Cordova Palms
Community Development District

Adopted Budget
FY 2023

Cordova Palms
Community Development District

TABLE OF CONTENTS

General Fund
Budget	Page 1-2
Narrative	Page 3-5

SE 2021 Debt Service Fund
Summary of Revenues and Expenses	Page 6
Amortization Schedule	Page 7-8

SE 2022-1 Debt Service Fund
Summary of Revenues and Expenses	Page 9
Amortization Schedule	Page 10

SE 2022-2 Debt Service Fund
Summary of Revenues and Expenses	Page 11
Amortization Schedule	Page 12

	Adopted
Budget	Actuals
as of	Projected
Next 2	Total
Projected	Adopted
Budget	
Description	FY 2022	7/31/22	Months	9/30/22	FY 2023	

Revenues						
Assessments/Developer Contributions	$  118,393	$	62,530	$	29,411	$	91,940	$	333,018	
Total Revenues	$ 118,393	$	62,530	$	29,411	$	91,940	$	333,018	
Expenditures						
Administrative						
Supervisors Fees	$	12,000	$	-	$	2,000	$	2,000	$	12,000	
FICA Expense	$	918	$	-	$	153	$	153	$	918	
Engineering	$	12,000	$	2,063	$	1,500	$	3,563	$	11,600	
Arbitrage	$	-	$	-	$	600	$	600	$	1,200	
Attorney	$	25,000	$	4,693	$	3,000	$	7,693	$	25,000	
Annual Audit	$	-	$	3,200	$	-	$	3,200	$	3,400	
Assessment Administration	$	5,000	$	-	$	5,000	$	5,000	$	5,000	
Trustee Fees	$	-	$	-	$	5,000	$	5,000	$	5,000	
Dissemination	$	-	$	2,917	$	833	$	3,750	$	5,000	
Management Fees	$	45,000	$	37,500	$	7,500	$	45,000	$	47,250	
Website Creation/ADA Compliance	$	-	$	1,750	$	-	$	1,750	$	-	
Website Maintenance	$	1,200	$	1,000	$	200	$	1,200	$	1,500	
Information Technology	$	1,800	$	1,500	$	300	$	1,800	$	2,250	
Telephone	$	500	$	123	$	279	$	402	$	500	
Postage	$	1,500	$	48	$	800	$	848	$	1,500	
Insurance	$	5,500	$	5,000	$	-	$	5,000	$	5,625	
Printing & Binding	$	1,200	$	990	$	870	$	1,860	$	2,000	
Legal Advertising	$	5,000	$	960	$	1,040	$	2,000	$	2,000	
Other Current Charges	$	600	$	450	$	120	$	570	$	600	
Office Supplies	$	1,000	$	84	$	215	$	299	$	500	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative	$ 118,393	$	62,453	$	29,411	$	91,864	$	133,018	

Grounds Maintenance

Landscape - Maintenance	$	-	$	-	

$	-	

$	-	

$	80,000	
Landscape - Contingency	$	-	$	-	$	-	$	-	$	5,000	
Landscape - Pond Banks	$	-	$	-	$	-	$	-	$	40,000	
Lake Maintenance	$	-	$	-	$	-	$	-	$	10,000	
Electric	$	-	$	-	$	-	$	-	$	3,000	
Water/Sewer/Irrigation	$	-	$	-	$	-	$	-	$	30,000	
Repairs & Maintenance	$	-	$	-	$	-	$	-	$	10,000	
Irrigation Repairs	$	-	$	-	$	-	$	-	$	10,000	

	Adopted
Budget	Actuals
as of	Projected
Next 2	Total
Projected	Adopted
Budget	
Description	FY 2022	7/31/22	Months	9/30/22	FY 2023	

Pest Control	$	-	$	-	
$	-	
$	-	
$	2,000	
Other Repairs and Maintenance	$	-	$	-	$	-	$	-	$	10,000	
Total Grounds Maintenance	$	-	$	-	$	-	$	-	$	200,000	
				
Total Expenditures	$ 118,393	$	62,453	$	29,411	$	91,864	$	333,018	

Excess Revenues (Expenditures)

$	-	$

76	$	-	$

76	$	-

Lot
Size	Unit
Count	Net Per
Unit	Net
Assessments	
43'	221	$	454.32	$100,405	
53'	116	$	454.32	$52,701	
Bulk			$179,912	
Total Net Assessments			$333,018	

REVENUES:

Assessments/Developer Contributions

The District will levy a non ad-valorem special assessment on all taxable property within the District to fund all of the General Operating Expenditures for the fiscal year and collect from Developer remaining assessments for O&M portion.

EXPENDITURES:

Administrative:

Supervisors Fees

The Florida Statutes allows each board member to receive $200 per meeting not to exceed $4,800 in one year. The amount for the fiscal year is based upon five supervisors attending the estimated 12 annual meetings.

FICA Expense

These expenses represent the Employer's share of Social Security and Medicare taxes withheld from the Board of Supervisors checks.

Engineering

The District's engineering firm will be providing general engineering services to the District including attendance and preparation for monthly board meetings, review invoices, etc. England, Thims & Miller serves as the District’s engineering firm.

Arbitrage

The District is required to annually have an arbitrage rebate calculation on the District’s Series 2021 Bonds. Grau and Associates, CPAs, serves as the District’s independent certified public accounting firm to calculate the rebate liability and submit reports to the District.

Attorney

The District's legal counsel will be providing general legal services to the District including attendance and preparation for monthly meetings, review operating and maintenance contracts, etc. Kutak Rock LLP serves as the District’s legal counsel.

Annual Audit

The District is required annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm. Grau and Associates currently serves as the District’s Independent Auditor.

Assessment Administration

Governmental Management Services, LLC serves as the District’s collection agent and certifies the District’s non-ad valorem assessments with the county tax collector.

Trustee Fees

The amount of the trustee fees is based on the agreement between The Bank of New York Mellon and the District for the Special Assessment Bond Series 2021.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements the District’s Special Assessment Bond Series 2021. It has contracted with Governmental Management Services, LLC to provide this service.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

Website Maintenance

Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, 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, security, accounting software, etc.

Telephone

The cost of telephone and fax machine service.

Postage

Mailing of agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District's General Liability & Public Officials Liability Insurance policy is with Florida Property Alliance Preferred (FPA). FPA specializes in providing insurance coverage to governmental agencies.

Printing & Binding

Printing and binding agenda packages 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, and etc. in a newspaper of general circulation.

Other Current Charges

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Miscellaneous office supplies.

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.

Grounds Maintenance:

Landscape Maintenance

Estimated costs related to maintain the common areas of the District.

Landscape Contingency

Estimated costs for other landscape maintenance incurred by the District.

Landscape Pond Banks

Estimated costs to maintain ponds in the District.

Lake Maintenance

Estimated costs to maintain ponds throughout the District.

Electric

Estimated costs for electric billed to the District by Clay County Electric.

Water/Sewer/Irrigation

Estimated costs for irrigation by the district for water, sewer and irrigation.

Repairs and Maintenance

Any costs related to miscellaneous repairs and maintenance that occur during the fiscal year.

Irrigation Repairs

Estimated miscellaneous irrigation maintenance and repair costs.

Pest Control

Estimated costs for pest control service incurred by the District.

Other Repairs and Maintenance

Estimated costs for other repairs and maintenance incurred by the district.

Cordova Palms
Community Development District Series 2021 Debt Service Fund Adopted Budget

	Adopted
Budget	Actuals
as of	Projected
Next 2	Total
Projected	Adopted
Budget	
Description	FY 2022	7/31/22	Months	9/30/22	FY 2023	

Revenues						
Special Assessments	$	-	$	-	$	-	$	-	$	438,700	
Interest Income	$	25	$	273	$	25	$	298	$	500	
Bond Proceeds	$	266,903	$	266,903	$	-	$	266,903	$	-	
Net Premium on Bond	$	189,831	$	189,831	$	-	$	189,831	$	-	
Carry Forward Surplus	$	-	$	-	$	-	$	-	$	136,374	
Total Revenues	$	456,759	$	457,007	$	25	$	457,032	$	575,574	

Expenditures							
Series 2021
Interest Expense 5/1	
$	104,304	
$	101,304	
$	-		
$	101,304	
$	-	
Interest Expense 11/1	$	-	$	-	$	-	$	-	$	136,080	
Principal Expense 5/1	$	-	$	-	$	-	$	-	$	165,000	
Interest Expense 5/1	$	-	$	-	$	-	$	-	$	136,080	
Total Expenditures	$	104,304	$	101,304	$	-	$	101,304	$	437,160	
						
Excess Revenues/(Expenditures)	$	352,455	$	355,703	$	25	$	355,728	$	138,414	

11/1/23 Interest Payment	
$	
134,100	

Assessments per unit for FY 2023
Lot
Size	Unit
Count	Net Per
Unit	Net
Assessments	
43'	71	$1,159.81	$82,347	
53'	116	$1,449.77	$168,173	
Bulk			$188,180	
Net Annual Assessment			$438,700	

Period		Interest		Debt	Annual Debt	Bond	
Ending	Principal	Rate	Interest	Service	Service	Balance	

11/1/22		2.400%	$136,080	$136,080	$437,160		
5/1/23	$165,000	2.400%	$136,080	$301,080		$7,815,000	
11/1/23		2.400%	$134,100	$134,100	$438,200		
5/1/24	$170,000	2.400%	$134,100	$304,100		$7,645,000	
11/1/24		2.400%	$132,060	$132,060	$439,120		
5/1/25	$175,000	2.400%	$132,060	$307,060		$7,470,000	
11/1/25		2.400%	$129,960	$129,960	$439,920		
5/1/26	$180,000	2.400%	$129,960	$309,960		$7,290,000	
11/1/26		2.400%	$127,800	$127,800	$440,600		
5/1/27	$185,000	2.800%	$127,800	$312,800		$7,105,000	
11/1/27		2.800%	$125,210	$125,210	$440,420		
5/1/28	$190,000	2.800%	$125,210	$315,210		$6,915,000	
11/1/28		2.800%	$122,550	$122,550	$440,100		
5/1/29	$195,000	2.800%	$122,550	$317,550		$6,720,000	
11/1/29		2.800%	$119,820	$119,820	$439,640		
5/1/30	$200,000	2.800%	$119,820	$319,820		$6,520,000	
11/1/30		2.800%	$117,020	$117,020	$439,040		
5/1/31	$205,000	2.800%	$117,020	$322,020		$6,315,000	
11/1/31		2.800%	$114,150	$114,150	$438,300		
5/1/32	$210,000	3.000%	$114,150	$324,150		$6,105,000	
11/1/32		3.000%	$111,000	$111,000	$442,000		
5/1/33	$220,000	3.000%	$111,000	$331,000		$5,885,000	
11/1/33		3.000%	$107,700	$107,700	$440,400		
5/1/34	$225,000	3.000%	$107,700	$332,700		$5,660,000	
11/1/34		3.000%	$104,325	$104,325	$438,650		
5/1/35	$230,000	3.000%	$104,325	$334,325		$5,430,000	
11/1/35		3.000%	$100,875	$100,875	$441,750		
5/1/36	$240,000	3.000%	$100,875	$340,875		$5,190,000	
11/1/36		3.000%	$97,275	$97,275	$439,550		
5/1/37	$245,000	3.000%	$97,275	$342,275		$4,945,000	
11/1/37		3.000%	$93,600	$93,600	$442,200		
5/1/38	$255,000	3.000%	$93,600	$348,600		$4,690,000	
11/1/38		3.000%	$89,775	$89,775	$439,550		
5/1/39	$260,000	3.000%	$89,775	$349,775		$4,430,000	
11/1/39		3.000%	$85,875	$85,875	$441,750		
5/1/40	$270,000	3.000%	$85,875	$355,875		$4,160,000	
11/1/40		3.000%	$81,825	$81,825	$438,650		
5/1/41	$275,000	3.000%	$81,825	$356,825		$3,885,000	
11/1/41		3.000%	$77,700	$77,700	$440,400		
5/1/42	$285,000	4.000%	$77,700	$362,700		$3,600,000	
11/1/42		4.000%	$72,000	$72,000	$444,000		
5/1/43	$300,000	4.000%	$72,000	$372,000		$3,300,000	
11/1/43		4.000%	$66,000	$66,000	$442,000		
5/1/44	$310,000	4.000%	$66,000	$376,000		$2,990,000	
11/1/44		4.000%	$59,800	$59,800	$444,600		
5/1/45	$325,000	4.000%	$59,800	$384,800		$2,665,000	
11/1/45		4.000%	$53,300	$53,300	$441,600		
5/1/46	$335,000	4.000%	$53,300	$388,300		$2,330,000	
11/1/46		4.000%	$46,600	$46,600	$443,200		
5/1/47	$350,000	4.000%	$46,600	$396,600		$1,980,000	

Period
Ending	
Principal	Interest
Rate	
Interest	Debt
Service	Annual Debt
Service	Bond
Balance	
							
11/1/47		4.000%	$39,600	$39,600	$444,200		
5/1/48	$365,000	4.000%	$39,600	$404,600		$1,615,000	
11/1/48		4.000%	$32,300	$32,300	$444,600		
5/1/49	$380,000	4.000%	$32,300	$412,300		$1,235,000	
11/1/49		4.000%	$24,700	$24,700	$444,400		
5/1/50	$395,000	4.000%	$24,700	$419,700		$840,000	
11/1/50		4.000%	$16,800	$16,800	$443,600		
5/1/51	$410,000	4.000%	$16,800	$426,800		$430,000	
11/1/51		4.000%	$8,600	$8,600	$447,200		
5/1/52	$430,000	4.000%	$8,600	$438,600			
	$7,980,000		$5,256,800	$13,236,800	$13,236,800		

Cordova Palms
Community Development District Series 2022-1 Debt Service Fund Adopted Budget

	Adopted
Budget	Actuals
as of	Projected
Next 2	Total
Projected	Adopted
Budget	
Description	FY 2022	7/31/22	Months	9/30/22	FY 2023	

Revenues						

Special Assessments*	
$	
-		
$	
-	
$	
-	
$	
-	
$	
-	
Interest Income	$	-		$	-	$	-	$	-	$	200	
Bond Proceeds	$	252,985		$	252,985	$	-	$	252,985	$	-	
Carry Forward Surplus	$	-		$	-	$	-	$	-	$	170,601	
Total Revenues	$	252,985	$		252,985	$	-	$	252,985	$	170,801	

Expenditures

Series 2022-1
Interest Expense 11/1 Interest Expense 5/1

$	-	$
$	-	$

-	$	-	$
-	$	-	$

-	$	38,806
-	$	65,898

Total Expenditures

$	-	$

-	$	-	$

-	$	104,704

Excess Revenues/(Expenditures)	$

252,985	$

252,985	$

-	$	252,985	$

66,097

11/1/23 Interest Payment	$	65,898

*SERIES 2022 BONDS ARE UNDER CAPITALIZED INTEREST UNTIL 11/1/2023, ASSESSMENTS START FY24

Cordova Palms
Community Development District
Special Assessment Revenue Bonds, Series 2022-1

Period
Ending	
Principal	Interest
Rate	
Interest	Debt
Service	Annual Debt
Service	Bond
Balance	
							
11/1/22			$38,806	$38,806		$2,325,000	
5/1/23			$65,898	$65,898	$104,704	$2,325,000	
11/1/23			$65,898	$65,898		$2,325,000	
5/1/24	$30,000	4.80%	$65,898	$95,898	$161,795	$2,295,000	
11/1/24			$65,178	$65,178		$2,295,000	
5/1/25	$35,000	4.80%	$65,178	$100,178	$165,355	$2,260,000	
11/1/25			$64,338	$64,338		$2,260,000	
5/1/26	$35,000	4.80%	$64,338	$99,338	$163,675	$2,225,000	
11/1/26			$63,498	$63,498		$2,225,000	
5/1/27	$35,000	4.80%	$63,498	$98,498	$161,995	$2,190,000	
11/1/27			$62,658	$62,658		$2,190,000	
5/1/28	$40,000	5.30%	$62,658	$102,658	$165,315	$2,150,000	
11/1/28			$61,598	$61,598		$2,150,000	
5/1/29	$40,000	5.30%	$61,598	$101,598	$163,195	$2,110,000	
11/1/29			$60,538	$60,538		$2,110,000	
5/1/30	$40,000	5.30%	$60,538	$100,538	$161,075	$2,070,000	
11/1/30			$59,478	$59,478		$2,070,000	
5/1/31	$45,000	5.30%	$59,478	$104,478	$163,955	$2,025,000	
11/1/31			$58,285	$58,285		$2,025,000	
5/1/32	$45,000	5.30%	$58,285	$103,285	$161,570	$1,980,000	
11/1/32			$57,093	$57,093		$1,980,000	
5/1/33	$50,000	5.70%	$57,093	$107,093	$164,185	$1,930,000	
11/1/33			$55,668	$55,668		$1,930,000	
5/1/34	$55,000	5.70%	$55,668	$110,668	$166,335	$1,875,000	
11/1/34			$54,100	$54,100		$1,875,000	
5/1/35	$55,000	5.70%	$54,100	$109,100	$163,200	$1,820,000	
11/1/35			$52,533	$52,533		$1,820,000	
5/1/36	$60,000	5.70%	$52,533	$112,533	$165,065	$1,760,000	
11/1/36			$50,823	$50,823		$1,760,000	
5/1/37	$60,000	5.70%	$50,823	$110,823	$161,645	$1,700,000	
11/1/37			$49,113	$49,113		$1,700,000	
5/1/38	$65,000	5.70%	$49,113	$114,113	$163,225	$1,635,000	
11/1/38			$47,260	$47,260		$1,635,000	
5/1/39	$70,000	5.70%	$47,260	$117,260	$164,520	$1,565,000	
11/1/39			$45,265	$45,265		$1,565,000	
5/1/40	$75,000	5.70%	$45,265	$120,265	$165,530	$1,490,000	
11/1/40			$43,128	$43,128		$1,490,000	
5/1/41	$80,000	5.70%	$43,128	$123,128	$166,255	$1,410,000	
11/1/41			$40,848	$40,848		$1,410,000	
5/1/42	$85,000	5.70%	$40,848	$125,848	$166,695	$1,325,000	
11/1/42			$38,425	$38,425		$1,325,000	
5/1/43	$90,000	5.80%	$38,425	$128,425	$166,850	$1,235,000	
11/1/43			$35,815	$35,815		$1,235,000	
5/1/44	$95,000	5.80%	$35,815	$130,815	$166,630	$1,140,000	
11/1/44			$33,060	$33,060		$1,140,000	
5/1/45	$100,000	5.80%	$33,060	$133,060	$166,120	$1,040,000	
11/1/45			$30,160	$30,160		$1,040,000	
5/1/46	$105,000	5.80%	$30,160	$135,160	$165,320	$935,000	
11/1/46			$27,115	$27,115		$935,000	
5/1/47	$110,000	5.80%	$27,115	$137,115	$164,230	$825,000	
11/1/47			$23,925	$23,925		$825,000	
5/1/48	$120,000	5.80%	$23,925	$143,925	$167,850	$705,000	
11/1/48			$20,445	$20,445		$705,000	
5/1/49	$125,000	5.80%	$20,445	$145,445	$165,890	$580,000	
11/1/49			$16,820	$16,820		$580,000	
5/1/50	$130,000	5.80%	$16,820	$146,820	$163,640	$450,000	
11/1/50			$13,050	$13,050		$450,000	
5/1/51	$140,000	5.80%	$13,050	$153,050	$166,100	$310,000	
11/1/51			$8,990	$8,990		$310,000	
5/1/52	$150,000	5.80%	$8,990	$158,990	$167,980	$160,000	
11/1/52			$4,640	$4,640		$160,000	
5/1/53	$160,000	5.80%	$4,640	$164,640	$169,280		
	$2,325,000		$2,724,179	$5,049,179	$5,049,179		

Cordova Palms
Community Development District Series 2022-2 Debt Service Fund Adopted Budget

	Adopted
Budget	Actuals
as of	Projected
Next 2	Total
Projected	Adopted
Budget	
Description	FY 2022	7/31/22	Months	9/30/22	FY 2023	

Revenues						

Special Assessments*	
$	
-		
$	
-	
$	
-	
$	
-	
$	
-	
Interest Income	$	-		$	-	$	-	$	-	$	200	
Bond Proceeds	$	748,265		$	748,265	$	-	$	748,265	$	-	
Carry Forward Surplus	$	-		$	-	$	-	$	-	$	502,866	
Total Revenues	$	748,265	$		748,265	$	-	$	748,265	$	503,066	

Expenditures												
Series 2022-2
Interest Expense 11/1	
$	
-	
$		
-	
$	
-	
$	
-	
$	
114,386	
Interest Expense 5/1	$	-	$		-	$	-	$	-	$	194,240	
Total Expenditures	$	-	$		-	$	-	$	-	$	308,626	
												
Excess Revenues/(Expenditures)	$	748,265	$		748,265	$	-	$	748,265	$	194,440	

11/1/23 Interest Payment	$	194,240

*SERIES 2022 BONDS ARE UNDER CAPITALIZED INTEREST UNTIL 11/1/2023, ASSESSMENTS START FY24

Cordova Palms
Community Development District
Special Assessment Revenue Bonds, Series 2022-2

Period
Ending	
Principal	Interest
Rate	
Interest	Debt
Service	Annual Debt
Service	Bond
Balance	
							
11/1/22			$114,386	$114,386		$7,155,000	
5/1/23			$194,240	$194,240	$308,626	$7,155,000	
11/1/23			$194,240	$194,240		$7,155,000	
5/1/24	$100,000	4.50%	$194,240	$294,240	$488,480	$7,055,000	
11/1/24			$191,990	$191,990		$7,055,000	
5/1/25	$105,000	4.50%	$191,990	$296,990	$488,980	$6,950,000	
11/1/25			$189,628	$189,628		$6,950,000	
5/1/26	$110,000	4.50%	$189,628	$299,628	$489,255	$6,840,000	
11/1/26			$187,153	$187,153		$6,840,000	
5/1/27	$115,000	4.50%	$187,153	$302,153	$489,305	$6,725,000	
11/1/27			$184,565	$184,565		$6,725,000	
5/1/28	$120,000	5.10%	$184,565	$304,565	$489,130	$6,605,000	
11/1/28			$181,505	$181,505		$6,605,000	
5/1/29	$130,000	5.10%	$181,505	$311,505	$493,010	$6,475,000	
11/1/29			$178,190	$178,190		$6,475,000	
5/1/30	$135,000	5.10%	$178,190	$313,190	$491,380	$6,340,000	
11/1/30			$174,748	$174,748		$6,340,000	
5/1/31	$145,000	5.10%	$174,748	$319,748	$494,495	$6,195,000	
11/1/31			$171,050	$171,050		$6,195,000	
5/1/32	$150,000	5.10%	$171,050	$321,050	$492,100	$6,045,000	
11/1/32			$167,225	$167,225		$6,045,000	
5/1/33	$160,000	5.40%	$167,225	$327,225	$494,450	$5,885,000	
11/1/33			$162,905	$162,905		$5,885,000	
5/1/34	$165,000	5.40%	$162,905	$327,905	$490,810	$5,720,000	
11/1/34			$158,450	$158,450		$5,720,000	
5/1/35	$175,000	5.40%	$158,450	$333,450	$491,900	$5,545,000	
11/1/35			$153,725	$153,725		$5,545,000	
5/1/36	$185,000	5.40%	$153,725	$338,725	$492,450	$5,360,000	
11/1/36			$148,730	$148,730		$5,360,000	
5/1/37	$195,000	5.40%	$148,730	$343,730	$492,460	$5,165,000	
11/1/37			$143,465	$143,465		$5,165,000	
5/1/38	$205,000	5.40%	$143,465	$348,465	$491,930	$4,960,000	
11/1/38			$137,930	$137,930		$4,960,000	
5/1/39	$220,000	5.40%	$137,930	$357,930	$495,860	$4,740,000	
11/1/39			$131,990	$131,990		$4,740,000	
5/1/40	$230,000	5.40%	$131,990	$361,990	$493,980	$4,510,000	
11/1/40			$125,780	$125,780		$4,510,000	
5/1/41	$245,000	5.40%	$125,780	$370,780	$496,560	$4,265,000	
11/1/41			$119,165	$119,165		$4,265,000	
5/1/42	$255,000	5.40%	$119,165	$374,165	$493,330	$4,010,000	
11/1/42			$112,280	$112,280		$4,010,000	
5/1/43	$270,000	5.60%	$112,280	$382,280	$494,560	$3,740,000	
11/1/43			$104,720	$104,720		$3,740,000	
5/1/44	$285,000	5.60%	$104,720	$389,720	$494,440	$3,455,000	
11/1/44			$96,740	$96,740		$3,455,000	
5/1/45	$305,000	5.60%	$96,740	$401,740	$498,480	$3,150,000	
11/1/45			$88,200	$88,200		$3,150,000	
5/1/46	$320,000	5.60%	$88,200	$408,200	$496,400	$2,830,000	
11/1/46			$79,240	$79,240		$2,830,000	
5/1/47	$340,000	5.60%	$79,240	$419,240	$498,480	$2,490,000	
11/1/47			$69,720	$69,720		$2,490,000	
5/1/48	$360,000	5.60%	$69,720	$429,720	$499,440	$2,130,000	
11/1/48			$59,640	$59,640		$2,130,000	
5/1/49	$380,000	5.60%	$59,640	$439,640	$499,280	$1,750,000	
11/1/49			$49,000	$49,000		$1,750,000	
5/1/50	$400,000	5.60%	$49,000	$449,000	$498,000	$1,350,000	
11/1/50			$37,800	$37,800		$1,350,000	
5/1/51	$425,000	5.60%	$37,800	$462,800	$500,600	$925,000	
11/1/51			$25,900	$25,900		$925,000	
5/1/52	$450,000	5.60%	$25,900	$475,900	$501,800	$475,000	
11/1/52			$13,300	$13,300		$475,000	
5/1/53	$475,000	5.60%	$13,300	$488,300	$501,600		
	$7,155,000		$7,986,571	$15,141,571	$15,141,571