Windward
Community Development District

Adopted Budget
FY2023

Table of Contents

1-2	General Fund	

3-7	

General Fund Narrative	

8	

Debt Service Fund Series 2018 A-1	

9-10	

Amortization Schedule Series 2018 A-1	

11	

Debt Service Fund Series 2018 A-2	

12	

Debt Service Fund Series 2020 A-1	

13-14	

Amortization Schedule Series 2020 A-1	

15	

Debt Service Fund Series 2020 A-2	

16	

Amortization Schedule Series 2020 A-2	

		Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
	Description	FY2022	5/31/22	4 Months	9/30/22	FY2023	

Revenues							

Assessments - Tax Roll/Direct	
$	325,776	
$	326,217	
$	-	
$	326,217	
$	649,775		
Deficit Funding	$	418,610	$	93,381	$	406,777	$	500,158	$	424,269		
Total Revenues	$	744,386	$	419,597	$	406,777	$	826,374	$	1,074,044		

Expenditures							
Administrative							
Supervisors Fees	$	4,800	$	-	$	1,600	$	1,600	$	4,800		
FICA Expense	$	367	$	-	$	122	$	122	$	367		
Engineering	$	16,000	$	14,924	$	23,833	$	38,757	$	16,000		
Attorney	$	25,000	$	7,583	$	8,333	$	15,916	$	25,000		
Arbitrage	$	450	$	900	$	-	$	900	$	900		
Dissemination	$	7,000	$	6,617	$	2,333	$	8,950	$	8,950		
Annual Audit	$	4,300	$	6,300	$	-	$	6,300	$	6,400		
Trustee Fees	$	5,000	$	7,758	$	-	$	7,758	$	7,758		
Assessment Administration	$	5,000	$	5,000	$	-	$	5,000	$	5,000		
Management Fees	$	37,132	$	24,755	$	12,377	$	37,132	$	38,988		
Information Technology	$	1,400	$	933	$	467	$	1,400	$	1,750		
Website Maintenace	$	800	$	533	$	267	$	800	$	1,000		
Telephone	$	250	$	-	$	83	$	83	$	250		
Postage	$	800	$	339	$	267	$	606	$	800		
Travel Per Diem	$	660	$	-	$	220	$	220	$	660		
Printing & Binding	$	500	$	57	$	167	$	224	$	500		
Insurance	$	5,919	$	5,570	$	-	$	5,570	$	6,684		
Legal Advertising	$	1,500	$	168	$	500	$	668	$	1,500		
Other Current Charges	$	2,000	$	306	$	667	$	972	$	2,000		
Office Supplies	$	150	$	2	$	50	$	52	$	150		
Property Appraiser	$	500	$	217	$	-	$	217	$	500		
Property Taxes	$	250	$	-	$	-	$	-	$	250		
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175		

Total Adminstrative	$	119,952	$	82,137	$	51,286	$	133,423	$	130,382	

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2022	5/31/22	4 Months	9/30/22	FY2023	

Operation & Maintenance						
Field Services	$	15,914	$	10,609	$	5,305	$	15,914	$	16,709	
Facility Maintenance	$	12,000	$	2,118	$	4,000	$	6,118	$	10,000	
Telephone	$	3,500	$	-	$	1,167	$	1,167	$	3,500	
Electric	$	65,000	$	86,487	$	42,800	$	129,287	$	144,538	
Water & Sewer	$	330,000	$	199,411	$	140,000	$	339,411	$	483,450	
Security Building Maintenance	$	10,000	$	6,303	$	3,697	$	10,000	$	10,000	
Landscape Maintenance	$	134,520	$	97,888	$	48,944	$	146,832	$	195,965	
Landscape Contingency	$	25,000	$	3,337	$	8,333	$	11,671	$	25,000	
Property Insurance	$	3,200	$	2,808	$	-	$	2,808	$	3,200	
Fountain Maintenance	$	4,200	$	2,100	$	1,500	$	3,600	$	4,200	
Lake Maintenance	$	6,000	$	2,050	$	1,400	$	3,450	$	9,000	
Irrigation Repairs	$	4,000	$	9,816	$	3,600	$	13,416	$	25,000	
Lighting Maintenance	$	2,500	$	-	$	833	$	833	$	2,500	
Monument Maintenance	$	1,400	$	-	$	467	$	467	$	1,400	
Roadway Maintenance	$	2,200	$	-	$	733	$	733	$	2,200	
Contingency	$	5,000	$	5,578	$	1,667	$	7,245	$	7,000	
Total Operation & Maintenance	$	624,434	$	428,505	$	264,446	$	692,951	$	943,662	
						
Total Expenditures	$	744,386	$	510,642	$	315,732	$	826,375	$	1,074,044	
						
Excess Revenues/(Expenditures)	$	-	$	(91,045)	$	91,045	$	(0)	$	-	
				
Net Assessment	
$	649,775	
Collection Cost (6%)  $		41,475  Gross Assessment  $	691,250 

Number of Units	553	
Gross Per Unit	$	1,250	
Net Per Unit	$	1,175	

Gross Per Unit Comparison

$	627	$
1,250	$
623

Windward
Community Development District
GENERAL FUND BUDGET

REVENUES:

Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the fiscal year.

EXPENDITURES:

Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to received $200 per meeting, not to exceed $4,800 per year paid to each Supervisor for the time devoted to District business and meetings. The District anticipates 12 meetings per year, with 2 Board members receiving payment for their attendance at each meeting.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from the Board of Supervisor checks.

Engineering

The District's engineer, Poulos & Bennett, will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review of invoices and requisitions, preparation and review of contract specifications and bid documents, and various projects assigned as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel, Latham, Shuker, Eden & Beaudine, will be providing general legal services to the District,
e.g. attendance and preparation for monthly meetings, preparation and review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.

Arbitrage

The District has contracted with AMTEC an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2018A-1, 2018A-2, 2020-A1, and 2020-A2 Special Assessment Revenue Bonds.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues. Governmental Management Services – Central Florida, LLC provides these services.

Description	Monthly	Annual	
Dissemination	$583.33	$7,000	
Amortization Schedules		$1,950	
Total		$8,950	

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis. Grau & Associates provides these services.

Trustee Fees

The District will pay annual trustee fees for the Series 2018A-1, 2018A-2, 2020A-1 & 2020A-2 Special Assessment Revenue Bonds that are deposited with a Trustee at USBank.

Assessment Administration

The District has contracted with Governmental Management Services-CF, LLC to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Management Fees

The District has contracted with Governmental Management Services-Central Florida, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but not limited to, recording and transcription of board meetings, budget preparation, all financial reporting, annual audit, etc.

Information Technology

Represents costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, security, accounting software, etc. Governmental Management Services – Central Florida, LLC provides these systems.

Website Maintenance

Represents the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statutes. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc. Governmental Management Services – Central Florida, LLC provides these services.

Telephone

Telephone and fax machine.

Postage

The District incurs charges for mailing of agenda packages, overnight deliveries, checks for vendors and other required correspondence.

Travel Per Diem

The Board of Supervisors can be reimbursed for travel expenditures related to the conducting of District business.

Printing & Binding

Printing and Binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Insurance

The District’s general liability and public officials liability insurance coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Legal Advertising

The District is required to advertise various notices for monthly Board meetings, public hearings, etc in a newspaper of general circulation.

Other Current Charges

Represents any miscellaneous expenses incurred during the fiscal year such as bank fees, deposit slips, stop payments, etc.

Office Supplies

The District incurs charges for office supplies that need to be purchased during the fiscal year.

Property Appraiser

Represents a fee charged by Osceola County Property Appraiser’s office for assessment administration services.

Property Taxes

Represents a fee charged by the Osceola County Tax Collector’s Office for all assessable property within the District.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Operation and Maintenance:

Field Services

Provide onsite field management of contracts for the District such as landscape and lake maintenance. Services to include bimonthly onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails. Governmental Management Services – Central Florida, LLC provides these services.

Facility Maintenance

Represents estimated costs for facility maintenance.

Telephone

Represents estimated costs for telephone services to the guardhouse.

Electric

Represents estimated costs for electrical accounts with Duke Energy for entrance lighting, irrigation meters and other District areas.

Water & Sewer

Represents estimated costs for water & sewer services with Toho Water Authority for fountain, guardhouse, irrigation meters and other District areas.

Security Building Maintenance

Represents estimated costs for any repairs and maintenance to the guardhouse.

Landscape Maintenance

The District will maintain the landscaping within the common areas of the District after installation of landscape material has been completed. Juniper Landscaping of Florida, LLC provides these services.

Description	Monthly	Annual	
Landscape Maintenance	$12,236	$146,832	
Contingency		$49,133	
Total		$195,965	

Landscape Contingency

Represents estimated costs for any additional landscape expenses not covered under the monthly landscape maintenance contract.

Property Insurance

Represents estimated costs for the annual coverage of property insurance. Coverage will be provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Fountain Maintenance

The District will schedule the regularly cleaning and treatment of the fountain maintained by the District. The District will be contracting with Grunit Pool Contractors.

Description	Monthly	Annual	
Fountain Maintenance
Total	$350		$4,200 
$4,200	

Lake Maintenance

Represents estimated costs for the maintenance of any ponds and lakes located within the District. Aquatic Weed Management, Inc provides these services.

Irrigation Repairs

Represents estimated costs for any repairs to the irrigation system.

Lighting Maintenance

Represents estimated repair and maintenance cost to all lighting fixtures maintained by the District.

Monument Maintenance

Represents estimated costs for any repairs to monuments within the District.

Roadway Maintenance

Represents estimated costs for any sidewalk or roadway maintenance for areas maintained by the District.

Contingency

Represents any additional field expense that may not have been provided for in the budget.
Community Development District Adopted Budget
Debt Service Fund Series 2018 A-1

		Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
	Description	FY2022	5/31/22	4 Months	9/30/22	FY2023	

Revenues							
Special Assessments - 2018 A1	$	243,648	$	244,079	$	-	$	244,079	$	243,460			
Interest Income	$	50	$	8	$	-	$	8	$	250			
Carry Forward Surplus	$	99,379	$	102,673	$	-	$	102,673	$	107,045			
Total Revenues	$	343,077	$	346,760	$	-	$	346,760	$	350,755			

Expenditures							

Series 2018A-1							
Interest - 11/1	$	94,858	$	94,858	$	-	$	94,858	$	93,733			
Principal - 5/1	$	50,000	$	50,000	$	-	$	50,000	$	55,000			
Interest - 5/1	$	94,858	$	94,858	$	-	$	94,858	$	93,733			
Total Expenditures	$	239,715	$	239,715	$	-	$	239,715	$	242,465			
							
Excess Revenues/(Expenditures)	$	103,362	$	107,045	$	-	$	107,045	$	108,290			

*Carry forward less amount in Reserve funds.			
Series 2018A-1				
			
Interest - 11/1/2023	$92,495			

Total 	$92,495 

Number of Units	Net per Unit	Net Assessment	
270	$902	$243,460	

11/01/22	$	3,310,000.00	$	-	$	93,732.50	$	238,590.00	
05/01/23	$	3,310,000.00	$	55,000.00	$	93,732.50		
11/01/23	$	3,255,000.00	$	-	$	92,495.00	$	241,227.50	
05/01/24	$	3,255,000.00	$	60,000.00	$	92,495.00		
11/01/24	$	3,195,000.00	$	-	$	90,965.00	$	243,460.00	
05/01/25	$	3,195,000.00	$	60,000.00	$	90,965.00		
11/01/25	$	3,135,000.00	$	-	$	89,435.00	$	240,400.00	
05/01/26	$	3,135,000.00	$	65,000.00	$	89,435.00		
11/01/26	$	3,070,000.00	$	-	$	87,777.50	$	242,212.50	
05/01/27	$	3,070,000.00	$	65,000.00	$	87,777.50		
11/01/27	$	3,005,000.00	$	-	$	86,120.00	$	238,897.50	
05/01/28	$	3,005,000.00	$	70,000.00	$	86,120.00		
11/01/28	$	2,935,000.00	$	-	$	84,335.00	$	240,455.00	
05/01/29	$	2,935,000.00	$	75,000.00	$	84,335.00		
11/01/29	$	2,860,000.00	$	-	$	82,422.50	$	241,757.50	
05/01/30	$	2,860,000.00	$	80,000.00	$	82,422.50		
11/01/30	$	2,780,000.00	$	-	$	80,142.50	$	242,565.00	
05/01/31	$	2,780,000.00	$	85,000.00	$	80,142.50		
11/01/31	$	2,695,000.00	$	-	$	77,720.00	$	242,862.50	
05/01/32	$	2,695,000.00	$	90,000.00	$	77,720.00		
11/01/32	$	2,605,000.00	$	-	$	75,155.00	$	242,875.00	
05/01/33	$	2,605,000.00	$	95,000.00	$	75,155.00		
11/01/33	$	2,510,000.00	$	-	$	72,447.50	$	242,602.50	
05/01/34	$	2,510,000.00	$	100,000.00	$	72,447.50		
11/01/34	$	2,410,000.00	$	-	$	69,597.50	$	242,045.00	
05/01/35	$	2,410,000.00	$	105,000.00	$	69,597.50		
11/01/35	$	2,305,000.00	$	-	$	66,605.00	$	241,202.50	
05/01/36	$	2,305,000.00	$	110,000.00	$	66,605.00		
11/01/36	$	2,195,000.00	$	-	$	63,470.00	$	240,075.00	
05/01/37	$	2,195,000.00	$	115,000.00	$	63,470.00		
11/01/37	$	2,080,000.00	$	-	$	60,192.50	$	238,662.50	
05/01/38	$	2,080,000.00	$	125,000.00	$	60,192.50		
11/01/38	$	1,955,000.00	$	-	$	56,630.00	$	241,822.50	
05/01/39	$	1,955,000.00	$	130,000.00	$	56,630.00		
11/01/39	$	1,825,000.00	$	-	$	52,925.00	$	239,555.00	
05/01/40	$	1,825,000.00	$	140,000.00	$	52,925.00		
11/01/40	$	1,685,000.00	$	-	$	48,865.00	$	241,790.00	
05/01/41	$	1,685,000.00	$	145,000.00	$	48,865.00		
11/01/41	$	1,540,000.00	$	-	$	44,660.00	$	238,525.00	
05/01/42	$	1,540,000.00	$	155,000.00	$	44,660.00		
11/01/42	$	1,385,000.00	$	-	$	40,165.00	$	239,825.00	
05/01/43	$	1,385,000.00	$	165,000.00	$	40,165.00		
11/01/43	$	1,220,000.00	$	-	$	35,380.00	$	240,545.00	

Date		Balance	Prinicpal	Interest	Total	

05/01/44	
$	
1,220,000.00	
$	175,000.00	
$	35,380.00		
11/01/44	$	1,045,000.00	$	-	$	30,305.00	$	240,685.00	
05/01/45	$	1,045,000.00	$	185,000.00	$	30,305.00		
11/01/45	$	860,000.00	$	-	$	24,940.00	$	240,245.00	
05/01/46	$	860,000.00	$	195,000.00	$	24,940.00		
11/01/46	$	665,000.00	$	-	$	19,285.00	$	239,225.00	
05/01/47	$	665,000.00	$	210,000.00	$	19,285.00		
11/01/47	$	455,000.00	$	-	$	13,195.00	$	242,480.00	
05/01/48	$	455,000.00	$	220,000.00	$	13,195.00		
11/01/48	$	235,000.00	$	-	$	6,815.00	$	240,010.00	
05/01/49	$	235,000.00	$	235,000.00	$	6,815.00	$	241,815.00	
			$	3,310,000.00	$	3,291,555.00	$	6,746,412.50	

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2022	5/31/22	4 Months	9/30/22	FY2023	

Revenues						
Special Assessments - 2018 A2	$	11,600	$	5,800	$	5,800	$	11,600	$	205	
Assessments - Prepayment	$	-	$	70,864	$	-	$	70,864	$	-	
Interest Income	$	50	$	3	$	-	$	3	$	-	
Carry Forward Surplus	$	105,280	$	224,581	$	-	$	224,581	$	7,115	
Total Revenues	$	116,930	$	301,248	$	5,800	$	307,048	$	7,320	

Expenditures						

Series 2018A-2						
Special Call - 11/1	$	95,000	$	210,000	$	-	$	210,000	$	5,000	
Interest - 11/1	$	8,555	$	8,555	$	-	$	8,555	$	145	
Special Call - 2/1	$	-	$	75,000	$	-	$	75,000	$	-	
Interest - 2/1	$	-	$	1,088	$	-	$	1,088	$	-	
Interest - 5/1	$	5,800	$	290	$	-	$	290	$	-	
Special Call - 5/1	$	-	$	5,000	$	-	$	5,000	$	-	
Total Expenditures	$	109,355	$	299,933	$	-	$	299,933	$	5,145	
						
Excess Revenues/(Expenditures)	$	7,575	$	1,315	$	5,800	$	7,115	$	2,175	

*Carry forward less amount in Reserve funds.						

		Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
	Description	FY2022	5/31/22	4 Months	9/30/22	FY2023	

Revenues							

Special Assessments - 2020 A1	
$	255,313	
$	255,623	
$	-	$	255,623	
$	255,313			
Interest Income	$	-	$	8	$	-	$	8	$	-			
Carry Forward Surplus	$	89,263	$	89,263	$	-	$	89,263	$	91,392			
Total Revenues	$	344,575	$	344,894	$	-	$	344,894	$	346,705			

Expenditures							

Series 2020A-1							
Interest - 11/1	$	89,251	$	89,251	$	-	$	89,251	$	88,126			
Principal - 5/1	$	75,000	$	75,000	$	-	$	75,000	$	80,000			
Interest - 5/1	$	89,251	$	89,251	$	-	$	89,251	$	88,126			
Total Expenditures	$	253,503	$	253,503	$	-	$	253,503	$	256,253			
							
Excess Revenues/(Expenditures)	$	91,073	$	91,392	$	-	$	91,392	$	90,452			

*Carry forward less amount in Reserve funds.							
			Series 2020 A-1				
			
Interest - 11/1/2023	$86,926			

Total 	$86,926 

	283	$902	$255,313	

-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-
,000.00
-

Date		Balance	Prinicpal	Interest		Total	

05/01/48	
$	
920,000.00	
$	215,000.00	
$	20,700.00	
$	
-	
11/01/48	$	705,000.00	$	-	$	15,862.50	$	251,562.50	
05/01/49	$	705,000.00	$	225,000.00	$	15,862.50	$	-	
11/01/49	$	480,000.00	$	-	$	10,800.00	$	251,662.50	
05/01/50	$	480,000.00	$	235,000.00	$	10,800.00	$	-	
11/1/50	$	245,000.00	$	-	$	5,512.50	$	251,312.50	
5/1/51	$	245,000.00	$	245,000.00	$	5,512.50	$	250,512.50	
			$	4,155,000.00	$	3,268,205.00	$	7,587,456.25	
Windward
Community Development District Adopted Budget
Debt Service Fund Series 2020 A-2

		Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget					
	Description	FY2022	5/31/22	4 Months	9/30/22	FY2023					

Revenues											

Special Assessments - 2020 A2	$	354,398	$	176,220	
$	176,220	
$	352,440	
$	260,040								
Assessments - Prepayment	$	-	$  1,384,844	$	650,494	$  2,035,338	$	-								
Interest Income	$	-	$	19	$	-	$	19	$	-						
Carry Forward Surplus	$	176,237	$	430,885	$	-	$	430,885	$	378,728						
Total Revenues	$	530,635	$  1,991,969	$	826,714	$  2,818,683	$	638,768						

Expenditures											

Series 2018A-2											
Interest - 11/1	$	176,220	$	176,220	$	-	$	176,220	$	130,020						
Special Call - 11/1	$	-	$	230,000	$	-	$	230,000	$	-						
Interest - 2/1	$	-	$	7,425	$	-	$	7,425	$	-						
Special Call - 2/1	$	-	$	675,000	$	-	$	675,000	$	-						
Interest - 5/1	$	176,220	$	156,310	$	-	$	156,310	$	130,020						
Special Call - 5/1	$	-	$	480,000	$	-	$	480,000	$	-						
Special Call - 8/1	$	-	$	-	$	715,000	$	715,000	$	-	
Total Expenditures	$	352,440	$  1,724,955	$	715,000	$  2,439,955	$	260,040						
											
Excess Revenues/(Expenditures)	$	178,195	$	267,014	$	111,714	$	378,728	$	378,728						

*Carry forward less amount in Reserve funds.				

Series 2020 A-2							

Interest - 11/1/2023	$130,020

Total 	$130,020 
Windward
Community Development District Series 2020 A-2 Special Assessment Bonds Amortization Schedule

11/01/22	$	5,910,000.00	$	-	$	130,020.00	$	130,020.00	
05/01/23	$	5,910,000.00	$	-	$	130,020.00	
11/01/23	$	5,910,000.00	$	-	$	130,020.00	$	260,040.00	
05/01/24	$	5,910,000.00	$	-	$	130,020.00	
11/01/24	$	5,910,000.00	$	-	$	130,020.00	$	260,040.00	
05/01/25	$	5,910,000.00	$	-	$	130,020.00	
11/01/25	$	5,910,000.00	$	-	$	130,020.00	$	260,040.00	
05/01/26	$	5,910,000.00	$	-	$	130,020.00	
11/01/26	$	5,910,000.00	$	-	$	130,020.00	$	260,040.00	
05/01/27	$	5,910,000.00	$	-	$	130,020.00	
11/01/27	$	5,910,000.00	$	-	$	130,020.00	$	260,040.00	
05/01/28	$	5,910,000.00	$	-	$	130,020.00	
11/01/28	$	5,910,000.00	$	-	$	130,020.00	$	260,040.00	
05/01/29	$	5,910,000.00	$	-	$	130,020.00	
11/01/29	$	5,910,000.00	$	-	$	130,020.00	$	260,040.00	
05/01/30	$	5,910,000.00	$	-	$	130,020.00	
11/01/30	$	5,910,000.00	$	-	$	130,020.00	$	260,040.00	
05/01/31	$	5,910,000.00	$	-	$	130,020.00	
11/01/31	$	5,910,000.00	$	-	$	130,020.00	$	260,040.00	
05/01/32	$	5,910,000.00	$	-	$	130,020.00	
11/01/32	$	5,910,000.00	$	-	$	130,020.00	$	260,040.00	
05/01/33	$	5,910,000.00	$	-	$	130,020.00	
11/01/33	$	5,910,000.00	$	-	$	130,020.00	$	260,040.00	
05/01/34	$	5,910,000.00	$	-	$	130,020.00	
11/01/34	$	5,910,000.00	$	-	$	130,020.00	$	260,040.00	
05/01/35	$	5,910,000.00	$	5,910,000.00	$	130,020.00	
11/01/35				$	-	$	6,040,020.00