/1/2019 13,452,750.00 11,568,750.00 13,368,800.00 13,368,800.00 11,709,100.00

12/1/2020 13,455,750.00 11,571,750.00 13,371,900.00 13,371,900.00 11,709,500.00

~2/1/2021 ~3,452,500.00 ~1,568,500.00 13,368,850.00 13,368,850.00 11,708,000.00

12/1/2022 13,454,000.00 11,571,500.00 13,371,900.00 13,371,900.00 11,712,500.00 12/1/2023 13,454,250.00 11,570,000.00 13,368,700.00 13,368,700.00 11,712,250.00

~2/1/2024 13,452,500.00 11,568,750.00 13,373,100.00 13,373,100.00 11,712,000.00

12/1/2025 13,453,000.00 11,572,250.00 13,369,500.00 13,369,500.00 11,711,250.00

12/1/2026 13,454,750.00 11,569,750.00 13,370,000.00 13,370,000.00 11,709,500.00

12/1/2027 13,456,750.00 11,571,000.00 13,372,250.00 13,372,250.00 11,711,250.00

12/1/2028 13,453,000.00 11,570,250.00 13,370,500.00 13,370,500.00 11,710,750.00

~2/~/2029 ~3 ,452,750.00 11,572,000.00 13,369,250.00 13,369,250.00. 11,712,500.00 12/1/2030 13,454,750.00 11,570,500.00 13,372,750.00 13,372,750.00 11,710,750.00

12/1/2031 13,452,750.00 11,570,250.00 13,370,000.00 13,370,000.00 11,710, 000.00

~2/1/2032 13,455,750.00 11,570,500.00 13,370,500.00 13,370,500.00 11,709, 500.00

12/1/2033 13,457,250.00 11,570,500.00 13,373,250.00 13,373,250.00 11,708,500.00

12/1/2034 13,456,000.00 11,569,500.00 13,372,250.00 13,372,250.00 11,711,250.00

~2/1/2035 13,455,750.00 87,396,750.00 ~3,371,750.00 13,371,750.00 631,235, 000.00 11,711,750.00

12/1/2036 13,370,750.00 13,370,750.00 11,709,250.00

12/1/2037 13,368,250.00 13,368,250.00 11,708, 000.00

12/1/2038 13,368,250.00 13,368,250.00 11,712,000.00

12/1/2039 13,369,500.00 13,369,500.00 11,710,000.00

12/~/2040 13,370,750.00 13,370,750.00 11,711,250.00

12/1/2041 13,370,750.00 13,370,750.00 11,709,500.00

12/1/2042 13,373,250.00 13,373,250.00 11,708,750.00

~2/1/2043 ~3,371,750.00 ~3,371,750.00 11,712, 750.00 Tot:al 300,195,200.00 334,698,275.00 369,218,491.25 365,243,925.50 631,235,000.00 355,683,500.00

_.. . --n -· co MONTAcu(D~bEROSE ' 8 _.. \"" lo \ ot. •• I I ' I ' , I ~.

co