Scenic Terrace South
Community Development District

Adopted Budget
FY2026

Table of Contents

1-2	General Fund	

3-7	

General Fund Narrative	

8	

Capital Reserve Fund	

9	

Debt Service Fund - Series 2022	

10	

Amortization Schedule - Series 2022	

11	

Debt Service Fund - Series 2023	

12	

Amortization Schedule - Series 2023	

	Adopted
Budget		Actuals
Thru		Projected
Next		Projected
Thru		Adopted
Budget	
Description		FY2025		6/30/25		3 Months		9/30/25		FY2026	

Revenues											

Assessments - Tax Roll	
$	
691,023	
$	
696,844	
$	
-	
$	
696,844	
$	
691,023	
Contribution from Scenic Terrace North	$	58,325	$	58,325	$	-	$	58,325	$	38,563	
Interest	$	-	$	5,677	$	4,258	$	9,935	$	-	
Miscellaneous Income	$	-	$	90	$	-	$	90	$	-	
Carryforward	$	-	$	107,951	$	-	$	107,951	$	-	
Total Revenues	$	749,348	$	868,887	$	4,258	$	873,145	$	729,586	

Expenditures											
General & Administrative											
Supervisor Fees	$	12,000	$	2,400	$	3,000	$	5,400	$	12,000	
FICA Expense	$	-	$	122	$	230	$	352	$	918	
Engineering	$	15,000	$	4,681	$	3,280	$	7,961	$	15,000	
Attorney	$	25,000	$	7,438	$	5,513	$	12,950	$	25,000	
Annual Audit	$	3,400	$	3,400	$	-	$	3,400	$	3,600	
Assessment Administration	$	5,250	$	5,250	$	-	$	5,250	$	5,408	
Arbitrage	$	900	$	900	$	-	$	900	$	900	
Dissemination	$	6,300	$	4,725	$	1,575	$	6,300	$	6,489	
Disclosure Software	$	-	$	3,000	$	-	$	3,000	$	3,000	
Trustee Fees	$	8,081	$	8,297	$	-	$	8,297	$	8,869	
Management Fees	$	42,500	$	31,875	$	10,625	$	42,500	$	43,775	
Information Technology	$	1,890	$	1,418	$	473	$	1,890	$	2,003	
Website Maintenance	$	1,260	$	945	$	315	$	1,260	$	1,298	
Postage & Delivery	$	1,000	$	1,512	$	504	$	2,016	$	2,700	
Insurance	$	5,720	$	5,564	$	-	$	5,564	$	7,610	
Copies	$	1,000	$	6	$	25	$	31	$	1,000	
Legal Advertising	$	3,500	$	-	$	3,500	$	3,500	$	2,500	
Contingencies	$	3,500	$	506	$	169	$	675	$	2,500	
Office Supplies	$	250	$	16	$	50	$	66	$	250	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total General & Administrative	$	136,726	$	82,229	$	29,257	$	111,486	$	144,994	

Operations & Maintenance											
Field Services											
Property Insurance - Field	$	15,302	$	10,591	$	-	$	10,591	$	10,837	
Field Management	$	15,000	$	11,250	$	3,750	$	15,000	$	15,450	
Landscape Maintenance	$	125,000	$	109,728	$	30,293	$	140,020	$	144,253	
Landscape Replacement	$	17,500	$	10,229	$	4,800	$	15,029	$	17,500	
Streetlights	$	45,000	$	24,904	$	13,500	$	38,404	$	49,500	
Electric	$	15,000	$	4,271	$	13,425	$	17,696	$	17,696	
Water & Sewer	$	-	$	29,140	$	13,500	$	42,640	$	46,904	
Sidewalk & Asphalt Maintenance	$	2,500	$	-	$	-	$	-	$	-	
Irrigation Repairs	$	7,500	$	9,714	$	3,238	$	12,952	$	10,000	
General Repairs & Maintenance	$	12,500	$	9,992	$	2,508	$	12,500	$	12,500	
Holiday Lighting	$	-	$	-	$	-	$	-	$	10,000	
Contingency	$	10,000	$	129,725	$	5,000	$	134,725	$	12,500	
Subtotal Field Expenses	$	265,302	$	349,543	$	90,014	$	439,557	$	347,140	

	Adopted
Budget	Actuals
Thru		Projected
Next	Projected
Thru	Adopted
Budget	
Description	FY2025	6/30/25		3 Months	9/30/25	FY2026	

Amenity Expenses
Amenity - Electric	$	

15,000	

$	12,411	

$	

4,137  $	

16,548  $	

18,203	
Amenity - Water	$	7,500	$	4,214	$	9,065  $	13,279  $	14,607	
Playground Lease	$	72,600	$	28,184	$	9,395  $	37,579  $	37,584	
Internet	$	3,000	$	-	$	1,500  $	1,500  $	1,500	
Pest Control	$	720	$	900	$	300  $	1,200  $	1,300	
Janitorial Service	$	15,000	$	7,830	$	2,700  $	10,530  $	11,400	
Security Services	$	33,000	$	5,044	$	7,566  $	12,610  $	15,000	
Pool Maintenance	$	18,000	$	22,700	$	7,500  $	30,200  $	30,900	
Amenity Repairs & Maintenance	$	10,000	$	-	$	5,000  $	5,000  $	7,500	
Amenity Management	$	12,500	$	9,375	$	3,125  $	12,500  $	12,875	
Contingency	$	10,000	$	28,607	$	2,550  $	31,157  $	7,500	
Subtotal Amenity Expenses	$	197,320	$	119,265	$	52,837  $	172,103  $	158,369	
							
Total Operations & Maintenance	$	462,622	$	468,808	$	142,851  $	611,659  $	505,508	

Other Financing Sources/(Uses):							
Capital Reserves	$	150,000	$	-	$	150,000  $	150,000  $	79,083	
Total Other Financing Sources/(Uses)	$	150,000	$	-	$	150,000  $	150,000  $	79,083	
							
Total Expenditures	$	749,348	$	551,037	$	322,109  $	873,145  $	729,586	
							
Excess Revenues/(Expenditures)	$	-	$	317,851	$	(317,851)  $	(0)  $	-	
							
Product	Assessable	ERU/Unit	Total ERU's	Net Assessment Net Per Unit (7%)  Gross Per Unit	
Platted Lots	843	1.00	843.00		$691,022.94	$819.72	$881.42	
Total ERU's	843		843.00		$691,022.94			

Revenues:

Assessments

The District will levy a non-ad valorem assessment on all assessable property within the District to fund all general operating and maintenance expenditures during the fiscal year.

Contribution from Scenic Terrace North

The District has an interlocal agreement with Scenic Terrace North for shared amenity facilities with certain costs being allocated based upon the proportionate number of platted units in each District.

Expenditures:

General & Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to receive $200 per meeting, not to exceed $4,800 per year paid to each Supervisor for the time devoted to District business and meetings.

FICA Expense

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

Engineering

The District's engineer provides general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review invoices and various projects as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel provides general legal services to the District, e.g. attendance and preparation for meetings, preparation and review of agreements, resolutions, etc. as directed by the Board of Supervisors and the District Manager.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Assessment Administration

The District will contract to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on an anticipated bond issuance.

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues. This cost is based upon an anticipated bond issuance.

Disclosure Software

The District has contracted with DTS to provide software platform for filing various reports required in accordance with the Continuing Disclosure Agreements for the various bond issue(s).

Trustee Fees

The District will incur trustee related costs with the issuance of its’ issued bonds.

Management Fees

The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-Central Florida, LLC. The services include but are not limited to, recording and transcription of board meetings, administrative services, budget preparation, all financial reports, annual audits, etc.

Information Technology

Represents costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc.

Website Maintenance

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

Postage & Delivery

The District incurs charges for mailing of Board meeting agenda packages, overnight deliveries, correspondence, etc.

Insurance

The District’s general liability and public official’s liability insurance coverages.

Copies

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

Legal Advertising

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

Contingencies

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Any supplies that may need to be purchased during the fiscal year, e.g., paper, minute books, file folders, labels, paper clips, etc.

Dues, Licenses & Subscriptions

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

Operations & Maintenance:

Field Services

Property Insurance

The District’s property insurance coverages.

Field Management

Represents the estimated costs of contracting services that provide onsite field management of contracts for the District such as landscape and lake maintenance. Services can include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Landscape Maintenance

Represents the estimated maintenance of the landscaping within the common areas of the District after the installation of landscape material has been completed.

Landscape Replacement

Represents the estimated cost of replacing landscaping within the common areas of the District.

Streetlights

Represents the cost to maintain street lights within the District Boundaries that are expected to be in place throughout the fiscal year.

Electric

Represents current and estimated electric charges of common areas throughout the District.

Water & Sewer

Represents current and estimated costs for water and refuse services provided for common areas throughout the District.

Irrigation Repairs

Represents the cost of maintaining and repairing the irrigation system. This includes the sprinklers, and irrigation wells.

General Repairs & Maintenance

Represents estimated costs for general repairs and maintenance of the District’s common areas.

Holiday Lighting

Represents costs for holiday lights of the District.

Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any field category.

Amenity Expenses

Amenity - Electric

Represents estimated electric charges for the District’s amenity facilities.

Amenity – Water

Represents estimated water charges for the District’s amenity facilities.

Playground Lease

Represents the cost of the District leasing playground equipment for the fiscal year.

Internet

Internet service will be added for use at the Amenity Center.

Pest Control

The District will incur costs for pest control treatments to its amenity facilities. Janitorial Services
Represents costs to provide janitorial services and supplies for the District’s amenity facilities. Security Services
Represents the cost of contracting a monthly security service for the District’s amenity facilities.

Pool Maintenance

Represents the costs of regular cleaning and treatments of the District’s pool.

Amenity Repairs & Maintenance

Represents estimated costs for repairs and maintenance of the District’s amenity facilities.

Amenity Management

Represents the cost of managing the monitoring access to the District’s amenity facilities.

Contingency

Represents funds allocated to expenses that the District could incur throughout the fiscal year that do not fit into any amenity category.

Other Financing Sources/(Uses)

Capital Reserve

Represents projected transfer out to the Capital Projects fund.

Scenic Terrace South
Community Development District Adopted Budget
Capital Reserve

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2025	6/30/25	3 Months	9/30/25	FY2026	

Revenues						
Carry Forward Surplus	$	-	$	-	$	-	$	-	$	150,000	
Total Revenues	$	-	$	-	$	-	$	-	$	150,000	

Expenditures

Capital Outlay	

$	1,000	

$	-	$	-	$	-	$	1,000	
Total Expenditures	$	1,000	$	-	$	-	$	-	$	1,000	

Other Sources/(Uses)					
Transfer In/(Out)	$	150,000	$	-	$	150,000	$	150,000	$	79,083	
Total Other Sources/(Uses)	$	150,000	$	-	$	150,000	$	150,000	$	79,083	
					
Excess Revenues/(Expenditures)	$	149,000	$	-	$	150,000	$	150,000	$	228,083	

Scenic Terrace South
Community Development District

Adopted Budget Debt Service Fund Series 2022

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2025	6/30/25	3 Months	9/30/25	FY2026	

Revenues						
Assessments - Tax Roll	$	1,078,703	$	1,087,885	$	-	$	1,087,885	$	1,078,703	
Interest Income	$	20,000	$	37,160	$	12,387	$	49,546	$	20,000	
Carry Forward Surplus *	$	706,421	$	603,309	$	-	$	603,309	$	656,455	
Total Revenues	$	1,805,124	$	1,728,353	$	12,387	$	1,740,740	$	1,755,159	

Expenditures						
Interest- 11/01	$	387,200	$	387,200	$	-	$	387,200	$	381,366	
Special Call - 11/01	$	-	$	5,000	$	-	$	5,000	$	-	
Principal - 05/01	$	305,000	$	305,000	$	-	$	305,000	$	315,000	
Interest - 05/01	$	387,200	$	387,084	$	-	$	387,084	$	381,366	
Total Expenditures	$	1,079,400	$	1,084,284	$	-	$	1,084,284	$	1,077,731	
						
Excess Revenues/(Expenditures)	$	725,724	$	644,069	$	12,387	$	656,455	$	677,427	

*Carry forward less amount in Reserve funds.						
				Series 2022 Interest - 11/01	
$375,459	
Product	Assessable Units	Net Assessment	Net Per Unit	Gross Per Unit		
Single Family	744	$1,078,703	$1,449.87	$1,559.00		
Total ERU's	744	$1,078,703				

Scenic Terrace South Community Development District Series 2022 Special Assessment Bonds Amortization Schedule

DATE		BALANCE		PRINCIPAL		INTEREST		TOTAL	
									
11/01/25	$	18,300,000.00	$	-	$	381,365.63	$	1,073,450.01	
05/01/26	$	19,590,000.00	$	315,000.00	$	381,365.63	$	-	
11/01/26	$	19,590,000.00	$	-	$	375,459.38	$	1,071,825.01	
05/01/27	$	19,590,000.00	$	330,000.00	$	375,459.38	$	-	
11/01/27	$	19,590,000.00	$	-	$	369,271.88	$	1,074,731.26	
05/01/28	$	19,590,000.00	$	345,000.00	$	369,271.88	$	-	
11/01/28	$	19,180,000.00	$	-	$	362,156.25	$	1,076,428.13	
05/01/29	$	19,180,000.00	$	355,000.00	$	362,156.25	$	-	
11/01/29	$	18,755,000.00	$	-	$	354,834.38	$	1,071,990.63	
05/01/30	$	18,755,000.00	$	370,000.00	$	354,834.38	$	-	
11/01/30	$	17,360,000.00	$	-	$	347,203.13	$	1,072,037.51	
05/01/31	$	17,360,000.00	$	385,000.00	$	347,203.13	$	-	
11/01/31	$	17,360,000.00	$	-	$	339,262.50	$	1,071,465.63	
05/01/32	$	17,360,000.00	$	405,000.00	$	339,262.50	$	-	
11/01/32	$	17,360,000.00	$	-	$	330,909.38	$	1,075,171.88	
05/01/33	$	17,360,000.00	$	420,000.00	$	330,909.38	$	-	
11/01/33	$	16,855,000.00	$	-	$	321,459.38	$	1,072,368.76	
05/01/34	$	16,855,000.00	$	440,000.00	$	321,459.38	$	-	
11/01/34	$	16,325,000.00	$	-	$	311,559.38	$	1,073,018.76	
05/01/35	$	16,325,000.00	$	460,000.00	$	311,559.38	$	-	
11/01/35	$	15,770,000.00	$	-	$	301,209.38	$	1,072,768.76	
05/01/36	$	15,770,000.00	$	480,000.00	$	301,209.38	$	-	
11/01/36	$	15,190,000.00	$	-	$	290,409.38	$	1,071,618.76	
05/01/37	$	15,190,000.00	$	505,000.00	$	290,409.38	$	-	
11/01/37	$	14,585,000.00	$	-	$	279,046.88	$	1,074,456.26	
05/01/38	$	14,585,000.00	$	530,000.00	$	279,046.88	$	-	
11/01/38	$	13,950,000.00	$	-	$	267,121.88	$	1,076,168.76	
05/01/39	$	13,950,000.00	$	550,000.00	$	267,121.88	$	-	
11/01/39	$	13,290,000.00	$	-	$	254,746.88	$	1,071,868.76	
05/01/40	$	13,290,000.00	$	575,000.00	$	254,746.88	$	-	
11/01/40	$	11,115,000.00	$	-	$	241,809.38	$	1,071,556.26	
05/01/41	$	11,115,000.00	$	605,000.00	$	241,809.38	$	-	
11/01/41	$	11,115,000.00	$	-	$	228,196.88	$	1,075,006.26	
05/01/42	$	11,115,000.00	$	630,000.00	$	228,196.88	$	-	
11/01/42	$	11,115,000.00	$	-	$	214,021.88	$	1,072,218.76	
05/01/43	$	11,115,000.00	$	660,000.00	$	214,021.88	$	-	
11/01/43	$	10,320,000.00	$	-	$	198,759.38	$	1,072,781.26	
05/01/44	$	10,320,000.00	$	690,000.00	$	198,759.38	$	-	
11/01/44	$	9,490,000.00	$	-	$	182,803.13	$	1,071,562.51	
05/01/45	$	9,490,000.00	$	725,000.00	$	182,803.13	$	-	
11/01/45	$	8,620,000.00	$	-	$	166,037.50	$	1,073,840.63	
05/01/46	$	8,620,000.00	$	760,000.00	$	166,037.50	$	-	
11/01/46	$	7,710,000.00	$	-	$	148,462.50	$	1,074,500.00	
05/01/47	$	7,710,000.00	$	795,000.00	$	148,462.50	$	-	
11/01/47	$	6,755,000.00	$	-	$	130,078.13	$	1,073,540.63	
05/01/48	$	6,755,000.00	$	835,000.00	$	130,078.13	$	-	
11/01/48	$	5,755,000.00	$	-	$	110,768.75	$	1,075,846.88	
05/01/49	$	5,755,000.00	$	870,000.00	$	110,768.75	$	-	
11/01/49	$	4,710,000.00	$	-	$	90,650.00	$	1,071,418.75	
05/01/50	$	4,710,000.00	$	915,000.00	$	90,650.00	$	-	
11/01/50	$	3,615,000.00	$	-	$	69,490.63	$	1,075,140.63	
05/01/51	$	3,615,000.00	$	955,000.00	$	69,490.63	$	-	
11/01/51	$	2,465,000.00	$	-	$	47,406.25	$	1,071,896.88	
05/01/52	$	2,465,000.00	$	1,000,000.00	$	47,406.25	$	-	
11/01/52	$	1,260,000.00	$	-	$	24,281.25	$	1,071,687.50	
05/01/53	$	1,260,000.00	$	1,050,000.00	$	24,281.25	$	1,074,281.25	
			$	16,955,000.00	$	13,477,562.70	$	31,124,647.08	

Scenic Terrace South
Community Development District

Adopted Budget Debt Service Fund Series 2023

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Adopted Budget	
Description	FY2025	6/30/25	3 Months	9/30/25	FY2026	

Revenues						
Assessments - Tax Roll	$	172,953	$	174,409	$	-	$	174,409	$	172,953	
Interest Income	$	2,000	$	5,702	$	1,901	$	7,603	$	2,000	
Carry Forward Surplus *	$	182,331	$	105,749	$	-	$	105,749	$	124,236	
Total Revenues	$	357,284	$	285,860	$	1,901	$	287,761	$	299,189	

Expenses						
Interest- 11/01	$	72,050	$	72,050	$	-	$	72,050	$	71,475	
Principal - 11/01	$	20,000	$	20,000	$	-	$	20,000	$	30,000	
Interest - 05/01	$	71,475	$	71,475	$	-	$	71,475	$	70,613	
Total Expenditures	$	163,525	$	163,525	$	-	$	163,525	$	172,088	
						
Excess Revenues/(Expenditures)	$	193,759	$	122,335	$	1,901	$	124,236	$	127,101	

*Carry forward less amount in Reserve funds.						
				Series 2023 Principal - 11/01	
$30,000	
Interest - 11/01 	$70,613	
	$100,613		
Product *	Assessable Units	Net Assessment	Net Per Unit	Gross Per Unit		
Single Family	99	$172,953	$1,747.00	$1,878.49		
Total	99	$	172,953				

Scenic Terrace South Community Development District Series 2023 Special Assessment Bonds Amortization Schedule

Date		Balance		Prinicpal		Interest		Total	
									
11/01/25	$	2,175,000.00	$	30,000.00	$	71,475.00	$	172,950.00	
05/01/26	$	2,145,000.00	$	-	$	70,612.50			
11/01/26	$	2,145,000.00	$	30,000.00	$	70,612.50	$	171,225.00	
05/01/27	$	2,115,000.00	$	-	$	69,750.00			
11/01/27	$	2,115,000.00	$	30,000.00	$	69,750.00	$	169,500.00	
05/01/28	$	2,085,000.00	$	-	$	68,887.50			
11/01/28	$	2,085,000.00	$	35,000.00	$	68,887.50	$	172,775.00	
05/01/29	$	2,050,000.00	$	-	$	67,881.25			
11/01/29	$	2,050,000.00	$	35,000.00	$	67,881.25	$	170,762.50	
05/01/30	$	2,015,000.00	$	-	$	66,875.00			
11/01/30	$	2,015,000.00	$	35,000.00	$	66,875.00	$	168,750.00	
05/01/31	$	1,980,000.00	$	-	$	65,868.75			
11/01/31	$	1,980,000.00	$	40,000.00	$	65,868.75	$	171,737.50	
05/01/32	$	1,940,000.00	$	-	$	64,568.75			
11/01/32	$	1,940,000.00	$	40,000.00	$	64,568.75	$	169,137.50	
05/01/33	$	1,900,000.00	$	-	$	63,268.75			
11/01/33	$	1,900,000.00	$	45,000.00	$	63,268.75	$	171,537.50	
05/01/34	$	1,855,000.00	$	-	$	61,806.25			
11/01/34	$	1,855,000.00	$	45,000.00	$	61,806.25	$	168,612.50	
05/01/35	$	1,810,000.00	$	-	$	60,343.75			
11/01/35	$	1,810,000.00	$	50,000.00	$	60,343.75	$	170,687.50	
05/01/36	$	1,760,000.00	$	-	$	58,718.75			
11/01/36	$	1,760,000.00	$	55,000.00	$	58,718.75	$	172,437.50	
05/01/37	$	1,705,000.00	$	-	$	56,931.25			
11/01/37	$	1,705,000.00	$	55,000.00	$	56,931.25	$	168,862.50	
05/01/38	$	1,650,000.00	$	-	$	55,143.75			
11/01/38	$	1,650,000.00	$	60,000.00	$	55,143.75	$	170,287.50	
05/01/39	$	1,590,000.00	$	-	$	53,193.75			
11/01/39	$	1,590,000.00	$	65,000.00	$	53,193.75	$	171,387.50	
05/01/40	$	1,525,000.00	$	-	$	51,081.25			
11/01/40	$	1,525,000.00	$	70,000.00	$	51,081.25	$	172,162.50	
05/01/41	$	1,455,000.00	$	-	$	48,806.25			
11/01/41	$	1,300,000.00	$	75,000.00	$	48,806.25	$	172,612.50	
05/01/42	$	1,215,000.00	$	-	$	46,368.75			
11/01/42	$	1,215,000.00	$	80,000.00	$	46,368.75	$	172,737.50	
05/01/43	$	1,215,000.00	$	-	$	43,768.75			
11/01/43	$	1,215,000.00	$	85,000.00	$	43,768.75	$	172,537.50	
05/01/44	$	1,215,000.00	$	-	$	41,006.25			
11/01/44	$	1,215,000.00	$	90,000.00	$	41,006.25	$	172,012.50	
05/01/45	$	1,125,000.00	$	-	$	37,968.75			
11/01/45	$	1,125,000.00	$	95,000.00	$	37,968.75	$	170,937.50	
05/01/46	$	1,030,000.00	$	-	$	34,762.50			
11/01/46	$	1,030,000.00	$	100,000.00	$	34,762.50	$	169,525.00	
05/01/47	$	930,000.00	$	-	$	31,387.50			
11/01/47	$	930,000.00	$	110,000.00	$	31,387.50	$	172,775.00	
05/01/48	$	820,000.00	$	-	$	27,675.00			
11/01/48	$	820,000.00	$	115,000.00	$	27,675.00	$	170,350.00	
05/01/49	$	705,000.00	$	-	$	23,793.75			
11/01/49	$	705,000.00	$	125,000.00	$	23,793.75	$	172,587.50	
05/01/50	$	580,000.00	$	-	$	19,575.00			
11/01/50	$	580,000.00	$	130,000.00	$	19,575.00	$	169,150.00	
05/01/51	$	450,000.00	$	-	$	15,187.50			
11/01/51	$	450,000.00	$	140,000.00	$	15,187.50	$	170,375.00	
05/01/52	$	310,000.00	$	-	$	10,462.50			
11/01/52	$	310,000.00	$	150,000.00	$	10,462.50	$	170,925.00	
05/01/53	$	160,000.00	$	-	$	5,400.00			
11/01/53	$	160,000.00	$	160,000.00	$	5,400.00	$	170,800.00	
			$	2,175,000.00	$	2,785,137.50	$	4,960,137.50