DDW-2024-008923

195 North 1950 West • Salt Lake City, UT
Mailing Address: P.O. Box 144830 • Salt Lake City, UT 84114-4830
Telephone [phone] • Fax [phone] • T.D.D. [phone]
www.deq.utah.gov
Printed on 100% recycled paper
State of Utah

Department of
Environmental Quality
Kimberly D. Shelley
Executive Director
DIVISION OF DRINKING WATER
Nathan Lunstad
Director
Drinking Water Board
Kristi Bell, Chair
Eric Franson, P.E., Vice-Chair
Dawn Ramsey
Justin Maughan
Corinna Harris
Jeff Coombs
Shazelle Terry
Blake Tullis, Ph.D.
Kimberly D. Shelley
Nathan Lunstad
Executive Secretary
SPENCER J. COX
Governor
DEIDRE HENDERSON
Lieutenant Governor
Vincent Pao-Borjigin [e-mail]
Summit County Service Area #3
629 Parkway Drive
Park City, Utah 84098
Subject: Federal SRF Loan Authorization and Procedures for Committal of Funds; Summit
County Service Area #3, System #22105, Loan #3F2075
Dear Vincent Pao-Borjigin:
On May 24, 2024, the Drinking Water Board (hereinafter called the "Board") authorized a
loan of $3,302,000 for 39 years at 0.5% interest, to Summit County Service Area #3 (hereinafter
called the "Recipient") for the construction of constructing a new 750,000-gallon concrete storage
tank at its Cresent Site to serve as the system’s primary tank. (hereinafter called the "Project").
On June 25, 2024, the Drinking Water Board (hereinafter called the "Board") authorized a
loan of $3,469,000 with $2,081,000 in principal forgiveness for a repayable loan amount of
$1,388,000 for 39 years at 0.5% interest, to Summit County Service Area #3 (hereinafter called
the "Recipient") to drill a new well to replace the primary District Well and construct a new well
house at its Cresent Site, make system-wide fire flow improvements, and conduct a well isolation
study for their Greenfield Well. (hereinafter called the "Project").
The $4,690,000 loan from the Board will be secured by General Obligation bond(s), Non-voted
Water Revenue bond(s), or a combination thereof; issued by the Recipient as incremental
disbursement bond(s) (hereinafter referred to as Bonds) disbursed on a monthly or quarterly basis.
The Board has determined the retirement period for the Bonds to be no more than thirty-nine (39)
years, with interest payable on the unpaid principal from the date of each advance of loan funds.
The annual Interest Rate is 0.5%.
The Board will require annual principal payments on the Bonds, plus interest assessments totaling
approximately $133,000. Enclosed is the proposed bond repayment schedule. If a revenue bond is
used, a debt service reserve fund equal to this annual amount must be established by no more than
ten equal annual deposits.
July 11, 2024
Vincent Pao-Borjigin, SCSA#3
Page 2
Special Conditions
This financial assistance was authorized subject to the availability of funds. The assistance
represented by this authorization will be funded, in whole or in part, from the proceeds of a federal
SRF Capitalization Grant (Section 1452 SDWA) to the State of Utah. Under the SRF Capitalization
Grant Program, federal funds are to be made available to the State by way of authorized draws on a
letter of credit over the construction period of the Project. Therefore, this authorization is expressly
subject to the continued availability of federal funds through the SRF Capitalization Grant and the
letter of credit related thereto.
Neither the Board nor the State of Utah shall be bound by this authorization or by any obligation to
provide further loan funds to or purchase any bonds from the Recipient if the SRF Capitalization
Grant funds to which this authorization relates are not awarded or if payments under the letter of
credit are withheld for any reason.
As a condition of this authorization, the Board will require the Recipient to provide a schedule of
estimated engineering and construction time for the Project within ninety (90) days of the date of
this letter. If the Project has not progressed sufficiently for the Recipient to issue the Bond within
twelve months of the date of authorization, authorized funding may be withdrawn.
As a condition of this loan, the Board will require the Recipient to establish a capital facilities
replacement reserve account. Deposits to that account shall be made at least annually in the amount
of five percent (5%) of the Recipient's annual drinking water system budget, including depreciation,
and must continue until the Bonds are redeemed. Failure to maintain the reserve account will
constitute a technical default on the Bonds and may result in penalties being assessed.
The Bonds may be prepaid, in whole or in part, at any time in minimum amounts of $1,000 or any
integral multiple thereof, with the prepayments applied against the Bond principal in inverse order
of maturities. In addition, if any Bond proceeds remain after the Project is completed, those
remaining proceeds shall be used to redeem Bond principal in inverse order of maturities. The Bond
documents must contain the following provisions:
i]The Bonds will initially be in the form of a single, fully-registered bond in the amount of
$4,690,000 with provisions for incremental advances quarterly, based on a schedule that
coincides with the rate at which engineering/construction related costs are expected to be
incurred for the Project. However, provisions shall be made which would allow the Bonds
to be exchanged for separate serial bonds in minimum denominations of $1,000.
ii]If revenue bonds are used the Bonds must be secured by a pledge by the Recipient of 100%
of the net revenue produced by the Recipient's water system, and the Recipient will be
required to warrant and demonstrate that those net revenues equal or exceed 125% of the
total annual debt service requirements on the Bonds and any other obligations secured by a
pledge of those revenues.
iii]If interest is payable on the Bonds, that interest must be tax-exempt, and delivery of the
Bonds must be accompanied by an opinion of recognized bond counsel that the interest is
not subject to state or federal income taxes.
July 11, 2024
Vincent Pao-Borjigin, SCSA#3
Page 3
iv]If a revenue bond is used, and if the Recipient has previously issued bonds or other
obligations secured by a pledge of water system revenues, the Bonds to be purchased
by the Board shall be issued on a parity with those prior bonds or obligations with
respect to the revenue. If it is not possible for the Bonds to be issued on a parity
basis, the Recipient shall contact Michael J. Grange immediately at [phone].
Based on the information presented to the Board, the following sources of funding will be available
for the construction of the Project:
Agency Share % of Total
Drinking Water Board (Loan) $4,690,000 68%
Drinking Water Board (Principal Forgiveness) $2,081,000 30%
Local Contribution $100,000 2%
Total Project Cost $6,871,000 100.0%
As a condition to the purchase of the Bonds by the Board, the Recipient must submit plans and
specifications to the Division of Drinking Water for review and approval prior to advertising
for bids, must advertise for bids for the construction of the Project, must open the bids, and must
demonstrate that the available sources of funding are adequate to cover the cost of the Project and
the bond insurance costs. In addition, prior to bond closing the Recipient must make arrangements
for all loan proceeds and all other Project funds to be available for deposit into the escrow account
described below at the time the Board delivers funds unless other acceptable arrangements have
been previously made.
The financial assistance is conditioned upon the availability of funds at the time of closing,
satisfaction of the conditions specified in this letter, and adherence to the project schedule approved
at that time. If the Project does not proceed according to the project schedule, the Board may
withdraw project authorization, so that other projects ready to proceed can obtain necessary funding.
The Board may consider extensions to the project schedule. Any extension requested must be fully
justified. After the Project's construction bids have been opened and the below listed requirements
have been met, and if the project remains substantially as approved, loan closing will proceed
subject to funds available at that time. But, if substantial changes in the Project are required, they
must be considered by the Board for committal of funds.
As the Recipient you will need to complete the following items before the Board will purchase your
Bonds:
1.The State of Utah has appointed William L. Prater Esq. as special legal counsel to the
Board (the “Board’s Attorney”) and has assigned to him the responsibility of reviewing
all proceedings and documents relating to the sale of bonds to the Board. His email address
is [e-mail] and his telephone number is [phone]. The Recipient's bond
counsel shall submit the following items to him at the times indicated below. A copy of
July 11, 2024
Vincent Pao-Borjigin, SCSA#3
Page 4
the transmittal letter for the items indicated below must also be sent to the Division of
Drinking Water to document project progress.
a.No later than one week prior to the meeting at which the Recipient intends to adopt
its Resolution for the issuance of the Bonds, a complete copy of the Resolution shall
be submitted for review.
b.No later than two weeks after the adoption of the Resolution, the following items
shall be submitted:
1)A true and complete photocopy of the Resolution as adopted, showing signatures
of the appropriate officials of the Recipient on the Resolution and on the Notice
of Meeting, Acknowledgment of Notice and Consent, Certificate of Publication,
Open Meeting Certificate, and other similar documents relating to the
Resolution.
2)A true and complete photocopy of the minutes, notices, resolutions, and other
documents relating to the Bonds, showing signatures of the appropriate officials.
3)A complete copy of the proposed documents to be signed at Closing, including
(but not necessarily limited to) General Certificate, Signature Identification and
Non-Litigation Certificate, Receipt, Arbitrage Certificate (if required), Recipient
Attorney's Non-Litigation Certificate, Certificate of Clerk (or Recorder) as to
contents of Bond Transcript File, Escrow Agreement, and the Bond Attorney's
Opinion.
4) A copy of the water rate structure described in paragraph 3 below of this letter.
5)A copy of the proposed opinion letter of the Recipient's attorney described in
paragraph 7 of this letter.
The procedures for bond approval will be substantially the same as required by the Utah
Local Government Bonding Act as it applies to cities and towns. The opinion of the bond
attorney must accompany delivery of the Bonds to the Board before proceeds of the loan
will be released.
At or after the Closing, the Board’s Attorney will bill the Recipient, and the Recipient
must pay those legal fees. This is an eligible project expenditure. If the Recipient fails
to close the loan after this authorization, it will nonetheless be by billed for the actions
taken by the Board’s Attorney prior to loan cancellation.
2.Consistent with requirements of the law and the covenants of applicable bond resolutions,
the actual payment of funds by the Board to the Recipient will not take place until the
Board has assurance the funds will be used for Project costs and the Project will actually
be completed. To assure this, all monies to be expended on the Project, including the
Recipient's share shall be placed in an escrow account supervised by the Recipient and the
July 11, 2024
Vincent Pao-Borjigin, SCSA#3

Page 5

Board, unless other acceptable arrangements have been made. In general, the Board will
make incremental advances into the account on a monthly or quarterly basis. A copy of
the proposed escrow agreement shall be submitted to the Board and the Board’s Attorney
for review.

Disbursements from the escrow account will be reviewed and approved by the Division of
Drinking Water. A Disbursement Request Form must be completed and submitted along
with each request. Disbursement amounts must be authorized in writing by the
Recipient and the State prior to any funds being released from the escrow account.
Please refer to the reimbursement instruction sheet.

3. At the time of the adoption of the bond resolution, the Recipient shall have passed an
ordinance or resolution establishing reasonable water use rates and collection enforcement
remedies, taking into account many factors including the need to have sufficient revenue
income for all outstanding water system debts, operation and maintenance costs, and any
reserve funds. It will then be necessary to implement effective collection procedures. A
copy of the rate ordinance and collection enforcement procedures shall be submitted to the
Board and the Board’s Attorney for review.

4. The Recipient's contract with its engineer shall include the cost of developing the plans
and specifications and the construction inspection of the Project. The contract shall be
submitted to the Division of Drinking Water for review. (This requirement is to assure the
Board that adequate and appropriate arrangements are made for completing and inspecting
the project within the guidelines set by the Board.)

5. The project engineer shall submit, in accordance with R309-500, plans and specifications,
bidding documents, and general conditions to the Division of Drinking Water for review
and Plan Approval prior to soliciting bids on the Project. The engineer shall submit project
documents via [e-mail] per https://deq.utah.gov/drinking-water/general-plan-
approval-process for the expeditious assignment and review of the plans and
specifications. Any changes to approved plans and specifications prior to finalizing the
Recipient Agreement must be reviewed and approved by the Division of Drinking Water.
These funds cannot be disbursed until after the bid opening has occurred and a copy of
the bid tabulation has been reviewed by the Division to assure that sufficient funds are
authorized to complete the Project. If substantial changes in the Project are required, they
must be considered by the Board for committal of additional funds. The following shall
be included in the specifications:

a. The Recipient shall require contractors hired to perform work on their project to pay
prevailing wage rates according to Davis-Bacon labor wage requirements. See attached
Reference Page for document location.

b. The Recipient shall comply with either the American Iron and Steel provision or the
Build America Buy America Act requirements. See attached Reference Page for
document location.

July 11, 2024
Vincent Pao-Borjigin, SCSA#3

Page 6

6. Rights-of-way and easements for construction, and operation and maintenance of the
Project shall be acquired. The Recipient, through its engineer, shall furnish its attorney a
right-of-way map showing the location of all sources, buildings, structures, pipelines, and
other pertinent facilities not only in the Project but also for the entire water system. The
engineer and presiding officer of the Recipient will sign this map and a copy provided to
the Recipient's attorney as a basis for the certification described below.

7. The Recipient's attorney shall certify the following items in writing to the Board:

a. The Recipient is a legal entity as of the date of loan closing.

b. The Recipient has valid legal title to the rights-of-way designated and shown on the
rights-of-way map, including rights-of-way both for the project to be constructed
and the remainder of the existing water system as of the date of loan closing.

c. The Recipient has established the ownership of water rights to any and all water used
in the system and such rights are summarized with associated water right numbers.

d. The bidding process and contract documents for the construction of the Project have
the proper and legal format and are in compliance with the Utah Code Annotated
1953 (including, but not limited to Title 34, Chapter 30).

e. After the completed and executed construction contract, along with the performance
and payment bonds and evidence of necessary insurance, has been reviewed by the
Recipient 's attorney, the Recipient 's attorney shall furnish to the Board his legal
opinion that all of such items are legal and binding and in compliance with the Utah
Code.

As indicated earlier, a draft of this letter is to be submitted to the Board and the Board’s
Attorney two weeks after the adoption of the resolution.

8. If interest is payable on the Bonds, the Bonds must be accompanied by a legal opinion of
recognized municipal bond counsel that interest on the bond obligations is exempt from
federal income taxation.

Unless otherwise covered, the opinion must also include a statement that the project to be
constructed with the Bond proceeds is not for private activity and that the Recipient has
complied with all the requirements of the Board with respect to the Utah Federal State
Revolving Fund (SRF) Program (R309-705 of the Utah Administrative Code).

9. The Recipient must obtain and maintain continuously throughout the loan repayment
period, a fidelity bond on the positions handling the Recipient's funds, in an amount at
least equal to the total amount of funds that will be on hand at any one time, exclusive of
loan funds. This amount should be at least twice an annual payment or $266,000. This
fidelity bond must be obtained and furnished to the Board prior to the loan closing date.
July 11, 2024
Vincent Pao-Borjigin, SCSA#3

Page 7

The names of the insured on the position fidelity bond will be "Summit County Service
Area #3 and the State of Utah acting through the Drinking Water Board."

10. As a condition to the acceptance by the Board of a non-voted revenue bond, the issuer
must:

a. Publish notice and conduct a public hearing consistent with the requirements of the
Utah Local Government Bonding Act, and

b. Mail notices to System users in the Issuer’s service area informing them of that
public hearing. In addition to the time and location of the public hearing, the notices
which are mailed to System users shall inform System users of the issuer’s intent to
issue a non-voted revenue bond to the Board, shall describe the face amount of the
Bond, the rate of interest, the repayment schedule and shall describe the impact of
the Project. User charge rates and connection fees shall be noted in that notice. That
notice shall state that System users may respond to the Issuer in writing or in the
public hearing. A copy of all written responses and a certified record of a public
hearing shall be forwarded to the Board. If the Board feels that there is significant
opposition to the proposed project, or if required by the Utah Local Government
Bonding Act, it may be necessary for the Issuer to hold a bond election before the
Board’s funds will be made available.

11. As a condition of this loan, the Board will require the Recipient to complete a Water
Conservation Plan. If your system has less than 500 connections, the plan must be
submitted to the Division of Drinking Water prior to loan closing. If your system has more
than 500 connections, the plan must be submitted to the Division of Water Resources for
review and approval, and the approved plan must be adopted (completing the Certification
of Adoption) prior to loan closing. If the Recipient has already adopted such a plan, that
plan and its certification of adoption may be submitted to the Division of Drinking Water
for verification.

July 11, 2024
Vincent Pao-Borjigin, SCSA#3

Page 8

12. There are Federal laws, executive orders and government-wide policies that apply to projects
receiving Federal financial assistance. These "cross-cutting Federal authorities" include the
following:

Environmental Authorities:

• Archaeological and Historic Preservation Act of 1974, Pub. L. 86-523, as amended
• Clean Air Act, Pub. L. 84-159, as amended
• Endangered Species Act, Pub. L. 93-205, as amended
• Environmental Justice, Executive Order 12898
• Flood Plain Management, Executive Order 11988 as amended by Executive Order
12148
• Protection of Wetlands, Executive Order 11990
• Farmland Protection Policy Act, Pub. L. 97-98
• Fish and Wildlife Coordination Act, Pub. L. 85-624, as amended
• National Historic Preservation Act of 1966, Pub. L. 89-665, as amended
• Safe Drinking Water Act, Pub. L. 93-523, as amended
• Wild and Scenic Rivers Act, Pub. L. 90-542, as amended

Economic and Miscellaneous Authorities:

• Demonstration Cities and Metropolitan Development Act of 1966, Pub. L. 89-754, as
amended, Executive Order 12372
• Procurement Prohibitions under Section 306 of the Clean Air Act and Section 508 of
the Clean Water Act, including Executive Order 11738, Administration of the Clean Air
Act and the Federal Water Pollution Control Act with Respect to Federal Contracts,
Grant, or Loans
• Uniform Relocation and Real Property Acquisition Policies Act, Pub. L. 91-646, as
amended
• Debarment and Suspension, Executive Order 12549

Social Policy Authorities:

• Age Discrimination Act of 1975, Pub. L. 94-135
• Title VI of the Civil Rights Act of 1964, Pub. L. 88-352
• Section 13 of the Federal Water Pollution Control Act Amendments of 1972, Pub. L.
92-500 (the Clean Water Act)
• Section 504 of the Rehabilitation Act of 1973, Pub. L. 93-112 (including Executive
Orders 11914 and 11250)
• Equal Employment Opportunity, Executive Order 11246
• Women's and Minority Business Enterprise, Executive Orders 11625, 12138, and 12432
• Section 129, of the Small Business Administration Reauthorization and Amendment Act
of 1988, Pub. L.100-590

July 11, 2024
Vincent Pao-Borjigin, SCSA#3

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13. In compliance with Utah Code Annotated 9-8-404 and 36 CFR 800.3(g), the project
engineer shall submit a report to the Division of Drinking Water that demonstrates a
reasonable and good faith effort was made to identify and gather information to determine
if cultural resources are present in the area of potential effects, including a Class III Survey.
The report format shall meet SHPO State of Utah Archaeological Compliance Guidance.
Cultural resource reporting guidance is outlined in the Utah SHPO Short Cultural
Resources Inventory Report Form. See attached Reference page for document location.

14. The Recipient must agree to comply with the above Federal laws, executive orders, and
government-wide policies that apply to the Project and complete the following:

a. Include the following certification in the bond resolution:

"The Issuer agrees, in accepting the proceeds of the Series Bonds, to comply
with all applicable state and federal regulations related to the Utah State Revolving
Fund administered by the Drinking Water Board. These requirements include, but
are not limited to, Title XIV of the Safe Drinking Water Act of 1996, OMB Circular
A-133, the Utah Federal State Revolving Fund (SRF) Program (R309-705 of the
Utah Administrative Code), the Utah Municipal Bond Act, the Utah Money
Management Act, the Utah Procurement Code and the State of Utah Legal
Compliance Audit Guide."

15. The Recipient shall submit a cash drawdown schedule prepared and certified by their
consulting engineer to be a schedule that coincides with the rate at which expected
construction related costs are incurred by the project.

16. The Recipient must get a Unique Entity ID from SAM.gov. Once the entity record has
been validated, submit a copy of the Unique Entity ID to the Division of Drinking Water.

17. In compliance with Utah Code Annotated 73-10g-402, water systems applying for federal
financial assistance for improvements to capital assets related to water infrastructure
shall commit to adopt a capital asset management plan. The Asset Management Plan
shall be submitted to the Division for review and approval prior to loan closing, unless
preparing an Asset Management Plan is included as part of the project for which the
Recipient has applied for financial assistance. In which case, the Asset Management Plan
shall be submitted to the Division as soon as it is completed or prior to the entity
submitting its final project reimbursement request.

To facilitate the timely completion of the financial assistance requirements outlined in this letter,
the Recipient and its attorney and engineer shall submit to the Division of Drinking Water all of the
items required before loan closing no later than 30 days before the bond closing, and the
Recipient's bond attorney shall submit to the Board’s Attorney the items listed in subsection "b" of
paragraph 1 on or before the due date specified.

July 11, 2024
Vincent Pao-Borjigin, SCSA#3

Page 10

These requirements must be completed on or before June 25, 2025. If the Recipient fails to
reasonably comply with the Project schedule, the Authorization may be withdrawn in accordance
with R309-705-7.

These requirements may not cover all the matters pertaining to the Project. We anticipate that
specific questions on matters relating to your Project will arise, and we are confident that a
cooperative effort can resolve any issues.

If you have any questions concerning these requirements, please contact Allyson Spevak at (385)
249-0324 or me at [phone].

Sincerely,

DRINKING WATER BOARD

Michael J. Grange, P.E.
Assistant Executive Secretary

MJG/as/lr

Enclosures
1. Reference Page
2. Summit County Service Area #3 Loan Repayment Schedule

cc: William Prater, Esq., William L. Prater, LLC, PO Box 71368, SLC, UT 84171, [e-mail]
Scott Sharp, Summit County Service Area #3, [e-mail]
Joe Santos, Rimrock Engineering and Development, [e-mail]
Nathan Bracken, Smith Hartvigsen PLLC, [e-mail]
Allyson Spevak, Division of Drinking Water, [e-mail]
Julie Cobleigh, DDW Engineer, [e-mail]
Dani Zebelean, DDW Engineer, [e-mail]
DDW Finance

July 11, 2024
Vincent Pao-Borjigin, SCSA#3

Page 11

Reference Page

*Davis-Bacon labor wage requirements - https://documents.deq.utah.gov/drinking-water/financial-
assistance/Federal%20SRF/DDW-2022-000538.pdf.

*American Iron and Steel Provision - https://documents.deq.utah.gov/drinking-water/financial-
assistance/Federal%20SRF/DDW-2022-000536.pdf

*Build America Buy America Act - https://documents.deq.utah.gov/drinking-water/financial-
assistance/Federal%20SRF/DDW-2022-004136.pdf

*Utah SHPO Short Cultural Resources Inventory Report form - https://documents.deq.utah.gov/drinking-
water/financial-assistance/Federal%20SRF/DDW-2020-038201.pdf#page=53

*Federal EEO regulations - https://documents.deq.utah.gov/drinking-water/financial-
assistance/Federal%20SRF/DDW-2022-000530.pdf

**Cut and paste only the text in orange to access these requirements

July 11, 2024
Summit County Service Area #3
PROPOSED BOND REPAYMENT SCHEDULE 40 % Loan & 60 % P.F.
PRINCIPAL $4,690,000.00 ANTICIPATED CLOSING DATE October 1, 2024
HARDSHIP GRANT ASSESSMENT FEE 0.50% FIRST P&I PAYMENT DUE January 1, 2026
TERM 39 REVENUE BOND $4,690,000
NOMIN. PAYMENT $132,661.67 PRINC. FORGIVE.: $2,081,000.00
BEGINNING DATE OF ENDING PAYM
YEAR BALANCE PAYMENT PAYMENT PRINCIPAL INTEREST BALANCE NO.
=========== ==================== ================================================== ================== ================= =====
2025 $4,690,000.00 January 1, 2025 $5,862.50 * $0.00 $5,862.50 $4,690,000.00 0
2026 $4,690,000.00 January 1, 2026 $117,450.00 $94,000.00 $23,450.00 $4,596,000.00 1
2027 $4,596,000.00 January 1, 2027 $117,980.00 $95,000.00 $22,980.00 $4,501,000.00 2
2028 $4,501,000.00 January 1, 2028 $118,505.00 $96,000.00 $22,505.00 $4,405,000.00 3
2029 $4,405,000.00 January 1, 2029 $119,025.00 $97,000.00 $22,025.00 $4,308,000.00 4
2030 $4,308,000.00 January 1, 2030 $124,540.00 $103,000.00 $21,540.00 $4,205,000.00 5
2031 $4,205,000.00 January 1, 2031 $125,025.00 $104,000.00 $21,025.00 $4,101,000.00 6
2032 $4,101,000.00 January 1, 2032 $125,505.00 $105,000.00 $20,505.00 $3,996,000.00 7
2033 $3,996,000.00 January 1, 2033 $124,980.00 $105,000.00 $19,980.00 $3,891,000.00 8
2034 $3,891,000.00 January 1, 2034 $130,455.00 $111,000.00 $19,455.00 $3,780,000.00 9
2035 $3,780,000.00 January 1, 2035 $130,900.00 $112,000.00 $18,900.00 $3,668,000.00 10
2036 $3,668,000.00 January 1, 2036 $131,340.00 $113,000.00 $18,340.00 $3,555,000.00 11
2037 $3,555,000.00 January 1, 2037 $131,775.00 $114,000.00 $17,775.00 $3,441,000.00 12
2038 $3,441,000.00 January 1, 2038 $136,205.00 $119,000.00 $17,205.00 $3,322,000.00 13
2039 $3,322,000.00 January 1, 2039 $136,610.00 $120,000.00 $16,610.00 $3,202,000.00 14
2040 $3,202,000.00 January 1, 2040 $137,010.00 $121,000.00 $16,010.00 $3,081,000.00 15
2041 $3,081,000.00 January 1, 2041 $136,405.00 $121,000.00 $15,405.00 $2,960,000.00 16
2042 $2,960,000.00 January 1, 2042 $136,800.00 $122,000.00 $14,800.00 $2,838,000.00 17
2043 $2,838,000.00 January 1, 2043 $136,190.00 $122,000.00 $14,190.00 $2,716,000.00 18
2044 $2,716,000.00 January 1, 2044 $136,580.00 $123,000.00 $13,580.00 $2,593,000.00 19
2045 $2,593,000.00 January 1, 2045 $136,965.00 $124,000.00 $12,965.00 $2,469,000.00 20
2046 $2,469,000.00 January 1, 2046 $136,345.00 $124,000.00 $12,345.00 $2,345,000.00 21
2047 $2,345,000.00 January 1, 2047 $136,725.00 $125,000.00 $11,725.00 $2,220,000.00 22
2048 $2,220,000.00 January 1, 2048 $136,100.00 $125,000.00 $11,100.00 $2,095,000.00 23
2049 $2,095,000.00 January 1, 2049 $136,475.00 $126,000.00 $10,475.00 $1,969,000.00 24
2050 $1,969,000.00 January 1, 2050 $136,845.00 $127,000.00 $9,845.00 $1,842,000.00 25
2051 $1,842,000.00 January 1, 2051 $136,210.00 $127,000.00 $9,210.00 $1,715,000.00 26
2052 $1,715,000.00 January 1, 2052 $136,575.00 $128,000.00 $8,575.00 $1,587,000.00 27
2053 $1,587,000.00 January 1, 2053 $136,935.00 $129,000.00 $7,935.00 $1,458,000.00 28
2054 $1,458,000.00 January 1, 2054 $136,290.00 $129,000.00 $7,290.00 $1,329,000.00 29
2055 $1,329,000.00 January 1, 2055 $136,645.00 $130,000.00 $6,645.00 $1,199,000.00 30
2056 $1,199,000.00 January 1, 2056 $136,995.00 $131,000.00 $5,995.00 $1,068,000.00 31
2057 $1,068,000.00 January 1, 2057 $136,340.00 $131,000.00 $5,340.00 $937,000.00 32
2058 $937,000.00 January 1, 2058 $136,685.00 $132,000.00 $4,685.00 $805,000.00 33
2059 $805,000.00 January 1, 2059 $136,025.00 $132,000.00 $4,025.00 $673,000.00 34
2060 $673,000.00 January 1, 2060 $136,365.00 $133,000.00 $3,365.00 $540,000.00 35
2061 $540,000.00 January 1, 2061 $136,700.00 $134,000.00 $2,700.00 $406,000.00 36
2062 $406,000.00 January 1, 2062 $137,030.00 $135,000.00 $2,030.00 $271,000.00 37
2063 $271,000.00 January 1, 2063 $136,355.00 $135,000.00 $1,355.00 $136,000.00 38
2064 $136,000.00 January 1, 2064 $136,680.00 $136,000.00 $680.00 $0.00 39
---------------------------- ----------------------------------------------------------------
$5,190,427.50 $4,690,000.00 $500,427.50
*Interest Only Payment