Ordinance No. 9,414ORDINANCE NO. 9414
® AN ORDINANCE OF THE CITY COUNCIL OF THE- CITY OF BAYTOWN,
TEXAS, APPROVING THE BUDGET FOR THE BAYTOWN AREA WATER
AUTHORITY (BAWA) FOR THE FISCAL YEAR BEGINNING OCTOBER 1,
2002, AND ENDING SEPTEMBER 30, 2003; AND PROVIDING FOR THE
EFFECTIVE DATE THEREOF.
WHEREAS, the Board of Directors of the Baytown Area Water Authority (BAWA) has
adopted a budget for BAWA for the fiscal year beginning October 1, 2002, and ending
September 30, 2003; and
WHEREAS, the General Manager of BAWA has submitted said budget to the City Council
of the City of Baytown for approval; and
WHEREAS, after full and final consideration, it is the opinion of the City Council of the City
of Baytown that the budget should be approved; NOW THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS:
Section 1: That the City Council of the City of Baytown, Texas, hereby approves the
budget of the Baytown Area Water Authority (BAWA) for the fiscal year beginning October 1, 2002,
and ending September 30, 2003, in the amount of FIVE MILLION EIGHT HUNDRED NINETY -
NINE THOUSAND EIGHT HUNDRED SIXTY -SIX AND N01100 DOLLARS ($5,899,866.00). A
copy of the above referenced budget for BAWA is attached hereto, marked Exhibit "A," and made a
part hereof for all intents and purposes.
Section 2: This ordinance shall take effect immediately from and after its passage by the
City Council of the City of Baytown.
INTRODUCED, READ and PASSED by the affirmative vote of the City Council of the City
of Baytown this the 12`x' day of September, 2002.
PETE C. ALFARO, Mayor
ATTEST:
GARY W. SMITH, City Clerk
APPROVED AS TO FORM:
ACIO RAMIRE , S ., City Attorney
F:Ueanene \My Documents \C 61 \01 -02\ September \AdoptBAWABudgct02- 03.doc
Baytown Area Water Authority
� (WAWA)
ANNUAL PROGRAM OF SERVICES
2002 -03
PROPOSED BUDGET
Submitted To ,Baytown Area Water
Gary Jackson
� Fred Pack
Donna Sams
Authority Board
July 31,2002
Interim General Manager
Plant Manager
Director of Finance
EXHIM A
• BAYTOWN AREA WATER
•
AUTHORITY
BOARD OF DIRECTORS
ROBERT L. GILLETTE, President
DAN MUNDINGER, Vice President
PETER R. BUENZ, Secretary
KNOX BEAVERS
DAN CONEJO
•
July 31, 2002
BAYTOWN AREA WATER AUTHORITY
7425 Thompson Road, Baytown, Texas 77521 -1056 (281) 426 -3517 FAX (281) 426 -3519
President and Members of the Baytown Area Water Authority Board
Baytown Area Water Authority
Baytown, Texas
It is my pleasure to present the Proposed 2002 -03 Budget for the Baytown Area Water Authority
Board. The Budget sets forth the revenues and appropriations for the fiscal year October 1, 2002
through September 30, 2003. The financial guidance received by the Board has resulted in
Baytown Area Water Authority's strong financial position exhibited by an above average
working capital balance. The use of non - recurring revenues to fund a portion of the capital
improvement program will reduce the amount of future debt issues.
Major improvements are currently underway at Baytown Area Water Authority that will, provide
the foundation for assuming growth in sales and continued reliable service to the customers
served. I look forward to reviewing this document with you in detail.
Sincerely,
Gary Jacksoli V
Interim Ge Aral Manager
2
MAJOR BUDGET ISSUES
Fiscal Year 2002 -03
BAYTOWN AREA WATER AUTHORITY
is This fund accounts for the activities of the Baytown Area Water Authority (BAWA). BAWA is a water authority
created by the Texas Legislature to supply water for the City of Baytown (City) and surrounding communities. The
City comprises approximately 88% of BAWA's annual sales. BAWA is a separate legal entity; however, it is
considered a component unit of the City. BAWA has experienced no shortages of raw water supply to the plant or
interruptions to service to its customers.
REVENUES
The 2002 -03 budget projects sales of $5,631,750 for 12.21 million gallons per day (MGD) based upon average
rainfall years. Fluctuations to average rainfall can significantly impact actual sales. It is anticipated. that another
Municipal Utility District could become a customer of BAWA in 2002 bringing the total number of customers
served to eight. No increases are projected to BAWA's current rate structure of $1.26 per 1,000 gallons for the City
of Baytown and $1.29 per 1,000 gallons for customers outside the city. Since the inception of the BAWA plant in
April 1981, there have been three rate increases in 1988, 1993 and 1999. The 1999 increase provided funding for
the issuance of debt for plant expansion.
EXPENDITURES
Total proposed operating expenditures for the 2002 -03 budget are $3,676,673, a decrease of $45,414 from 2002.
Highlights of major changes were as follows:
• Annualization of compensation program for 2001 -02. $45,202
• A decrease in chemical costs due to price fluctuations. ($39,800)
• An increase for untreated water for new customer. $45 800
• A decrease in maintenance expenses.
• Decrease in electrical costs.
• Various decreases in other supplies & services.
($59,900)
($35,235)
($1,481)
Raw Water Supply Cost — BAWA purchases raw water from the City of Houston. The raw water supply contract
with the City of Houston is in effect through the year 2020 and sets the maximum amount of raw water to be
delivered to the BAWA plant at 11.9 MGD without penalties. BAWA anticipates no rate increase from the City of
Houston for next year; therefore, there will be no pass through increase in the cost of raw water for the 2003 fiscal
year. The surcharge for water purchased over the 11.9 MGD is nominal at this time.
Debt Service — The current debt service requirement for 2002 -03 is $1,833,193. There is a decrease of $496,065 for
debt paid off in November 2001 and a lower debt service payment for bonds issued in 2002 that received a more
favorable interest rate than the rate budgeted. One of the four bond issues outstanding will be paid off in fiscal year
2003. The pay off of these bonds provides debt capacity for future bond issues.
CAPITAL IMPROVEMENT PROGRAM
The Capital Improvement Program for BAWA includes four major projects. The projects are funded primarily from
bonds. The 2003 budget includes a transfer to the BAWA Capital Improvement Program (CIP) of $320,000, which
represents non - operating revenues received from a mineral royalty. Revenues received from this funding source are
estimated to be $1,400,000 by the end of 2003. Utilizing non - operating funds in the CIP program will reduce the
amount of debt issued in the future.
The BAWA Surface Water Treatment Plant expansion project, Phase I, is complete and is undergoing
equipment and SCADA system testing. The expansion has increased the treatment capacity from 13 MGD
to 19.5 (MGD). The treatment facility will be able to produce approximately 26 MGD on a short-term
basis, if necessary.
• Phase II of BAWA's plant improvement is on hold pending the Texas Natural Resource Conservation
Commission (TNRCC) study to develop new recommendations pertaining to disinfection programs
MAJOR BUDGET ISSUES
Fiscal Year 2002 -03
(Ozone). The study should be complete by 2004 with recommendations available in 2005. Phase II was
originally estimated at $6,000,000.
® • Phase III of BAWA's plant improvement includes the replacement of equipment that has reach its useful
life; pumping improvements to achieve a firm capacity of 26 MGD; and safety improvements. Phase III
began in the summer of 2002 and is scheduled to be complete within 400 calendar days. The estimated cost
for this project is $5,800,000 funded from the 1999 and 2002 Revenue Bonds issued.
0
• There is currently one line supplying water to BAWA's major customer, the City of Baytown. A second
line is planned in 2005 at an estimated cost of $7,000,000.
WORKING CAPITAL
In order to maintain fiscal stability, governmental entities maintain a working capital balance to meet daily liquidity
needs. Appropriate levels of working capital vary from entity to entity based on the relative impact of particular
circumstances or financial conditions. The goal for working capital is 45 to 60 days. Working capital is defined as
current assets (e.g. cash, investments, accounts receivable) less current liabilities (e.g. accounts payable). Projected
working capital is estimated to be 89 days as of September 2003.
4
•
•
CITY OF BAYTOWN
BAYTOWN AREA WATER AUTHORITY FUND 510
BUDGET SUMMARY BY FUND
Actual Budget Estimated Base Proposed
2000 -01 2001 -02 2001 -02 2002 -03 2002 -03
Kevenues
765,664
787,297
810,866
810,866
2,120,345
Sale of Water - Baytown $
4,816,877 $
4,927,829 $
4,675,701 $
4,927,829 $
4,927,829
Sale of Water - Other
590,169
652,127
598,812
703,921
703,921
Interest Revenue
132,905
40,000
89,927
87,600
87,600
Mineral Royalties
508,879
250,000
318,000
320,000
320,000
Total Revenues
6,048,830
5,869,956
5,682,440
6,039,350
6,039,350
Expenditures
Personal Services
Supplies
Maintenance
Services
667,500
765,664
787,297
810,866
810,866
2,120,345
2,258,500
2,084,185
2,258,700
2,258,700
135,805
202,200
143,250
142,300
142,300
517,880
495,723
466,873
464,807
464,807
Total Operating 3,441,530
3,722,087
3,481,605
3,676,673
3,676,673
Capital Outlay
Debt Service:
Principal
Interest
Transfers Out - Capital Improvement
Contingency
- 45,000 43,021 30,000 30,000
1,250,000 1,372,180 1,250,000
1,015,000
1,015,000
750,400 957,078 783,427
818,193
818,193
- 622,073 1,133,492
320,000
320,000
- 40,000 -
40,000
40,000
Total Expenditures 5,441,930 6,758,418 6,691,545 5,899,866 5,899,866
Excess (Deficit) Revenues
Over Expenditures
Working Capital - Beginning
Working Capital - Ending
No. of Working Capital Days
606,900 (888,462) (1,009,105) 139,484 139,484
1,706,374 2,313,274 2,313,274 1,304,169 1,304,169
$ 2,313,274 $ 1,424,812 $ 1,304,169 $ 1,443,653 $ 1,443,653
155 77 71
5
89 89
0
•
CITY OF BAYTOWN
BAYTOWN AREA WATER AUTHORITY FUND 510
OPERATING RESULTS
Actual Budget Estimated Base Proposed
2000 -01 2001 -02 2001 -02 2002 -03 2002 -03
Operating Revenues
Sale of Water - Baytown $ 4,816,877 $ 4,927,829 $ 4,675,701 $ 4,927,829 $ 4,927,829
Sale of Water - Other 590,169 652,127 598,812 703,921 703,921
Total Revenues 5,407,046 5,579,956 5,274,513 5,631,750 5,631,750
Operating Expenses
Personal Services
667,500
765,664
787,297
810,866
810,866
Raw Water Purchases
1,605,882
1,679,600
1,615,435
1,725,393
1,725,393
Supplies
514,463
578,900
468,750
533,307
533,307
Maintenance
135,805
202,200
143,250
142,300
142,300
Services
517,880
535,723
466,873
504,807
504,807
Depreciation
342,268
350,000
344,400
512,000
512,000
Total Expenditures
3,783,798
4,112,087
3,826,005
4,228,673
4,228,673
Operating Income (Loss) 1,623,248 1,467,869 1,448,508 1,403,077 1,403,077
Non - operating
Interest Revenue and Other
641,784 290,000
407,927
407,600
407,600
Interest Expenses and Other
(750,400) (957,078)
(783,427)
(818,193)
(818,193)
Transfers out - Capital Improvement
- (622,073)
(1,133,492)
(320,000)
(320,000)
Total Non - operating Expenses _
(108,616) (1,289,151)
(1,508,992)
(730,593)
(730,593)
Net Income (Loss) $ 1,514,632 $ 178,718 $ (60,484) $ 672,484 $ 672,484
Reconciliation of Net Income (Loss) to Revenues Over (Under) Expenses:
Net Income (Loss)
$ 1,514,632 $
178,718 $
(60,484) $
672,484 $
672,484
Principal Debt Retirement
(1,250,000)
(1,372,180)
(1,250,000)
(1,015,000)
(1,015,000)
Capital Outlay
-
(45,000)
(43,021)
(30,000)
(30,000)
Depreciation
342,268
350,000
344,400
512,000
512,000
Revenues Over (Under) Expenditures
$ 606,900 $
(888,462) $
(1,009,105) $
139,484 $
139,484
0
CITY OF BAYTOWN
SERVICE LEVEL BUDGET
3070 BAYTOWN AREA WATER AUTHORITY
Actual Budget Estimated Base Proposed
Acct# Acct Description 2000 -01 2001 -02 2001 -02 2002 -03 2002 -03
7100
Personal Services
71031
Contract Personal Services
$ 667,500
$ 765,664
$ 787,297
$ 810,866
$ 810,866
Total Personal Services
667,500
765,664
787,297
810,866
810,866
7200
Supplies
72001
Office
2,430
2,500
2,500
2,000
2,000
72002
Postage
342
500
350
400
400
72007
Wearing Apparel
4,413
6,000
4,000
4,700
4,700
72016
Motor Vehicle
3,531
4,500
4,000
4,500
4,500
72021
Minor Tools
2,745
2,800
1,500
1,800
1,800
72026
Cleaning & Janitorial
2,451
2,000
2,000
2,000
2,000
72031
Chemical
467,523
532,800
431,600
493,000
493,000
72032
Medical
525
600
600
600
600
72041
Educational
1,051
1,200
1,200
1,300
1,300
72051
Untreated Water
1,605,882
1,679,600
1,615,435
1,725,400
1,725,400
72055
Laboratory Supplies
29,452
26,000
21,000
23,000
23,000
Total Supplies
2,120,345
2,258,500
2,084,185
2,258,700
2,258,700
7300
Maintenance
73011
Buildings
2,458
3,000
3,000
3,000
3,000
73021
Filtration Plants
5,760
58,000
35,650
15,000
15,000
73022
Sanitary Sewers
485
600
500
600
600
73025
Streets Sidewalks & Curbs
280
700
500
700
700
73027
Heating & Cooling System
6,329
4,400
6,200
6,500
6,500
73028
Electrical Maintenance
38,168
50,000
32,000
50,000
50,000
73041
Furniture & Fixtures
1,038
1,000
1,200
1,000
1,000
73042
Machinery & Equipment
73,162
75,000
55,000
60,000
60,000
73043
Motor Vehicles
7,807
9,000
9,000
5,000
5,000
73045
Radio & Testing Equipment
318
500
200
500
500
Total Maintenance
135,805
202,200
143,250
142,300
142,300
7400
Services
74001
Communication
10,256
10,000
10,000
6,550
6,550
74002
Electric Service
451,879
410,235
365,000
375,000
375,000
74011
Hire Of Equipment
1,125
8,000
8,000
8,000
8,000
74021
Special Services
7,147
12,500
17,266
17,850
17,850
74022
Audits
8,010
10,800
8,060
10,800
10,800
74036
Advertising
601
800
800
500
500
74041
Travel & Reimbursables
4,014
4,000
5,800
4,000
4,000
74042
Education & Training
8,617
11,500
11,500
11,600
11,600
74051
Rents
5,416
5,400
5,500
5,640
5,640
74071
Association Dues
688
1,130
1,000
800
800
74210
General Liability Insurance
3,120
4,312
5,625
3,686
3,686
74220
Errors & Omissions
4,310
5,958
8,038
5,325
5,325
74240
Auto Liability
2,394
954
1,265
801
801
74272
Real & Personal Property
9,502
10,134
15,031
10,255
10,255
74280
Bonds
559
-
3,988
4,000
4,000
Total Services
517,638
495,723
466,873
464,807
464,807
• Total Operating 3,441,288 3,722,087 3,481,605 3,676,673 3,676,673
7
CITY OF BAYTOWN
SERVICE LEVEL BUDGET
3070 BAYTOWN AREA WATER AUTHORITY
Actual Budget Estimated Base Proposed
Acct# Acct Descri tion 2000 -01 2001 -02 2001 -02 2002 -03 2002 -03
8000
Capital outlay
84042
Machinery & Equipment
- -
-
19,000
19,000
84043
Motor Vehicles
- 45,000
43,021
11,000
11,000
Total Capital Outlay
- 45,000
43,021
30,000
30,000
9000
Other Financing Uses
91511
To BAWA Debt Service
2,000,400 2,329,258
2,033,427
1,833,193
1,833,193
91517
To BAWA Capital lmprov
- 622,073
1,133,492
320,000
320,000
Total Other Financing Uses
2,000,400 2,951,331
3,166,919
2,153,193
2,153,193
9900
Contingencies
99001
Contingencies
- 40,000
-
40,000
40,000
Total Contingencies
- 40,000
-
40,000
40,000
TOTAL DEPARTMENT
$ 5,441,688 $ 6,758,418
$ 6,691,545
$ 5,899,866
$ 5,899,866
N.
11
•
CITY OF BAYTOWN
BAYTOWN AREA WATER AUTHORITY REVENUE BONDS
LONG TERM DEBT AMORTIZATION SCHEDULES
Amount Requirements Amount
Revenue Amount of Outstanding Fiscal Year 2002 -03 Outstanding
Bonds Issue October, 2002 Principal Interest Total Sept., 2003
Series, 1994
$ 815,000 $
815,000 $ 815,000 $
48,493 $
863,493
$ -
Series, 1997
1,350,000
1,350,000 200,000
67,006
267,006
1,150,000
Series, 1999
9,095,000
9,095,000 -
506,145
506,145
9,095,000
Series, 2002
3,800,000
3,800,000 -
196,549
196,549
3,800,000
689,189
$
15,060,000 $ 1,015,000 $
818,193 $
1,833,193
$ 14,045,000
Combined BAWA Debt, All Series
$ 15,060,000 $ 8,098,369 $ 23,158,369
Combined BAWA Debt, All Series dlattrest
Debt Requirement to Maturity
2.000 ■ PRnQa�
y 1.500
v 9
7 y 1.000
G O
C rs 0.500
0.000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Fiscal Year
�t
Debt Requirements to Maturity
Fiscal
Principal
Total
Total
Year
5101
Interest Requirement
2003
$ 1,015,000
$ 818,193 $
1,833,193
2004
565,000
754,950
1,319,950
2005
595,000
723,031
1,318,031
2006
630,000
689,189
1,319,189
2007
660,000
653,199
1,313,199
2008
700,000
615,429
1,315,429
2009
740,000
574,994
1,314,994
2010
780,000
533,194
1,313,194
2011
815,000
493,219
1,308,219
2012
860,000
451,141
1,311,141
2013
905,000
407,819
1,312,819
2014
950,000
361,679
1,311,679
2015
995,000
312,289
1,307,289
2016
1,050,000
259,931
1,309,931
2017
1,100,000
204,291
1,304,291
2018
1,160,000
145,991
1,305,991
2019
1,220,000
83,351
1,303,351
2020
320,000
16,480
336,480
$ 15,060,000 $ 8,098,369 $ 23,158,369
Combined BAWA Debt, All Series dlattrest
Debt Requirement to Maturity
2.000 ■ PRnQa�
y 1.500
v 9
7 y 1.000
G O
C rs 0.500
0.000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Fiscal Year
�t
0
•
CITY OF BAYTOWN
BAYTOWN AREA WATER AUTHORITY REVENUE BONDS
DETAIL DEBT AMORTIZATION SCHEDULES
Fiscal Interest Principal Interest Interest Annual Principal Total
Year Rate Due 5/01 Due 5 /01 Due 11101 Requirement Outstanding Outstandin
Revenue Bond, Series
1994 Date of Issue - November 1 1994
Term - 9 Years
2000
5.95%
$ - $ 24,246 $
24,246 $
48,493 $
815,000 $ 960,478
2001
5.95%
- 24,246
24,246
48,493
815,000 911,985
2002
5.95%
- 24,246
24,246
48,493
815,000 863,493
2003
5.95%
815,000 24,246
24,246
863,493
-
-
Revenue Bond, Series
1997 Date of Issue - December 4 1997
Term -10 Years
2000
$ - $
33,503 $
33,503 $
67,006 $
1,350,000
$ 1,715,523
2001
5.565%
-
33,503
33,503
67,006
1,350,000
1,648,516
2002
5.565%
-
33,503
33,503
67,006
1,350,000
1,581,510
2003
7.375%
200,000
33,503
33,503
267,006
1,150,0001
1,314,504
2004
4.375%
205,000
26,128
26,128
257,256
945,000
1,057,248
2005
4.450%
215,000
21,644
21,644
258,288
730,000
798,960
2006
4.550%
230,000
16,860
16,860
263,720
500,000
535,240
2007
4.600%
245,000
11,628
11,628
268,255
255,000
266,985
2008
4.700%
255,000
5,993
5,993
266,985
-
-
2008
7.000%
$ 1,350,000 $
216,264 $
216,264 $
1,782,529
7,915,000
10,693,543
Revenue Bond, Series
1999 Date of Issue - November 1 1999
Term - 20 Years
$ 16,019,675
2000
5.565%
$ -
$ 253,073
$ -
$ 253,073 $
9,095,000
15,766,603
2001
5.565%
-
253,073
253,073
506,145
9,095,000
15,260,458
2002
5.565%
-
253,073
253,073
506,145
9,095,000
14,754,313
2003
5.565%
-
253,073
253,073
506,145
9 095,009_1
14,248,168
2004
7.000%
210,000
253,073
253,073
716,145
8,885,000
13,532,023
2005
7.000%
225,000
245,723
245,723
716,445
8,660,000
12,815,578
2006
7.000%
235,000
237,848
237,848
710,695
8,425,000
12,104,883
2007
7.000%
245,000
229,623
229,623
704,245
8,180,000
11,400,638
2008
7.000%
265,000
221,048
221,048
707,095
7,915,000
10,693,543
2009
5.700%
550,000
211,773
211,773
973,545
7,365,000
9,719,998
2010
5.000%
585,000
196,098
196,098
977,195
6,780,000
8,742,803
2011
5.100%
610,000
181,473
181,473
972,945
6,170,000
7,769,858
2012
5.150%
645,000
165,918
165,918
976,835
5,525,000
6,793,023
2013
5.200%
675,000
149,309
149,309
973,618
4,850,000
5,819,405
2014
5.300%
710,000
131,759
131,759
973,518
4,140,000
4,845,888
2015
5.350%
745,000
112,944
112,944
970,888
3,395,000
3,875,000
2016
5.400%
785,000
93,015
93,015
971,030
2,610,000
2,903,970
2017
5.400%
825,000
71,820
71,820
968,640
1,785,000
1,935,330
2018
5.500%
870,000
49,545
49,545
969,090
915,000
966,240
2019
5.600%
915,000
25,620
25,620
966,240
-
-
$ 9,095,000
$ 3,588,874
$ 3,335,801
$ 16,019,675
10
•
•
CITY OF BAYTOWN
BAYTOWN AREA WATER AUTHORITY REVENUE BONDS
DETAIL DEBT AMORTIZATION SCHEDULES
Fiscal Interest Principal Interest Interest Annual Principal Total
Year Rate Due 5/01 Due 5101 Due 11/b1 Requirement Outstanding Outstanding
Revenue Bond, Series
2002 Date of Issue - January 10 2002
Term - 19 Years
$
6,040,949
2002
$ -
$ 81,895
$ - $
81,895
$ 3,800,000
5,959,054
2003
-
98,274
98,274
196,549
3,800,0001
5,762,505
2004
5.500%
150,000
98,274
98,274
346,549
3,650,000
5,415,956
2005
5.500%
155,000
94,149
94,149
343,299
3,495,000
5,072,658
2006
5.500%
165,000
89,887
89,887
344,774
3,330,000
4,727,884
2007
5.500%
170,000
85,349
85,349
340,699
3,160,000
4,387,185
2008
5.500%
180,000
80,674
80,674
341,349
2,980,000
4,045,836
2009
5.500%
190,000
75,724
75,724
341,449
2,790,000
3,704,388
2010
5.500%
195,000
70,499
70,499
335,999
2,595,000
3,368,389
2011
5.350%
205,000
65,137
65,137
335,274
2,390,000
3,033,115
2012
4.700%
215,000
59,653
59,653
334,306
2,175,000
2,698,809
2013
4.800%
230,000
54,601
54,601
339,201
1,945,000
2,359,608
2014
4.900%
240,000
49,081
49,081
338,161
1,705,000
2,021,446
2015
5.000%
250,000
43,201
43,201
336,401
1,455,000
1,685,045
2016
5.000%
265,000
36,951
36,951
338,901
1,190,000
1,346,144
2017
5.000%
275,000
30,326
30,326
335,651
915,000
1,010,493
2018
5.100%
290,000
23,451
23,451
336,901
625,000
673,591
2019
5.125%
305,000
16,056
16,056
337,111
320,000
336,480
2020
5.150%
320,000
8,240
8,240
336,480
-
-
$ 3,800,000
$ 1,161,422
$ 1,079,527 $
6,040,949
11