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