HomeMy WebLinkAbout1977-07-07~~_; # ~ '71329'6'
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Meridian, Idaho
July 7, 1977
The City Council of the City of Meridian, Ada County,
Idaho, met in ~}~ecial public session at the regular meeting
place of the council in the City Hall in the City of Meridian at
7:00 o'clock P.M. on July 7, 1977• The roll was called and
the following found to be present:
Don M. Storey, Mayor
John R. Navarro, Councilman
Marvin R. Bodine, Councilman
Kenneth Rasmussen, Councilman
Richard Williams, Councilman
Absent:
None
There were also present Herald J. Cox, City Clerk
and John 0. Fitzgerald, City Attorney.
After the meeting had been duly called to order and the
minutes of the preceding meeting read and approved, the Mayor
announced that one of the purposes of the meeting was the canvass
of the returns of the special bond election held in the city on
July 5, 1977, pursuant to the provisions of Ordinance Number
30A, adopted on June 20, 1977•
The City Clerk then presented to the council the returns
of the election on the proposition from the voting place, the
ballots cast at the election and all other pertinent data.
r ` •
•
The City Council thereupon proceeded to canvass the
results of said election and to incorporate their findings and
determination into the form of the following resolution, which
was introduced in written form by ,7~hn R_ Nava,-,-~ , was read
in full and pursuant to motion made by Kanna4-h Racm+icco.,, and
seconded by Richard Williams , was adopted by the following vote:
Aye: John R. Navarro
Marvin R. Bodine
Kenneth Rasmussen
Richard Williams
Nay: None.
The resolution was thereupon signed by the Mayor,
attested by the City Clerk, was ordered recorded and is as follows:
RESOLUTION N0. 65
<< A RESOLUTION canvassing the results of an election
held in the City of Meridian, Idaho, on July 5, 1977,
on the authorization of $2,325,000 Revenue Refunding
Bonds of said city, determining the results
of said election, and ratifying and confirming acts
taken in connection therewith.
WHEREAS on June 20, 1977, the City Council of the
City of Meridian adopted Ordinance Number 304 calling an election
to be held in said city on July 5, 1977, for the purpose of sub-
mitting to the electors of the city qualified to vote thereon the
proposition hereinafter set out; and
WHEREAS said election has been duly held pursuant to the
provisions of said ordinance and to the provisions of the Constitution
and laws of Idaho, and the results thereof have been canvassed
by the City Council, and a complete investigation has been made by
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the council as to the manner in which said election was held and as
to the regularity thereof;
NOW, THEREFORE, Be It Resolved by the Mayor and Council
of the City of Meridian, Ada County, Idaho, as follows:
Section 1. That a special bond election was held in
the City of Meridian on July 5, 1977, at which election there was
submitted to the qualified electors of said city the following
proposition:
QUESTION: Shall the City of Meridian, Idaho, issue and
sell its water and sewer revenue refunding bonds to the
amount of $2,325,000 for the purpose of providing funds
with which to pay the principal of and interest on
certain Water and Sewer Revenue Bonds of the City dated
October 1, 1975 to be refunded, to and including their
dates of maturity or principal redemption in accordance
with the advance refunding plan to be adopted by the
City Council, together with all costs incurred in
accomplishing such refunding, as more fully provided in
Ordinance Number 304 adopted on June 20, 1977'
Section 2. That notice of the calling of said election
was duly and legally given by the publication of an appropriate
notice in the Valley News Times, a newspaper printed, published and
having general circulation in the City of Meridian, on June 22, 1977,.
and June 29, 1977, such publication having been made once a week
on the same day of each of two successive weeks.
Section 3. That pursuant to Section 50-413, Idaho Code,
and Section 5 of Ordinance Number 304 adopted on June 20, 1977,
the City Clerk caused sample ballots to be printed not less than
fifteen (15) days before said special bond election and to be made
available in the office of the City Clerk to be furnished to such
persons applying therefor to the City Clerk. The City Clerk further
caused the form of the sample ballot to be published on June 22,
1977 and June 29, 1977 in the Valley News Times, the official
newspaper of said city.
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Section 4. That the polls at said election were opened
at 12:00 noon and remained open continuously until and closed
at the hour of 8:00 o'clock P.M. at the voting place specified
in Section 6 hereof.
Section 5. That only persons who were on said July 5,
1977, qualified electors of the City of Meridian, eighteen (18)
years of age or older, properly registered and possessing the
qualifications of residents, were permitted to vote at said
election, and that no person qualified to vote at said election
was refused the right to vote.
Section 6. That the ballots used at said election were
in the form prescribed by law.
Section ~. That the results of the election on said
proposition were, and are hereby formally found and determined to
be as follows:
Polling Place
Meridian Rural
Fire Station
Number of
Votes in Favor
65
Number of Number of
Votes Against Mutilated Ballots
1
None
Section 8. That it is therefore found, determined and
declared that said proposition on the issuance of $2,325,000
Revenue Refunding Bonds, carried by a ma,~ority of the qualified
electors of the city voting at the election on said $2,325,000
Revenue Refunding Bonds, that said election was in all things
held and conducted in strict compliance with law, and that the
City Council is authorized to proceed with the authorization of
said $2,325,000 bonds as specified in said proposition.
Section 9. That all actions taken by the City Clerk in
connection with the publication of the notice of election and the
preparation and the printing of the ballots and sample ballots used
at the special revenue bond election are hereby in all respects
ratified, approved and confirmed.
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Adopted and approved July 7, 1977.
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Mayor _T
Attest:
ity Clerk
(Other business not pertinent to the above appears in
the minutes of the meeting.)
Pursuant to motion duly made and carried, the meeting
was adjourned.
~1 q
`',, ~- ``~-, ~i ~ 1 J.~-e t E'~
Mayor
Attest:
~_
Ci lark
Meridian Citq Hall Special Meeting
July 7, 1977
Ed Felsing and Steve Jeffers were present to explain the program of
advance refunding and tho options available.
(Bond copq is on file with these minutes)
The Motion was made bq Marvin Bodine and seconded bq Kenneth Rasmussen
that the Citq adopt Schedule A Program of Advance Refunding
Motion passed: Bodine, qea; Rasmussen, qea; Navarro, qea.
Williams abstained for the reason that the
Idaho First National Bank is involved with
Bosworth„and Sullivan in this issue.
There being no other business to come before the Council the meeting
stood adjourned.
DON M. STOREY
MAYOR
Icc: Magor &"Council ;P & Z Commission;Bruce;Ver on;Shulta;Welker;
Heia•Chief;AIC;APA;ACHD;Central Health•Nam~s-Meridian Irrigg;
Ada honing Director;Ada Commissioaers;~975 Revenue Bond Fiie
STATE OF IDAHO )
COUNTY OF ADA )
I, Herald J. Cox, do hereby certify that I am the
duly qualified and acting Clerk of the City of Meridian, Ada
County, Idaho.
I further certify that the above and foregoing constitutes
a true and correct copy of the minutes of a special public
meeting of the City Council of said city held on the 7th day of
July, 1977, and of a resolution adopted at said meeting, as said
minutes and resolution are officially of record in my possession.
IN WITNESS WHEREOF, I have hereunto subscribed my
official signature and impressed hereon the seal of said city
this 7th
(AFFYX)
(SEAL)
(-MERE )
day of July, 1977•
STATE OF IDRHO, COUNTY OF ADA, s _ i~/Ll~/L(.-G~""~-' j-
Filed for record at a request ,o~fff
~_Min. pasf~o'clock_!!LM. this day cf19~ L
LARENCE A. NTING. Recorder
~, ep0a
~~
e9-~ ~3 G s/e?
6/27/77
-6-
ADVANCE REFUNDING PROPI)~'~,L
PFEPARED FOR
CI'.Y OF McRIDIAN, IDAHO
JULY 7, 157i
~l..~~~
~@,50~~~"~rl
& ^omp~ny, inc.
M:MBERS, NEW VGAK ST'~CK EXCHANGE
OUTSTANDING ISSUE DTD 10/1/75
PRINCIPAL AD110UNT: 2 325,000
START DATE: 8/0/77
YEAR PRINCIPAL RATE
INT~REST
10/ 1
PRINC+INT
1977 25,000 7.000
1978 25,000 7.000
1979 25,000 7.000
1980 30,000 7.000
1981 30,000 7.000
1982 35,000 7.000
1983 35,000 7.000
1984 40,000 7.000
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
TJ,VVV I.VVV
50,000 7.000
55,000 7.000
55,000 7.000
65,000 7.000
65,000 7.250
70,000 7.400
80,000 7.400
80,000 7.400
90.000 7.600
95,000 7.600
105,000 7.600
115,000 7.600
120,000 7.600
130,000 7.750
140,000 7.750
150,000 7.750
165,000 7.750
175,000 7.750
190,000 7.750
2,325,000
86,178.75
85,303.75
84,428.75
83,378.75
82,328.75
81,103.75
79,878.75
75,603.79
73,753.75
71,828.75
69,903.75
67,628.75
65,272.50
62,682.50
59,722.50
56,762.50
53,342.50
49,732.50
45,742.50
41,372.50
36,812.50
31,775.00
26,350.00
20,537.50
14,143.75
7,362.50
1,668,388.75
BOIJD YEARS 44287.50
NET EFFECTIVE RATE 7.5999
54,017.92
111,178.75
110,303.75
114,428.75
113.378.75
117,328.75
116,103.75
119,878.75
1L LfV IV.IJ
125,503.75
128,753.75
126,828.75
134,903.75
132,628.75
135,272.50
142,682.50
139,722.50
146,762.50
148,342.50
154,732.50
160,742.50
161,372.50
166,812.50
171,775.00
176,350.00
185,537.50
189,143.75
197,362.50
4,022,406.67
ANNUAL
PAYMENT
54,017.92
197,357.50
195,607.50
198,857.50
196,757.50
199,657.50
197,207.50
199,757.50
,s.... vv
201,007.50
202,507.50
198,657.50
204,807.50
200,257.50
200,545.00
205,365.00
199,445.00
203,525.00
201,685.00
204,465.00
206,485.00
202,745.00
203,625.00
203,550.00
202,700.00
206,075.00
203,287.50
204,725.00
5,690,795.42
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YEAR
1986
19 87
19 88
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
OUTSTANDING ISSUE DTD 10/1/75
PRINCIPAL AM7UNT: 2,040,000
START DATE: 10/01/85
PRINCIPAL RATE
45,000 7.000
50,000 7.000
55,0.00 7.000
55,000 7.000
65,000 7.000
65,000 7.250
70,000 7.400
80,000 7.400
80,000 7.400
90,000 7.600
95,000 7.600
105,000 7.600
115,000 7.600
120,000 7.600
130,000 7.750
140,000 7.750
150,000 7.750
165,000 7.750
175,000 7.750
190,000 7.750
2', 040, 000
BOND YEARS
NET EFFECTIVE RATE
4/1
INTEREST
77,078.75
75,503.75
73,753.75
71,828.75
69,903.75
67,628.75
65,272.50
62,682.50
59,722.50
56,762.50
53,342.50
49,732.50
45,742.50
41,372.50
36,812.50
31,775.00
26,350.00
20,537.50
14,143.75
7,362.50
1,007,308.75
26310.00
7.6572
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10/1
PRZNC+INT
122,078.75
125,503.75
128,753.75
126,828.75
134,903.75
132,628.75
135,272.50
142,682.50
139,722.50
146,7fi2.50
146,342.50
154,732.50
160,742.50
161,372.50
166,812.50
171,775.00
176,350.00
185,537.50
189,143.75
197,3fi2.50
3,047,308.75
•
ANNUAL
PAYASENT
199,157.50
201,007.50
202,507.50
198,657.50
204,807.50
200,257.50
200,545.00
205,365.00
199,445.00
203,525.00
201,685.00
204,465.00
206,485.00
202,745.00
203,625.00
203,550.00
202,700.00
206,075.00
203,287.50
204,725.00
4,054,617.50
i
• SCREDULE A
PROPOSED REFUNDING
PRINSTAR2 ~ENTe/01%70,000
YEAR
19 77
1978
19 79
1980
1981
1982
1983
1984
1985
1986
1987
1988
19 89
1990
1991
19 92
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
PRINCIPAL RATE
70,000 6.250
80,000 6.250
85,000 6.250
85,000 6.250
95,000 6.250
100,000 6.250
105,000 6.250
115,000 6.250
120,000 6.250
130,000 6.250
135,000 6.250
145,000 6.250
160,000 6.250
165,000 6.250
175,000 6.250
185,000 6.250
90,000 6.250
2,040,000
INTE~ST
63,750.00
63,750.00
63,750.00
63,750.00
63,750.00
63,750.00
63,750.00
63,750.00
63,750.00
61,562.50
59,062.50
56,406.25
53,750.00
50,781.25
47,656.25
44,375.00
40,781.25
37,031.25
32,968.75
28,750.00
24,218.75
19,218.75
14,062.50
8,593.75
2,812.50
1,155,781.25
SO/1
PRINC+IAT
21,250.00
63,750.00
63,750.00
63,750.00
63,750.00
63,750.00
63,750.00
63,750.00
63,750.00
133,750.00
141,562.50
144,062.50
141,406.25
148,750.00
150,781.25
152,656.25
159,375.00
160,781.25
167,031.25
167,966.75
173,750.00
184,218.75
184,218.75
189,062.50
193,593.75
92,812.50
BOND YEARS ~ 37325.00
NET EFFECTIVE RATE 6.2500
3,217,031.25
A]PNUAL
PAY.'+:EtJT
21.250.00
127,500.00
127,500.00
127,500.00
127,500.00
127,500.00
127,500.00
127,500.00
127,500.00
197,500.00
203,125.00
203,125.00
197,812.50
2o2,soo.oe
201,562.50
200,312.50
203,750.00
201,562.50
204,062.50
200,937.50
202,500.00
208,437.50
203,437.50
203,125.00
202,187.50
95,625.00
4,372,812. SC
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SCHEDULE A
PROPGSED REFUNDING
PRINCIPAL AMOUNT: 2 040,000
START DATE: lO b1/85
YEAR
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
PRINCIPAL RATE
70,000 6.250
80,000 6.250
85,000 6.250
85,000 6.250
95,000 6.250
100,000 6.250
105,000 6.250
115,000 6.250
120,000 6.250
130,.000 6.250
135,000 6.250
145,000 6.250
160,000 6.250
165,000 6.250
175,000 6.250
185,000 6.250
90,000 6.250
2,040,000
INTE~ST
63,750.00
61,562.50
59,062.50
56,406.25
53,750.00
50,781.25
47,656.25
44,375.00
40,781.25
37,031.25
32,966.75
28,750.00
24,218.75
19,218.75
14,062.50
8,593.75
2,812.50
645,781.25
SO/1
PRINC+INT
NET EFFECTIVE RATE 6.2500
-4-
133,750.00
141,562.50
144,062.50
141,406.25
148,750.00
150,781.25
152,656.25
159,375.00
160,781.25
167,031.25
167,968.75
173,750.00
164,218.75
184,218.75
189,062.50
193,593.75
92,812.50
2,685,781.25
ANNUAL
PAYMENT
197,500.00
203,125.00
203,125.00
197,812.50
202,500.00
201,562.50
200,312.50
203,750.00
201,562.50
204,062.50
200,937.50
202.500.00
208,437.50
203,437.50
203,125.00
202,187.50
95,625.00
3,331,562.50
SCHEDULE A
COh/YAPISON OE' pEBT ON FF.OPOSED REFUNDING BONDS
TO P,EBT PERUIRF,"!E'NTS ON PRF,SENTLY OUTSTANDING BOP1pS
YEAR DEBT SERVICE DEBTSERVICE ANNUAL
F,NDING 01! OUTSTANDIA]C ON PROPOSED SAVINGS
' (12/31) .BONDS REFUNDING BONDS
19A6 199,157.50 197,500.00 1,.6.57.50
1987. 201, r, 07. 50 203,125,00 (2,117.50)
1988 202,507.50 203,125.00 {6.17.50)
1989 198,657.50 197,812.5.0 'Sk5.00
1990 204,807.50 202,SOd.00 2,307.50
1991 200,257. S0 201,562.50 (1,305.00)
'
1992 200,545.00 200,317.50 232.50
1993 205,365.00 203,750.00 1,615.00'
1994 199,445.00 201,562.50' (.2,117.50)
1995 203,525.00 20.4,062.5'0 (537.50)
1996 201,685.0-0 200,937.50 7~i7.50
1997 204,465.00 202,500.00. 1,965.00
1998 206,485.00. 208,437:50 (Y,952.50)
1999 20?,745.00 203,437.50 (692.50)
2000 203,625.00 203,125.00. 500.00
2001 203,550.00 202,187.50 1,362.50
2002: 202,700.00. 95,.625.00 107,075.00
2003 206,075,00 206,075.00-
2004 203,287.50 203,2$7.50
2005 204,725.00 204,725.00
4,054,617.50 3,331,562.50. 723,055.00'
LESS CASH PRIG IN TO FUND
CALL PREM.ZUM, ,~ 54,000.00 '
NET SAVINGS -5_ 672,0$5.00
! SCREDULE A
PROPOSED ESCROW
PRINCIPAL AI~UNT: 2,040,000
START DATE: 8/01/77
YEAR
1977
1978
1979
19 80
1981
19 82
1983
1984
1985
PRINCIPAL RATE INT~RESl PRINC+INT
.21,250.00
2,040,000 6.250
2,040,000
63,750.00 63,750.00
63,750.00 63,750.00
63,750.00 63,750.00
63,750.00 63,750.00
63,750.00 63,750.00
63,750.00 63,750.00
63,750.00 63,750.00
63,750.00 2,SD3,750.00
510,000.00 2,571,250.00
BOND YEARS 16660.00
NET EFFECTIVE RATE 6.2500
ANNUAL
PAYMENT
21,250.00
127,500.00
127,500.00
127,500.00
127,500.00
127,500.00
127,500.00
127,500.00
2,167,500.00
3,081,250.00
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sr. f;F'r,~tN~ A-1
FFOfO.`;FL fiEr.URGING
FFI;VCIFAC, ANCUb'2': 2,120,000
STAF.T GATF: 8/.01/77
YF'AF
1977
19 78
1979
19A0
1981
1.982
19 P,?
1984
19 85
1986
1907
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1996
1999
2000
2001
2002
2003
FhF.~:r'ZYAL F'A7F
65,000 6.25C
75,000 6.?50
80,000 6.250
eo,oee s.25o
90,000 6.250
90,000 6.?SC
100,000 6.250
110,000 6.?50
110,000 6.250
120,000 6.250
125,000 6.250
135,000 6.250
150,000 6.250
155,000 6.?50
165,000 6.25C
17s,ooo 6.2so
185,000 6.250
110,000 6.250
2,120,000
4/1
IATE EEST
66,250.00
66,250.00
66,250.00
66,250.00
66,250.00
66,250.00
66,250.00
56,250.00
66,25C.00
64,218.75
61,875.00
59,375.00
56,875.00
54,062.50
s1,2so.eo
48,125.00
44,687.50
41,250.00
37,500.00
33,593.75
29,375.00
24,667.50
19,&43.75
14,ee7.so
9,218.75
3,437.50
1,250,312.50
FOb'G YF.AkS 40363.33
.NF"T EFFECTIVE hAY'E 6.2500
10/1
PFIPC+I ~1T
22,083.33
66,250.00
66,250.00
66,250.00
66,250.00
s6,2so.oo
66,?50.00
E6,250.00
66,250.00
131,250.00
139,218.75
141,875.00
139,375.00
146,875.00
144,062..50
151>2so.oo
158,125.00
154,687.50
161,250.00
162,500.00
168,593.75
179,375.00
179,687.50
184,A43.75
199,687.50
194,218.75
113,437.50
3,392,395.83
ANNURL
PAYMENT
22,083.33
132,500.00
132,500.00
132,500.00
132,500.00
132,500..00
132,500.00
132,500.00
132,500.00
197,500.00
203,437.50
203,750.00
198,750.00
203,750.00
198,125.00
2o2,soo.oo
206,250.00
199,375.00
202,500.00
200,000.00
202,187.50
208,750.00
204,375.00
204,687.50
204,375.00
203,437.50
116,875.00
4,642,708.33
-7-
! •
FFOP('SFC FFh'U~~I~Z A'G
FF'L9CIFAL AApGIlFJT: 2,1 20,000
S2'AF,.^ TiATE: 10/01 /85
4/1 10/1 ANNUAL
Y'zAF PFIh'CIPAL FATE. Ih'TE;Ft,S2' PRINC+IIPI' PAYMENT
1986 65,000 6.250 66,250.00 131,250.00 197,500.00
1987 75,000 6.250 64,218.75 139,218.75 203,437.50
1988 80,000 6.250 61,875.00 141,875.00 203,750.00
1989 80,000 6.250 59,375.00 139,375.00 198,750.00
1990 90,000 6.250 56,875.00 146,675.00 203,750.00
1991 90,000 6.?50 54,062.50 144,062.50 198,125.00
L°92 100,000 6.250 51,?50.00 151,250.00 202,500.00
1993 110,000 6.250 48,125.00 156,125.00 206,250.00
1994 110,000 6.250 44,587.50 154,687.50 199,375,00
1995 120,000 6.250 41,250.00 161,250.00 202,500.00
1996 125,000 6.250 37,500.00 162,500.00 200,000.00
1997 135,000 6.250 33,593.75 168.,593.75 202,187.50
1998 150,000 6.250 29,375.00 179,375.00 208,750.00
1999 155,000 6.250 24,687.50 179,687.50 204,395.00
2000 165,000 6.250 19,843.75 184,843.75 204,687.50
2001 175,000 6.250 14,687.50 189,687.50 204,375.00
2002 185,000 6.250 9,218.75 194,218.75 203,437,50
2003 iSO,cOr, 6.250 3,437.50 113,437.50 116,875.00
2,12f,~,000 720,312.50 2,840,312.50 3,560,625.00
RE7 FFh RC2'IVF, FA2'E 6.25
-8-
s •
:CfiF,P.ULF; A-1
CC~;P Al i SG+: PI Lb;`.T G'N FhOFOSEL RLFUA%LIf:C 60NLS
1'G LI c'T FF~UIIf@"'Is^.'TS' ON FF.FiSENTLY OUTSTANDING F,ONLS
°`Af, LFP,^ S:FVICF GFL:'TS6frVICF, ANA`UAL
F!rGL1G ON G9:"S:"ANCING 0~4~ FF,OF-OSEG SAVINGS'
(:2/31) °^'~!'~ 6FiE'UNLING BChLS
198c 199,157,50 197,500.00 1,657.50
1987 X1,007.50 X3,437.50 (2,430.00
1988 202,507.50 203,750.00 (1,242.50
1989 198,57,50 198,750.00 (92.50
1990 204 ,8D7.50 203,750.00 1,057.50
1991 X0,257.50 198,125.00 2,132.50
1992 200,S~t5.00 202,500.00 (1,955.00)
1993 205,365.00 20E,250.00 (885.00)
1994 199,445.00 199,375.00 70.00
1995 203,525.00 202,500.00 1,025.00
1996 201,685.00 200,000.00 1,685.00
1997 204,465.OC X2,187.50 2,277.50
199E 2CE,485.Q0 X8,750.00 (2,265.00)
1999 202,745.C0 204,375.00 (1,630.00)
2000
2001 203,625.!`0
203
550
00 204,687.50
04
7 (1 062.SG)
(
,
. ,3
2
5.00 825.00)
2002 202,700.00 203,437.50 (737.50)
2003 206,r,75.G0 116,675.00 89,200.00
2004 203,257.50 203,287,50
2005 204,725.00 204,725.00
4,C54,617.5C 3,560,625.00 493,992.50
-O-
Li:;::~L'L F.'iiCFCSi
FbIirCIFFI A1'OfiA''T: 2,12G,000
ST`Af'1' f.A4'E: A/O1/77
u/1 10/1 ANNUAL
Ytl'f 11,InC1(-til. ~F•;~. I^;2'bfEu!' Fh'INC+I Ml FAYhfB'Nl
22,083.33 22,083.33
iQ77
1972 66,250.00
250.00
66 66,250.00
66,250.00 132,500.00
132,500.00
1G7g
19 PC ,
66,250.00 66,250.00 132,500.00
19&1 66,250.00
250.00
66 66,250.00
66,250.OG 132,500.00
132,500.00
1982
to q3 ,
66,250.00
250.00
66 66,250.00
66,250.00 132,500.00
132,500.00
198u
19 A5 2,120,000 ,
6.250 66,250.00 2,186,250.00 2.252,500.00
2,120,.,00 530,000.00 2,672,083.33 3,202,083.33
L'C1.'G YFAFS 17313..',3
NET E h''PC'P74'F.` hATF 6.2500
-1C-
n
u
SCHEDULE B
PkOR7SED REFUNDING
PRINCIPAL Ah_~UNT: 2,040,000
START DATE: 8/01/77
• 4/1 10/1 ANNUAL
YEAR PRINCIPAL RATE INTEREST PRINC+ZNT PAYMENT
1977 21,521.04 21,521.04
1978 64,563.13 64,563.13 129,126.26
1979 64,563.13 64,563.13 129,126.26
1980 64,563.13 64,563.13 129,126.26
1981 64,563.13 64,563.13 129,126.26
1982 64,563.13 64,563.13 129,126.26
1983 64,563.13 64,563.13 129,126.26
1984 64,563.13 64,563.13 129,126.26
1985 64,563.13 64,563.13 129,126.26
1986 45,000 6.250 64,563.13 109,563.13 174,126.26
1987 50,000 6.250 63,156.88 113,156.88 176,313.76
1988 55,000 . 6.250 61,594.38 116,594.38 178,188.76
1989 55,000 6.250 59,875.63 114,875.63 174,751.26
1990 65,000 6.250 58,156.88 123,156.88 181,313.76
1991 65,000 6.250 56,125.63 121,125.63 177,251.26
1992 70,000 6.250 54,094.38 124,094.38 178,188.76
1993 80,000 6.250 51,906.88 131,906.88 183,813.76
1994 80,000 6.250 49,406.88 129,406.88 178,813.76
1995 90,000 6.300 46,906.88 136,906.88 183,813.76
1996 '95,000 6.300 44,071.88 139,071.88 183,143.76
1997 105,000 6.300 41,079.38 146,079.38 187,158.T6
1998 115,000 6.375 37,771.88 152,771.88 190,543.76
1999 120,000 6.375 34,106.25 154,106.25 188,212.50
2000 130,000 6.375 30,281.25 160,281.25 190,562.50
2001 140,000 6.375 26,137.50 166,137.50 192,275.00
2002 150,000 6.375 21,675.00 171,675.00 193,350.00
2003 165,000 6.375 16,893.75 181,893.75 198,787.50
2004 175,000 6.375 11,634.38 186,634.38 198,268.76
2005 190,000 6.375 6,056.25 196,056.25 202,112.50
2,040,000 1,352,000.11 3,413,521.15 4,765,521.26
BOND YEARS 42970.00
NET EFFECTIVE RATE 6.3428
-11-
YEAR
1986
19 87
1988
19 89
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2 001
2002
2003
2004
2005
SCHEDULE B
PRGPGSED REFUNDING
PRIh'CZPAL AN.DUN~': 2,040 0'00
START DATE: 10/O1/8~
PRINCIPAL RATE
45,000 6.250
50,000 6.250
55,000. 6.250
55,000 6..250
65,000 6.250
65,000 6.250
70,000 6.250
80,000 6.250
80,000 6.250
90,000 6.300
95,000 6.300
105,000 6.300
115,000 6.375
120,000 6.375
130,000 6.375
140,000 6.375
150,000 6.375
165,000 6.375
175,000 6.375
190,000 6.375
2,040,000
NET EFFECTIVE RATE
6.3428
-12-
4/1
INTEREST
64,563.13
63,156.88
61,594.38
59,875.63
58,156.88
56,125.63
54,094.38
51,906.88
49,406.88
46,906.88
44,071.88
41,079.38
37,771.88
34,106.25
30.281.25
26,137.50
21,675.00
16,893.75
11,634.38
6,056.25
835,495.07
10/1
FRINC+INT
109,563.13
113.156.88
116,594.38
114,875.63
123,156.88
121,125.63
124,094.38
131,906.88
129,406.88
136,906.88
139,071.88
146 , 079.38
152,771.88
154,106.25
160,281.25
166,137.50
171,675.00
181,893.75
186,634.38
196,056.25
2,875,495.07
ANNUAL
PAY!~'E'NT
174,126.26
176,313.76
178,188.76
174,751.26.
181,313.76
177,251.26
178,188.76
183,813.76
178,813.76
183,813.76
183.143.76
187,158.76
190,543.76
188,212.50
190,562.50
192,275.00
193,350.00
198,787.50
198,268.76
202,112.50
3,710,990.14
5'CH6'UULF. F
L'Ol!PARZSGA! O2~ UEBT ON PROPOSED F.EFUA'DING 13CNDS
'lO Dr".B'P Rh'QUIRF".F.NTS ON PRESENTLY OUTSTANDING 130NDS
YF'AE DEBT SERVICF. DEPTSERVICE ANNUAL
h.'NDZI'G ON OUTSTANDINGG ON PROPOSED SAVINGS
(12/31) BONDS FEF'UNDZ.NC BONDS
1986 199,157.50 174,126.26 25,031.24
1987 201 ,G 07.50 175,313.76 24,693.74
1988 202,507.50 178,188.76 24,318.74
1969 198,657.50 174,751.26 23,906.24
1990 204,807.50 181,313.76 23,493.74
1991 200,257.50 177,251.26 23,006.24
1992 200,545.00 178,188.76 22,356.2k
1943 205,365.00 183,813.76 21,551.24
1994 199,445.00 178,813.76 20,631.24
1995 203,525.00 183,813.76 19,711.24
1996 201 ,685. G0 183,143.76 18,541.24
1997 204,465.00 187,158.76 17,306.24
1998 206,485.00 190,543.76 15,941.24
1999 202,745.00 188,212.50 14,532.50
2000 203,625.00 190,562.50 13,062.50
2001 203,550.00 192,275.00 11,275.00
2002 202,700.00 193,350.00 9,350.00
2003 206,075.00 198,787.50 7,267.50
2004 203,287.50 198,268.76 5,018.74
2005 204,725.00 202,112.50 2,612.50
4,054,617.50 3,710,990.14 .343,627.36
LFiS'S CASK' PAID IN TO
FUNG CALL PREMIU!! $.'51,000.00
NET SAVINGS 292,627.38
-13-
SCHEDULE B
PROR7SED ESCROW
PRINCIPAL AN,OUNT: 2,040,000
START DATE: 8/01/77
4/1 10/1 ANNUAL
YEAR PRINCIPAL RATE INTEREST PRINC+Id~' PAY;~."E'NT
1977 21,522.00 21,522.00
1978 64,566.00 64,566..00 129,132.00
1979 64,566.00 64,566.00 129,132.00
1980 64,566.00 64,566.00 129,132.00
1981 64,566.00 64,566.00 129,132.00
1982 64,566.00 64,566.00 129,132.00
1983 64,566.00 64,566.00 129,132.00
1984 64,566.00 64,566.00 129,132.00
1985 2,040,000 6.330 64,566.00 2,104,566.00 2,169,132.00
2,040,000 516,528.00 2,578,050.00 3,094,578.00
BOND YEARS 16660.00
NET EFFECTIVE RATE 6.3300
-14-
i
5C'F~r'.C F-1
rrr•r~osr ;> F~rFUnDlmc
~lln,clFR ~^.roNT: 2,12o,DD0
sTa.~r DATE: a/D1/77
Y%A/
1971
1978
1979
19 R0
1981
1982
19 83
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
19 94
1995
1996
1997
19 98
1999
2000
2001
2002
2003
2004
2005
i'IiII:CIFF1. T:~":':'F'
45,000 6.250
50,000 6.250
55,OCC 6.250
SS,000 6.250
65,G00 6.250
65,000 1.250
70,000 6.250
80,000 6.250
8G,000 6.250
90,000 6.300
95,000 6.300
12n,ooD 6.300
125,000 6.375
130,000 6.375
140,000 6.375
150,000 6.375
160,OOD 6.375
170,000 6.375
180,000 6.375
195,000 6.375
2,120,000
4/1
I A'TEl;ESI
6"],107.50
67,107.50
67,107.50
67,107.50
E7,107.50
67,]07.50
67,107.SC
67,10'1.50
67,107.50
65,701.?5
64,13A.75
62,420.C0
60,701.25
58,E 70.00
56,638.75
54,451.25
51,951.25
49,451.?5
46,616.25
43,623.75
39,843.75
35,859.38
31,715.53
27,253.13
22,471.88
17,371.89
11,953.13
6,215.53
1,411,015.66
SO/1
FRII'.'C+I AT
BOND YEAFS 44838.33
.NET EFFECTIVE RATE 6.3437
-15-
22,369.17
67,107.50
67,107.50
67,107.50
67,107.50
67,1-07.50
67,107.50
67,107.50
67,107.50
112,107..50
115,701.25
119,138.75
117,42C.OC
125,701.25
123,670.00
126,638.75
134,451.25
131,951.25
139,451.25
141,616.25
163,623.75
154,843.75
155,859.38
171,715.53
177,253.13
182,k71.88
187,371.88
191,953.13
201,215.63.
3,553,384.83
i
R NNUAL
FAY''ENT
22,369.17
134,215.00
134,215.00
134,215.OG
134,215.00
134,215.00
134,215.00
134,215.00
134,215.00
179,215.00
181,402.50
183,277.50
179,840.00
186,402.50
182,340.OC
183,277.50
188,902.50
183,902.50
188,902.50
188,232.50
207,247.SG
204,687.50
201,718.76
203,431.26
204,506.26
204,943.76
204,743.76
203,906.26
207,431.26
4,964,400.49
i
SCkF:1ULF; f-1
rF~POSCO EEFUNCI,tiC
tF7G'CIYAL Al•ICUNT : 2,120 , 000
STAI:T DA1'h: SO/O1/85
YFAfi !=hlf'C?rel./.. ~pm@
1986 45,OC0 6.250
1987 50,000 6.250
1988 55,000 6.250
1989 55,000 6.250
1990 65„r,00 F,. 250
1991 65,COG 6.250
1992 70,000 6.?50
1993 80,000 6.250
1994 80,000 6.250
1995 90,000 6.300
1996 95,000 6.300
1x97 120,000 6.300
1998 125,000 6.375
1999 130,000 6.375
2000 140,OpC 6.375
2001 150,000 6.375
2002 SF.0,000 6.375
2003 17C„ 000 6.375
2004 190,1)00 6.375
2005 195,000 6.375
2,12n,eoc
NET h~F'EFCTZVh PATE
4/1 10/1 ANNUAL
INTFh6SY' YhINC+Z,y7 PAY;!'ENT
57,107.50 112,107.50 179,215.00
65,701.25 115,701.25 181,402.50
64,138.75 119,138.75 183,277.50
62,420.00 117,420.00 179,840.00
60,701.25 125,701.?5 386,402.50
58,670.00 123,670.00 182,340.00
56,638.75 126,538.75 183,277.50
54,451.25 .134,451.25 188,902.50
51,951.25 131,951.25 183,902.50.
49,451.25 139,451.25. 188,.902.50
46,616.25 141,616.?5 188,232..50
43,6?3.75 163,623.75 207,247.50
39,8u3.75 154,843.75 204,687.50
35,859.38 165,859.38 201,718.76
31,715.63 171,715.63 203,431.26
27,253.13 177,253.13 204,506.26
22,471.88 182,471.88 204,943.76
17,371.88 187,371.88 204,743.76
11,953.13 191,953.13 203,906.26
6,215.63 201,215.63 207,431.26
874,155.66 2,994,155.66 3,868,311.32
6 3437
-16-
sr.~ DuLe r-1
Cn.,;~- arLS~,s ri. c. ~'~~ cr: r~roeosr;c r~eEUNDIr.'r EoNDs
I%% CAST f.F.i,~U1Fls^rE'h.TS OPi PF.'ESEh'TLY CUTS TANDINO FONDS
YEAF; DEFT SL'hVZCE: DFPTSEkVICF, A6'NUAI.
E'"~DINC Gl; OU'rSTANLL4'C OPi YkOPOSFD SAVINGS
(]2/31) FONDS FBFUNDING POt1DS
1986 199,157.50 179,215.00 19,942.50
1967 201,G07.5C SP.1,402.50 19,605.00
1989 202,507.50 163,277.50 19,230.00
1989 199,657.50 179,840.00 18,817.50
1990 204,807.50 166,402.50 18,405.00
1991 200,257.50 122,340.00 17,917.50
1992 200,545.00 183,277.50 17,2&7.50
1993 205,365.00 188,902.50 16,462.50
1994 199,445.00 183,902.50 15,542.50
1995 203,525.00 188,902.50 14,622.50
1996 201,685.00 188,232.50 13,452.50
1997 204,455.00 207,247.50 (2,782.50)
1998 206,4&5.00 X4,687.50 1,797.50
1999 202,745.00 201,718.76 1,026.24
2000 203,625.00 203,431.26 193.74
2001 203,550.00 204,506.26 (956.26)
2002 202,700.00 204,943.76 (2,243.76)
2003 206,075.00
87 204,743.76
203
906
26 1 331.24
76))
2616
2004 .50
203,2 ,
. .
2005 204,725.OU 207,431.26 (2,70b.26)
4,054,617.50 3,R 68 ,311.32 186,3C6.18
-17-
POf=Y'.Sr;L E'SCFOw
F57fJCItA1, /~l;CG~N1': 2,120,000
STAb'1' CF.TE: A/01/77
'+/1 10/1 AN1dUAL
YC'A& tirZ/iCZiAZ fATE ZtuTr`FLST F'RZIIC+I NT FAYh1E/JT
1977 ?2,369.53 22,369.53
1978 67,106.60 67,106.6 0 134,217.20
1975 67,108.60 67,108.50 134,217.20
1980 67,108.60 67,108.60 134,217.20
1961 67,108.60 67,108.60 134,217.20
1982 67,108.60 67,108.60 134,217.20
1983 67,10A.6G 67,108.60 134,217.20
1984 57,10A.60 67,108.6 0 134,217.20
19A5 2,120,!`00 6.331 07,108.60 2,187,108,60 2,254,217.20
2,120,000 536,868.80 2,679,238.33 3,216,107.13
hOh.'Z' Y1iARS 17313.33
h'E'C EErc'CTZVE' FRT'E 6.3310
-18-
~r:vzr.!cs sur<•r•:-A6Y
sct1EGULr. A
YFINCIFAL A.llOUr"I' $2,040,000
CALL PREh'l1IP!' 51,000 FUN'I)ED WITf/ FRONT EN'D CASH
,b'E'T SAVZI'iCS 672,055 TAIL END (2002-2005)
SC,S'F,l.'ULE A-1
PFIPCIrA.L AF!OU~"_' $'2,120,000
CALL FRF.'1..IU!d 0 FUNU6D BY INCREASED PRINCIPAL
fET SAVINGS µG3,092 TAIL END (2003-2005)
5'CficGL%I,F b
PRINCIPAL AISOUId1' $2,040,000
CALL PF,L;',ti;7Ut.' 51,000 FUNZ%ED W72'H FROIvT END CASH
L'ET SAV74'CS 292,627 OCCL'fi5 EACH YEAR (1986-2005)
SCREDULF' E-1
LRINCIPAL AMOUNT $ 2,120,000
CALL PREA"IUf4 0 FUNDED BY INCREASED PRINCIPAL
1JF,'1' SA['ZA'G5 196,306 OCCURS EACH YEAR (1986-1996)
-19-