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CA:RMM:rmd736/hpca
City council Meeting 8-9-88
AUG 9 1988
Santa Monica, California
STAFF REPORT
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FROM:
Mayor and city Council
City Attorney
Resolutions and Ordinance for Municipal
Election to be Held On November 8, 1988
TO:
SUBJECT:
This Staff Report transmits to the City Council four
resolutions and one ordinance for adoption in connection with the
1988 Regular Municipal Election. The purpose of each resolution
is discussed below.
1. gesolution Calling and Giving Notice of the Regular
Municipal Election.
This Resolution provides that the Regular Municipal
Election shall be called for and held on November 8, 1988, and
takes various actions to facilitate this election.
2. Resolution Requesting Consolidation of Election.
This Resolution requests the Board of Supervisors to
consolidate the Regular Municipal Election with the statewide
general election.
3. Resolution Requesting Election Services from the
County.
This Resolution authorizes the City Clerk to request
various election services from the County to assist in such tasks
as distributing sample ballots.
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4. Ordinance Submitting to the Voters One Proposed General
obligation Bond Issue.
On July 26, 1988, the City Council adopted Resolution
Number 7655 (CCS) wherein it was determined that the public
interest would be served by the acquisition and improvement of
certain real property located adjacent to the City's Main Library
for the purposes of meeting immediate parking and future
expansion needs of the Main Library.
The adoption of Resolution Number 7655 (CCS) was the first
step in initiating bond election proeeedings regarding the
proposed general obligation Library Bonds.
At its July 26, 1988, meeting the city Council directed the
City Attorney to draft for City council consideration an
appropriate ordinance for the subsequent regular city Council
meeting scheduled for August 9, 1988, in order to place the
proposition of a general obligation bond issue on the November
1988 election ballot.
The ordinance now before you requires a two-thirds vote of
the City Council for adoption. Such ordinance takes effect
immediately upon adoption.
Following adoption, a copy of the ordinance must be
published once a day for at least seven (7) days in a newspaper
published at least six (6) days a week in the city.
Additionally, a Notice of Ballot Argument deadline must be
published by the city Clerk once in The Outlook, the newspaper of
general cirCUlation for the City of Santa Monica.
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Authorization for issuance of the proposed Library general
obligation bonds will require approval of two-thirds of the
eleetorate voting in the November 1988 election.
Budget and Financial Impact
Adoption of the attached ordinance will have no impact at
this time on the city's Fiscal Year 1988-89 budget. Should the
General Obligation Library Bonds measure be approved by the
voters in November 1988, City staff will return to the City
Council with appropriate budgetary adjustments.
The estimated financial impact of the proposed ballot
measure on City property owners is presented in the attached Tax
Rate Statement. If approved by the voters in November 1988,
beginning in Fiscal Year 1989-90, and extending for twenty years,
all property within the City would be subject to an annual
additional property tax levy. The resulting addi tiona1 annual
property tax revenues would be used to pay the annual debt
service on the $4.5 Million of General Obligation Library Bonds.
The additional property tax rate for Fiscal Year 1989-90 is
estimated to be $.0063/$100 of assessed valuation or
$6.30/year/$lOO,OOO of assessed valuation. Based on a
conservative assumed growth in assessed valuation of 2%/year
(which is the annual maximum inflation increase allowed,
exclusive of new construction and/or change of ownership assessed
valuation increases) I the maximum additional property tax rate
during the proposed twenty year amortization period is estimated
to be $.0066/$100 of assessed valuation or $6.60/year/$100,OOO of
assessed valuation. Should the recent 6% to 7% per year City
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assessed valuation growth trend continue over the twenty year
bond amortization period, the additional annual property tax rate
could be reduced accordingly by the City Council.
While the attached ordinance sets the legal maximum
interest rate of 12% as the maximum rate of interest to be paid
on the proposed bonds, it is anticipated that the proposed bonds
will be sold at a sUbstantially lesser rate of interest. The
attached illustrative Debt Service Schedule reflects an
approximate current market interest rate of 7.6%. The actual
bond rate of interest rate will be set when the bonds are sold
based on market conditions at that time.
5. Resolution Authorizing Certain City council Members to
File Wri tten Arguments Regarding the General Obligation Bond
Issue.
This Resolution authorizes certain members of the city
Council to file wri tten arguments regarding the general
obligation bond issue for the Santa Monica Public Library Main
Branch improvements.
RECOMMENDATION
It is respectfully recommended:
1. That the City council adopt the Resolution calling and
giving notice of the General Municipal Election.
2. That the City Council adopt the Resolution requesting
consolidation of the election.
3. That the City Council adopt the Resolution requesting
eleetion services from the County.
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4. That the City Council adopt the Resolution authorizing
certain of its members to file written arguments regarding the
general obligation bond issue for the Santa Monica Public Library
Main Branch improvements
5. That the City Council introduce and adopt the Ordinanee
submitting to the voters a general obligation bond for the Santa
Monica Public Library Main Branch improvements.
PREPARED BY: Robert M. Myers, city Attorney
Linda A. Moxon, Deputy City Attorney
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CA:RMM:rmd737/hpca
city Council Meeting 8-9-88
Santa Monica, California
RESOLUTION NUMBER
(City council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA CALLING AND GIVING NOTICE
OF THE HOLDING OF A GENERAL MUNICIPAL ELECTION
TO BE HELD ON TUESDAY, NOVEMBER 8, 1988
WHEREAS, City Charter Section 1400 provides that a general
municipal eleetion shall be held on the first Tuesday following
the first Monday of each even num~ered year for the purpose of
election of elected officers; and
WHEREAS, under the provisions of the city Charter, four
members of the city Council shall be elected for a full term of
four years; and
WHEREAS, under the provisions of the City Charter, two
members of the Rent Control Board shall be elected for a full
term of four years: and
WHEREAS, under the provisions of the City Charter, three
members of the Santa Monica-Malibu Unified School District Board
of Education shall be elected for a full term of four years; and
WHEREAS, under the provisions of Chapter 366 of the
California statutes of 1982 and resolutions adopted by the Board
of Trustees of the Santa Monica Community College District, three
members of the Santa Monica Community College District Board of
Trustees shall be elected for a full term of four years; and
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WHEREAS, Elections Code Section 5011 authorizes the city
Council to direct the City Clerk to transmit a measure appearing
on the ballot to the City Attorney to prepare an impartial
analysis; and
WHEREAS, Elections Code Section 17050 authorizes the City
Couneil to provide that all ballots cast at the General Municipal
Election be counted at a central counting place; and
WHEREAS, the Education Code and the Elections Code
authori ze the consol idation of the election of members of the
Santa Monica-Malibu Unified School District Board of Education
and santa Monica College District Board of Trustees with the
General Municipal Election,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1. A general municipal election shall be held in
the City of Santa Monica on November 8, 1988 I which is the
election required for purposes of eleeting four members of the
City council, two members of the Rent Control Board, three
members of the Santa Moniea-Malibu Unified School District, and
three members of the Santa Monica Community College District
Board of Trustees.
SECTION 2. At the General Municipal Election called for
November 8, 1988, the following proposition shall be submitted to
the qualified electors of the City of Santa Monica:
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PROPOSITION II . II Shall the city
of Santa Monica incur general
obligation bonded indebtedness in
the principal sum of not to exceed
$4,500,000 for the acquisition and
improvement of land for parking
and/or additional improvements in
conneetion with the Santa Monica
Public Library Main Branch?
YES
NO
SECTION 3. The ballots to be used at the Regular Municipal
Election shall be both as to form and matter contained therein
such as may be required by law.
SECTION 4. The city Clerk is authorized, instructed, and
directed to procure and furnish any and all official ballots,
notices, printed matter and all supplies, equipment, and
paraphernalia that may be necessary in order to properly and
lawfully conduct the Regular Municipal Election.
SECTION 5. The polls for the Regular Municipal Election
shall open at 7: 00 a.m. of the day of the election and shall
remain open continuously until 8:00 p.m. of the same day when the
polls shall be closed except as provided in Elections Code
Section 14301.
SECTION 6. The notice of the time and place of holding of
the Regular Municipal Election is hereby given and the City Clerk
is authorized, instructed, and directed to give such further or
additional notice of the election in the time, form, and manner
required by law.
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SECTION 7. Pursuant to Elections Code section 17050, the
City Clerk is authorized, instructed, and directed to give notice
of the central counting place in the time, form, and manner
required by law.
SECTION 8. Pursuant to Elections Code section 5011, the
City Clerk is directed to transmit a copy of each measure to be
submitted to the voters to the city Attorney and the City
Attorney is directed to prepare an impartial analysis of each
measure in accordance with the provisions of Elections Code
section 5011.
SECTION 9. An election for members of the Santa
Monica-Malibu Unified School District Board of Education and the
Santa Monica College District Board of Trustees shall be
consolidated with the General Municipal Election. Separate
ballots shall be provided for those voters who reside outside the
city of Santa Monica pursuant to Elections Code Section 23304.
SECTION IO. The City Clerk is directed to send a copy of
this Resolution to the Board of Supervisors of the County of Los
Angeles and to the Registrar of Voters.
SECTION 11. In the event the Regular Municipal Election is
consol idated wi th the Statewide General Election on the same
date, the provisions of this Resolution applicable only in the
event the election is conducted by the City shall be of no force
or effect.
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SECTION 12. The City Clerk shall certify to the adoption
of this Resolution, and thenceforth and thereafter the same shall
be in full force and effect.
APPROVED AS TO FORM:
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ROBERT M. MYERS 0
City Attorney
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CA:RMM:rmd738/hpca
city council Meeting 8-9-88
Santa Monica, California
RESOLUTION NUMBER
(City Council series)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA REQUESTING THE BOARD OF SUPERVISORS
OF THE COUNTY OF LOS ANGELES TO CONSOLIDATE A
REGULAR MUNICIPAL ELECTION OF THE CITY OF SANTA
MONICA TO BE HELD ON NOVEMBER 8, 1988, WITH THE STATEWIDE
GENERAL ELECTION TO BE HELD ON SAID DATE
PURSUANT TO ELECTIONS CODE SECTION 23302
WHEREAS, the City council of the City of Santa Monica has
called a Regular Municipal Election in the City of Santa Monica,
in the Santa Monica-Malibu Unified School District, and in the
Santa Moniea Community College District to be held on November 8,
1988, for the purpose of electing four members of the City
council, two members of the Rent control Board, three members of
the Board of Education of the Santa Monica-Malibu Unified School
District, and three members of the Board of Trustees of the Santa
Monica Community College District, and for the purpose of
submi tting certain proposi tions to the voters of the ci ty of
Santa Monica relating to a general obligation bond issuance for
the Santa Monica Public Library Main Branch improvements; and
WHEREAS, it is desirable that the Regular Municipal
Election be consolidated with the statewide General Election to
be held on the same date; that within the City of Santa Monica,
the Santa Monica-Malibu Unified School District, and the Santa
Monica Community College District, the precincts, polling places,
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and election officers of the three elections be the same; that
the Registrar of Voters canvass the returns of the Regular
Municipal Election; and that the Statewide General Election and
Regular Municipal Election be held in all respects as if there
were only one election,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1. Pursuant to Elections Code section 23303, the
Board of Supervisors of the County of Los Angeles is hereby
requested to consent and agree to the consolidation of a Regular
Municipal Election with the statewide General Election on
Tuesday, November 8, 1988, for the purposes of the election of
four members of the City council for terms ending in November,
1992, two members of the Rent Control Board for terms ending in
November, 1992, three members of the Board of Education of the
Santa Monica-Malibu Unified SChool District for terms ending
November, 1992, and three members of the Board of Trustees of the
Santa Monica Community College District for terms ending
November, 1992.
SECTION 2 . The following measure shall appear on the
ballot and be submitted to the voters of the ci ty of Santa
Monica:
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PROPOS ITION" . II Shall the city
of Santa Monica ineur general
obligation bonded indebtedness in
the principal sum of not to exceed
$4,500,000 for the acquisition and
improvement of land for parking
and/or additional improvements in
connection with the Santa Monica
Public Library Main Branch?
YES
NO
SECTION 3. The Registrar of Voters is hereby authorized to
canvass the returns of the Regular Municipal Election which it is
hereby requested to consolidate with the statewide General
Election and said election shall be held in all respects as if
there were only one election, and only one form of ballot shall
be used.
SECTION 4. The Board of supervisors of the County of Los
Angeles is hereby requested to issue instructions to the
Registrar of Voters to take any and all steps necessary for the
holding of the consolidated election.
SECTION 5.
The City of Santa Monica recognizes that
additional costs shall be incurred by the County of Los Angeles
by reason of this consolidation and agrees to reimburse the
County of Los Angeles for any such costs.
SECTION 6. The City Clerk is directed to transmit and file
a certified copy ot this Resolution with the Board of supervisors
of the County of Los Angeles and to the Registrar of Voters.
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SECTION 7. The City Clerk shall certify to the adoption of
this Resolution, and thenceforth and thereafter the same shall be
in full force and effect.
APPROVED AS TO FORM:
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ROBERT M. MYERS V
City Attorney
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CA:RMM:rmd739jhpca
City Council Meeting 8-9-88
Santa Monica, California
RESOLUTION NUMBER
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA REQUESTING THE BOARD OF SUPERVISORS
OF THE COUNTY OF LOS ANGELES TO RENDER
SPECIFIED SERVICES TO THE CITY OF SANTA MONICA
RELATING TO THE CONDUCT OF A REGULAR MUNICIPAL ELECTION
TO BE HELD ON TUESDAY, NOVEMBER 8, 1988
WHEREAS, a Regular Municipal Election is to be held in the
city of Santa Monica on Tuesday, November 8, 1988: and
WHEREAS, in the course of conduct of the Regular Municipal
Election and in relation thereto it will be necessary to mail
sample ballots and polling place information to the registered
voters of the City of Santa Monica and the registered voters in
the santa Monica-Malibu Unified School District and Santa Monica
Community college District lying outside the City of Santa
Monica: and
WHEREAS, it will facilitate the mailing of sample ballots
if the Registrar of Voters of the County of Los Angeles will make
available to the City of santa Monica the computer record of the
names and addresses of all eligible registered voters in order
that labels may be printed for attaching to self-mailer sample
ballot pamphlets; and
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WHEREAS, the City of Santa Monica desires the Registrar of
Voters to furnish such other election assistance as may be
authorized by state law: and
WHEREAS, all necessary expense in performing these services
shall be paid by the City of Santa Monica,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1. Pursuant to Elections Code Section 22003, the
City Council requests that the Board of Supervisors of the County
of Los Angeles permit the Registrar of Voters to provide the
following services to the city to the extent determined necessary
by the City Clerk: (1) prepare and furnish to the city of Santa
Monica for use in conducting its Regular Municipal Election the
computer record of the names and addresses of eligible registered
voters in the City of Santa Monica and in the Santa Monica-Malibu
Unified School District and Santa Monica Community College
District lying outside the city of Santa Monica in order that the
City of Santa Monica may print labels to be attached to
self-mailer sample ballot pamphlets: (2) furnish to the City of
Santa Monica printed indices of the voters to be used by the
precinct board at the polling place: (3) make available to the
City of Santa Monica additional election equipment and assistance
according to state law: and (4) such other services as may be
provided and deemed necessary to reduce the expense and
administrative burden of the election.
SECTION 2. The City of Santa Monica shall reimburse the
County of Los Angeles for services performed when the work is
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completed and upon presentation to the City of Santa Monica of a
properly approved bill.
SECTION 3. The City Clerk is directed to forward without
delay to the Board of Supervisors of the County of Los Angeles
and to the Registrar of Voters a certified copy of this
Resolution.
SECTION 4. The City Clerk shall certify to the adoption of
this Resolution, and thenceforth and thereafter the same shall be
in full force and effect.
APPROVED AS TO FORM:
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ROBERT M. MYERS
City Attorney
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CA:RMM:rmd752/hpca
city Council Meeting 8-9-88
Santa Monica, California
RESOLUTION NUMBER
(City council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA AUTHORIZING CERTAIN OF ITS
MEMBERS TO FILE WRITTEN ARGUMENTS REGARDING MEASURES
TO BE PLACED ON THE BALLOT AT THE GENERAL MUNICIPAL
ELECTION ON TUESDAY, NOVEMBER 8, 1988
WHEREAS, a General Municipal Election is to be held in the
city of Santa Monica on Tuesday, November 8, 1988; and
WHEREAS, at the General Municipal Election there will be
submitted to the qualified electors of the City of Santa Monica
one general obligation bond issue; and
WHEREAS, Elections Code Section 5010 et seq. provides for
procedures for arguments concerning city measures: and
WHEREAS, Elections Code Section 5013 authorizes the City
Council, or any member or members of the City Council authorized
by the City Council to file a written argument for or against any
City measure,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1.
The City council authorizes the following
councilmembers to file written arguments as follows:
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General Obligation Bond for Santa Monica Public
Library Main Branch Acquisition and Improvements
ARGUMENT IN FAVOR OF:
ARGUMENT AGAINST:
SECTION 2. Written arguments, not to exceed 300 words in
length, are to be filed with the city Clerk by 5:00 p.m. on
August 18, 1988.
Arguments so submitted may be changed or
withdrawn by the authors until and including the date fixed by
the City Clerk after which no arguments for or against the
measure may be submitted to the City Clerk.
SECTION 3. The city Clerk shall certify to the adoption of
this Resolution, and thenceforth and thereafter the same shall be
in full force and effect.
APPROVED AS TO FORM:
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ROBERT M. MYERS U
city Attorney
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CA:RMM:rmd753/hpca
City Council Heeting 8-9-88
Santa Monica, California
ORDINANCE NUMBER
(City Council Series)
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA GIVING NOTICE OF A PROPOSITION
TO INCUR BONDED INDEBTEDNESS BY SAID CITY FOR
CERTAIN LIBRARY ACQUISITIONS AND IMPROVEMENTS TO BE
VOTED UPON IN THE GENERAL MUNICIPAL ELECTION
TO BE HELD IN SAID CITY ON NOVEMBER 8, 1988
FOR THE QUALIFIED VOTERS OF SAID CITY
WHEREAS, at a regular meeting held on July 26, 1988, the
City council of the City of Santa Monica, by a vote of at least
two-thirds of the members thereof, adopted Resolution Number 7655
(CCS) determining that the public interest and necessity demand
the acquisition and improvement of real property, and making
findings relating thereto,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES ORDAIN AS FOLLOWS:
SECTION 1. That at the previously approved and scheduled
General Municipal Election called to be held in the City of Santa
Monica on November 8, 1988, a measure will be submitted to the
qualified voters of the City on a certain proposition, namely: A
proposition hereinafter set forth in section 3 for incurring
indebtedness and issuing bonds of the Ci ty therefor, in the
principal amount stated in the ballot proposition hereinafter set
forth, and for the obj ecti ve and the purposes set forth in
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Resolution Number 7655 (CCS) and in said ballot proposition with
further particulars as follows:
A. That the estimated cost of the municipal acquisitions
and improvements of real property described in said ballot
proposition is the sum of Four Million Five Hundred Thousand
Dollars ($4,500,000.00). Said estimated cost includes, in
addition to the acquisition and improvement costs, the following:
(1) legal or other fees incidental to or connected with the
authorization, issuance, and sale of the bonds; and (2) the costs
of printing the bonds and other costs and expenses incidental to
or connected with the authorization, issuance, and sale of the
bonds.
B. That the maximum ~ate of interest to be paid on said
indebtedness shall not exceed the maximum rate permitted by law,
i.e., twelve percent (12%) per annum, the actual rate or rates of
interest on said bonds to be determined at or prior to the time
of the sale or sales thereof. Interest shall be payable
semiannually except that interest for the first year may be made
payable at the end of said year.
C. That if the proposition for the incurring of bonded
indebtedness so submitted receives the requisite number of votes
required by law of the qualified electors voting on such
proposition, bonds of the City not in excess of the amount stated
in such proposition may be issued and sold for the object and
purpose set forth in such proposition.
SECTION 2. That the polls for said election shall be
opened at seven 0 r clock a. m. on the day of said election and
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shall remain open continuously from said time until eight o'clock
p.m. of the same day, when said polls shall be closed, except as
provided in Section 14301 of the Elections Code of the State of
California.
SECTION 3. That the procedures for voting for and against
said proposition shall be those established by the City of Santa
Monica for elections and said proposition shall be printed in
substantially the following form:
PROPOSITION" ." Shall the City
of Santa Monica incur general
obligation bonded indebtedness in
the principal sum of not to exceed
$4,500,000 for the acquisition and
improvement of land for parking
and/or additional improvements in
connection with the Santa Monica
Public Library Main Branch?
YES
NO
SECTION 4 .
That except as otherwise provided in this
Ordinance, the election called hereby shall be conducted as
provided by law for municipal elections in the City.
Section 5. This Ordinance shall take effect upon adoption
pursuant to Santa Monica city Charter Section 619(a).
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SECTION 6. The Mayor shall sign and the City Clerk shall
attest to the passage of this Ordinance. The City Clerk shall
cause the same to be published in full once a day for at least
seven (7) days in The Outlook, the newspaper of general
circulation for the City.
APPROVED AS TO FORM:
('Lvvt ..,~..;,'t- ~
ROBERT M. MYERS
City Attorney
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TAX RATE STATEMENT
REGARDING PROPOSED
54,500,000
CI1Y OF SANTA MONICA
GENERAL OBUGATION BONDS,
MEASURE
In comphance WIth Cahfomla Elections Code SectIons 5300 - 5304 the folloWIng mformatIon is
sub nutted WIth respect to the proposed $4.500,000 general obhgatIon bond Issue of the City of Santa
Moruca.
1. The best estImate of the tax rate whIch would be reqwred to be levIed to fund the bond
Issue dunng the first fiscal year after the first sale of the bonds based on estunated assessed
valuations available at the tIme of filmg of tlus statement IS $0 0063 per 100 dollars of assessed
valuatIOn
2. The best estImate of the lughest tax rate wluch would be reqwred to be leVled to fund the
bond ISSue and an estImate of the fiscal years in wluch that rate WIll apply, based on estImated
assessed valuations available at the tune of filing of tlus statement, IS $0.0066 per 100 dollars of
assessed valuatJon for the years 1993-94, 1996-97, 1999-2000, 2000-01, 2001-02, 2002-03, 2003-04,
2004-05, 2006-07, and 2008-09.
The foregoing is based only upon projections and estimates which are not bmdmg upon the
aty The actual tImmg of bond sales and the amount of bonds sold at any gIVen tIme will be
governed by the needs of the City, the then-applIcable debt lurnt, the state of the bond market and
other factors. Actual mterest rates on any bonds sold WIll depend upon market condltlons and other
factors at the tune of sale. The actual assessed values dunng the several future years WIll depend
upon the amount of taxable property then located WItlun the City and the value of that property as
determmed ill the assessment and equalizatIOn process Therefore, the actual tax rates and the years
m winch such rates are applIcable may vary from those currently estImated.
1st
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aty Manager
The projected assessed values used for thts
proposal have been revIewed by tlus office
and appear reasonable.
Is! ~~1'Wi-
Drrector of FInance
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DEBTSERWCESCHEDULE
INTEREST
DATE PRINCIPAL RATE INfEREST TOTAL ANNUAL
1/1190 167,058 167,058
7/1190 15,000 5.10% 167,058 182,058 349,115
111191 166,675 166,675
7/1191 50,000 5.50% 166,675 216,675 383,350
1/1192 165,300 165,300
7/1192 55,000 5.70% 165,300 220,300 385,600
1/1/93 163,733 163,733
7/1193 75,000 5.90% 163,733 238,733 402,465
1/1194 161,520 161,520
7/1194 100,000 6.00% 161,520 261,520 423,040
1/1195 158,520 158,520
7/1195 100,000 6.15% 158,520 258,520 417,040
111196 155,445 155,445
7/1196 125,000 6.30% 155,445 280,445 435,890
111197 151,508 151,508
7/1197 145,000 6.45% 151,508 296,508 448,015
111198 146,831 146.831
7/1198 160.000 6.60% 146.831 306.831 453,663
1/1199 141,551 141,551
7/1199 180,000 6.8O'k 141,551 321,551 463,103
1/1/00 135,431 135,431
7/1/00 205,000 7.75% 135,431 340,431 475,863
111101 127,488 127,488
7/1101 230,000 7.75% 127,488 357,488 484,975
111102 118,S75 118,575
7/1102 260,000 7.75% 118,S75 378,575 497,150
lJIIOJ 108,500 108.soo
7/110J 290,000 7.75% 108,soo 398,500 507,000
111104 97,263 97.263
7/lJ04 320,000 7.75% 97,263 417,263 514,525
lJII05 84,863 84,863
7/1105 355,000 7.75% 84,863 439,863 524,725
1/1/06 71,106 71,106
7/1106 390,000 7.75% 71,106 461,106 532.113
1/1/07 55,994 55,994
7/1/07 435,000 7.75% 55,994 490,994 546.988
111108 39,138 39.138
7/1108 480,000 7.75% 39,138 519.138 558,275
lJlJ09 20,538 20,538
7/1109 530,000 7.75% 20,538 550,538 571,075
4.soo,000 4.874.068 9,374,068 9,374.068