Willowbrook
Community Development District

Proposed Budget
FY2027

Table of Contents

1-2	General Fund	

3-7	

General Fund Narrative	

8	

General Fund	

9	

Series 2024 Debt Service Fund	

10-11	

Series 2024 Amortization Schedule	

12	

Series 2025 Debt Service Fund	

13-14	

Series 2025 Amortization Schedule	

	Adopted Budget	Actuals Thru	Projected Next	Projected Thru	Proposed Budget	
Description	FY2026	3/31/26	6 Months	9/30/26	FY2027	

Revenues						
Assessments	$	367,275	$	277,376	$	89,899	$	367,275	$	875,543	
Developer Contributions	$	38,530	$	37,626	$	1,861	$	39,487	$	-	
Miscellaneous Revenue	$	-	$	406	$	-	$	406	$	-	
Interest Income	$	-	$	732	$	244	$	976	$	-	
Total Revenues	$	405,805	$	316,140	$	92,004	$	408,144	$	875,543	

Expenditures						
 Administrative						
Supervisor Fees	$	12,000	$	1,800	$	6,000	$	7,800	$	12,000	
FICA Expenses	$	918	$	-	$	-	$	-	$	-	
Engineering	$	7,500	$	-	$	3,750	$	3,750	$	7,500	
Attorney	$	20,000	$	12,268	$	10,500	$	22,768	$	25,000	
Annual Audit	$	2,950	$	-	$	2,950	$	2,950	$	3,100	
Assessment Administration	$	6,180	$	6,180	$	-	$	6,180	$	6,489	
Arbitrage	$	900	$	450	$	450	$	900	$	900	
Reamortization	$	-	$	500	$	-	$	500	$	500	
Dissemination	$	6,150	$	2,992	$	3,075	$	6,067	$	6,458	
Disclosure Software	$	2,500	$	1,500	$	-	$	1,500	$	2,500	
Trustee Fees	$	8,890	$	2,831	$	6,059	$	8,890	$	8,890	
Management Fees	$	41,200	$	20,600	$	20,600	$	41,200	$	43,260	
Information Technology	$	1,947	$	974	$	974	$	1,947	$	2,044	
Website Maintenance	$	1,298	$	649	$	649	$	1,298	$	1,363	
Postage & Delivery	$	500	$	253	$	300	$	553	$	650	
Insurance	$	5,000	$	5,300	$	-	$	5,300	$	5,831	
Printing & Binding	$	500	$	6	$	250	$	256	$	500	
Legal Advertising	$	5,000	$	1,351	$	2,500	$	3,851	$	5,000	
Contingency	$	1,500	$	309	$	750	$	1,059	$	1,500	
Office Supplies	$	625	$	11	$	50	$	61	$	625	
Dues, Licenses & Subscriptions	$	175	$	175	$	-	$	175	$	175	
Total Administrative	$	125,733	$	58,148	$	58,857	$	117,005	$	134,285	

Description	Adopted Budget
FY2026	Actuals Thru
3/31/26	Projected Next
6 Months	Projected Thru
9/30/26	Proposed Budget
FY2027	
Operations & Maintenance						
Property Insurance	$	7,500	$	7,839	$	-	$	7,839	$	7,385	
Field Management	$	15,000	$	6,250	$	7,500	$	13,750	$	15,750	
Landscape Maintenance	$	65,182	$	34,048	$	32,721	$	66,769	$	78,350	
Landscape Replacement	$	12,500	$	-	$	6,250	$	6,250	$	12,500	
Streetlights	$	27,566	$	30,489	$	31,200	$	61,689	$	68,000	
Electric	$	5,000	$	805	$	2,100	$	2,905	$	5,000	
Water & Sewer	$	35,000	$	42,669	$	15,000	$	57,669	$	60,000	
Aquatic Maintenance	$	6,500	$	10,650	$	10,650	$	21,300	$	21,720	
Irrigation Repairs	$	7,500	$	1,790	$	3,750	$	5,540	$	7,500	
General Repairs and Maintenance	$	15,000	$	-	$	7,500	$	7,500	$	15,000	
Field Contingency	$	7,500	$	4,247	$	3,253	$	7,500	$	7,500	
Subtotal Field Expenditures	$	204,248	$	138,787	$	119,924	$	258,711	$	298,705	
Amenity Expenditures
Amenity - Electric	

$	8,228	

$	-	

$	1,371	

$	1,371	

$	14,400	
Amenity - Water	$	7,472	$	-	$	1,245	$	1,245	$	10,000	
Playground Expenses	$	23,749	$	11,875	$	11,875	$	23,749	$	23,749	
Internet	$	833	$	-	$	139	$	139	$	1,000	
Pest Control	$	240	$	-	$	40	$	40	$	1,320	
Janitorial Service	$	4,902	$	-	$	817	$	817	$	14,600	
Amenity Management	$	4,167	$	-	$	694	$	694	$	10,000	
Security Services	$	12,500	$	-	$	2,083	$	2,083	$	33,000	
Pool Maintenance	$	7,900	$	-	$	1,317	$	1,317	$	18,000	
Amenity Repairs & Maintenance	$	3,333	$	-	$	556	$	556	$	10,000	
Contingency	$	2,500	$	-	$	417	$	417	$	7,500	
Subtotal Amenity Expenditures	$	75,824	$	11,875	$	20,554	$	32,428	$	143,569	
						
Total Operations & Maintenance	$	280,072	$	150,662	$	140,478	$	291,139	$	442,274	
Other Expenditures						
Transfer Out - Capital Reserves	$	-	$	-	$	-	$	-	$	298,984	
Other Expenditures	$	-	$	-	$	-	$	-	$	298,984	
											
Total Expenditures	$	405,805	$	208,810	$	199,335	$	408,144	$	875,543	
											
Excess Revenues/(Expenditures)	$	-	$	107,331	$	(107,331)	$	(0)	$	-	

Product Type	
Units	Total Net Assessments	Total Net Per Unit	Total Gross Per Unit	
Single Family	
667	
$	875,542.75	
$	1,312.66	
$	1,411.46	
	667	$	875,542.75			

Revenues:

Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the District to pay for operating expenditures during the fiscal year.

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.

Engineering

Represents the cost of general engineering services provided by Sloan Engineering Group, Inc., including but not limited to attendance and preparation for monthly Board meetings, review of invoices and requisitions, preparation and review of contract specifications and bid documents, and support for various projects as directed by the Board of Supervisors and the District Manager.

Attorney

Represents general legal services provided by Kilinski Van Wyk PPLC, including but not limited to attendance and preparation for monthly meetings, preparation and review of agreements and resolutions, and other legal matters as directed by the Board of Supervisors and the District Manager.

Annual Audit

Represents the cost associated with the District’s annual independent audit of its financial records, as required by Florida Statutes. These services are provided by DiBartolomeo, McBee, Hartley & Barnes, P.A., an independent certified public accountant.

Assessment Administration

Represents costs associated with the levy and administration of non-ad valorem assessments on all assessable property within the District. These services are provided by Governmental Management Services – Central Florida, LLC.

Arbitrage

Represents the cost of arbitrage rebate calculation services provided by American Municipal Tax-Exempt Compliance (AMTEC) for the District’s Series 2024 & Series 2025 Special Assessment Revenue Bonds in accordance with federal requirements.

Reamortization

Represents costs associated with the reamortization of the District’s outstanding debt, including recalculation of debt service schedules and related administrative expenses.

Dissemination

Represents costs associated with continuing disclosure and reporting requirements in accordance with Securities and Exchange Commission (SEC) Rule 15c2-12(b)(5) for the District’s Series 2024 and Series 2025 Bonds.

Disclosure Software

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

Trustee Fees

Represents costs associated with trustee services for the District’s Series 2024 and Series 2025 bond issuances, including the administration of bond funds, processing of payments, and compliance with trust indenture requirements.

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 associated with information technology services provided by Governmental Management Services – Central Florida, LLC, including video conferencing, cloud storage, cybersecurity, accounting software, and other systems supporting District operations.

Website Maintenance

Represents costs associated with monitoring and maintaining the District’s website in accordance with Chapter 189, Florida Statutes, including hosting, security, updates, and document management, provided by Governmental Management Services – Central Florida, LLC.

Postage & Delivery

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

Insurance

Represents costs associated with the District’s general liability and public officials’ liability insurance coverage provided by the Florida Insurance Alliance (FIA).

Printing & Binding

Represents costs for rinting 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.

Contingency

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 Commerce for $175. This is the only expense under this category for the District.

Operations & Maintenance:

Field Expenditures

Property Insurance

The District’s property insurance coverage is provided by the Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Field Management

Represents the 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. Governmental Management Services-Central Florida, LLC, provides these services.

Landscape Maintenance

Represents costs associated with the maintenance of landscaping within the District’s common areas, provided by BrightView Landscape Services, Inc.

Landscape Replacement

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

Streetlights

Represents costs associated with maintaining streetlights within the District boundaries, including streetlights currently installed and those anticipated during the fiscal year, provided by Tampa Electric Company (TECO).

Electric

Represents current and estimated electric utility costs for common areas throughout the District, provided by Tampa Electric Company (TECO).

Water & Sewer

Represents current and estimated costs for water and refuse services for common areas throughout the District, provided by the Winter Haven Water Department.

Aquatic Maintenance

Represents costs associated with the care and maintenance of the District’s aquatic areas, including shoreline grass, brush, and vegetation control, provided by Aquatic Weed Management, Inc.

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. These can include pressure washing, and repairs to fences, monuments, lighting, and other assets.

Field Contingency

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

Amenity Expenditures

Amenity - Electric

Represents estimated electric utility costs for the District’s amenity facilities, to be provided by Tampa Electric Company (TECO).

Amenity – Water

Represents estimated costs for water and refuse services for the District’s amenity facilities, provided by the Winter Haven Water Department.

Playground Expenses

Represents costs associated with a leasing agreement for playground equipment within the District, contracted with Navitas Credit Corp.

Internet

Represents estimated costs for internet service provided to the District’s amenity facilities.

Pest Control

Represents estimated costs for pest control services at the District’s amenity facilities.

Janitorial Services

Represents the estimated costs to provide janitorial services weekly and supplies for the District’s amenity facilities.

Amenity Management

Represents costs associated with amenity management services provided by Governmental Management Services – Central Florida, LLC, including access card issuance, resident verification, keycard support, monitoring of amenity facilities, enforcement of amenity policies, and communication with residents.

Security Services

Represents the estimated cost of contracting a monthly security service for the District’s amenity facilities.

Pool Maintenance

Represents estimated costs associated with routine maintenance, cleaning, and chemical treatment of the District’s pool facilities.

Amenity Repairs & Maintenance

Represents estimated costs for repairs and maintenance of 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 Expenditures

Transfer Out - Capital Reserves

Represents the transfer of funds to designated capital reserves to support long-term capital planning and the replacement of District infrastructure and assets.

Description

Adopted Budget
FY2026

Actuals Thru
3/31/26

Projected Next
6 Months

Total Thru
9/30/26

Proposed Budget
FY2027

Revenues

Carry Forward

$	-	$

-	$	-	$

-	$	-

Total Revenues	$	-	$	-	$	-	$	-	$	-

Expenditures

Capital Outlay	$	-	$	-	$	-	$	-	$	-	
Total Expenditures	$	-	$	-	$	-	$	-	$	-	

Other Financing Sources/(Uses)

Transfer In - Capital Reserves	

$	-	$	-	$	-	$	-	$	298,984	
Total Other Financing Sources/(Uses)	$	-	$	-	$	-	$	-	$	298,984	
		
Excess Revenues/(Expenditures)	$	-	$	-	$	-	$	-	$	298,984	

Description	Adopted Budget FY2026	Actuals Thru 3/31/26	Projected Next
6 Months	Total Thru 9/30/26	Proposed Budget FY2027	

Revenues						
Special Assessments Interest
Carry Forward	$	628,550
$	20,813
$	371,608	$	421,593
$	18,474
$	1,549,729	$	135,907
$	6,158
$	-	$	557,500
$	24,631
$	1,549,729	$	557,500
$	12,316
$	304,350	
Total Revenues	$	1,020,971	$	1,989,796	$	142,064	$	2,131,860	$	874,165	

Expenditures						
Interest Expense - 11/1	$	254,509	$	253,079	$	-	$	253,079	$	222,894	
Special Call Expense - 11/1	$	-	$	960,000	$	-	$	960,000	$	-	
Special Call Expense - 2/1	$	-	$	5,000	$	-	$	5,000	$	-	
Interest Expense - 2/1	$	-	$	70	$	-	$	70	$	-	
Principal Expense - 5/1	$	120,000	$	-	$	105,000	$	105,000	$	110,000	
Interest Expense - 5/1	$	254,509	$	-	$	225,493	$	225,493	$	222,894	
Total Expenditures	$	629,019	$	1,218,149	$	330,493	$	1,548,642	$	555,788	

Other Financing Sources/(Uses)						
Transfer In/(Out)	$	-	$	(278,869)	$	-	$	(278,869)	$	-	
Total Other Financing Sources/(Uses)	$	-	$	(278,869)	$	-	$	(278,869)	$	-	
						
Excess Revenues/(Expenditures)	$	391,952	$	492,778	$	(188,428)	$	304,350	$	318,378	

Interest Expense 11/1/27	 $	220,171 

Total

$	220,171

Phase	
Assessable Units	
Total Net Assessments	Net Assessment Per Unit	Gross Assessment Per Unit	
Phase 1 South	121	$	181,500	$	1,500	$	1,613	
Phase 2 North	235	$	376,000	$	1,600	$	1,720	
	356	$	557,500			

11/01/26	$	7,780,000.00	$	-	$	222,893.75	$	553,386.25	
05/01/27	$	7,780,000.00	$	110,000.00	$	222,893.75			
11/01/27	$	7,670,000.00	$	-	$	220,171.25	$	553,065.00	
05/01/28	$	7,670,000.00	$	120,000.00	$	220,171.25			
11/01/28	$	7,550,000.00	$	-	$	217,201.25	$	557,372.50	
05/01/29	$	7,550,000.00	$	125,000.00	$	217,201.25			
11/01/29	$	7,425,000.00	$	-	$	214,107.50	$	556,308.75	
05/01/30	$	7,425,000.00	$	130,000.00	$	214,107.50			
11/01/30	$	7,295,000.00	$	-	$	210,890.00	$	554,997.50	
05/01/31	$	7,295,000.00	$	135,000.00	$	210,890.00			
11/01/31	$	7,160,000.00	$	-	$	207,548.75	$	553,438.75	
05/01/32	$	7,160,000.00	$	145,000.00	$	207,548.75			
11/01/32	$	7,015,000.00	$	-	$	203,470.63	$	556,019.38	
05/01/33	$	7,015,000.00	$	150,000.00	$	203,470.63			
11/01/33	$	6,865,000.00	$	-	$	199,251.88	$	552,722.50	
05/01/34	$	6,865,000.00	$	160,000.00	$	199,251.88			
11/01/34	$	6,705,000.00	$	-	$	194,751.88	$	554,003.75	
05/01/35	$	6,705,000.00	$	170,000.00	$	194,751.88			
11/01/35	$	6,535,000.00	$	-	$	189,970.63	$	554,722.50	
05/01/36	$	6,535,000.00	$	180,000.00	$	189,970.63			
11/01/36	$	6,355,000.00	$	-	$	184,908.13	$	554,878.75	
05/01/37	$	6,355,000.00	$	190,000.00	$	184,908.13			
11/01/37	$	6,165,000.00	$	-	$	179,564.38	$	554,472.50	
05/01/38	$	6,165,000.00	$	200,000.00	$	179,564.38			
11/01/38	$	5,965,000.00	$	-	$	173,939.38	$	553,503.75	
05/01/39	$	5,965,000.00	$	215,000.00	$	173,939.38			
11/01/39	$	5,750,000.00	$	-	$	167,892.50	$	556,831.88	
05/01/40	$	5,750,000.00	$	225,000.00	$	167,892.50			

11/01/40	$	5,525,000.00	$	-	$	161,564.38	$	554,456.88	
05/01/41	$	5,525,000.00	$	240,000.00	$	161,564.38			
11/01/41	$	5,035,000.00	$	-	$	154,814.38	$	556,378.75	
05/01/42	$	4,490,000.00	$	250,000.00	$	154,814.38			
11/01/42	$	4,490,000.00	$	-	$	147,783.13	$	552,597.50	
05/01/43	$	4,490,000.00	$	265,000.00	$	147,783.13			
11/01/43	$	4,490,000.00	$	-	$	140,330.00	$	553,113.13	
05/01/44	$	4,490,000.00	$	280,000.00	$	140,330.00			
11/01/44	$	4,490,000.00	$	-	$	132,455.00	$	552,785.00	
05/01/45	$	4,490,000.00	$	300,000.00	$	132,455.00			
11/01/45	$	4,190,000.00	$	-	$	123,605.00	$	556,060.00	
05/01/46	$	4,190,000.00	$	315,000.00	$	123,605.00			
11/01/46	$	3,875,000.00	$	-	$	114,312.50	$	552,917.50	
05/01/47	$	3,875,000.00	$	335,000.00	$	114,312.50			
11/01/47	$	3,540,000.00	$	-	$	104,430.00	$	553,742.50	
05/01/48	$	3,540,000.00	$	355,000.00	$	104,430.00			
11/01/48	$	3,185,000.00	$	-	$	93,957.50	$	553,387.50	
05/01/49	$	3,185,000.00	$	380,000.00	$	93,957.50			
11/01/49	$	2,805,000.00	$	-	$	82,747.50	$	556,705.00	
05/01/50	$	2,805,000.00	$	400,000.00	$	82,747.50			
11/01/50	$	2,405,000.00	$	-	$	70,947.50	$	553,695.00	
05/01/51	$	2,405,000.00	$	425,000.00	$	70,947.50			
11/01/51	$	1,980,000.00	$	-	$	58,410.00	$	554,357.50	
05/01/52	$	1,980,000.00	$	450,000.00	$	58,410.00			
11/01/52	$	1,530,000.00	$	-	$	45,135.00	$	553,545.00	
05/01/53	$	1,530,000.00	$	480,000.00	$	45,135.00	$	-	
11/01/53	$	1,050,000.00	$	-	$	30,975.00	$	556,110.00	
05/01/54	$	1,050,000.00	$	510,000.00	$	30,975.00	$	-	
11/01/54	$	540,000.00	$	-	$	15,930.00	$	556,905.00	
05/01/55	$	540,000.00	$	540,000.00	$	15,930.00	$	555,930.00	
			$	7,885,000.00	$	8,753,410.00	$	16,638,410.00	

Proposed Budget
Series 2025 Debt Service Fund

Description	Adopted Budget FY2026	Actuals Thru 3/31/26	Projected Next
6 Months	Total Thru 9/30/26	Proposed Budget FY2027	

Revenues

Special Assessments Interest
Carry Forward	

$	-	$
$	-	$
$	-	$	

- 15,755
337,956	

$	281,630
$	5,252
$	-	

$	281,630
$	21,007
$	337,956	

$	698,068
$	10,504
$	291,708	
Total Revenues	$	-	$	353,711	$	286,882	$	640,593	$	1,000,280	

Expenditures

Interest Expense - 11/1 Principal Expense - 5/1 Interest Expense - 5/1	

$	-	$
$	-	$
$	-	$	

56,326
-
-	

$	-
$	-
$	281,630	

$	56,326
$	-
$	281,630	

$	281,630
$	135,000
$	281,630	
Total Expenditures	$	-	$	56,326	$	281,630	$	337,956	$	698,260	

Other Financing Sources/(Uses)

Transfer In/(Out)	

$	-	$	

(10,929)	

$	-	

$	(10,929)	

$	-	
Total Other Financing Sources/(Uses)	$	-	$	(10,929)	$	-	$	(10,929)	$	-	
						
Excess Revenues/(Expenditures)	$	-	$	286,456	$	5,252	$	291,708	$	302,020	

Interest Expense 11/1/27	 $	278,846 

Total

$	278,846

Product	
Assessable Units	
Total Net Assessments	Net Assessment Per Unit	Gross Assessment Per Unit	
Single Family - 50' - Phase 2 North	199	$	446,674	$	2,245	$	2,414	
Single Family - 50' - Phase 2 South	112	$	251,394	$	2,245	$	2,414	
	311	$	698,068			

11/01/26	$	9,900,000.00	$	-	$	281,630.00	$	563,260.00	
05/01/27	$	9,900,000.00	$	135,000.00	$	281,630.00			
11/01/27	$	9,765,000.00	$	-	$	278,845.63	$	695,475.63	
05/01/28	$	9,765,000.00	$	140,000.00	$	278,845.63			
11/01/28	$	9,625,000.00	$	-	$	275,958.13	$	694,803.75	
05/01/29	$	9,625,000.00	$	145,000.00	$	275,958.13			
11/01/29	$	9,480,000.00	$	-	$	272,967.50	$	693,925.63	
05/01/30	$	9,480,000.00	$	155,000.00	$	272,967.50			
11/01/30	$	9,325,000.00	$	-	$	269,770.63	$	697,738.13	
05/01/31	$	9,325,000.00	$	160,000.00	$	269,770.63			
11/01/31	$	9,165,000.00	$	-	$	265,250.63	$	695,021.25	
05/01/32	$	9,165,000.00	$	170,000.00	$	265,250.63			
11/01/32	$	8,995,000.00	$	-	$	260,448.13	$	695,698.75	
05/01/33	$	8,995,000.00	$	180,000.00	$	260,448.13			
11/01/33	$	8,815,000.00	$	-	$	255,363.13	$	695,811.25	
05/01/34	$	8,815,000.00	$	190,000.00	$	255,363.13			
11/01/34	$	8,625,000.00	$	-	$	249,995.63	$	695,358.75	
05/01/35	$	8,625,000.00	$	200,000.00	$	249,995.63			
11/01/35	$	8,425,000.00	$	-	$	244,345.63	$	694,341.25	
05/01/36	$	8,425,000.00	$	215,000.00	$	244,345.63			
11/01/36	$	8,210,000.00	$	-	$	238,271.88	$	697,617.50	
05/01/37	$	8,210,000.00	$	225,000.00	$	238,271.88			
11/01/37	$	7,985,000.00	$	-	$	231,915.63	$	695,187.50	
05/01/38	$	7,985,000.00	$	240,000.00	$	231,915.63			
11/01/38	$	7,745,000.00	$	-	$	225,135.63	$	697,051.25	
05/01/39	$	7,745,000.00	$	255,000.00	$	225,135.63			
11/01/39	$	7,490,000.00	$	-	$	217,931.88	$	698,067.50	
05/01/40	$	7,490,000.00	$	265,000.00	$	217,931.88			
11/01/40	$	7,225,000.00	$	-	$	210,445.63	$	693,377.50	
05/01/41	$	7,225,000.00	$	285,000.00	$	210,445.63			

11/01/41	$	6,640,000.00	$	-	$	202,394.38	$	697,840.00	
05/01/42	$	5,635,000.00	$	300,000.00	$	202,394.38			
11/01/42	$	5,635,000.00	$	-	$	193,919.38	$	696,313.75	
05/01/43	$	5,635,000.00	$	315,000.00	$	193,919.38			
11/01/43	$	5,635,000.00	$	-	$	185,020.63	$	693,940.00	
05/01/44	$	5,635,000.00	$	335,000.00	$	185,020.63			
11/01/44	$	5,635,000.00	$	-	$	175,556.88	$	695,577.50	
05/01/45	$	5,635,000.00	$	355,000.00	$	175,556.88			
11/01/45	$	5,635,000.00	$	-	$	165,528.13	$	696,085.00	
05/01/46	$	5,635,000.00	$	375,000.00	$	165,528.13			
11/01/46	$	5,260,000.00	$	-	$	154,512.50	$	695,040.63	
05/01/47	$	5,260,000.00	$	400,000.00	$	154,512.50			
11/01/47	$	4,860,000.00	$	-	$	142,762.50	$	697,275.00	
05/01/48	$	4,860,000.00	$	420,000.00	$	142,762.50			
11/01/48	$	4,440,000.00	$	-	$	130,425.00	$	693,187.50	
05/01/49	$	4,440,000.00	$	450,000.00	$	130,425.00			
11/01/49	$	3,990,000.00	$	-	$	117,206.25	$	697,631.25	
05/01/50	$	3,990,000.00	$	475,000.00	$	117,206.25			
11/01/50	$	3,515,000.00	$	-	$	103,253.13	$	695,459.38	
05/01/51	$	3,515,000.00	$	505,000.00	$	103,253.13			
11/01/51	$	3,010,000.00	$	-	$	88,418.75	$	696,671.88	
05/01/52	$	3,010,000.00	$	535,000.00	$	88,418.75			
11/01/52	$	2,475,000.00	$	-	$	72,703.13	$	696,121.88	
05/01/53	$	2,475,000.00	$	565,000.00	$	72,703.13	$	-	
11/01/53	$	1,910,000.00	$	-	$	56,106.25	$	693,809.38	
05/01/54	$	1,910,000.00	$	600,000.00	$	56,106.25	$	-	
11/01/54	$	1,310,000.00	$	-	$	38,481.25	$	694,587.50	
05/01/55	$	1,310,000.00	$	635,000.00	$	38,481.25	$	-	
11/01/56	$	675,000.00	$	-	$	19,828.13	$	693,309.38	
05/01/57	$	675,000.00	$	675,000.00	$	19,828.13	$	694,828.13	
			$	9,900,000.00	$	11,586,739.75	$	21,486,739.75