Resolution 801-1989
"Act" shall mean Chapter 125, Florida Statutes, and other
applicable provisions of law.
"Acquisition Fund" shall mean the fund by that name created
pursuant to section 3.03 hereof.
SECTION 1.02. DEFINITIONS. The following terms shall have
the following meanings herein, unless the text otherwise expressly
requires. Words importing singular number shall include the plural
number in each case and vice versa, and words importing persons
shall include firms and corporations.
SECTION 1.01. AUTHORITY FOR THIS RESOLUTION. This Resolution
is adopted pursuant to Chapter 125, Florida Statutes, and other
applicable provisions of law.
STATUTORY AUTHORITY, DEFINITIONS AND FINDINGS
ARTICLE I
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, SERVING AS THE GOVERNING BODY OF THE MONROE COUNTY
MUNICIPAL SERVICE DISTRICT:
A RESOLUTION OF THE MONROE COUNTY MUNICIPAL
SERVICE DISTRICT PROVIDING FOR THE ISSUANCE OF
A SPECIAL OBLIGATION NOTE, SERIES 1989 OF
MONROE COUNTY, FLORIDA, IN THE PRINCIPAL
AMOUNT OF $987,000 TO FINANCE THE PURCHASE OF
CERTAIN CAPITAL EQUIPMENT IN CONNECTION WITH
THE MONROE COUNTY SOLID WASTE DISPOSAL SYSTEM;
AUTHORIZING SUCH CAPITAL EXPENDITURES AND THE
INCURRING OF SUCH COSTS; PROVIDING FOR PAYMENT
OF PRINCIPAL AND INTEREST ON SUCH NOTE FROM
CERTAIN SOLID WASTE SPECIAL ASSESSMENTS UPON
BENEFITTED PROPERTY WITHIN MONROE COUNTY;
PROVIDING FOR THE RIGHTS OF THE HOLDER OF SUCH
NOTE; PROVIDING FOR THE TERMS OF THE NOTE;
MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS
IN CONNECTION WITH THE ISSUANCE OF SUCH NOTE;
AND PROVIDING AN EFFECTIVE DATE.
RESOLUTION NO.
801-1989
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the capital equipment set forth on
to be acquired by the Issuer from
in connection with the Issuer's solid
"Equipment" shall mean
Exhibit A attached hereto,
proceeds of the Notes for use
waste disposal system.
"County" shall mean Monroe County, Florida.
"Code" shall mean the Internal Revenue Code of 1986, as
amended, and the regulations and rules thereunder in effect or
proposed.
"Clerk" shall mean the Clerk of the Circuit Court for Monroe
County, Florida, ex-officio Clerk of the Board of County
Commissioners of the County, or such other person as may be duly
authorized to act on his or her behalf.
"Chairman" shall mean the Mayor of the Board of County
Commissioners of the County, or such other person as may be duly
authorized to act on his or her behalf.
(4) Such other obligations as shall be permitted to be legal
investments of the Issuer by the laws of the State.
(3) Units of participation in the Local Government Surplus
Funds Trust Fund establ ished pursuant to Part IV, Chapter 218,
Florida Statutes, or any similar common trust fund which is
established pursuant to law as a legal depository of public moneys.
(2) Bonds, debentures, notes, participation certificates or
other evidences of indebtedness issued, or the principal of and
interest on which are unconditionally guaranteed, by any agency or
instrumentality of or corporation wholly owned by the united States
of America and which pledge the full faith and credit of the United
States of America.
(1) Direct obligations of, or obligations the principal of
and interest on which are unconditionally guaranteed by the united
States of America, including obligations issued or held in book
entry form on the books of the Department of the Treasury of the
United States.
"Authorized Investments" shall mean any of the following, if
and to the extent that the same are at the time legal for
investment of the Issuer's funds:
"Assessments" shall mean the special assessments levied
annually against designated property within the Issuer benefitted
by the Issuer's solid waste disposal system pursuant to Ordinance
No. 033-1989 of the Board of County Commissioners of Monroe County,
enacted October 31, 1989, as amended, including the interest on
such special assessments.
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"Principal Account" shall mean the separate account in the
sinking Fund created pursuant to Subsection 4.01(B) hereof.
"Pledged Revenues" shall mean (i) the Assessments (ii) any
payments received from franchisee solid waste collectors with
respect to commercial property within the area of the Issuer, (iii)
all other non-ad valorem funds received by the Issuer with respect
to the furnishing of solid waste disposal services to the residents
of the Issuer, excluding any state or federal funds received from
time to time by the Issuer, and (iv) the Investment Earnings.
"outstanding" refers to all obligations of the class concerned
which shall have been issued and delivered with the exception of
(1) obligations in lieu of which other obligations have been issued
under agreement to replace lost, mutilated or destroyed
obligations, (2) any Note surrendered by the Holder thereof in
exchange for another Note or Notes under section 2.06 hereof, and
(3) obligations for the payment of which provision has been made
under section 5.01 hereof.
"Noteholder" or "Holder ot the Note" or "registered owner" or
any similar term, shall mean such person who shall be the
registered owner of the Note.
"Note Year" shall mean the Fiscal Year.
"Note Counsel" shall mean any attorney at law or firm of
attorneys, of nationally recognized standing in matters pertaining
to the federal tax exemption of interest on obligations issued by
states and political subdivisions, and duly admitted to practice
law before the highest court of any state of the united States of
America.
"Note" shall mean the Special Obligation Note, Series 1989,
authorized to be issued pursuant to this Resolution.
"Investment Earnings" shall mean all investment income and
profits derived from investment of moneys held in the funds and
accounts established hereunder which are deposited into the
Acquisition Fund, the Revenue Fund or the Sinki~g Fund.
"Issuer" shall mean the Monroe County Municipal Service
District.
"Interest Account" shall mean the separate account in the
Sinking Fund created pursuant to Subsection 4.01(B) hereof.
"Fiscal Year" shall mean the twelve-month period ending on
September 30 of each year, or otherwise as provided by law or
Supplemental Resolution.
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E. That the principal of, redemption premium, if any, and
interest on the Note and other payments payable hereunder shall be
payable solely from the Pledged Revenues, as herein provided.
Neither the Issuer nor the County shall ever be required to levy
ad valorem taxes on any property therein to pay the principal of,
redemption premium, if any, and interest on the Note or to make any
other payments, except as provided herein, and such Note shall not
constitute a lien upon any property of the Issuer.
F. Due to the present volatility of the market for tax-exempt
obligations such as the Note and the complexity of the transactions
relating to such Note, it is in the best interest of the Issuer to
D. That the Pledged Revenues shall be sufficient, after
required payments with request to the Senior Obligations, to pay
the principal of, redemption premium, if any, and interest on the
Note.
C. That the Issuer has taken all necessary actions to pledge
the Pledged Revenues for the payment of the Note and such Pledged
Revenues are not encumbered, except as herein provided.
B. That the issuance of the Note is necessary and desirable
to provide for and fund the Equipment, and it is deemed necessary
and desirable to pledge the Pledged Revenues to the payment of the
principal of, redemption premium, if any, and interest on the Note.
A. That the Issuer finds and determines it to be necessary
for the continued preservation of the health, welfare, convenience
and safety of the inhabi tants of the Monroe County Municipal
Service District, to provide for and acquire the Equipment.
SECTION 1.03. FINDINGS. It is hereby ascertained, determined
and declared:
"Supplemental Resolution" shall mean any resolution of the
Issuer amending or supplementing this Resolution adopted in
compliance with section 5.02 hereof.
"State" shall mean the state of Florida.
"Senior obligations" shall mean the Monroe County Municipal
Service District Refunding Improvement Bonds, Series 1985.
"Revenue Fund" shall mean the fund created pursuant to
subsection 4.01(A) hereof.
"Resolution" shall mean this resolution and all Supplemental
Resolutions which may be hereafter duly adopted by the Issuer.
"Rebate Fund" shall mean the Rebate Fund established pursuant
to section 4.01(D) hereof.
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SECTION 1.04. THIS RESOLUTION TO CONSTITUTE CONTRACT. In
consideration of the acceptance of the Note authorized to be issued
hereunder by those who shall hold the same from time to time, this
Resolution shall be deemed to be and shall constitute a contract
between the Issuer and such Holders. The covenants and agreements
herein set forth to be performed by the Issuer shall be for the
equal benefit, protection and security of the legal holder or
holders of the Note.
sell the Note by a negotiated sale, allowing the Issuer to enter
the market at the most advantageous time, rather than at a
specified advertised date, thereby permitting the Issuer to obtain
the best possible price and interest rate for the Note. The Issuer
acknowledges receipt of the information required by section
218.385, Florida statutes, in connection with the negotiated sale
of the Note. By adoption of this Resolution, the Issuer hereby
awards the Note to Admiralty Bank , as initial purchaser of
the Note.
..
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(b) In the event of partial redemption of the Note, the Issuer
shall exchange a new Note in the principal amount of the unredeemed
portion of the Note, at no cost to the registered owner thereof.
Upon notice of redemption having been given as aforesaid, the Note,
or portion thereof, so redeemed shall, on the redemption date,
become due and payable at the aforementioned redemption price and
the Note, or portion thereof, shall cease to bear interest.
(a) The Note may be redeemed, in whole or in part, at the
option of the Issuer, upon five (5) days' written notice to the
registered owner, at a price equal to the principal amount to be
redeemed and interest accrued to the date of redemption.
SECTION 2.03. REDEMPTION PROVISIONS.
The principal of the Note shall also be payable as set forth
on the amortization schedule attached hereto as Exhibit B. If a
payment date for the Note is not a business day, such payment date
shall be the next succeeding business day.
(b) The Note shall be dated as of the date of delivery
thereof, shall be issued as a fully registered Note in the
denomination of $987,000 shall be numbered R-I, shall bear interest
from its date and shall be payable as to both principal and
interest to the registered owner by check or wire, in lawful money
of the United states of America, mailed to the address provided to
the Issuer by the registered owner in writing on the date the Note
is issued, or at such change of address given by the registered
owner to the Issuer at least five (5) days prior to any payment
date~ The Note shall be initially sold and delivered to
Admualty Bank . The Note shall bear interest on the unpaid
principal balance of the Note at an annual rate equal to 8.56
percent per annum, computed on a 365-day year, such interest being
payable as set forth on the amortization schedule attached hereto
as Exhibit B.
SECTION 2.02. AUTHORIZATION AND DESCRIPTION OF NOTE.
(a) Subject and pursuant to the provisions of this
Resolution, an obligation of the Issuer to be known as "Monroe
County, Florida Special Obligation Note, Series 1989," is hereby
authorized to be issued in the aggregate principal amount of
$987,000 for the purpose of financing the cost of the Equipment.
SECTION 2.01. AUTHORIZATION TO PURCHASE EQUIPMENT.
Acquisition of the Equipment is in the best interests of the Issuer
and is hereby authorized.
AUTHORITY, TERMS, EXECUTION,
REGISTRATION AND FORM OF NOTE
ARTICLE II
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SECTION 2.07. NOTE MUTILATED, DESTROYED, STOLEN OR LOST. In
case the Note shall become mutilated or be destroyed, stolen or
lost, the Issuer may, in its discretion, issue and deliver a new
Note of like tenor as the Note so mutilated, destroyed, stolen or
lost, in exchange and substitution for such mutilated Note, upon
surrender and cancellation of such mutilated Note or in lieu of and
in substitution for the Note destroyed, stolen or lost and upon the
registered owner furnishing the Issuer proof of his ownership
thereof and satisfactory indemnity, including any expenses or costs
the Issuer may incur in connection therewith. The Issuer may
The transfer of the Note shall be registrable only upon the
books of the Issuer, at the office of the Clerk, under such
reasonable regulations as the Issuer may prescribe, by the
registered owner thereof in person or by his attorney duly
authorized in writing upon surrender thereof together with a
written instrument of transfer satisfactory to the Clerk duly
executed and guaranteed by the registered owner or his duly
authorized attorney. Upon the registration of transfer of the
Note, the Issuer shall issue in the name of the transferee a new
Note of the same principal amount and maturity as the surrendered
Note. For every such registration of transfer, the Issuer may
charge the registered owner a reasonable amount to reimburse it
for any tax, fee, expense or other governmental charge required to
be paid with respect to such transfer.
The Issuer may deem and treat the person in whose name the
Note shall be registered as the absolute owner of the Note, whether
the Note shall be overdue or not, for the purpose of receiving
payment of, or on account of, the principal of and interest on the
Note and for all other purposes, and all such payments so made to
any such registered owner or upon his order shall be valid and
effectual to satisfy and discharge the liability upon the Note to
the extent of the sum or sums so paid, and the Issuer shall not be
affected by any notice to the contrary.
SECTION 2.06. REGISTRATION OF NOTE. So long as the Note
remains outstanding, the Issuer shall maintain and keep the address
of the registered owner of the Note.
SECTION 2.05. EXECUTION OF NOTE. The Note shall be executed
in the name of the Issuer by the manual signature of the Chairman
and the seal affixed thereon and attested by the manual signature
of the Clerk.
SECTION 2.04. APPLICATION OF NOTE PROCEEDS. Except as
otherwise provided by Supplemental Resolution of the Issuer, the
proceeds derived from the sale of the Note, shall, simultaneously
with the delivery of the Note to the purchaser or purchasers
thereof, be deposited in the Acquisition Fund and used by the
Issuer to pay the cost of the Equipment.
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SECTION 2.08. FORK OF NOTE. The text of the Note shall be
in substantially the following form with such omissions, insertions
and variations as may be necessary or desirable and approved by the
Chairman or the Clerk prior to the issuance thereof (which
necessity or desirability and approval shall be presumed by such
officer's execution of the Note and the Issuer's delivery of the
Note to the purchaser or purchasers thereof):
establish such other reasonable regulations and conditions in
relation to a mutilated, destroyed, stolen or lost Note as it deems
appropriate. The Note so surrendered shall be cancelled by the
Clerk. If the Note shall have matured or be about to mature,
instead of issuing a substitute Note, the Issuer may pay the same
upon being indemnified as aforesaid, and if the Note be lost,
stolen or destroyed, without surrender thereof.
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Both principal of and interest on this Note are payable in
lawful money of the united states of America. If a payment date
for this Note is not a business day, such payment date shall be
the next succeeding business day.
This Note is issued to finance the cost of certain capital
equipment to be used in connection with the Monroe County Municipal
Service District solid waste disposal system, under the authority
of and in full compliance with the Constitution and laws of the
State of Florida, particularly Chapter 125, Florida Statutes, and
other applicable provisions of law (the "Act"), and a resolution
duly adopted by the Board of County Commissioners of Monroe County,
acting as the governing body of the Issuer on December 21, 1989
solely from the Pledged Revenues (hereinafter defined) and to pay
interest on the unpaid balance thereof from the date hereof to the
registered owner hereof by check or wire mailed to the registered
owner at its address as it is recorded by the Issuer five (5) days
prior to the interest payment date. Interest shall be payable at
an annual rate equal to % per annum, computed based on a
360-day year comprised of twelve 3o-day months at the times set
forth on Schedule 1 attached hereto. The principal hereof shall
be payable at the times and in the amounts set forth on Schedule
1 attached hereto.
KNOW ALL MEN BY THESE PRESENTS that the Monroe County
Municipal Service District, Monroe County, Florida (the "Issuer"),
for value received, hereby promises to pay, in the manner provided
herein, to , as registered owner, or
registered assigns, the principal sum of
UNITED STATES OF AMERICA
STATE OF FLORIDA
MONROE COUNTY MUNICIPAL SERVICE DISTRICT
SPECIAL OBLIGATION NOTE,
SERIES 1989
No. R-1 $
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This Note shall be transferable only upon the books of the
Issuer, at the office of the Clerk of the Monroe County Board of
County Commissioners, under such reasonable regulations as the
Issuer may prescribe, by the registered owner hereof in person or
by his attorney duly authorized in writing, upon surrender hereof
together with a written instrument of transfer satisfactory to the
Clerk of the Board of County Commissioners duly executed and
guaranteed by the registered owner or his duly authorized
attorney. Upon the transfer of this Note, the Issuer shall issue,
and cause to be authenticated, in the name of the transferee, a new
Note of the same principal amount and maturity as the surrendered
Note. For every such transfer, the Issuer may charge the
registered owner hereof a reasonable amount to reimburse it for any
tax, fee, expense or other governmental charge required to be paid
with respect to such transfer.
This Note and the interest hereon are payable solely from and
secured by (i) the special assessments levied annually against
residential property within the unincorporated area of the Issuer
benefitted by the Issuer's solid waste disposal system pursuant to
Ordinance No. 033-1989 of the Issuer, enacted October 31, 1989,
including the interest on such special assessments (the
"Assessments") (ii) any payments received from franchisee solid
waste collectors with respect to commercial property within the
area of the Issuer, (iii) all other non-ad valorem funds received
by the Issuer with respect to the furnishing of solid waste
disposal services to the residents of the Issuer, excluding any
state or federal funds received from time to time by the Issuer,
and (iv) investment earnings on moneys which are deposited into the
Acquisition Fund, the Revenue Fund or the Sinking Fund established
by the Resolution (collectively, the "Pledged Revenues"). The lien
of this Note on the Pledged Revenues is junior and subordinate in
all respects to the lien thereon of the Monroe County Municipal
Service District Refunding Improvement Bonds, Series 1985. This
Note shall neither constitute general indebtedness of the Issuer
or the County nor a pledge of their full faith, credit or taxing
power within the meaning of any constitutional or statutory
provision or limitation, but shall be payable solely from and
secured by a lien upon and a pledge of the Pledged Revenues as
provided in the Resolution. It is expressly agreed by the
Registered Holder of this Note that such Registered Holder shall
never have the right to require or compel the exercise of the ad
valorem taxing power of the Issuer or the County to pay this Note
or the interest hereon. This Note and the indebtedness evidenced
hereby shall not constitute a lien upon any property acquired with
the proceeds hereof or on any other property of or in the Issuer,
but shall constitute a lien only on the Pledged Revenues in the
manner recited above.
(the "Resolution"), and is subject to all the terms and conditions
of the Resolution.
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Clerk
Monroe County Board of County commissioners
Chairman
Monroe County Board of County Commissioners
( SEAL)
MONROE COUNTY MUNICIPAL SERVICE DISTRICT
IN WITNESS WHEREOF, the Monroe County Municipal Service
District, Monroe County, Florida, has issued this Note and has
caused the same to be executed by the manual signature of the
Chairman of the Monroe County Board of County Commissioners, acting
as the governing body of the Issuer and by the manual signature of
the Clerk of the Board of County Commissioners and its corporate
seal to be affixed hereon, all as of the ____ day of
_, 1989.
Neither the members of the Board of County Commissioners of
the Issuer nor any person executing this Note shall be personally
liable hereon or be subject to any personal liability or
accountability by reason of the issuance hereof.
It is hereby certified and recited that all acts, conditions
and things required to exist, to happen and to be performed
precedent to and in the issuance of this Note, exist, have happened
and have been performed in regular and due form and time as
required by the laws and Constitution of the State of Florida
applicable thereto, and that the issuance of this Note does not
violate any constitutional or statutory limitations or provisions.
This Note is subject to redemption prior to its maturity, at
the option of the Issuer, upon five (5) days' written notice, in
whole or in part, at a price equal to the principal amount to be
redeemed plus interest accrued to the date of redemption. In the
event this Note is redeemed in part, the registered owner shall
surrender this Note to the Issuer at the office of the Clerk in
exchange for a new Note in the principal amount of the unredeemed
portion of this Note. Upon notice of redemption having been given
as aforesaid, this Note, or portion thereof, so redeemed shall, on
the redemption date, become due and payable at the aforementioned
redemption price, and this Note, or portion thereof, shall cease
to bear interest.
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NOTICE: The signature to this
assignment must correspond with the
name of the Registered Holder as it
appears upon the face of the within
Note in every particular, without
alteration or enlargement or any
change whatever and the Social
Security or other identifying
number of such assignee must be
supplied.
NOTICE: signature(s) must be
guaranteed by a member firm of
the New York Stock Exchange or
a commercial bank or trust
company.
Signature guaranteed:
Dated:
thereof with full power of substitution in the premises.
the transfer of said Note on the books kept for registration
, as attorney, to register
the within Note and does hereby irrevocably constitute and appoint
(Name and Address of Assignee)
Insert Social Security or other
Identifying Number of Assignee
FOR VALUE RECEIVED, the undersigned sells, assigns and
transfers unto
ASSIGNMENT
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A separate fund to be known as the "Monroe County Municipal
Service District Special Obligation Note Acquisition Fund" is
hereby created and established and shall be used only for payment
of the cost of the Equipment. Monies in the Acquisition Fund,
until applied in payment of any portion of the cost of the
Equipment, shall be held in trust by the Issuer and shall be
subject to a lien and charge in favor of the Holder of the Note and
for the further security of such Holder. Any moneys remaining on
deposi t in the Acquisi tion Fund after the acquisi tion of the
Equipment shall be used to redeem the Notes or a portion thereof
pursuant to section 2.03(a) hereof.
SECTION 3.03. ACQUISITION FUND.
(b) Notwithstanding anything herein to the contrary, the
pledge of the Pledged Revenues to the repayment of the Note shall
be junior and inferior in all respects to the lien of the Senior
Obligations on the Pledged Revenues.
(a) The payment of the principal of, redemption premium, if
any, and interest on the Note shall be secured equally and ratably
by an irrevocable lien on the Pledged Revenues superior to all
other liens or encumbrances on such Pledged Revenues, except as
otherwise set forth herein, and the Issuer does hereby irrevocably
pledge such Pledged Revenues to the payment of the principal of,
redemption premium, if any, and interest on the Note, and for all
other required payments hereunder.
SECTION 3.02. SECURITY FOR NOTE.
SECTION 3.01. NOTE NOT DEBT OF ISSUER. The Note shall
neither constitute general indebtedness of the Issuer or the County
nor a pledge of its full faith, credit or taxing power within the
meaning of any constitutional or statutory provision or limitation,
but shall be payable solely from and secured by a lien upon and a
pledge of the Pledged Revenues as herein provided. No registered
owner of the Note shall ever have the right to require or compel
the exercise of the ad valorem taxing power of the Issuer or the
County to pay such Note or the interest thereon or to make any
other payments provided herein. The Note and the indebtedness
evidenced thereby shall not constitute a lien upon any property of
or in the Issuer, but shall constitute a lien only on the Pledged
Revenues in the manner provided herein.
SECURITY FOR NOTE; NOTE
NOT DEBT OF ISSUER; ACQUISITION FUND
ARTICLE III
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(3) Any amounts remaining in the Revenue Fund after the
deposits required in (1) and (2) above may be used for any lawful
purpose of the Issuer.
(2) The Issuer shall next deposit into the Principal Account
the sum which, together with any balance therein, will be
sufficient to pay all principal becoming due and payable on the
Note during the current Note Year. Moneys in the Principal Account
shall be used to pay the principal of the Note as and when the same
shall mature, and for no other purpose.
(1) The Issuer shall deposit into the Interest Account the
sum which, together with any balance therein, will be sufficient
to pay all interest becoming due and payable on the Note during
the current Note Year. Moneys in the Interest Account shall be
used to pay interest on the Note as and when the same shall become
due, whether by redemption or otherwise, and for no other purpose.
C. Disposi tion of Pledged Revenues. The moneys in the
Revenue Fund shall be disposed of in the following manner and in
the following order of priority:
B. Sinkinq Fund. The Issuer covenants and agrees to
establish a separate fund to be known as the "Monroe County
Municipal Service District Special Obligation Note sinking Fund."
The Issuer shall maintain in the Sinking Fund two accounts: the
"Interest Account" and the "Principal Account."
A. Revenue Fund. The Issuer covenants and agrees to
establish a separate fund to be known as the "Monroe County
Municipal Service District Special Obligation Note Revenue Fund."
The Pledged Revenues (other than Investment Earnings), after
required deposits with respect to the Senior obligations, shall be
deposi ted promptly upon receipt by the Issuer into the Revenue
Fund.
SECTION 4.01. COVENANTS OF THE ISSUER. For as long as the
principal of and interest on the Note shall be outstanding and
unpaid, the Issuer covenants with the Holder of the Note as
follows:
COVENANTS OF THE ISSUER; DISPOSITION
OF PLEDGED REVENUES; DEFAULTS;
RIGHTS OF NOTEHOLDERS
ARTICLE IV
15
F. SeDarate Accounts. The moneys required to be accounted
for in each of the foregoing funds and accounts established herein
may be deposited in a single bank account, and funds allocated to
the various accounts established herein may be invested in a common
E. Investments. The Revenue Fund, the Acquisition Fund,
the Sinking Fund and any other special funds or accounts herein
established and created shall constitute trust funds for the
purposes provided herein for such funds or accounts and shall be
subject to a lien and charge in favor of the Holder of the Note
and for the further security for such Holder. All such funds and
accounts shall be continuously secured in the manner by which the
deposit of public funds are authorized to be secured by the Laws
of the State of Florida. Moneys on deposit in the Revenue Fund,
the Acquisition Fund and the sinking Fund may be invested and
reinvested, to the extent lawful, in Authorized Investments
maturing not later than the date on which the moneys therein will
be needed. Any and all income received by the Issuer from the
investment of moneys in any account or fund created pursuant to
this Resolution shall be retained in such respective fund or
account.
keeping such records of the determinations made pursuant
section as shall be required by the Code, as well as
of the fair market value of any investments purchased with
of the Note.
(4)
to this
evidence
proceeds
(3) paying on the dates and in the manner required by the
Code to the United states Treasury from the Rebate Fund and any
other legally available moneys of the Issuer such amounts as shall
be required by the Code to be rebated to the United states
Treasury; and
(2) depositing the amount determined in clause (1) above into
the Rebate Fund;
(1) making a determination in accordance with the Code of
the amount required to be deposited in the Rebate Fund;
D. Rebate Fund. The Issuer covenants and agrees to
establish a separate fund to be known as the "Monroe County
Municipal Service District special Obligation Note Rebate Fund."
The Issuer shall cause to be deposited to the Rebate Fund all
amounts required to be deposited therein pursuant to the provisions
of the Code. Amounts on deposit in the Rebate Fund shall be held
in trust by the Issuer and used solely to make required rebates to
the United states (except to the extent the same may be transferred
to the Revenue Fund) and the Noteholders shall have no right to
have the same applied for debt service on the Note. The Issuer
agrees to undertake all actions required of it in its arbitrage
certificate, dated the date of issuance of the Note, relating to
such Note, including, but not limited to:
16
(3) The Issuer hereby covenants with the Holder of the Note
that it will comply with all provisions of the Code necessary to
maintain the exclusion from gross income of interest on the Note
for purposes of federal income taxation, including, in particular,
the payment of any amount required to be rebated to the U. S.
Treasury pursuant to the Code.
(2) The Issuer covenants with the Holder of the Note that
neither the Issuer nor any person under its control or direction
will make any use of the proceeds of such Note (or amounts deemed
to be proceeds under the Code) in any manner which would cause such
Note to be an "arbitrage bond" within the meaning of Section 148
of the Code and neither the Issuer nor any other person shall do
any act or fail to do any act which would cause the interest on
such Note to become includable in gross income for purposes of
federal income taxation.
(1) The Issuer covenants with the Holder of the Note that it
shall not use the proceeds of such Note in any manner which would
cause the interest on such Note to be or become includable in gross
income for purposes of federal income taxation.
I. Federal Income Tax Covenants.
H. Issuance of Obliaations Pavable from Pledaed Revenues.
No obligations of the Issuer, payable from the Pledged Revenues on
a parity with the Note, shall be issued without the written consent
of the registered owner of the Note. Obligations payable on a
parity with the Senior obligations may be issued upon compliance
with the provisions of the resolution authorizing the Senior
Obligations.
G. Books and Records. The Issuer will keep books and records
of the receipt of the Pledged Revenues in accordance with generally
accepted accounting principles for government units, and any Holder
or Holders of the Note shall have the right at all reasonable times
to inspect the records, accounts and data of the Issuer relating
thereto.
The designation and establishment of the various funds and
accounts in and by this Resolution shall not be construed to
require the establishment of any completely independent,
self-balancing funds as such term is commonly defined and used in
governmental accounting, but rather is intended solely to
constitute an earmarking of certain revenues for certain purposes
and to establish certain priorities for application of such
revenues as herein provided.
investment pool, provided that adequate accounting records are
maintained to reflect and control the restricted allocation of the
moneys on deposit therein and such investments for the various
purposes of such funds and accounts as herein provided.
17
SECTION 4.04. REMEDIES CUMULATIVE. No remedy herein
conferred upon or reserved to the Noteholder is intended to be
exclusive of any other remedy or remedies, and each and every such
remedy shall be cumulative, and shall be in addition to every other
remedy given hereunder or now or hereafter existing at law or in
equity or by statute.
SECTION 4.05. WAIVER OF DEFAULT. No delay or omission of
the Noteholder to exercise any right or power accruing upon any
default shall impair any such right or power or shall be construed
to be a waiver of any such default, or an acquiescence therein; and
every power and remedy given by this section 4.05 to the Noteholder
may be exercised from time to time, and as often as may be deemed
expedient.
SECTION 4.03. REMEDIES. The Holder of the Note issued under
the provisions of this Resolution or any trustee or receiver acting
for such Noteholder may either at law or in equity, by suit,
action, mandamus or other proceedings in any court of competent
jurisdiction, protect and enforce any and all rights under the Laws
of the State of Florida, or granted and contained in this
Resolution, and may enforce and compel the performance of all
duties required by this Resolution or by any applicable statutes
to be performed by the Issuer or by any officer thereof.
c. The Issuer shall default in the due and punctual
performance of any other of the covenants, conditions, agreements
and provisions contained in the Note or in this Resolution on the
part of the Issuer to be performed, and such default shall continue
for a period of thirty (30) days after written notice of such
default shall have been received from the Holder of the Note.
B. There shall occur the dissolution or liquidation of the
Issuer, or the filing by the Issuer of a voluntary petition in
bankruptcy, or the commission by the Issuer of any act of
bankruptcy, or adjudication of the Issuer as a bankrupt, or
assignment by the Issuer for the benefit of its creditors, or
appointment of a receiver for the Issuer, or the entry by the
Issuer into an agreement of composition with its creditors, or the
approval by a court of competent jurisdiction of a petition
applicable to the Issuer in any proceeding for its reorganization
instituted under the provisions of the Federal Bankruptcy Act, as
amended, or under any similar act in any jurisdiction which may
now be in effect or hereafter enacted.
A. Default shall be made in the payment of the principal of,
redemption premium or interest on the Note when due.
SECTION 4.02. EVENTS OF DEFAULT. The following events shall
each constitute an "Event of Default":
18
SECTION 5.05. SEVERABILITY OF INVALID PROVISIONS. If any
one or more of the covenants, agreements or provisions of this
Resolution should be held contrary to any express provision of law
or contrary to the policy of express law, though not expressly
SECTION 5.04. GENERAL AUTHORITY. The members of the Board
of County Commissioners of the County and the officers, attorneys
and other agents or employees of the County and the Issuer are
hereby authorized to do all acts and things required of them by
this Resolution, or desirable or consistent with the requirements
hereof for the full, punctual and complete performance of all the
terms, covenants and agreements contained herein or in the Note,
and each member, employee, attorney and officer of the Issuer and
the Clerk is hereby authorized and directed to execute and deliver
any and all papers and instruments and to be and cause to be done
any and all acts and things necessary or proper for carrying out
the transactions contemplated hereunder.
SECTION 5.03. MODIFICATION OR AMENDMENT. No material
modification or amendment of this Resolution or of any resolution
or ordinance amendatory thereof or supplemental thereto, may be
made without the consent in writing of the registered owner of the
Note.
SECTION 5.02. DESIGNATION FOR BANK QUALIFICATION. The Board
of County Commissioners of the County does hereby designate the
Note a "Qualified tax exempt bond" within the meaning of section
265(b) (3) of the Internal Revenue Code of 1986, as amended, and
hereby certifies that it does not anticipate that more than
$10,000,000 in tax exempt obligations will be issued by the County
and its subordinate governmental entities, including the Issuer,
during calendar year 1989.
(B) Upon such payment, the Note shall no longer be deemed to
be outstanding for the purposes of this Resolution and all
liability of the Issuer with respect to the Note shall cease, and
be completely discharged and extinguished, and the registered owner
thereof shall be entitled to payment solely out of the moneys so
deposited.
(A) The covenants, liens and pledges entered into, created
or imposed pursuant to this Resolution maybe fully discharged and
satisfied with respect to the Note by paying the principal of and
accrued interest on the Note in full.
SECTION 5.01. DISCHARGE AND SATISFACTION OF NOTE.
MISCELLANEOUS
ARTICLE V
19
ATTEST:
1#
~ c: -/ ~ ("
..-//
Ch ' ~.4 '-'
BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, ACTING AS
THE GOVERNING BOARD OF THE MONROE
COUNTY MUNICIPAL SERVICE DISTRICT
SECTION 5.07. EFFECTIVE DATE. This Resolution shall take
effect immediately upon its adoption.
ADOPTED this 21st. day of December, 1989.
SECTION 5.06. FURTHER ACTION. The Chairman, the Clerk and
all other officers, officials and employees of the Issuer are
hereby authorized to take such actions as shall be necessary to
carry out the intent of this Resolution.
prohibited, or against public policy, or shall for any reason
whatsoever be held invalid, then such covenants, agreements or
provisions shall be null and void and shall be deemed separate from
the remaining covenants, agreements or provisions, and shall in no
way affect the validity of any of the other provisions of the
Resolution or of the Note issued hereunder.
20
THE EQUIPMENT
EXHIBIT A
c
o "M"" 'nuv~ ~>- c1ul~ ""uuu,uUcc' _ .'o,uvu,vv I
.~ WOOD CHIPPER '" 5 __ 1 5150,000.00 I $150,OOO.O~~
--, 0 ROLL-OFF CCNT Ai~E-RS_j~ ~ 10 -l-_____~8~OO,0t1 $~~-g2:~o-
11 BULLDOZER .t--- 5 1 1$132,000,00 I $132,000.00
12 cory MACHINE 5 1 $7,500.00 $7,500.00
13 FRONT END lOADER 5 1 $48,000,00 $48.000.00 ~
.-.-- --- -,- TI $13,000.00 l
14 SAI L.ER 1 $13,000.00
---~ -. ---...-------
15 CAN CRUSHER 5 1 I $8,000.00 158.000.00 i
~. 11 $160,000.00 I
16 FFlONT END LOADER
I WITH ASH SCREENER 5 $160,000.00 t
~lSCALES0~ARA!HON) 10 1 $35,000,00 +- $35,000.00 1
SU8- TOTAL $956,500.00
- I . -
CONTINGENCY & ISSUE COST $30,500,00
-
TOTAL $987,000.00 I
I .-----:-:::-:-- ...- .... -
1
1=
,
I
,..--
I
r---
( I-
,I
r-'---
I
I
C
r=-
,----1'- TtSTIMA TED I ESTIMAf~~T~TIMA TED I
frrEc";!.J.. DE~(;RIP'noN , I.IFE (VRS) OUANTITY, I. UNIT COSi~ IOTAL "os~_1
I ~--~i4- TONTRUCK 3 2 $16,000.00 $32,000.001
C=:=-g 13/4-TON T~UCK --~ 3 I . -1~ - $16,000.00-$16,000.00
L.-~ PASSENGER C~f3 3 1 $16,000,00 $'6,00Q~~
~,,' 4 TRANSMISSION JACK , 3 1 $2,000.00 $2,000.00
__~~E- TON TRUCK ~_ _~_ 3 __ 2 $18.000.00 ~..~36,OOO.00
63/4-TONTRUCK 3 1 $16,000.00 $16.000~
~ ": ~::D~~~I.~~:A-l . 5 I 11 $15~.~~~.~~ $~~~'~~~'~~i
r-
I
I
I
I
I
I
SOLID WASTE CAPITAL EQUiPMENT LIST
FY 1989 - 1990
(
Exhibit A
P . I;)~.
DEC-22-89 FRI 10:46 Source Develop~)ent Inc.
P.C14
I ~-I .=. _
~10RTIZATION SCHEDULE
EXH18IT B
10:46 Source Development
DEC-:2:2-:::'.3 FPI
24 Monthly Payments, 365-day Year
8.560% wit:h
$378,763.87 at
581,380.9C
563,o08.GC
545,709.:)]
52'1,683.32'
5 C j , 5:1 S . 2.:
491,243.5S
472,828.51
454,:282.07
435,603. :\,,:
41G,791.Ji
397,84S.1~
378,76j.&~
7S5107S.2~
168,759.17
752,323.71
735,771.01
719/100.23
702,310.53
685,401.07
€68,370.9fj
651,219,.,11
633.9.15.50
616,548, .j~:
599,027.::2
972,121..32
957,136.51
94:2,044.80
926,e45.~~
911,S37.€6
890,120,68
880,593.73
.864,956.0::
849,206,76
833.345.15
811,37C.~O
801,281.70
220,263,25
----------~~-~ ~-----~-~--- ~--------~---
263,0.31.36
Annual Subtotal
42,7613.11
----------~-~- ~----------- -------------
171046.22
17,772,10
'17,898.87
18,026.55
18,155.14
18,284.65
18,415.03
18,546.44
lS,67$.73
18.811.98
18,946.17
19,081.32
-------------
202,254.58
4,273.06
1..1,147.18
4,020.41
3,892.73
3,764.14
3/634.63
~,504.20
3,372.64
3,240.55
3,107.30
:2,973.11
2,837.96
..,..,.-- -'--"'--"'---
60,776.78
21.919.28
21,919.28
21,919.28
21,919.28
21,919.28
21,919.28
21,919.28
21.919.28
21,919.28
21,919.28
21,919.28
21,919.2S
.......---.....-'-......."""............----
Phase 2:
". i
i.:." .
',25';Jan. 27, 1992
,.26 -'. Feb. 27, 1992
.21 ,Mar. 27, 1992
: 28 Apt'. 27, 1992
29i:MCtY 27, 1992
'30r June 27. 1992
31" July 27. 1992
32 Aug. 27, 1992
33 Sep. 27. 1992
~4 Oct. 27, 1992
35 Nov. 27/ 1992
36 Dec. 27, 1992
---~~-----~--- ------------ -------------
263,031. 36
: " .: Annu~l subtotal
16,203.47
16,319.06
16,435.46
16,552,70
16.670.78
16,789.70
16,909.46
17,030.09
17,151.57
17,273.91
17,397.14
17,521.24
'5.715.81
5,600.22
5,433.82
5,366.58
5,248.50
5,129.58
5.009.a2
t1 , 8 8 9 . 1 9
...,767.71
-L645.J7
4,522.14
~,398.04
21,919,28
21,919.28
21,919.28
21,919.28
21,919.28
21,919.28
21,919.28
21,919.28
:21 , 919 . 28
21,919.28
21,919.:28
21,919.28
185,718.30
-----------.--- ------------ ------~------
263,031. 36
77,313.06
-~~~---------- --------~-~- -----~-------
14,67S.68
14,984.81
15,091.71
15,199.36
15,307.78
15,416.9S
15,526.95
15,637.71
15,749.26
15.861.61
15,974.75
16,OS8.70
7,040.60
6,934.47
0/827.57
0.719,92
6,611.50
6,502.30
6,392.33
6,281.57
6,170.02
6,057.67
5,944.53
5,830.58
21,919.28
21,919.28
21,919.23
21,919.28
21,919.28
21.919.28
21, 919.28
21,919.28
21,919.28
21,919.28
21,919.28
21,919.28
J J.n. 27, 1991
Feb. 27, 1951
Mar, 27, 1991
Apr. 27, 1991
Hay 27, 1991
June 21, 1991
July 27. 1991
Au']. 27. 1991
Sept 27, 1991
Oct. 27, 1991
Nov. 27, 1991
Dec. 21, 1991
14
15
16
17
18
15
20
21
~2
23
2,1
..
, '.
..I...t
Ar.:iual Subtotal
1990
1990
1990
1990
1990
1990
1990
1990
1990
1990
1990
1990
27;
.,..,
.-: f I
27,
27,
27,
'27,
~'"l
~ I;
27,
27.
27,
27,
:0
11
12
Jan.
Feb.
Har.
Apr.
MdY
June
July
Aug.
Sep.
0..;;:.,
Nov.
Dec.
...
..
..
5
6
7
S
j
oj
..
1
27,
-------------- -------------- -------~----- ------------- ------------~-
Total Payment Interest Amt Principal Am~ Remaining Bal.
1
Page
60 Monthly Payments
exhibit B
FaY:1ient D61te
#
NOUROB COUNty
S987,OOO.00 on Dec. 27, 1989 at 8.560% with
365-day Year
. "1-"\
1e1,6.3'1.8~
160,703.16
149,657.81
133,/B8.0()
117..222.9:.7:
100,8.31. 7 ~
84,323.6..
67,697.73
50,953..J2
34,089.~2
17,105.22
0,00
:364,238,35
349,609.21
334,875.72
320,037.13
J05,Q92.69
290,041.65
274,883.24
.259,616.70
244,241.26
22a,756.1~
213.,160.56
_ 197,453.74
--_......._--._-_......._~
--------.......---............-
987,000.00
197,453.74
;:::~==-==.--::-:;;~.;:====
---------------
---~~----------
215,550.83
1,202,550.83
,.>.:;..
,
.' . ..Totals
"
'F- I.
.Annual Subtotal
" ~. '-',. .",-(
1994
1994
1994
1994
1994
1954
1994
199.a
1994
1994
1994
1994
27,
27,
27.
27,
'27,
27,
27,
27,
27,
27,
"'''7
~. ,
21,
Jan.
Feb.
Har.
Ap~' .
May
June
July
Aug.
Sept
Oc.;t.
Nov.
D~c.
49
50
51
52
53
54
5S
c;~
_0
57
58
59
60
Annual Subtotal
37 Jan. 27, 19S3
33 Feb. 27, 1593
39 Mar. 27, 1993
40 Apr. 27, 1993
41 May 27, 1993
42 June 27, 1993
43 JUly 27, 1993
44 Aug. 27, 1993
45 Sep. 27. 1993
46 Oct. 27, 1993
47 Nov. 27, 1993
48 Dec. 27, 1993
Phase 2;
-----~~----~-- ~--~--~---_._-- ---~~------- --------~---- ------~----~--
9,274.57
206,728..:n
------~~-----~ ------------ -------------
15,818.87
15,931.71
16,045.35
16,159.81
16,275.08
16,391.18
16,508.10
16,625.86
16,744.46
16.863.S0
16,984.20
17,105,22
1,408.60
1.295.66
1,182.02
1,067.56
952.29
836.19
719.27
601.51
482.91
363.47
243.17
122.02
17,227.37
17/227.37
17.227.37
17.227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227.24
181,310.13
-~-~---------- --------~--~ ------------~
206,728.44
2
page
24 Monthly Payments
25,418.31
-~------~----- --.---------- -----------~-
14,525.52
14,629.14
14,733.49
14,838.59
14,944.44
15,051.04
15,158,41
15,266.54
15,375.44
15,485.12
15,595.58
15,706.82
2,701.85
2..598.23
2,493.88
2,388.78
2,282.93
2,176.33
2,068.96
1,960.83
1,251.93
1.742.25
1. 631. 79
1,520.55
17,227.31
17,227.37
17,227.37
17,227.37
17,2:27.37
17,227.37
17,227.31
17,227.37
17,227.37
17,227.37
17,227.37
17,227.37
Total Payment Interest Arne Principal Amt Remaining Bal.
HONROE COUNTY
$370,763.87 at 3.560% with
365-d~y Year
Paynkont D~te
n
\.
49,468.65
45,129.62
40,759.63
36,358.47
31,925.92
27,461.75
22,965.73
18,437.64
13,877.25
9,284.33
4,658.65
0.00
99,201.08
95,216.80
91,204.10
87,162.78
83,092.63
78.993.45
74,865.03
70,707.16
66,519.63
62,302.23
58,054.74
53,776.95
144,867.39
141,208.87
137,524.25
133,813.35
130,075.98
126, 3~11. 95
122,521.07
118,703.14
114,857.98
110,985.39
107,085.18
103,,157.14
53,776.95
-------------- ------------ -------------
56,302.89
2,525.94
-------------- ------------ -------------
4,308.30
4,339.03
4,369.99
..4,401.16
4,432.55
4,464.17
4,496.02
4,528.09
4,560.39
4,592.92
4,625.68
4,658.65
383.61
352.88
321.92
290.75
259.36
227.74
195.89
163.82
131.52
98.99
66.23
33.23
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.88
49,380.19
-------------- ------------ -------------
56,302.92
Annual Subtotal
1992
1992
1992
1992
1992
1992
1992
1992
1992
1992
1992
1992
29,
29,
29,
29,
29,
29,
29,
29,
29,
29,
29,
29,
25 Jan.
26:;'~. Feb.
'27::~Mar .
28"~?"'Apr.
29':~.May
30!~i.June
31.f.~1 JUly
32. Aug.
33 Sep.
34 Oct.
35 Nov.
36 Dec.
6,922.73
-------------- ------------ -------------
3,956.06
3,984.28
4,012.70
4.041.32
4,070.15
4,099.18
4,128.42
4,157.87
4,187.53
4,217.40
4,247.49
4,277.79
735.85
707.63
679.21
650.59
621.76
592.73
563.49
534.04
504.38
474.51
444.42
414.12
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.9:1.
4,691.91
45,342.86
-------------- ------------ -------------
56,302:92
Annual Subtotal
13 Jan. 29, 1991
14 Feb. 28, 1991
15 Mar. 29, 1991
16 Apr. 29, 1991
17 May 29, 1991
18 June 29, 1991
19 July 29, 1991
20 Aug. 29, 1991
21 Sep. 29, 1991
22 Oct. 29, 1991
23 Nov. 29, 1991
24 Dec. 29, 1991
Annual Subtotal
1 J an . 29, 1990
2 Feb. 28, 1990
3 Har. 29, 1990
4 Apr. 29, 1990
5 May 29, 1990
6 June 29, 1990
7 JUly 29, 1990
8 Aug. 29, 1990
9 Sep. 29, 1990
10 Oct. 29, 1990
11 Nov. 29, 1990
12 Dec. 29, 1990
-------------- -------------- ------------ ------------- --------------
10,960.06
-------------- ------------ -------------
3,632.61
3,658.52
3,684.62
3,710.90
3,737.37
3,764.03
3,790.88
3,817.93
3,845.16
3,872.59
3,900.21
3,928.04
1,059.30
1,033.39
1,007.29
981.01
954.54
927.38
901.03
873.98
846.75
819.32
791.10
763.87
4,691.91
4,691.91
4,691.91
4,691. 91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
4,691.91
Total Payment Interest Amt Principal Amt Remaining Bal.
1
Page
36 Monthly Payments
Payment Date
ff
MONROE II
$148,500.00 on Dec. 29, 1989 at 3.560% with
365-day Year
. ..
.~.,
\..1
~ ,g V..." .;.-Jf-/ ~ 0
.
148,500.00
============== ============ =============
Totals
20,408.73
168,908.73
------------ -------------
--------------
i~;,
k~~!:f~~~~:..
,,,J!illil.it.v.....
.:' -'. ._;~,,!~ ~~',_.:
.:-:..-;~ '-.~,
Principal Amt Remaining Bal.
-------------- -------------- ------------ -------------
#
2
Page
36 Monthly Payments
Interest Amt
Total Payment
Payment Date
l10NROE I I
$148,500.00 on Dec. 29, 1989 at 8.560% with
365-day Year
531,912.26
518,479.20
504,950.31
491.324.92
477,602.33
463,781.86
449,862.80
435,844.45
421,726.10
407,507.04
393,186.55
378,763.91
685,877.15
673,542.37
661,119.60
648,608.22
636,007.59
623,317.07
610,536.03
597,663.82
584,699.79
571,643.28
558,493.63
545,250.18
827,253.93
315,927.64
304,520.55
793,932.09
781.461.68
769.808.74
758,072.67
746,252.89
734,348.79
722.359.77
710,285.23
698,124.56
166,486.27
-------------- ------------ -------------
40,242.17
206,728.44
-------------- ------------ -------------
13,337.92
'13,433.06
13,528.89
13,625.39
13,722.59
13,820.47
13,919.06
14,018.35
14,118.35
14,219.06
14,320.49
14,422.64
-------------
152,874.38
3,889.45
3,794.31
3,698.48
3,601.98
3,504.78
3,406.90
3,308.31
3,209.02
3,109.02
3,008.31
2,906.88
2,804.73
53,854.06
17,227.37
17,227.37
17,227.37
17.227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227.37
--------------
206,728.44
-------------- ------------ -------------
12,247.41
12,334.78
12,422.77
12,511. 38
12,600.63
12,690.52
12,781.04
12,872.21
12,964.03
13,056.51
13.149.65
13,243.45
4,979.96
4,892.59
4,804.60
4,715.99
4,626.74
4,536.85
4,446.33
4,355.16
4,263.34
4,170.86
4,077.72
3,983.92
17,227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227.3;/
17,227.37
17,227.37
17,227.37
140,375.44
-------------- ------------ -------------
206,728.44
66,353.00
-------------- ------------ -------------
....
11,246.07
11,326.29
11,407.09
11,488.46
11,570.41
11,652.94
11,736.07
11,819.78
11,904.10
11,989.02
12,074.54
12,160.67
5,981.30
5,901.08
5,820.28
5,738.91
5,656.96
5,574.43
5,491.30
5,407.59
5,323.27
5,238.35
5,152.83
5,066.70
17,227.37
17,227.37
17,227.37
17.227.37
17.227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227.37
17,227'.37
Annual Subtotal
1992
1992
1992
1992
1992
1992
1992
1992
1992
1992
1992
1992
29,
29,
29,
29,
29,
29,
29,
29,
29,
29,
29,
29,
2sf'Jan.
'26t:~ Feb.
. 27 ,~; Mar.
28'~;Apr.
29.,"< May
30.. June
31 July
32 Aug.
33 Sep.
34 Oct.
35 Nov.
36 Dec.
..; ...-:....:; -:~,~-~.
C"Annual Subtotal
'''''i'-'"~
13 Jan. 29, 1991
14 Feb. 28, 1991
15 Mar. 29, 1991
16 Apr. 29, 1991
17 May 29, 1991
18 June 29, 1991
19 July 29, 1991
20 Aug. 29, 1991
21 Sep. 29, 1991
22 Oct. 29, 1991
23 Nov. 29, 1991
24 Dec. 29, 1991
Annual Subtotal
1 Jan. 29, 1990
2 Feb. 28, 1990
3 Mar. 29, 1990
4 Apr. 29, 1990
5 May 29, 1990
6 June 29, 1990
7 July 29, 1990
8 Aug. 29, 1990
9 Sept 29, 1990
10 Oct. 29. 1990
11 Nov. 29, 1990
12 Dec. 29, 1990
-------------- -------------- ------------ ------------- --------------
Total Payment Interest Amt Principal Amt Remaining Bal.
1
Page
60 Monthly Payments
Payment Date
It
MONR III
12/29/1994
$838,500.00 on Dec. 29, 1989 at 8.560% with
365-day Year
;,,1'>
# Payment Date Total Payment Interest Amt Principal Amt Remaining Bal.
-------------- -------------- ------------ ------------- --------------
37 Jan. 29, 1993 17,227.37 2,701.85 14,525.52 364,238.39
38 Feb. 28, 1993 17,227.37 2,598.23 14,629.14 349,609.25
39 Mar. 29, 1993 17,227.37 2,493.88 14,733.49 334,875.76
40 Apr. 29, 1993 17,227.37 2,388.78 14,338.59 320,037.17
41 May 29, 1993 17,227.37 2,282.93 14,944.44 305,092.73
42 June 29, 1993 17,227.37 2,176.33 15,051.0<1 290,041.69
43 July 29, 1993 17,227.37 2,068.96 15,158.41 274,883.28
44 Aug. 29, 1993 17,227.37 1,960.83 15,266.54 259,616.74
45 Sep. 29, 1993 17,227.37 1,851.93 15,375.44 244,241.30
46 Oct. 29, 1993 17,227.37 1,742.25 15,485.12 - 22~,756.18
47 Nov. 29, 1993 17,227~37 1,631.79 15,595.58 -- 213,160.60:~
48 Dec. 29, 1993 17,227.37 1,520.55 15,706.82 - 197,453.78;
-------------- ------------ -------------
Annual Subtotal 206,728.44 25,418.31 181,310.13
-------------- ------------ -------------
49 Jan. 29, 1994 17,227.37 1,408.50 15,818.87 181,634.91
50 Feb. 28, 1994 17,227.37 1,295.66 15,931.71 165,703.20
51 Mar. 29, 1994 17,227.37 1,182.02 16,045.35 149,657.85
52 Apr. 29, 1994 17,227.37 1,067.56 16,159.81 133,498.04
53 May 29, 1994 17,227.37 952.29 16,275.08 117,222.96
54 June 29, 1994 17,227.37 836.19 16,391.18 100,831.78
55 July 29, 1994 17,227.37 719.27 16,508.10 84,323.68
56 Aug. 29, 1994 17,227.37 601.51 16,625.86 67,697.82
57 Sep. 29, 1994 17,227.3J 482.91 16,744.46 50,953.36
58 Oct. 29, 1994 17,227.37 363.47 16,863.90 34,089.46
59 Nov. 29, 1994 17,227.37 243.17 16,984.20 17,105.26
60 Dec. 29, 1994 17,227.28 122.02 17,105.26 0.00
-------------- ------------ -------------
:\.:.: Annual SUbtotal 206,728.35 9,274.57 197,453.78
~?~J~./~;'< . ============== ------------ -------------
------------ -------------
r:<\'~~ Totals 1,033,642.11 195,142.11 8'38,500.00
~-. .,: ::'::':\~~ -------------- ------------ -------------
..~l~~j~~;~;). -------------- ------------ -------------
60 Monthly Payments
MONR III
12/29/1994
$838,500.00 on Dec. 29, 1989 at 8.560% with
365-day Year
2
Page