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1766ORDINANCE NO. 1766 (#19-2024) AN ORDINANCE AUTHORIZING THE CONSTRUCTION OF EXTENSIONS, BETTERMENTS AND IMPROVEMENTS TO THE SEWER SYSTEM OF THE CITY OF JACKSONVILLE, ARKANSAS; AUTHORIZING THE ISSUANCE OF A SEWER IMPROVEMENT REVENUE BOND FOR THE PURPOSE OF FINANCING THE COSTS OF CONSTRUCTION OF THE IMPROVEMENTS; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON, AND A SERVICING FEE IN CONNECTION WITH, THE BOND; PROVIDING FOR THE PAYMENT OF THE COSTS OF ISSUING THE BOND; PRESCRIBING OTHER MATTERS RELATING THERETO; AND DECLARING AN EMERGENCY. WHEREAS, the City of Jacksonville, Arkansas (the "City") owns and operates a sewer system (the "System"), and has determined that extensions, betterments and improvements to the System (the "Improvements") should be made in order that the City and its inhabitants may have adequate and proper sewer facilities; and WHEREAS, the City is making arrangements for the sale of up to $5,966,832 in principal amount of bonds to the Arkansas Development Finance Authority, as purchaser (the "Bondholder"), at a price of par for a bond bearing interest at the rate of .75% per annum pursuant to a Bond Purchase Agreement (the "Agreement") among the City, the Bondholder and the Arkansas Natural Resources Commission ("ANRC"), which has been presented to and is before this meeting; and WHEREAS, the Bond (as hereinafter defined) will be secured by the pledge of the Pledged Revenues of the System (as hereinafter defined); and WHEREAS, the City is authorized, under the provisions of Amendment No. 65 to the Arkansas Constitution, and Title 14, Chapter 164, Subchapter 4 and Title 14, Chapter 235, Subchapter 2 of the Arkansas Code of 1987 Annotated (collectively, the "Authorizing Legislation"), to enter into the Agreement and to issue the Bond; and WHEREAS, the Bondholder intends to pledge the Bond as collateral for the payment of its revolving loan fund revenue bonds (the "ADFA Bonds"), which may be issued from time to time, to the bank or trust company to be named as trustee for the ADFA Bonds (the "ADFA Trustee"); and WHEREAS, the City is required to pay to the Arkansas Development Finance Authority, as servicer (the "Authority"), a servicing fee equal to 1.0% per annum of the outstanding principal amount of the bond (the "Servicing Fee") which fee shall also be considered interest on the Bond; NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jacksonville, Arkansas: 3210825-v1 Section 1. The Improvements shall be accomplished. The Mayor and City Clerk - Treasurer are hereby authorized to take, or cause to be taken, all action necessary to accomplish the Improvements and to execute all required contracts. Section 2. The sale to the Bondholder of up to $5,966,832 in principal amount of a bond from the City at a price of par for a bond bearing interest at the rate of .75% per annum and otherwise subject to the terms and provisions hereafter in this Ordinance set forth in detail be, and is hereby approved and the bond is hereby sold to the Bondholder. The Mayor is hereby authorized and directed to execute and deliver the Agreement on behalf of the City and to tae k all action required on the part of the City to fulfill its obligations under the Agreement. The Agreement is hereby approved in substantially the form submitted to this meeting with such changes as may be approved by the Mayor, his execution to constitute complete evidence of such approval. Section 3. The City Council hereby finds and declares that the expected period of usefulness of the System after completion of the Improvements will be more than twenty (20) years. Section 4. Under the authority of the Constitution and laws of the State of Arkansas (the "State"), including particularly the Authorizing Legislation, the City of Jacksonville, Arkansas Sewer Improvement Revenue Bond, Series 2024 (the "Bond") is hereby authorized and ordered issued in the principal amount of up to $5,966,832. The proceeds of the sale of the Bond are necessary to provide sufficient funds for the completion of construction of the Improvements, paying expenses incidental thereto, paying interest during construction, and paying expenses of issuing the Bond. The Bond shall bear interest at the rate of .75% per annum based upon a 360 -day year of twelve consecutive 30 -day months. The Bond shall be dated the date of delivery to the Bondholder. Interest shall be payable on the first day of each month commencing on the first day of the month following the date of issuance of the Bond, and on the first day of each month thereafter through November 1, 2027. Principal and interest shall be payable on the first day of each month commencing December 1, 2027, until the unpaid principal is paid in full as more fully set forth in Exhibit "A" attached hereto and made a part hereof. The Bond will be registered as to both principal and interest, payable to the Bondholder, or registered assigns, as set forth hereinafter in the bond form, and shall be numbered R-1. Payment of principal and interest shall be by check or draft mailed to the Bondholder at its address shown on the bond registration books of the City which shall be maintained by the City Clerk -Treasurer as Bond Registrar, without presentation or surrender of the Bond (except upon final payment) and such payments shall discharge the obligation of the City to the extent thereof. The City Clerk -Treasurer shall keep a payment record and make proper notations thereon of all payments of principal and interest. 2 3210825-v1 Payment of principal and interest shall be in any coin or currency of the United States of America which, as at the time of payment, shall be legal tender for the payment of debts due the United States of America. When the principal of and interest on the Bond have been fully paid, it shall be canceled and delivered to the City Clerk -Treasurer. Section 5. The Bond shall be executed on behalf of the City by the Mayor and Clerk - Treasurer and shall have impressed thereon the seal of the City. The Bond is not a general obligation of the City but is a special obligation, the principal of and interest on which is secured by a pledge of and is payable from revenues derived from the System, which pledge is on a parity with the City's Wastewater Refunding Revenue Bonds, Series 2020 (Federally Taxable) dated August 27, 2020, and the City's Wastewater Revenue Bond, Series 2021, dated December 28, 2021 (together, the "Parity Bonds"). The Bond and interest thereon shall not constitute an indebtedness of the City within any constitutional or statutory limitation. Section 6. The Bond shall be in substantially the following form, and the Mayor and City Clerk -Treasurer are hereby authorized and directed to make all the recitals contained therein: [Remainder of page intentionally left blank] 3 3210825-v1 (form of single registered bond) (To be typewritten) UNITED STATES OF AMERICA STATE OF ARKANSAS COUNTY OF PULASKI CITY OF JACKSONVILLE SEWER IMPROVEMENT REVENUE BOND, SERIES 2024 No. R-1 KNOW ALL MEN BY THESE PRESENTS: $5,966,832 That the City of Jacksonville, Pulaski County, Arkansas (the "City"), for value received, hereby acknowledges itself to owe and promises to pay to the Arkansas Development Finance Authority, or registered assigns, solely from the special fund provided as hereinafter set forth, the principal sum of FIVE MILLION NINE HUNDRED SIXTY-SIX THOUSAND EIGHT HUNDRED THIRTY-TWO DOLLARS (or the total principal amount outstanding as reflected by the Record of Payment of Advances attached hereto) with interest on the unpaid balance of the total principal amount, at the rate of .75% per annum from the date of each advance. The principal and interest shall be payable in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of debts due the United States of America. The Bond shall bear interest at the rate of .75% per annum based upon a 360 -day year of twelve consecutive 30 -day months. The Bond shall be dated the date of delivery to the Bondholder. Interest shall be payable on the first day of each month commencing on the first day of the month following the date of issuance of the Bond, and on the first day of each month thereafter through November 1, 2027. Principal and interest on the Bond and the Servicing Fee shall be payable on the first day of each month commencing each December 1, 2027, until the unpaid principal is paid in full, as follows: [Remainder of page intentionally left blank] 4 3210825-v1 Natural Resources Division Final Jacksonville Wastewater Utilities - 02320 -CW -L Date: 10/15/24 Loan Amortization Report Time: 01:21:42 PM Loan Closing Disbursement Cut-off First Repayment Total Amortization Interest Annual Date Date Payment Date Length Years Number of Start Lending Total TBD Nov 1, 2027 Dec 1, 2027 - 20 Payments 240 Date Nov 1, 2027 Rate Principal _ _ 1.75% _ $ 5,966,832.00 Num Date Principal Rate Interest Fees Total Contracted Bal 0 / / $0.00 0 $0.00 $0.00 $0.00 $5,966,832.00 1 12/01/2027 $20,782.21 0.75 $3,729.27 $4,972.36 $29,483.84 $5,946,049.79 2 01/01/2028 $20,812.52 0.75 $3,716.28 $4,955.04 $29,483.84 $5,925,237.27 3 02/01/2028 $20,842.87 0.75 $3,703.27 $4,937.70 $29,483.84 $5,904,394.40 4 03/01/2028 $20,873.26 0.75 $3,690.25 $4,920.33 $29,483.84 $5,883,521.14 5 04/01/2028 $20,903.71 0.75 $3,677.20 $4,902.93 $29,483.84 $5,862,617.43 6 05/01/2028 $20,934.19 0.75 $3,664.14 $4,885.51 $29,483.84 $5,841,683.24 7 06/01/2028 $20,964.72 0.75 $3,651.05 $4,868.07 $29,483.84 $5,820,718.52 8 07/01/2028 $20,995.29 0.75 $3,637.95 $4,850.60 $29,483.84 $5,799,723.23 9 08/01/2028 $21,025.91 0.75 $3,624.83 $4,833.10 $29,483.84 $5,778,697.32 10 09/01/2028 $21,056.57 0.75 $3,611.69 $4,815.58 $29,483.84 $5,757,640.75 11 10/01/2028 $21,087.28 0.75 $3,598.53 $4,798.03 $29,483.84 $5,736,553.47 12 11/01/2028 $21,118.03 0.75 $3,585.35 $4,780.46 $29,483.84 $5,715,435.44 13 12/01/2028 $21,148.83 0.75 $3,572.15 $4,762.86 $29,483.84 $5,694,286.61 14 01/01/2029 $21,179.67 0.75 $3,558.93 $4,745.24 $29,483.84 $5,673,106.94 15 02/01/2029 $21,210.56 0.75 $3,545.69 $4,727.59 $29,483.84 $5,651,896.38 16 03/01/2029 $21,241.49 0.75 $3,532.44 $4,709.91 $29,483.84 $5,630,654.89 17 04/01/2029 $21,272.47 0.75 $3,519.16 $4,692.21 $29,483.84 $5,609,382.42 18 05/01/2029 $21,303.49 0.75 $3,505.86 $4,674.49 $29,483.84 $5,588,078.93 19 06/01/2029 $21,334.56 0.75 $3,492.55 $4,656.73 $29,483.84 $5,566,744.37 20 07/01/2029 $21,365.67 0.75 $3,479.22 $4,638.95 $29,483.84 $5,545,378.70 21 08/01/2029 $21,396.83 0.75 $3,465.86 $4,621.15 $29,483.84 $5,523,981.87 22 09/01/2029 $21,428.03 0.75 $3,452.49 $4,603.32 $29,483.84 $5,502,553.84 23 10/01/2029 $21,459.28 0.75 $3,439.10 $4,585.46 $29,483.84 $5,481,094.56 24 11/01/2029 $21,490.58 0.75 $3,425.68 $4,567.58 $29,483.84 $5,459,603.98 25 12/01/2029 $21,521.92 0.75 $3,412.25 $4,549.67 $29,483.84 $5,438,082.06 26 01/01/2030 $21,553.30 0.75 $3,398.80 $4,531.74 $29,483.84 $5,416,528.76 27 02/01/2030 $21,584.74 0.75 $3,385.33 $4,513.77 $29,483.84 $5,394,944.02 28 03/01/2030 $21,616.21 0.75 $3,371.84 $4,495.79 $29,483.84 $5,373,327.81 29 04/01/2030 $21,647.74 0.75 $3,358.33 $4,477.77 $29,483.84 $5,351,680.07 30 05/01/2030 $21,679.31 0.75 $3,344.80 $4,459.73 $29,483.84 $5,330,000.76 31 06/01/2030 $21,710.92 0.75 $3,331.25 $4,441.67 $29,483.84 $5,308,289.84 32 07/01/2030 $21,742.59 0.75 $3,317.68 $4,423.57 $29,483.84 $5,286,547.25 33 08/01/2030 $21,774.29 0.75 $3,304.09 $4,405.46 $29,483.84 $5,264,772.96 5 3210825-v1 Num Date Principal Rate Interest Fees Total Contracted Bal 34 09/01/2030 $21,806.05 0.75 $3,290.48 $4,387.31 $29,483.84 $5,242,966.91 35 10/01/2030 $21,837.85 0.75 $3,276.85 $4,369.14 $29,483.84 $5,221,129.06 36 11/01/2030 $21,869.69 0.75 $3,263.21 $4,350.94 $29,483.84 $5,199,259.37 37 12/01/2030 $21,901.58 0.75 $3,249.54 $4,332.72 $29,483.84 $5,177,357.79 38 01/01/2031 $21,933.53 0.75 $3,235.85 $4,314.46 $29,483.84 $5,155,424.26 39 02/01/2031 $21,965.51 0.75 $3,222.14 $4,296.19 $29,483.84 $5,133,458.75 40 03/01/2031 $21,997.55 0.75 $3,208.41 $4,277.88 $29,483.84 $5,111,461.20 41 04/01/2031 $22,029.63 0.75 $3,194.66 $4,259.55 $29,483.84 $5,089,431.57 42 05/01/2031 $22,061.76 0.75 $3,180.89 $4,241.19 $29,483.84 $5,067,369.81 43 06/01/2031 $22,093.92 0.75 $3,167.11 $4,222.81 $29,483.84 $5,045,275.89 44 07/01/2031 $22,126.14 0.75 $3,153.30 $4,204.40 $29,483.84 $5,023,149.75 45 08/01/2031 $22,158.41 0.75 $3,139.47 $4,185.96 $29,483.84 $5,000,991.34 46 09/01/2031 $22,190.73 0.75 $3,125.62 $4,167.49 $29,483.84 $4,978,800.61 47 10/01/2031 $22,223.09 0.75 $3,111.75 $4,149.00 $29,483.84 $4,956,577.52 48 11/01/2031 $22,255.50 0.75 $3,097.86 $4,130.48 $29,483.84 $4,934,322.02 49 12/01/2031 $22,287.95 0.75 $3,083.95 $4,111.94 $29,483.84 $4,912,034.07 50 01/01/2032 $22,320.46 0.75 $3,070.02 $4,093.36 $29,483.84 $4,889,713.61 51 02/01/2032 $22,353.01 0.75 $3,056.07 $4,074.76 $29,483.84 $4,867,360.60 52 03/01/2032 $22,385.61 0.75 $3,042.10 $4,056.13 $29,483.84 $4,844,974.99 53 04/01/2032 $22,418.25 0.75 $3,028.11 $4,037.48 $29,483.84 $4,822,556.74 54 05/01/2032 $22,450.94 0.75 $3,014.10 $4,018.80 $29,483.84 $4,800,105.80 55 06/01/2032 $22,483.68 0.75 $3,000.07 $4,000.09 $29,483.84 $4,777,622.12 56 07/01/2032 $22,516.48 0.75 $2,986.01 $3,981.35 $29,483.84 $4,755,105.64 57 08/01/2032 $22,549.31 0.75 $2,971.94 $3,962.59 $29,483.84 $4,732,556.33 58 09/01/2032 $22,582.19 0.75 $2,957.85 $3,943.80 $29,483.84 $4,709,974.14 59 10/01/2032 $22,615.13 0.75 $2,943.73 $3,924.98 $29,483.84 $4,687,359.01 60 11/01/2032 $22,648.11 0.75 $2,929.60 $3,906.13 $29,483.84 $4,664,710.90 61 12/01/2032 $22,681.14 0.75 $2,915.44 $3,887.26 $29,483.84 $4,642,029.76 62 01/01/2033 $22,714.21 0.75 $2,901.27 $3,868.36 $29,483.84 $4,619,315.55 63 02/01/2033 $22,747.34 0.75 $2,887.07 $3,849.43 $29,483.84 $4,596,568.21 64 03/01/2033 $22,780.51 0.75 $2,872.86 $3,830.47 $29,483.84 $4,573,787.70 65 04/01/2033 $22,813.73 0.75 $2,858.62 $3,811.49 $29,483.84 $4,550,973.97 66 05/01/2033 $22,847.00 0.75 $2,844.36 $3,792.48 $29,483.84 $4,528,126.97 67 06/01/2033 $22,880.32 0.75 $2,830.08 $3,773.44 $29,483.84 $4,505,246.65 68 07/01/2033 $22,913.69 0.75 $2,815.78 $3,754.37 $29,483.84 $4,482,332.96 69 08/01/2033 $22,947.10 0.75 $2,801.46 $3,735.28 $29,483.84 $4,459,385.86 70 09/01/2033 $22,980.57 0.75 $2,787.12 $3,716.15 $29,483.84 $4,436,405.29 71 10/01/2033 $23,014.09 0.75 $2,772.75 $3,697.00 $29,483.84 $4,413,391.20 72 11/01/2033 $23,047.64 0.75 $2,758.37 $3,677.83 $29,483.84 $4,390,343.56 73 12/01/2033 $23,081.26 0.75 $2,743.96 $3,658.62 $29,483.84 $4,367,262.30 74 01/01/2034 $23,114.91 0.75 $2,729.54 $3,639.39 $29,483.84 $4,344,147.39 75 02/01/2034 $23,148.63 0.75 $2,715.09 $3,620.12 $29,483.84 $4,320,998.76 76 03/01/2034 $23,182.39 0.75 $2,700.62 $3,600.83 $29,483.84 $4,297,816.37 T 3210825-v1 Num Date Principal Rate Interest Fees Total Contracted Bal 77 04/01/2034 $23,216.19 0.75 $2,686.14 $3,581.51 $29,483.84 $4,274,600.18 78 05/01/2034 $23,250.04 0.75 $2,671.63 $3,562.17 $29,483.84 $4,251,350.14 79 06/01/2034 $23,283.96 0.75 $2,657.09 $3,542.79 $29,483.84 $4,228,066.18 80 07/01/2034 $23,317.91 0.75 $2,642.54 $3,523.39 $29,483.84 $4,204,748.27 81 08/01/2034 $23,351.91 0.75 $2,627.97 $3,503.96 $29,483.84 $4,181,396.36 82 09/01/2034 $23,385.97 0.75 $2,613.37 $3,484.50 $29,483.84 $4,158,010.39 83 10/01/2034 $23,420.07 0.75 $2,598.76 $3,465.01 $29,483.84 $4,134,590.32 84 11/01/2034 $23,454.23 0.75 $2,584.12 $3,445.49 $29,483.84 $4,111,136.09 85 12/01/2034 $23,488.43 0.75 $2,569.46 $3,425.95 $29,483.84 $4,087,647.66 86 01/01/2035 $23,522.69 0.75 $2,554.78 $3,406.37 $29,483.84 $4,064,124.97 87 02/01/2035 $23,556.99 0.75 $2,540.08 $3,386.77 $29,483.84 $4,040,567.98 88 03/01/2035 $23,591.35 0.75 $2,525.35 $3,367.14 $29,483.84 $4,016,976.63 89 04/01/2035 $23,625.75 0.75 $2,510.61 $3,347.48 $29,483.84 $3,993,350.88 90 05/01/2035 $23,660.21 0.75 $2,495.84 $3,327.79 $29,483.84 $3,969,690.67 91 06/01/2035 $23,694.70 0.75 $2,481.06 $3,308.08 $29,483.84 $3,945,995.97 92 07/01/2035 $23,729.26 0.75 $2,466.25 $3,288.33 $29,483.84 $3,922,266.71 93 08/01/2035 $23,763.86 0.75 $2,451.42 $3,268.56 $29,483.84 $3,898,502.85 94 09/01/2035 $23,798.53 0.75 $2,436.56 $3,248.75 $29,483.84 $3,874,704.32 95 10/01/2035 $23,833.23 0.75 $2,421.69 $3,228.92 $29,483.84 $3,850,871.09 96 11/01/2035 $23,867.99 0.75 $2,406.79 $3,209.06 $29,483.84 $3,827,003.10 97 12/01/2035 $23,902.79 0.75 $2,391.88 $3,189.17 $29,483.84 $3,803,100.31 98 01/01/2036 $23,937.65 0.75 $2,376.94 $3,169.25 $29,483.84 $3,779,162.66 99 02/01/2036 $23,972.56 0.75 $2,361.98 $3,149.30 $29,483.84 $3,755,190.10 100 03/01/2036 $24,007.52 0.75 $2,346.99 $3,129.33 $29,483.84 $3,731,182.58 101 04/01/2036 $24,042.53 0.75 $2,331.99 $3,109.32 $29,483.84 $3,707,140.05 102 05/01/2036 $24,077.60 0.75 $2,316.96 $3,089.28 $29,483.84 $3,683,062.45 103 06/01/2036 $24,112.71 0.75 $2,301.91 $3,069.22 $29,483.84 $3,658,949.74 104 07/01/2036 $24,147.88 0.75 $2,286.84 $3,049.12 $29,483.84 $3,634,801.86 105 08/01/2036 $24,183.09 0.75 $2,271.75 $3,029.00 $29,483.84 $3,610,618.77 106 09/01/2036 $24,218.35 0.75 $2,256.64 $3,008.85 $29,483.84 $3,586,400.42 107 10/01/2036 $24,253.67 0.75 $2,241.50 $2,988.67 $29,483.84 $3,562,146.75 108 11/01/2036 $24,289.04 0.75 $2,226.34 $2,968.46 $29,483.84 $3,537,857.71 109 12/01/2036 $24,324.47 0.75 $2,211.16 $2,948.21 $29,483.84 $3,513,533.24 110 01/01/2037 $24,359.94 0.75 $2,195.96 $2,927.94 $29,483.84 $3,489,173.30 111 02/01/2037 $24,395.47 0.75 $2,180.73 $2,907.64 $29,483.84 $3,464,777.83 112 03/01/2037 $24,431.04 0.75 $2,165.49 $2,887.31 $29,483.84 $3,440,346.79 113 04/01/2037 $24,466.66 0.75 $2,150.22 $2,866.96 $29,483.84 $3,415,880.13 114 05/01/2037 $24,502.34 0.75 $2,134.93 $2,846.57 $29,483.84 $3,391,377.79 115 06/01/2037 $24,538.08 0.75 $2,119.61 $2,826.15 $29,483.84 $3,366,839.71 116 07/01/2037 $24,573.87 0.75 $2,104.27 $2,805.70 $29,483.84 $3,342,265.84 117 08/01/2037 $24,609.70 0.75 $2,088.92 $2,785.22 $29,483.84 $3,317,656.14 118 09/01/2037 $24,645.59 0.75 $2,073.54 $2,764.71 $29,483.84 $3,293,010.55 119 10/01/2037 $24,681.53 0.75 $2,058.13 $2,744.18 $29,483.84 $3,268,329.02 3210825-v1 Num Date Principal Rate Interest Fees Total Contracted Bal 120 11/01/2037 $24,717.52 0.75 $2,042.71 $2,723.61 $29,483.84 $3,243,611.50 121 12/01/2037 $24,753.57 0.75 $2,027.26 $2,703.01 $29,483.84 $3,218,857.93 122 01/01/2038 $24,789.67 0.75 $2,011.79 $2,682.38 $29,483.84 $3,194,068.26 123 02/01/2038 $24,825.83 0.75 $1,996.29 $2,661.72 $29,483.84 $3,169,242.43 124 03/01/2038 $24,862.02 0.75 $1,980.78 $2,641.04 $29,483.84 $3,144,380.41 125 04/01/2038 $24,898.28 0.75 $1,965.24 $2,620.32 $29,483.84 $3,119,482.13 126 05/01/2038 $24,934.59 0.75 $1,949.68 $2,599.57 $29,483.84 $3,094,547.54 127 06/01/2038 $24,970.96 0.75 $1,934.09 $2,578.79 $29,483.84 $3,069,576.58 128 07/01/2038 $25,007.37 0.75 $1,918.49 $2,557.98 $29,483.84 $3,044,569.21 129 08/01/2038 $25,043.84 0.75 $1,902.86 $2,537.14 $29,483.84 $3,019,525.37 130 09/01/2038 $25,080.37 0.75 $1,887.20 $2,516.27 $29,483.84 $2,994,445.00 131 10/01/2038 $25,116.94 0.75 $1,871.53 $2,495.37 $29,483.84 $2,969,328.06 132 11/01/2038 $25,153.57 0.75 $1,855.83 $2,474.44 $29,483.84 $2,944,174.49 133 12/01/2038 $25,190.25 0.75 $1,840.11 $2,453.48 $29,483.84 $2,918,984.24 134 01/01/2039 $25,226.98 0.75 $1,824.37 $2,432.49 $29,483.84 $2,893,757.26 135 02/01/2039 $25,263.78 0.75 $1,808.60 $2,411.46 $29,483.84 $2,868,493.48 136 03/01/2039 $25,300.62 0.75 $1,792.81 $2,390.41 $29,483.84 $2,843,192.86 137 04/01/2039 $25,337.51 0.75 $1,777.00 $2,369.33 $29,483.84 $2,817,855.35 138 05/01/2039 $25,374.47 0.75 $1,761.16 $2,348.21 $29,483.84 $2,792,480.88 139 06/01/2039 $25,411.47 0.75 $1,745.30 $2,327.07 $29,483.84 $2,767,069.41 140 07/01/2039 $25,448.53 0.75 $1,729.42 $2,305.89 $29,483.84 $2,741,620.88 141 08/01/2039 $25,485.65 0.75 $1,713.51 $2,284.68 $29,483.84 $2,716,135.23 142 09/01/2039 $25,522.81 0.75 $1,697.58 $2,263.45 $29,483.84 $2,690,612.42 143 10/01/2039 $25,560.03 0.75 $1,681.63 $2,242.18 $29,483.84 $2,665,052.39 144 11/01/2039 $25,597.30 0.75 $1,665.66 $2,220.88 $29,483.84 $2,639,455.09 145 12/01/2039 $25,634.63 0.75 $1,649.66 $2,199.55 $29,483.84 $2,613,820.46 146 01/01/2040 $25,672.02 0.75 $1,633.64 $2,178.18 $29,483.84 $2,588,148.44 147 02/01/2040 $25,709.46 0.75 $1,617.59 $2,156.79 $29,483.84 $2,562,438.98 148 03/01/2040 $25,746.95 0.75 $1,601.52 $2,135.37 $29,483.84 $2,536,692.03 149 04/01/2040 $25,784.50 0.75 $1,585.43 $2,113.91 $29,483.84 $2,510,907.53 150 05/01/2040 $25,822.10 0.75 $1,569.32 $2,092.42 $29,483.84 $2,485,085.43 151 06/01/2040 $25,859.76 0.75 $1,553.18 $2,070.90 $29,483.84 $2,459,225.67 152 07/01/2040 $25,897.47 0.75 $1,537.02 $2,049.35 $29,483.84 $2,433,328.20 153 08/01/2040 $25,935.24 0.75 $1,520.83 $2,027.77 $29,483.84 $2,407,392.96 154 09/01/2040 $25,973.06 0.75 $1,504.62 $2,006.16 $29,483.84 $2,381,419.90 155 10/01/2040 $26,010.93 0.75 $1,488.39 $1,984.52 $29,483.84 $2,355,408.97 156 11/01/2040 $26,048.87 0.75 $1,472.13 $1,962.84 $29,483.84 $2,329,360.10 157 12/01/2040 $26,086.86 0.75 $1,455.85 $1,941.13 $29,483.84 $2,303,273.24 158 01/01/2041 $26,124.90 0.75 $1,439.55 $1,919.39 $29,483.84 $2,277,148.34 159 02/01/2041 $26,163.00 0.75 $1,423.22 $1,897.62 $29,483.84 $2,250,985.34 160 03/01/2041 $26,201.15 0.75 $1,406.87 $1,875.82 $29,483.84 $2,224,784.19 161 04/01/2041 $26,239.36 0.75 $1,390.49 $1,853.99 $29,483.84 $2,198,544.83 162 05/01/2041 $26,277.63 0.75 $1,374.09 $1,832.12 $29,483.84 $2,172,267.20 3210825-v1 Num Date Principal Rate Interest Fees Total Contracted Bal 163 06/01/2041 $26,315.95 0.75 $1,357.67 $1,810.22 $29,483.84 $2,145,951.25 164 07/01/2041 $26,354.33 0.75 $1,341.22 $1,788.29 $29,483.84 $2,119,596.92 165 08/01/2041 $26,392.76 0.75 $1,324.75 $1,766.33 $29,483.84 $2,093,204.16 166 09/01/2041 $26,431.25 0.75 $1,308.25 $1,744.34 $29,483.84 $2,066,772.91 167 10/01/2041 $26,469.80 0.75 $1,291.73 $1,722.31 $29,483.84 $2,040,303.11 168 11/01/2041 $26,508.40 0.75 $1,275.19 $1,700.25 $29,483.84 $2,013,794.71 169 12/01/2041 $26,547.06 0.75 $1,258.62 $1,678.16 $29,483.84 $1,987,247.65 170 01/01/2042 $26,585.77 0.75 $1,242.03 $1,656.04 $29,483.84 $1,960,661.88 171 02/01/2042 $26,624.55 0.75 $1,225.41 $1,633.88 $29,483.84 $1,934,037.33 172 03/01/2042 $26,663.37 0.75 $1,208.77 $1,611.70 $29,483.84 $1,907,373.96 173 04/01/2042 $26,702.25 0.75 $1,192.11 $1,589.48 $29,483.84 $1,880,671.71 174 05/01/2042 $26,741.19 0.75 $1,175.42 $1,567.23 $29,483.84 $1,853,930.52 175 06/01/2042 $26,780.19 0.75 $1,158.71 $1,544.94 $29,483.84 $1,827,150.33 176 07/01/2042 $26,819.24 0.75 $1,141.97 $1,522.63 $29,483.84 $1,800,331.09 177 08/01/2042 $26,858.35 0.75 $1,125.21 $1,500.28 $29,483.84 $1,773,472.74 178 09/01/2042 $26,897.53 0.75 $1,108.42 $1,477.89 $29,483.84 $1,746,575.21 179 10/01/2042 $26,936.75 0.75 $1,091.61 $1,455.48 $29,483.84 $1,719,638.46 180 11/01/2042 $26,976.04 0.75 $1,074.77 $1,433.03 $29,483.84 $1,692,662.42 181 12/01/2042 $27,015.38 0.75 $1,057.91 $1,410.55 $29,483.84 $1,665,647.04 ^_ 182 01/01/2043 $27,054.77 0.75 $1,041.03 $1,388.04 $29,483.84 $1,638,592.27 183 02/01/2043 $27,094.23 0.75 $1,024.12 $1,365.49 $29,483.84 $1,611,498.04 184 03/01/2043 $27,133.73 0.75 $1,007.19 $1,342.92 $29,483.84 $1,584,364.31 185 04/01/2043 $27,173.31 0.75 $990.23 $1,320.30 $29,483.84 $1,557,191.00 186 05/01/2043 $27,212.94 0.75 $973.24 $1,297.66 $29,483.84 $1,529,978.06 187 06/01/2043 $27,252.62 0.75 $956.24 $1,274.98 $29,483.84 $1,502,725.44 188 07/01/2043 $27,292.37 0.75 $939.20 $1,252.27 $29,483.84 $1,475,433.07 189 08/01/2043 $27,332.16 0.75 $922.15 $1,229.53 $29,483.84 $1,448,100.91 190 09/01/2043 $27,372.03 0.75 $905.06 $1,206.75 $29,483.84 $1,420,728.88 191 10/01/2043 $27,411.94 0.75 $887.96 $1,183.94 $29,483.84 $1,393,316.94 192 11/01/2043 $27,451.92 0.75 $870.82 $1,161.10 $29,483.84 $1,365,865.02 193 12/01/2043 $27,491.95 0.75 $853.67 $1,138.22 $29,483.84 $1,338,373.07 194 01/01/2044 $27,532.05 0.75 $836.48 $1,115.31 $29,483.84 $1,310,841.02 195 02/01/2044 $27,572.19 0.75 $819.28 $1,092.37 $29,483.84 $1,283,268.83 196 03/01/2044 $27,612.41 0.75 $802.04 $1,069.39 $29,483.84 $1,255,656.42 197 04/01/2044 $27,652.67 0.75 $784.79 $1,046.38 $29,483.84 $1,228,003.75 198 05/01/2044 $27,693.00 0.75 $767.50 $1,023.34 $29,483.84 $1,200,310.75 199 06/01/2044 $27,733.39 0.75 $750.19 $1,000.26 $29,483.84 $1,172,577.36 200 07/01/2044 $27,773.83 0.75 $732.86 $977.15 $29,483.84 $1,144,803.53 201 08/01/2044 $27,814.34 0.75 $715.50 $954.00 $29,483.84 $1,116,989.19 202 09/01/2044 $27,854.90 0.75 $698.12 $930.82 $29,483.84 $1,089,134.29 203 10/01/2044 $27,895.52 0.75 $680.71 $907.61 $29,483.84 $1,061,238.77 204 11/01/2044 $27,936.20 0.75 $663.27 $884.37 $29,483.84 $1,033,302.57 205 12/01/2044 $27,976.94 0.75 $645.81 $861.09 $29,483.84 $1,005,325.63 I 3210825-v1 Num Date Principal Rate Interest Fees Total Contracted Bal 206 01/01/2045 $28,017.74 0.75 $628.33 $837.77 $29,483.84 $977,307.89 207 02/01/2045 $28,058.60 0.75 $610.82 $814.42 $29,483.84 $949,249.29 208 03/01/2045 $28,099.52 0.75 $593.28 $791.04 $29,483.84 $921,149.77 209 04/01/2045 $28,140.50 0.75 $575.72 $767.62 $29,483.84 $893,009.27 210 05/01/2045 $28,181.54 0.75 $558.13 $744.17 $29,483.84 $864,827.73 211 06/01/2045 $28,222.63 0.75 $540.52 $720.69 $29,483.84 $836,605.10 212 07/01/2045 $28,263.79 0.75 $522.88 $697.17 $29,483.84 $808,341.31 213 08/01/2045 $28,305.01 0.75 $505.21 $673.62 $29,483.84 $780,036.30 214 09/01/2045 $28,346.29 0.75 $487.52 $650.03 $29,483.84 $751,690.01 215 10/01/2045 $28,387.62 0.75 $469.81 $626.41 $29,483.84 $723,302.39 216 11/01/2045 $28,429.03 0.75 $452.06 $602.75 $29,483.84 $694,873.36 217 12/01/2045 $28,470.48 0.75 $434.30 $579.06 $29,483.84 $666,402.88 218 01/01/2046 $28,512.00 0.75 $416.50 $555.34 $29,483.84 $637,890.88 219 02/01/2046 $28,553.58 0.75 $398.68 $531.58 $29,483.84 $609,337.30 220 03/01/2046 $28,595.22 0.75 $380.84 $507.78 $29,483.84 $580,742.08 221 04/01/2046 $28,636.93 0.75 $362.96 $483.95 $29,483.84 $552,105.15 222 05/01/2046 $28,678.68 0.75 $345.07 $460.09 $29,483.84 $523,426.47 223 06/01/2046 $28,720.51 0.75 $327.14 $436.19 $29,483.84 $494,705.96 224 07/01/2046 $28,762.40 0.75 $309.19 $412.25 $29,483.84 $465,943.56 225 08/01/2046 $28,804.34 0.75 $291.21 $388.29 $29,483.84 $437,139.22 226 09/01/2046 $28,846.35 0.75 $273.21 $364.28 $29,483.84 $408,292.87 227 10/01/2046 $28,888.42 0.75 $255.18 $340.24 $29,483.84 $379,404.45 228 11/01/2046 $28,930.54 0.75 $237.13 $316.17 $29,483.84 $350,473.91 229 12/01/2046 $28,972.73 0.75 $219.05 $292.06 $29,483.84 $321,501.18 230 01/01/2047 $29,014.98 0.75 $200.94 $267.92 $29,483.84 $292,486.20 231 02/01/2047 $29,057.30 0.75 $182.80 $243.74 $29,483.84 $263,428.90 232 03/01/2047 $29,099.68 0.75 $164.64 $219.52 $29,483.84 $234,329.22 233 04/01/2047 $29,142.11 0.75 $146.46 $195.27 $29,483.84 $205,187.11 234 05/01/2047 $29,184.61 0.75 $128.24 $170.99 $29,483.84 $176,002.50 235 06/01/2047 $29,227.17 0.75 $110.00 $146.67 $29,483.84 $146,775.33 236 07/01/2047 $29,269.80 0.75 $91.73 $122.31 $29,483.84 $117,505.53 237 08/01/2047 $29,312.48 0.75 $73.44 $97.92 $29,483.84 $88,193.05 238 09/01/2047 $29,355.23 0.75 $55.12 $73.49 $29,483.84 $58,837.82 239 10/01/2047 $29,398.04 0.75 $36.77 $49.03 $29,483.84 $29,439.78 240 11/01/2047 $29,439.78 0.75 $18.40 $24.53 $29,482.71 $0.00 Totals: $5,966,832.00 $475,409.39 $633,879.08 $7,076,120.47 10 3210825-v1 Payments of the principal and interest installments due hereon shall be made, except for final payment, without presentation and surrender of this bond, directly to the registered owner at its address shown on the bond registration book of the City maintained by the City Clerk - Treasurer as Bond Registrar, and such payments shall fully discharge the obligation of the City to the extent of the payments so made. This bond is issued for the purposes of (i) providing financing of certain costs of planning, design and construction of extensions, betterments and improvements to the sewer system of the City, and (ii) paying interest during construction, (iii) paying the costs of authorizing and issuing this bond, and is issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas (the "State"), including particularly Amendment No. 65 to the Arkansas Constitution and Title 14, Chapter 164, Subchapter 4, and Title 14, Chapter 235, Subchapter 2 of the Arkansas Code of 1987 Annotated, and pursuant to Ordinance No. 1766 (#19-2024) of the City, duly adopted and approved on the 7th day of November, 2024 (the "Authorizing Ordinance"). Reference is hereby made to the Authorizing Ordinance for the details of the nature and extent of the security, for the issuance of additional bonds, and of the rights and obligations of the City and the registered owner of this bond. This bond may be assigned with the written approval of the Arkansas Natural Resources Commission ("ANRC"), and in order to affect such assignment the assignor shall promptly notify the City Clerk -Treasurer by registered mail, and the assignee shall surrender this bond along with a written approval of ANRC to the City Clerk -Treasurer for transfer on the registration records. Every assignee shall take this bond subject to all payments and prepayments of principal and interest (as reflected by the Payment Record maintained by the City Clerk -Treasurer), prior to such surrender for transfer. This bond does not constitute an indebtedness of the City within any constitutional or statutory limitation or provision. This bond is a special obligation payable solely from a pledge of revenues derived from the System ("Pledged Revenues"), which pledge is on a parity with the City's Wastewater Refunding Revenue Bonds, Series 2020 (Federally Taxable) dated August 27, 2020, and the City's Wastewater Revenue Bond, Series 2021, dated December 28, 2021 (together, the "Parity Bonds"). A sufficient amount of Pledged Revenues to pay principal and interest has been duly set aside and pledged as a special fund for that purpose, identified as the "ADFA Bond Fund," created by the Authorizing Ordinance. This bond may be prepaid at the option of the City from funds from any source, in whole but not in part, at any time on and after April 15, 2035, at a prepayment price equal to the principal amount outstanding, plus accrued interest and servicing fee to the prepayment date. Notice shall be given of such prepayment to the owner of this bond or registered assigns at least 90 days prior to the prepayment date. Such notice shall be in writing mailed to the address of the owner of this bond or registered assigns at the address as reflected on the bond registration books of the City Clerk -Treasurer. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required by the Constitution and statutes of the State to exist, happen and be performed 11 3210825-v1 precedent to and in the issuance of this bond do exist, have happened and have been performed in regular and due time, form and manner as required by law; that this bond does not exceed any constitutional or statutory limitation of indebtedness, and that provision has been made for the payment of the principal of and interest on this bond, as provided in the Authorizing Ordinance. IN WITNESS WHEREOF, the City of Jacksonville, Arkansas has caused this bond to be executed in its name by its Mayor and City Clerk -Treasurer, thereunto duly authorized, with the manual signatures of the Mayor and City Clerk -Treasurer, and its corporate seal to be affixed, all as of the day of 2024. CITY OF JACKSONVILLE, ARKANSAS ATTEST: Susan Davitt, City Clerk -Treasurer (SEAL) 12 3210825-v 1 Jeff Elmore, Mayor STATE OF ARKANSAS COUNTY OF PULASKI I, the undersigned, Susan Davitt, City Clerk -Treasurer within and for the City of Jacksonville, Arkansas, do ' hereby certify that the within bond has been registered as to principal and interest as indicated in the registration blank below in a book provided for that purpose in my office and in the manner required by law. The principal of and interest on this bond shall be payable only to the registered owner thereof named in the registration blank below or its legal representative, and this bond shall be transferable only by an appropriate notation on the bond registration book of the City. DATED: , 2024. Susan Davitt, City Clerk -Treasurer 13 3210825-v1 NAME OF SIGNATURE OF CITY DATE OF REGISTRATION REGISTERED OWNER CLERK/TREASURER Arkansas Development Finance Authority 13 3210825-v1 RECORD OF PAYMENT OF ADVANCES Amount of Total Principal Date of Advance' Advance Outstanding Signature of President of Arkansas Development Finance Authoritv ' The date of each advance shall be the interest commencement date from which the principal amount of such advance bears interest. 14 3210825-v 1 Section 7. The City hereby expressly pledges and appropriates all of the revenues of the System (the "Pledged Revenues") to the payment of the principal of and interest on the Bond and the Servicing Fee when due. The pledge in favor of the Bond shall be on a parity of security with the City's Wastewater Refunding Revenue Bonds, Series 2020 (Federally Taxable) dated August 27, 2020, and the City's Wastewater Revenue Bond, Series 2021, dated December 28, 2021 (together, the "Parity Bonds"). The City covenants and agrees that the rates established will produce gross Pledged Revenues at least sufficient to pay monthly operation, maintenance and funded depreciation expenses and/or extraordinary maintenance/sewer system rehabilitation expenses of the System, pay the principal of and interest on all outstanding bonds and notes to which Pledged Revenues are pledged as the same become due, and create and maintain any required debt service reserves in amount equal to not less than 100% of the total of all such payments ("Required Payments"). The City covenants always to maintain rates (including increases as necessary) which will provide for the Required Payments. The rates for sewer service in effect at this time shall not be reduced without the prior written consent of ANRC and the Bondholder. The City covenants that it will continuously operate the System as a revenue-producing undertaking and will not sell or lease the same, or any substantial portion thereof, without the prior written approval of ANRC and the Bondholder; provided, however, that nothing herein shall be construed to prohibit the City from making such dispositions of properties of the System and such replacements and substitutions for properties of the System as shall be necessary or incidental to the efficient operation of the System as a revenue-producing undertaking. The pledge of Pledged Revenues in favor of the Bondholder is hereby irrevocably made according to the terms of this Ordinance, and the City and its officers and employees shall execute, perform and carry out the terms thereof in strict conformity with the provisions of this Ordinance. Nothing contained in this Ordinance shall be construed as prohibiting the City from applying any other moneys to pay the principal of and interest due on the Bond which may be legally used for such purpose. Section 8. (a) The City Clerk -Treasurer shall deposit all Pledged Revenues as and when received after the Bond is issued into a special fund of the City which is hereby created and designated "Series 2024 Revenue Fund" (the "Revenue Fund"). The City Clerk -Treasurer shall set aside and make provision as set forth in (b) below from moneys in the Revenue Fund for the payment of the principal of and interest on the Bond and the Parity Bonds by making a deposit as set forth in (b) below into an account of the City in a special fund to be created by the Bondholder (the "ADFA Bond Fund") for the purpose of paying the principal of and interest on the Bond in the amounts specified in (b) below. 15 3210825-v1 (b) In order to pay principal of and interest on the Bond, and contemporaneously with the debt service payments on the Parity Bonds, there shall be deposited from moneys in the Revenue Fund into the ADFA Bond Fund on the first day of the month following issuance of the Bond, and on the first day of each month thereafter through November 1, 2027, the interest due on the Bond on such dates. Commencing December 1, 2027 and on the first day of each month thereafter, there shall be deposited into the ADFA Bond Fund from moneys in the Revenue Fund an amount equal to the amount of interest on and principal of the Bond due on such date. (c) When the moneys held in the ADFA Bond Fund shall be and remain sufficient to pay in full the principal of and interest on the Bond, the City shall not be obligated to make any further payments into the ADFA Bond Fund. (d) The Bond shall be specifically secured by a pledge of all Pledged Revenues required to be placed into the Revenue Fund. This pledge in favor of the bond is hereby irrevocably made according to the terms of this Ordinance, and the City and its officers and employees shall execute, perform and carry out the terms thereof in strict conformity with the provisions of this Ordinance. Section 9. (a) After making the payments (i) required under the Parity Bonds, and (ii) into the ADFA Bond Fund required by Section 8 hereof, there shall be paid from the Revenue Fund the Servicing Fee to the Authority. The Servicing Fee shall be payable on each date interest on the bond is due and shall be calculated on the same basis as interest on the Bond. The payment of the Servicing Fee is expressly made subordinate to the payment of the principal of and interest on the Bond. (b) After setting aside the amounts as set forth in Section 8 and Section 9(a), together with any amounts prescribed by any Ordinance authorizing the issuance of any Parity Bonds, the City Clerk -Treasurer the Pledged Revenues remaining on deposit in the Revenue Fund shall be released from the pledge of this Ordinance. Section 10. There is hereby established a fund to be held by the City which is designated the "City of Jacksonville, Arkansas Series 2024 Sewer Depreciation Reserve Fund" (the "Depreciation Reserve Fund"). There shall be deposited in the Depreciation Reserve Fund monthly an amount equal to five percent (5%) of gross monthly collections of the sewer rates levied and collected by the City (the "System Revenues") until such time as amounts on deposit in the Depreciation Reserve Fund equal to not less than 10% of the principal amount of the Bond ($596,683.00). Payments into the Depreciation Reserve Fund shall be made from the System Revenues after payment of the costs of maintenance and operation of the System. The Depreciation Reserve Fund shall be used by the City for replacement or repairs to the System, with the prior written consent of ANRC. Any amounts withdrawn from the Deprecation Fund shall be replaced from System Revenues by monthly deposits in the amount of five percent (5%) of System Revenues until such time as amounts on deposit in the Depreciation Reserve Fund are restored to the minimum amount. 16 3210825-v1 Section 11. All terms used in this Section shall have the meanings ascribed thereto in the Internal Revenue Code of 1986, as amended (the "Code"). The City represents, warrants and covenants that: (a) The City has not used or permitted the use of, and will not use or permit the use of, the Improvements in such manner as to cause the Bond to be a "private activity bond" within the meaning of Section 141 of the Code. (b) None of the gross proceeds of the Bond (hereby defined to include the original proceeds of the sale of the Bond, amounts received as a result of investing the original proceeds, and amounts used to pay principal of and interest on the Bond) will be used (directly or indirectly) either (A) to make or finance loans to persons other than governmental units, or (B) in any trade or business carried on by any person (i) other than a governmental unit or (ii) other than as a member of the general public. The Improvements will be available to and shall be used by members of the general public. Section 12. The principal and interest installments shall be pre -payable prior to maturity as provided in the bond form in Section 6 hereof. Section 13. As long as the Bond is outstanding, the City shall not issue or attempt to issue any bonds having or claimed to be entitled to a priority of lien on Pledged Revenues over the lien securing the Bond. The City may issue additional bonds to finance or pay the costs of capital improvements or to refund outstanding bonds of the City issued for such purposes on a parity with the pledge of System Revenues, if there shall have been procured and filed with the City Clerk -Treasurer and the Bondholder a statement by a certified public accountant not in the regular employ of the City reciting the opinion (i) that the Revenues for the calendar year preceding the year in which such Parity Bonds are to be issued were not less than 125% of the Total Annual Debt Service requirements (including the Servicing Fee) on all outstanding bonds and notes to which the System Revenues are pledged and the Parity Bonds then proposed to be issued, or (ii) that System Revenues for the fiscal year succeeding the year in which such Parity Bonds are to be issued are projected to be sufficient in amount, taking into consideration any enacted increase in Revenues, to be not less than 125% of the Total Annual Debt Service requirements. The provisions of this Section 13 may be waived by the holders of 75 percent in principal amount of the Board at any time outstanding. The Parity Bonds, the issuance of which is restricted and conditioned by this Section 13, shall not be deemed to mean bonds, the security and source of payment of which are subordinate and subject to the priority of the Bond and the Parity Bonds, and such additional bonds may be issued without complying with the terms and conditions of this Section 13. Section 14. (a) It is covenanted and agreed by the City with the Bondholder, the Authority and ANRC that it will faithfully and punctually perform all duties with reference to the Bond required by the Constitution and laws of the State and by this Ordinance, including, 17 3210825-v1 without limitation, the maintenance of rates in sufficient amounts, as herein specified and covenanted and the applying of the Pledged Revenues as herein provided. (b) If there be any default in the payment of the principal of and interest on the Bond, or if the City defaults in the performance of any covenant contained in this Ordinance, the Bondholder may by proper suit compel the performance of the duties of the officials of the City under the Constitution and laws of the State and under this Ordinance, and to take any action or obtain any proper relief in law or equity available under the Constitution and laws of the State. (c) No remedy herein conferred upon or reserved to the Bondholder is intended to be exclusive of any other remedy or remedies herein provided, and each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or given by any law or by the Constitution of the State. (d) No delay or omission of the Bondholder to exercise any right or power accrued 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 Ordinance to the Bondholder may be exercised from time to time and as often as may be deemed expedient. (e) The Bondholder may waive any default which shall have been remedied before the entry of final judgment or decree in any suit, action or proceeding instituted under the provisions of this Ordinance or before the completion of the enforcement of any other remedy, but no such waiver shall extend to or affect any other existing or any subsequent default or defaults or impair any rights or remedies consequent thereon. (f) The Authority may enforce all rights and exercise all remedies available to the Bondholder in the event the Servicing Fee is not paid when due. Section 15. When the Bond has been executed by the Mayor and City Clerk -Treasurer and the seal of the City impressed as herein provided, it shall be delivered to the Bondholder upon payment of all or a portion of the purchase price in accordance with the Agreement. The sale proceeds shall be deposited, as and when received, into a special fund of the City in a bank selected by the Sewer Commission, which is a member of FDIC which is hereby created and designated "Sewer Construction Fund". Sale proceeds in the amount necessary to make all or a portion of the monthly interest and Servicing Fee payments due during the construction period shall be applied, unless otherwise directed by the City, to the monthly payment of interest and Servicing Fees on the Bond to and including November 1, 2027. The balance of the sale proceeds shall be used for paying, or reimbursing the City for, the costs of accomplishing the Improvements, expenses incidental thereto and the expenses of issuing the Bond approved in accordance with the Agreement. Payments from the Sewer Construction Fund shall be by check or voucher signed by the City Clerk -Treasurer and the Mayor, or such other officer or agent of the System as may designated by the Mayor, and drawn on the depository. Each such check or voucher shall briefly specify the purpose of the expenditure. 18 3210825-v1 When the Improvements have been completed and all required expenses paid and expenditures made from the Sewer Construction Fund for and in connection with the accomplishment of the Improvements and the financing thereof, this fact shall be evidenced by a certificate signed by the Mayor and by the consulting engineer, which certificate shall state, among other things, the date of the completion and that all obligations payable from the Sewer Construction Fund have been discharged. A copy of the certificate shall be filed with the depository bank, the Bondholder and ANRC. Section 16. (a) Moneys held for the credit of all funds created by this Ordinance to be held by the City shall, as nearly as may be practicable, be continuously invested and reinvested in Permitted Investments, (as hereinafter defined) which mature or which shall be subject to redemption by the holder, at the option of such holder, not later than the date or dates when the moneys will be needed for the purposes intended. (b) Obligations so purchased as an investment of moneys in any such fund shall be deemed at all times to be a part of such fund, and the interest accruing thereon and any profit realized from such investment shall be credited to such fund, and any loss resulting from such investment shall be charged to such fund. (c) "Permitted Investments" includes: (i) direct obligations of or obligations the principal of and interest on which are unconditionally guaranteed by the United States of America ("Government Obligations"); and (ii) deposits of any bank or savings and loan association which are fully insured by the Federal Deposit Insurance Corporation, the Banking Insurance Fund or the Savings Association Insurance Fund and, to the extent such deposits are not insured, collateralized by Government Obligations or other obligations authorized by Arkansas law to secure public deposits. Section 17. In the event the office of Mayor, City Clerk -Treasurer or City Council shall be abolished, or any two or more of such offices shall be merged or consolidated, or in the event the duties of a particular office shall be transferred to another office or officer, or in the event of a vacancy in any such office by reason of death, resignation, removal from office or otherwise, or in the event any such officer shall become incapable of performing the duties of his office by reason of sickness, absence from the City or otherwise, all powers conferred and all obligations and duties imposed upon such office or officer shall be performed by the office or officer succeeding to the principal functions thereof, or by the office or officer upon whom such powers, obligations and duties shall be imposed by law. In this regard, if the City should ever fail to maintain the office of City Clerk -Treasurer, the duties of the City Clerk -Treasurer hereunder shall be performed by the successor office holder. Section 18. The terms of this Ordinance shall constitute a contract between the City, the Bondholder and ANRC and no variation or change in the undertaking herein set forth shall be made while the Bond is outstanding unless consented to in writing by the Bondholder and ANRC. 19 3210825-v1 Section 19. The City will keep proper records, books and accounts relating to the operation of the System, which shall be kept separate from all other records and accounts of the City, in which complete and correct entries shall be made of all transactions relating to the operation of the System in accordance with generally accepted government accounting standards. Such books shall be available for inspection by the Bondholder and ANRC, or the agent or representative of either, at reasonable times and under reasonable circumstances. The City shall also furnish to the Bondholder and ANRC on or before 30 days after the close of each fiscal year a statement of the operations of the System for the past fiscal year in form and content in the manner hereinafter specified. The report shall contain at least the following information: (a) Statement of income and expense for the System; (b) Balance sheet for the System; (c) Schedule of insurance policies and fidelity bonds showing, with respect to each policy and bond, the amount and nature of risk covered, the expiration date, the name of the insurer, and (d) Schedule of the number of customers (connected and unconnected to the System) and showing the rate schedule currently in effect. The reports referred to above shall cover the operations of the System for all of the ensuing years. In the event the City fails or refuses to furnish or cause such reports to be furnished, the Bondholder may have the reports made, and the cost thereof shall be charged as an operation and maintenance expense of the System. The City will keep or cause to be kept proper books of accounts and records (separate from all other accounts and records) in which complete and correct entries shall be made of all transactions relating to the Pledged Revenues and such books shall be available for inspection by the Bondholder and ANRC at reasonable times and under reasonable circumstances. The City shall annually furnish (a) a report to the Bondholder and ANRC of all receipts and disbursements of the Pledged Revenues received by the City, and (b) a copy of the audited financial statements of the City. Section 20. The City agrees that the Bondholder may pledge the bond as security for the ADFA Bonds, and the ADFA Trustee and/or the municipal bond insurer for the ADFA Bonds may exercise any rights and remedies available to the Bondholder under this Ordinance or the Agreement while the bond is pledged and/or insured. In addition, the City agrees that while the bond is pledged and/or insured, copies of all financial information shall be furnished to the ADFA Trustee and/or the municipal bond insurer. Section 21. The provisions of this Ordinance are hereby declared to be separable, and if any provision shall for any reason be held illegal or invalid, it shall not affect the validity of the remainder of this Ordinance. 20 3210825-v1 Section 22. Reference in this ordinance to "Bondholder" shall include the original Bondholder or any registered assign thereof. Section 23. All ordinances and resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 24. Emergency Clause. It is hereby ascertained and declared that the System is inadequate to serve the needs of the City and the inhabitants thereof, thus endangering the life, health and safety of the inhabitants and their property, and that the only practical manner in which those hazards can be eliminated is by the construction of the Improvements to be financed by the Bond. It is, therefore, declared that an emergency exists, and this Ordinance being necessary for the immediate preservation of the public peace, health and safety, shall take effect and be in force from and after its passage. PASSED: Naff "w---7, 2024. APPROVED: Jeff lm re, ayor ATTEST: Susa ltt, City Clerk -Treasurer 21 3210825-v1 CERTIFICATE The undersigned, City Clerk -Treasurer of the City of Jacksonville, Arkansas (the "City"), hereby certifies that the foregoing pages are a true and perfect copy of Ordinance No. 1766 (#19-2024), adopted at a special session of the City Council of the City, held at the regular meeting place in the City at 6:00 o'clock p.m., on the�ay of , 2024, and that the Ordinance is now in my possession. GIVEN under my hand and seal on this l� day of l l0(X^ bXA , 2024. 3210825-v1 22 EXHIBIT "A" Amortization Schedule See attached 3210825-v1 Natural Resources Division Jacksonville Wastewater Utilities - 02320 -CW -L Loan Amortization Report Date: 10/15/24 Time: 01:21:42 PM Loan Disbursement First Repayment Total Amortization Interest Annual Closing Cut-off Payment Length Number of Start Lending Total Date Date Date Years Payments Date Rate Principal TBD Nov 1, 2027 Dec 1, 2027 20 240 Nov 1, 2027 1.75% $ 5,966,832.00 A_ 4_ Num Date Principal Rate Interest Fees Total Contracted Bal 0 / / $0.00 0 $0.00 $0.00 $0.00 $5,966,832.00 1 12/01/2027 $20,782.21 0.75 $3,729.27 $4,972.36 $29,483.84 $5,946,049.79 2 01/01/2028 $20,812.52 0.75 $3,716.28 $4,955.04 $29,483.84 $5,925,237.27 3 02/01/2028 $20,842.87 0.75 $3,703.27 $4,937.70 $29,483.84 $5,904,394.40 4 03/01/2028 $20,873.26 0.75 $3,690.25 $4,920.33 $29,483.84 $5,883,521.14 5 04/01/2028 $20,903.71 0.75 $3,677.20 $4,902.93 $29,483.84 $5,862,617.43 6 05/01/2028 $20,934.19 0.75 $3,664.14 $4,885.51 $29,483.84 $5,841,683.24 7 06/01/2028 $20,964.72 0.75 $3,651.05 $4,868.07 $29,483.84 $5,820,718.52 8 07/01/2028 $20,995.29 0.75 $3,637.95 $4,850.60 $29,483.84 $5,799,723.23 9 08/01/2028 $21,025.91 0.75 $3,624.83 $4,833.10 $29,483.84 $5,778,697.32 10 09/01/2028 $21,056.57 0.75 $3,611.69 $4,815.58 $29,483.84 $5,757,640.75 11 10/01/2028 $21,087.28 0.75 $3,598.53 $4,798.03 $29,483.84 $5,736,553.47 12 11/01/2028 $21,118.03 0.75 $3,585.35 $4,780.46 $29,483.84 $5,715,435.44 13 12/01/2028 $21,148.83 0.75 $3,572.15 $4,762.86 $29,483.84 $5,694,286.61 14 01/01/2029 $21,179.67 0.75 $3,558.93 $4,745.24 $29,483.84 $5,673,106.94 15 02/01/2029 $21,210.56 0.75 $3,545.69 $4,727.59 $29,483.84 $5,651,896.38 16 03/01/2029 $21,241.49 0.75 $3,532.44 $4,709.91 $29,483.84 $5,630,654.89 17 04/01/2029 $21,272.47 0.75 $3,519.16 $4,692.21 $29,483.84 $5,609,382.42 18 05/01/2029 $21,303.49 0.75 $3,505.86 $4,674.49 $29,483.84 $5,588,078.93 19 06/01/2029 $21,334.56 0.75 $3,492.55 $4,656.73 $29,483.84 $5,566,744.37 20 07/01/2029 $21,365.67 0.75 $3,479.22 $4,638.95 $29,483.84 $5,545,378.70 21 08/01/2029 $21,396.83 0.75 $3,465.86 $4,621.15 $29,483.84 $5,523,981.87 22 09/01/2029 $21,428.03 0.75 $3,452.49 $4,603.32 $29,483.84 $5,502,553.84 23 10/01/2029 $21,459.28 0.75 $3,439.10 $4,585.46 $29,483.84 $5,481,094.56 24 11/01/2029 $21,490.58 0.75 $3,425.68 $4,567.58 $29,483.84 $5,459,603.98 25 12/01/2029 $21,521.92 0.75 $3,412.25 $4,549.67 $29,483.84 $5,438,082.06 26 01/01/2030 $21,553.30 0.75 $3,398.80 $4,531.74 $29,483.84 $5,416,528.76 27 02/01/2030 $21,584.74 0.75 $3,385.33 $4,513.77 $29,483.84 $5,394,944.02 28 03/01/2030 $21,616.21 0.75 $3,371.84 $4,495.79 $29,483.84 $5,373,327.81 29 04/01/2030 $21,647.74 0.75 $3,358.33 $4,477.77 $29,483.84 $5,351,680.07 30 05/01/2030 $21,679.31 0.75 $3,344.80 $4,459.73 $29,483.84 $5,330,000.76 31 06/01/2030 $21,710.92 0.75 $3,331.25 $4,441.67 $29,483.84 $5,308,289.84 32 07/01/2030 $21,742.59 0.75 $3,317.68 $4,423.57 $29,483.84 $5,286,547.25 33 08/01/2030 $21,774.29 0.75 $3,304.09 $4,405.46 $29,483.84 $5,264,772.96 34 09/01/2030 $21,806.05 0.75 $3,290.48 $4,387.31 $29,483.84 $5,242,966.91 35 10/01/2030 $21,837.85 0.75 $3,276.85 $4,369.14 $29,483.84 $5,221,129.06 36 11/01/2030 $21,869.69 0.75 $3,263.21 $4,350.94 $29,483.84 $5,199,259.37 37 12/01/2030 $21,901.58 0.75 $3,249.54 $4,332.72 $29,483.84 $5,177,357.79 38 01/01/2031 $21,933.53 0.75 $3,235.85 $4,314.46 $29,483.84 $5,155,424.26 39 02/01/2031 $21,965.51 0.75 $3,222.14 $4,296.19 $29,483.84 $5,133,458.75 40 03/01/2031 $21,997.55 0.75 $3,208.41 $4,277.88 $29,483.84 $5,111,461.20 41 04/01/2031 $22,029.63 0.75 $3,194.66 $4,259.55 $29,483.84 $5,089,431.57 42 05/01/2031 $22,061.76 0.75 $3,180.89 $4,241.19 $29,483.84 $5,067,369.81 43 06/01/2031 $22,093.92 0.75 $3,167.11 $4,222.81 $29,483.84 $5,045,275.89 44 07/01/2031 $22,126.14 0.75 $3,153.30 $4,204.40 $29,483.84 $5,023,149.75 45 08/01/2031 $22,158.41 0.75 $3,139.47 $4,185.96 $29,483.84 $5,000,991.34 46 09/01/2031 $22,190.73 0.75 $3,125.62 $4,167.49 $29,483.84 $4,978,800.61 47 10/01/2031 $22,223.09 0.75 $3,111.75 $4,149.00 $29,483.84 $4,956,577.52 48 11101/2031 $22,255.50 0.75 $3,097.86 $4,130.48 $29,483.84 $4,934,322.02 Page 1 of 5 Num Date Principal Rate Interest Fees Total Contracted Bal 49 12/01/2031 $22,287.95 0.75 $3,083.95 $4,111.94 $29,483.84 $4,912,034.07 50 01/01/2032 $22,320.46 0.75 $3,070.02 $4,093.36 $29,483.84 $4,889,713.61 51 02/01/2032 $22,353.01 0.75 $3,056.07 $4,074.76 $29,483.84 $4,867,360.60 52 03/01/2032 $22,385.61 0.75 $3,042.10 $4,056.13 $29,483.84 $4,844,974.99 53 04/01/2032 $22,418.25 0.75 $3,028.11 $4,037.48 $29,483.84 $4,822,556.74 54 05/01/2032 $22,450.94 0.75 $3,014.10 $4,018.80 $29,483.84 $4,800,105.80 55 06/01/2032 $22,483.68 0.75 $3,000.07 $4,000.09 $29,483.84 $4,777,622.12 56 07/01/2032 $22,516.48 0.75 $2,986.01 $3,981.35 $29,483.84 $4,755,105.64 57 08/01/2032 $22,549.31 0.75 $2,971.94 $3,962.59 $29,483.84 $4,732,556.33 58 09/01/2032 $22,582.19 0.75 $2,957.85 $3,943.80 $29,483.84 $4,709,974.14 59 10/01/2032 $22,615.13 0.75 $2,943.73 $3,924.98 $29,483.84 $4,687,359.01 60 11/01/2032 $22,648.11 0.75 $2,929.60 $3,906.13 $29,483.84 $4,664,710.90 61 12/01/2032 $22,681.14 0.75 $2,915.44 $3,887.26 $29,483.84 $4,642,029.76 62 01/01/2033 $22,714.21 0.75 $2,901.27 $3,868.36 $29,483.84 $4,619,315.55 63 02/01/2033 $22,747.34 0.75 $2,887.07 $3,849.43 $29,483.84 $4,596,568.21 64 03/01/2033 $22,780.51 0.75 $2,872.86 $3,830.47 $29,483.84 $4,573,787.70 65 04/01/2033 $22,813.73 0.75 $2,858.62 $3,811.49 $29,483.84 $4,550,973.97 66 05/01/2033 $22,847.00 0.75 $2,844.36 $3,792.48 $29,483.84 $4,528,126.97 67 06/01/2033 $22,880.32 0.75 $2,830.08 $3,773.44 $29,483.84 $4,505,246.65 68 07/01/2033 $22,913.69 0.75 $2,815.78 $3,754.37 $29,483.84 $4,482,332.96 69 08/01/2033 $22,947.10 0.75 $2,801.46 $3,735.28 $29,483.84 $4,459,385.86 70 09/01/2033 $22,980.57 0.75 $2,787.12 $3,716.15 $29,483.84 $4,436,405.29 71 10/01/2033 $23,014.09 0.75 $2,772.75 $3,697.00 $29,483.84 $4,413,391.20 72 11/01/2033 $23,047.64 0.75 $2,758.37 $3,677.83 $29,483.84 $4,390,343.56 73 12/01/2033 $23,081.26 0.75 $2,743.96 $3,658.62 $29,483.84 $4,367,262.30 74 01/01/2034 $23,114.91 0.75 $2,729.54 $3,639.39 $29,483.84 $4,344,147.39 75 02/01/2034 $23,148.63 0.75 $2,715.09 $3,620.12 $29,483.84 $4,320,998.76 76 03/01/2034 $23,182.39 0.75 $2,700.62 $3,600.83 $29,483.84 $4,297,816.37 77 04/01/2034 $23,216.19 0.75 $2,686.14 $3,581.51 $29,483.84 $4,274,600.18 78 05/01/2034 $23,250.04 0.75 $2,671.63 $3,562.17 $29,483.84 $4,251,350.14 79 06/01/2034 $23,283.96 0.75 $2,657.09 $3,542.79 $29,483.84 $4,228,066.18 80 07/01/2034 $23,317.91 0.75 $2,642.54 $3,523.39 $29,483.84 $4,204,748.27 81 08/01/2034 $23,351.91 0.75 $2,627.97 $3,503.96 $29,483.84 $4,181,396.36 82 09/01/2034 $23,385.97 0.75 $2,613.37 $3,484.50 $29,483.84 $4,158,010.39 83 10/01/2034 $23,420.07 0.75 $2,598.76 $3,465.01 $29,483.84 $4,134,590.32 84 11/01/2034 $23,454.23 0.75 $2,584.12 $3,445.49 $29,483.84 $4,111,136.09 85 12/01/2034 $23,488.43 0.75 $2,569.46 $3,425.95 $29,483.84 $4,087,647.66 86 01/01/2035 $23,522.69 0.75 $2,554.78 $3,406.37 $29,483.84 $4,064,124.97 87 02/01/2035 $23,555.99 0.75 $2,540.08 $3,386.77 $29,483.84 $4,040,567.98 88 03/01/2035 $23,591.35 0.75 $2,525.35 $3,367.14 $29,483.84 $4,016,976.63 89 04/01/2035 $23,625.75 0.75 $2,510.61 $3,347.48 $29,483.84 $3,993,350.88 90 05/01/2035 $23,660.21 0.75 $2,495.84 $3,327.79 $29,483.84 $3,969,690.67 91 06/01/2035 $23,694.70 0.75 $2,481.06 $3,308.08 $29,483.84 $3,945,995.97 92 07/01/2035 $23,729.26 0.75 $2,466.25 $3,288.33 $29,483.84 $3,922,266.71 93 08/01/2035 $23,763.86 0.75 $2,451.42 $3,268.56 $29,483.84 $3,898,502.85 94 09/01/2035 $23,798.53 0.75 $2,436.56 $3,248.75 $29,483.84 $3,874,704.32 95 10/01/2035 $23,833.23 0.75 $2,421.69 $3,228.92 $29,483.84 $3,850,871.09 96 11/01/2035 $23,867.99 0.75 $2,406.79 $3,209.06 $29,483.84 $3,827,003.10 97 12/01/2035 $23,902.79 0.75 $2,391.88 $3,189.17 $29,483.84 $3,803,100.31 98 01/01/2036 $23,937.65 0.75 $2,376.94 $3,169.25 $29,483.84 $3,779,162.66 99 02/01/2036 $23,972.56 0.75 $2,361.98 $3,149.30 $29,483.84 $3,755,190.10 100 03/01/2036 $24,007.52 0.75 $2,346.99 $3,129.33 $29,483.84 $3,731,182.58 101 04/01/2036 $24,042.53 0.75 $2,331.99 $3,109.32 $29,483.84 $3,707,140.05 102 05/01/2036 $24,077.60 0.75 $2,316.96 $3,089.28 $29,483.84 $3,683,062.45 103 06/01/2036 $24,112.71 0.75 $2,301.91 $3,069.22 $29,483.84 $3,658,949.74 104 07/01/2036 $24,147.88 0.75 $2,286.84 $3,049.12 $29,483.84 $3,634,801.86 105 08/01/2036 $24,183.09 0.75 $2,271.75 $3,029.00 $29,483.84 $3,610,618.77 106 09/01/2036 $24,218.35 0.75 $2,256.64 $3,008.85 $29,483.84 $3,586,400.42 Page 2 of 5 Num Date Princi al Rate Interest Fees Total Contracted Bal 107 10/01/2036 $24,253.67 0.75 $2,241.50 $2,988.67 $29,483.84 $3,562,146.75 108 11/01/2036 $24,289.04 0.75 $2,226.34 $2,968.46 $29,483.84 $3,537,857.71 109 12/01/2036 $24,324.47 0.75 $2,211.16 $2,948.21 $29,483.84 $3,513,533.24 110 01/01/2037 $24,359.94 0.75 $2,195.96 $2,927.94 $29,483.84 $3,489,173.30 111 02/01/2037 $24,395.47 0.75 $2,180.73 $2,907.64 $29,483.84 $3,464,777.83 112 03/01/2037 $24,431.04 0.75 $2,165.49 $2,887.31 $29,483.84 $3,440,346.79 113 04/01/2037 $24,466.66 0.75 $2,150.22 $2,866.96 $29,483.84 $3,415,880.13 114 05/01/2037 $24,502.34 0.75 $2,134.93 $2,846.57 $29,483.84 $3,391,377.79 115 06/01/2037 $24,538.08 0.75 $2,119.61 $2,826.15 $29,483.84 $3,366,839.71 116 07/01/2037 $24,573.87 0.75 $2,104.27 $2,805.70 $29,483.84 $3,342,265.84 117 08/01/2037 $24,609.70 0.75 $2,088.92 $2,785.22 $29,483.84 $3,317,656.14 118 09/01/2037 $24,645.59 0.75 $2,073.54 $2,764.71 $29,483.84 $3,293,010.55 119 10/01/2037 $24,681.53 0.75 $2,058.13 $2,744.18 $29,483.84 $3,268,329.02 120 11/01/2037 $24,717.52 0.75 $2,042.71 $2,723.61 $29,483.84 $3,243,611.50 121 12/01/2037 $24,753.57 0.75 $2,027.26 $2,703.01 $29,483.84 $3,218,857.93 122 01/01/2038 $24,789.67 0.75 $2,011.79 $2,682.38 $29,483.84 $3,194,068.26 123 02/01/2038 $24,825.83 0.75 $1,996.29 $2,661.72 $29,483.84 $3,169,242.43 124 03/01/2038 $24,862.02 0.75 $1,980.78 $2,641.04 $29,483.84 $3,144,380.41 125 04/01/2038 $24,898.28 0.75 $1,965.24 $2,620,32 $29,483.84 $3,119,482.13 126 05/01/2038 $24,934.59 0.75 $1,949.68 $2,599.57 $29,483.84 $3,094,547.54 127 06/01/2038 $24,970.96 0.75 $1,934.09 $2,578.79 $29,483.84 $3,069,576.56 128 07/01/2038 $25,007.37 0.75 $1,918.49 $2,557.98 $29,483.84 $3,044,569.21 129 08/01/2038 $25,043.84 0.75 $1,902.86 $2,537.14 $29,483.84 $3,019,525.37 130 09/01/2038 $25,080.37 0.75 $1,887.20 $2,516.27 $29,483.84 $2,994,445.00 131 10/01/2038 $25,116.94 0.75 $1,871.53 $2,495.37 $29,483.84 $2,969,328.06 132 11/01/2038 $25,153.57 0.75 $1,855.83 $2,474.44 $29,483.84 $2,944,174.49 133 12/01/2038 $25,190.25 0.75 $1,840.11 $2,453.48 $29,483.84 $2,918,984.24 134 01/01/2039 $25,226.98 0.75 $1,824.37 $2,432.49 $29,483.84 $2,893,757.26 135 02/01/2039 $25,263.78 0.75 $1,808.60 $2,411.46 $29,483.84 $2,868,493.48 136 03/01/2039 $25,300.62 0.75 $1,792.81 $2,390.41 $29,483.84 $2,843,192.86 137 04/01/2039 $25,337.51 0.75 $1,777.00 $2,369.33 $29,483.84 $2,817,855.35 138 05/01/2039 $25,374.47 0.75 $1,761.16 $2,348.21 $29,483.84 $2,792,480.88 139 06/01/2039 $25,411.47 0.75 $1,745.30 $2,327.07 $29,483.84 $2,767,069.41 140 07/01/2039 $25,448.53 0.75 $1,729.42 $2,305.89 $29,483.84 $2,741,620.88 141 08/01/2039 $25,485.65 0.75 $1,713.51 $2,284.68 $29,483.84 $2,716,135.23 142 09/01/2039 $25,522.81 0.75 $1,697.58 $2,263.45 $29,483.84 $2,690,612.42 143 10/01/2039 $25,560.03 0.75 $1,681.63 $2,242.18 $29,483.84 $2,665,052.39 144 11/01/2039 $25,597.30 0.75 $1,665.66 $2,220.88 $29,483.84 $2,639,455.09 145 12/01/2039 $25,634.63 0.75 $1,649.66 $2,199.55 $29,483.84 $2,613,820.46 146 01/01/2040 $25,672.02 0.75 $1,633.64 $2,178.18 $29,483.84 $2,588,148.44 147 02/01/2040 $25,709.46 0.75 $1,617.59 $2,156.79 $29,483.84 $2,562,438.98 148 03/01/2040 $25,746.95 0.75 $1,601.52 $2,135.37 $29,483.84 $2,536,692.03 149 04/01/2040 $25,784.50 0.75 $1,585.43 $2,113.91 $29,483.84 $2,510,907.53 150 05/01/2040 $25,822.10 0.75 $1,569.32 $2,092.42 $29,483.84 $2,485,085.43 151 06/01/2040 $25,859.76 0.75 $1,553.18 $2,070.90 $29,483.84 $2,459,225.67 152 07/01/2040 $25,897.47 0.75 $1,537.02 $2,049.35 $29,483.84 $2,433,328.20 153 08/01/2040 $25,935.24 0.75 $1,520.83 $2,027.77 $29,483.84 $2,407,392.96 154 09/01/2040 $25,973.06 0.75 $1,504.62 $2,006.16 $29,483.84 $2,381,419.90 155 10/01/2040 $26,010.93 0.75 $1,488.39 $1,984.52 $29,483.84 $2,355,408.97 156 11/01/2040 $26,048.87 0.75 $1,472.13 $1,962.84 $29,483.84 $2,329,360.10 157 12/01/2040 $26,086.86 0.75 $1,455.85 $1,941.13 $29,483.84 $2,303,273.24 158 01/01/2041 $26,124.90 0.75 $1,439.55 $1,919.39 $29,483.84 $2,277,148.34 159 02/01/2041 $26,163.00 0.75 $1,423.22 $1,897.62 $29,483.84 $2,250,985.34 160 03/01/2041 $26,201.15 0.75 $1,406.87 $1,875.82 $29,483.84 $2,224,784.19 161 04/01/2041 $26,239.36 0.75 $1,390.49 $1,853.99 $29,483.84 $2,198,544.83 162 05/01/2041 $26,277.63 0.75 $1,374.09 $1,832.12 $29,483.84 $2,172;267.20 163 06/01/2041 $26,315.95 0.75 $1,357.67 $1,810.22 $29,483.84 $2,145,951.25 164 07/01/2041 $26,354.33 0.75 $1,341.22 $1,788.29 $29,483.84 $2,119,596.92 Page 3 of 5 Num Date Principal Rate Interest Fees Total Contracted Bal 165 08/01/2041 $26,392.76 0.75 $1,324.75 $1,766.33 $29,483.84 $2,093,204.16 166 09/01/2041 $26,431.25 0.75 $1,308.25 $1,744.34 $29,483.84 $2,066,772.91 167 10/01/2041 $26,469.80 0.75 $1,291.73 $1,722.31 $29,483.84 $2,040,303.11 168 11/01/2041 $26,508.40 0.75 $1,275.19 $1,700.25 $29,483.84 $2,013,794.71 169 12/01/2041 $26,547.06 0.75 $1,258.62 $1,678.16 $29,483.84 $1,987,247.65 170 01/01/2042 $26,585.77 0.75 $1,242.03 $1,656.04 $29,483.84 $1,960,661.88 171 02/01/2042 $26,624.55 0.75 $1,225.41 $1,633.88 $29,483.84 $1,934,037.33 172 03/01/2042 $26,663.37 0.75 $1,208.77 $1,611.70 $29,483.84 $1,907,373.96 173 04/01/2042 $26,702.25 0.75 $1,192.11 $1,589.48 $29,483.84 $1,880,671.71 174 05/01/2042 $26,741.19 0.75 $1,175.42 $1,567.23 $29,483.84 $1,853,930.52 175 06/01/2042 $26,780.19 0.75 $1,158.71 $1,544.94 $29,483.84 $1,827,150.33 176 07/01/2042 $26,819.24 0.75 $1,141.97 $1,522.63 $29,483.84 $1,800,331.09 177 08/01/2042 $26,858.35 0.75 $1,125.21 $1,500.28 $29,483.84 $1,773,472.74 178 09/01/2042 $26,897.53 0.75 $1,108.42 $1,477.89 $29,483.84 $1,746,575.21 179 10/01/2042 $26,936.75 0.75 $1,091.61 $1,455.48 $29,483.84 $1,719,638.46 180 11/01/2042 $26,976.04 0.75 $1,074.77 $1,433.03 $29,483.84 $1,692,662.42 181 12/01/2042 $27,015.38 0.75 $1,057.91 $1,410.55 $29,483.84 $1,665,647.04 182 01/01/2043 $27,054.77 0.75 $1,041.03 $1,388.04 $29,483.84 $1,638,592.27 183 02/01/2043 $27,094.23 0.75 $1,024.12 $1,365.49 $29,483.84 $1,611,498.04 184 03/01/2043 $27,133.73 0.75 $1,007.19 $1,342.92 $29,483.84 $1,584,364.31 185 04/01/2043 $27,173.31 0.75 $990.23 $1,320.30 $29,483.84 $1,557,191.00 186 05/01/2043 $27,212.94 0.75 $973.24 $1,297.66 $29,483.84 $1,529,978.06 187 06/01/2043 $27,252.62 0.75 $956.24 $1,274.98 $29,483.84 $1,502,725.44 188 07/01/2043 $27,292.37 0.75 $939.20 $1,252.27 $29,483.84 $1,475,433.07 189 08/01/2043 $27,332.16 0.75 $922.15 $1,229.53 $29,483.84 $1,448,100.91 190 09/01/2043 $27,372.03 0.75 $905.06 $1,206.75 $29,483.84 $1,420,728.88 191 10/01/2043 $27,411.94 0.75 $887.96 $1,183.94 $29,483.84 $1,393,316.94 192 11/01/2043 $27,451.92 0.75 $870.82 $1,161.10 $29,483.84 $1,365,865.02 193 12/01/2043 $27,491.95 0.75 $853.67 $1,138.22 $29,483.84 $1,338,373.07 194 01/01/2044 $27,532.05 0.75 $836.48 $1,115.31 $29,483.84 $1,310,841.02 195 02/01/2044 $27,572.19 0.75 $819.28 $1,092.37 $29,483.84 $1,283,268.83 196 03/01/2044 $27,612.41 0.75 $802.04 $1,069.39 $29,483.84 $1,255,656.42 197 04/01/2044 $27,652.67 0.75 $784.79 $1,046.38 $29,483.84 $1,228,003.75 198 05/01/2044 $27,693.00 0.75 $767.50 $1,023.34 $29,483.84 $1,200,310.75 199 06/01/2044 $27,733.39 0.75 $750.19 $1,000.26 $29,483.84 $1,172,577.36 200 07/01/2044 $27,773.83 0.75 $732.86 $977.15 $29,483.84 $1,144,803.53 201 08/01/2044 $27,814.34 0.75 $715.50 $954.00 $29,483.84 $1,116,989.19 202 09/01/2044 $27,854.90 0.75 $698.12 $930.82 $29,483.84 $1,089,134.29 203 10/01/2044 $27,895.52 0.75 $680.71 $907.61 $29,483.84 $1,061,238.77 204 11!01/2044 $27,936.20 0.75 $663.27 $884.37 $29,483.84 $1,033,302.57 205 12/01/2044 $27,976.94 0.75 $645.81 $861.09 $29,483.84 $1,005,325.63 206 01/01/2045 $28,017.74 0.75 $628.33 $837.77 $29,483.84 $977,307.89 207 02/01/2045 $28,058.60 0.75 $610.82 $814.42 $29,483.84 $949,249.29 208 03/01/2045 $28,099.52 0.75 $593.28 $791.04 $29,483.84 $921,149.77 2 O 04/01/2045 $28,140.50 0.75 $575.72 $767.62 $29,483.84 $893,009.27 210 05/01/2045 $28,181.54 0.75 $558.13 $744.17 $29,483.84 $864,827.73 211 06/01/2045 $28,222.63 0.75 $540.52 $720.69 $29,483.84 $836,605.10 212 07/01/2045 $28,263.79 0.75 $522.88 $697.17 $29,483.84 $808,341.31 213 08/01/2045 $28,305.01 0.75 $505.21 $673.62 $29,483.84 $780,036.30 214 09/01/2045 $28,346.29 0.75 $487.52 $650.03 $29,483.84 $751,690.01 215 10/01/2045 $28,387.62 0.75 $469.81 $626.41 $29,483.84 $723,302.39 216 11/01/2045 $28,429.03 0.75 $452.06 $602.75 $29,483.84 $694,873.36 217 12/01/2045 $28,470.48 0.75 $434.30 $579.06 $29,483.84 $666,402.88 218 01/01/2046 $28,512.00 0.75 $416.50 $555.34 $29,483.84 $637,890.88 219 02/01/2046 $28,553.58 0.75 $398.68 $531.58 $29,483.84 $609,337.30 220 03/01/2046 $28,595.22 0.75 $380.84 $507.78 $29,483.84 $580,742.08 221 04/01/2046 $28,636.93 0.75 $362.96 $483.95 $29,483.84 $552,105.15 222 05/01/2046 $28,678.68 0.75 $345.07 $460.09 $29,483.84 $523,426.47 Page 4 of 5 Num Date Principal Rate Interest Fees Total Contracted Bal 223 06/01/2046 $28,720.51 0.75 $327.14 $436.19 $29,483.84 $494,705.96 224 07/01/2046 $28,762.40 0.75 $309.19 $412.25 $29,483.84 $465,943.56 225 08/01/2046 $28,804.34 0.75 $291.21 $388.29 $29,483.84 $437,139.22 226 09/01/2046 $28,846.35 0.75 $273.21 $364.28 $29,483.84 $408,292.87 227 10/01/2046 $28,888.42 0.75 $255.18 $340.24 $29,483.84 $379,404.45 228 11/01/2046 $28,930.54 0.75 $237.13 $316.17 $29,483.84 $350,473.91 229 12/01/2046 $28,972.73 0.75 $219.05 $292.06 $29,483.84 $321,501.18 230 01/01/2047 $29,014.98 0.75 $200.94 $267.92 $29,483.84 $292,486.20 231 02/01/2047 $29,057.30 0.75 $182.80 $243.74 $29,483.84 $263,428.90 232 03/01/2047 $29,099.68 0.75 $164.64 $219.52 $29,483.84 $234,329.22 233 04/01/2047 $29,142.11 0.75 $146.46 $195.27 $29,483.84 $205,187.11 234 05/01/2047 $29,184.61 0.75 $128.24 $170.99 $29,483.84 $176,002.50 235 06/01/2047 $29,227.17 0.75 $110.00 $146.67 $29,483.84 $146,775.33 236 07/01/2047 $29,269.80 0.75 $91.73 $122.31 $29,483.84 $117,505.53 237 08/01/2047 $29,312.48 0.75 $73.44 $97.92 $29,483.84 $88,193.05 238 09/01/2047 $29,355.23 0.75 $55.12 $73.49 $29,483.84 $58,837.82 239 10/01/2047 $29,398.04 0.75 $36.77 $49.03 $29,483.84 $29,439.78 240 11/01/2047 $29,439.78 0.75 $18.40 $24.53 $29,482.71 $0.00 Totals: $5,966,832.00 $475,409.39 $633,879.08 $7,076,120.47 Page 5 of 5