HomeMy WebLinkAboutA089 - Loan and Disbursement Agreement, $76,325,000 taxable water revenue bonds 4
LOAN AND DISBURSEMENT AGREEMENT
$76,325,000 TAXABLE WATER REVENUE BONDS
(INCLUDES A PORTION AS A FORGIVABLE LOAN)
This Loan and Disbursement Agreement (the "Agreement") is made and entered into as
of January 30, 2015 by and between the City of Ames, Iowa (the "Participant") and the Iowa
Finance Authority, an agency and public instrumentality of the State of Iowa(the"Issuer").
WHEREAS, the Issuer, in cooperation with the Iowa Department of Natural Resources
(the "Department"), is authorized to undertake the creation, administration and financing of the
Iowa Drinking Water Facilities Financing Program (the "Program") established in Iowa Code
Sections 16.131 through 16.135 and Sections 45513.291 through 455B.299, including, among
other things,the making of loans to Water Systems for purposes of the Program; and
WHEREAS, the Participant desires to participate in the'Program as a means of financing
all or part of the construction of certain drinking water treatment facilities serving the Participant
and its residents; and
WHEREAS, to assist in financing the Project (defined herein), the Issuer desires to make
a loan to the Participant in the amount set forth in Section 2 hereof; and
WHEREAS, pursuant to Federal requirements applicable to the Federal Fiscal Year 2010
Capitalization Grants, the Issuer desires to make a portion of such loan to the Participant
forgivable, pending satisfaction of Program requirements, all as set forth in Section 16 hereof;
NOW, THEREFORE,the parties agree as follows:
Section 1. Definitions. In addition to other definitions set forth herein, the following
terms as used in this Agreement shall, unless the context clearly requires otherwise, have the
following meanings:
(a) "Bonds" shall mean any State Revolving Fund Revenue Bonds that were
or in the future are issued by the Issuer for the purpose of providing moneys to finance
the Loan to the Participant.
(b) "Code" shall mean the Internal Revenue Code of 1986, as amended, and
all lawfully promulgated regulations thereunder.
(c) "Project" shall mean the particular construction activities approved by the
Department and being undertaken by the Participant with respect to the operation or
infrastructure of the Water System for the purpose of providing safe drinking water to the
customers thereof, as described in the Resolution.
(d) "Regulations" shall mean the administrative rules of the Department
relating to the Program, set forth in Title 567, Chapter 44 of the Iowa Administrative
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Code, and the administrative rules of the Issuer relating to the Program set forth in Title
265, Chapter 26 of the Iowa Administrative Code.
(e) "Resolution" shall mean the resolution of the City Council of the
Participant, adopted on January 13, 2015, approving and authorizing the execution of this
Agreement and the issuance of the Revenue Bond (as defined herein).
(f) "Water System" shall mean the drinking water system of the Participant,
all facilities being used in conjunction therewith and all appurtenances and extensions
thereto, including but not limited to the water facilities which the Participant is financing
under this Agreement.
Section 2. Loan; Purchase of Revenue Bond. The Issuer agrees to purchase a duly
authorized and issued water revenue bond or capital loan note of the Participant (the "Revenue
Bond") in order to make a loan to the Participant, and will disburse proceeds as set forth herein.
The Participant agrees to borrow and accept from the Issuer, a loan in the principal amount of
$76,325,000 (the "Loan").
The Participant shall use the proceeds of the Loan strictly (a) to finance a portion of the
costs of construction of the Project and (b), where applicable, to reimburse the Participant for a
portion of the costs of the Project, which portion was paid or incurred in anticipation of
reimbursement through the Program and which is eligible for such reimbursement under and
pursuant to the Regulations and the Code.
Section 3. Disbursements. Proceeds of the Loan shall be made available to the
Participant in the form of one or more periodic disbursements as provided in this Section. The
Issuer thereafter shall make disbursements of a portion of the Loan for payment of costs of the
Project upon receipt of the following:
(a) a completed payment request on a form acceptable to and available from
the Issuer;
(b) current construction payment estimates;
(c) engineering service statements;
(d) purchase orders or invoices for items not included within other contracts;
and
(e) evidence that the costs for which the disbursement is requested have been
incurred.
Solely with respect to the request for the final disbursement of proceeds of the Loan, the
Participant shall submit to the Issuer, in addition to items (a) through (e) above, a certification of
completion and acceptance of the Project by the Participant or evidence of an acceptable
settlement if the Project is subject to a dispute between the Participant and any contractor.
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Disbursements shall be made in a timely fashion following the receipt of the information
as set forth above. Unless otherwise agreed to in writing by the Issuer, funds shall be payable to
the Participant via automated clearinghouse system transfer to the account specified by the
Participant.
Section 4. Completion of Project. The Participant covenants and agrees (i) to
exercise its best efforts in accordance with prudent water treatment utility practices to complete
the Project; and (ii) to provide from its own fiscal resources all monies, in excess of the total
amount of Loan proceeds it receives under the Agreement, required to complete the Project.
Section 5. Repayment of Loan-, Issuance of Revenue Bonds. The Participant's
obligation to repay the Loan and interest thereon shall be evidenced by the Revenue Bond in the
principal amount of the Loan, complying in all material respects with the Regulations and being
in substantially the form set forth in the Resolution. The Revenue Bond shall be delivered to the
Issuer as the original purchaser and registered holder thereof at the closing of the Loan. The
Revenue Bond shall be accompanied by a legal opinion of bond counsel, in form satisfactory to
the Issuer, to evidence the legality, security position and tax-exempt status of interest on the
Revenue Bond. The parties agree that a payment of principal of or interest on the Revenue Bond
shall be deemed to be a payment of the same on the Loan and a payment of principal of or
interest on the Loan shall be deemed to be a payment of the same on the Revenue Bond. Unless
otherwise agreed to in writing by the Issuer, all payments of principal and interest due under the
Loan shall be made via automated clearinghouse transfer, from an account specified by the
Participant.
The Revenue Bond shall be dated the date of delivery to the Issuer, with interest and the
Servicing Fee (together, the "Interest Rate" as set forth in Section 6 hereof) payable
semiannually on June 1 and December 1 of each year (unless the resolution authorizing a
previous series of outstanding bonds on a parity with the Revenue Bond requires interest to be
paid on other interest payment dates, in which case such other dates shall apply) from the date of
each advancement of a part of the Loan from the Issuer to the Participant (which are initially
expected to be on approximately the dates set forth on Exhibit A attached hereto and
incorporated herein). The first repayment of principal of the Loan shall be due and payable not
later than one year after substantial completion of the Project and payments of principal, interest
and the Servicing Fee shall continue thereafter until paid in full. Following the final
disbursement of Loan proceeds to the Participant, Exhibit A shall be adjusted by the Issuer, (i)
with the approval of the Participant, based upon actual advances to the Participant under the
Agreement, and (ii) taking into account the forgiveness by the Issuer of a portion of the Loan
principal described in Section 16 below. Such revised Exhibit A thereafter shall be deemed to be
incorporated herein by reference and made a part hereof and shall supersede and replace that
initially attached hereto and to the Revenue Bond.
The Revenue Bond shall be subject to optional redemption by the Participant at a price of
par plus accrued interest (i) on any date upon receipt of written consent by the Issuer, or (ii) in
the event that all or substantially all of the Project is damaged or destroyed. Any such optional
redemption of the Revenue Bond by the Participant may be made from any funds regardless of
source, in whole or from time to time in part, upon not less than thirty (30) days notice of
redemption by e-mail, facsimile or by certified or registered mail to the Issuer (or any other
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registered owner of the Revenue Bond). The Revenue Bond is also subject to mandatory
redemption in the event the costs of the Project are less than initially projected, in which case the
amount of the Loan shall be reduced to an amount equal to the actual Project costs advanced.
The Participant and the Issuer agree that following such adjustment, the principal amount due
under the Revenue Bond shall be automatically reduced to equal the principal amount of the
adjusted Loan (and that the principal amount of the adjusted Loan will take into account any
Loan forgiveness under Section 16 hereof).
The Revenue Bond and the interest thereon and any additional obligations as may be
hereafter issued and outstanding from time to time under the conditions set forth in the
Resolution shall be payable solely and only.from the Net Revenues (as defined in the Resolution)
of the Water System of the Participant, a sufficient portion of which has been and shall be
ordered set aside and.pledged for such purpose under the provisions of the Resolution. Neither
this Agreement nor the Revenue Bond is a general obligation of the Participant, and under no
circumstance shall the Participant be in any manner liable by reason of the failure of the
aforesaid Net Revenues to be sufficient to pay the Revenue Bond and the interest thereon.or to
otherwise discharge the Participant's obligation hereunder.
Section 6. Interest Rate Initiation Fee and Servicing Fees. (a) The Participant agrees
to pay to the Issuer, as additional consideration for the Loan, a loan initiation fee (the "Initiation
Fee") equal to one-half of one percent (0.50%) of the amount of the Loan ($100,000), which
shall be due and payable on the date of this Agreement. Unless the Issuer shall be otherwise
notified by the Participant that the Participant intends to pay such Initiation Fee from other funds,
and has received such other funds from the Participant on the date hereof, the Issuer shall be
authorized to deduct the full amount of the Initiation Fee from the proceeds of the Loan being
made hereunder, and such deduction by the Issuer shall be deemed to be an expenditure by the
Participant of the Loan proceeds.
(b) The Participant agrees to pay a Loan servicing fee (the "Servicing Fee") to the Issuer
in an amount equal to 0.25% per annum of the principal amount of the Loan outstanding. The
Servicing Fee shall be paid as described in Section 5 and Section 6(c)hereof.
(c) The Loan shall bear interest at 1.75% per annum (the "Rate"). As described in
Section 5, payments hereunder shall be calculated based on the Rate plus the Servicing Fee (such
2.00%, the "Interest Rate").
Section 7. Compliance with Applicable Laws Performance Under Loan Agreement;
Rates. The Participant covenants and agrees (i) to comply with all applicable State of Iowa and
federal laws, rules and regulations (including but not limited to the Regulations), judicial
decisions, and executive orders in the performance of the Agreement and in the financing,
construction, operation, maintenance and use of the Project and the Water System; (ii) to
maintain its Water System in good repair, working order and operating condition; (iii) to
cooperate with the Issuer in the observance and performance of its respective duties, covenants,
obligations and agreements under the Agreement; (iv)to comply with all terms and conditions of
the Resolution; and (v) to establish, levy and collect rents, rates and other charges for the
products and services provided by its Water System, which rents, rates and other charges shall be
at least sufficient (A) to meet the operation and maintenance expenses of such Water System, (B)
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to produce and maintain Net Revenues at a level not less than 110% of the amount of principal
and interest on the Revenue Bond and any other obligations secured by a pledge of the Net
Revenues falling due in the same year, (C) to comply with all covenants pertaining thereto
contained in, and all other provisions of, any bond resolution, trust indenture or other security
agreement, if any, relating to any bonds or other evidences of indebtedness issued or to be issued
by the Participant, (D) to pay the debt service requirements on any bonds, notes or other
evidences of indebtedness, whether now outstanding or incurred in the future, secured by such
revenues or other receipts and issued to finance improvements to the Water System and to make
any other payments required by the laws of the State of Iowa, (E) to generate funds sufficient to
fulfill the terms of all other contracts and agreements made by the Participant, including, without
limitation, the Agreement and the Revenue Bond and (F) to pay all other amounts payable from
or constituting a lien or charge on the operating revenues of its Water System.
Section 8. Insurance• Audits; Disposal of Property. The Participant covenants and
agrees (a) to maintain insurance on, or to self-insure, the insurable portions of the Water System
of a kind and in an amount which normally would be carried by private companies engaged in a
similar type of business, (b) to keep proper books and accounts adapted to the Water System,
showing the complete and correct entry of all transactions relating thereto, and to cause said
books and accounts to be audited by an independent auditor or the State Auditor (i) at such times
and for such periods as may be required by the federal Single Audit Act of 1984, OMB Circular
A-133 or State law, and (ii) at such other times and for such other periods as may be requested at
any time and from time to time by the Issuer (which requests may require an audit to be
performed for a period that would not otherwise be required to be audited under State law), and
(c) not to sell, lease or in any manner dispose of the Water System, or any capital part thereof,
including any and all extensions and additions which may be made thereto, until the Revenue
Bond shall have been paid in full or otherwise discharged as provided in the Resolution;
provided, however, that the Participant may dispose of any property which in the judgment of its
governing body is no longer useful or profitable to use in connection with the operation of the
Water System or essential to the continued operation thereof.
Section 9. Maintenance of Documents, Access. The Participant agrees to maintain
separate financial records, in accordance with generally accepted government accounting
standards, for construction cost accounting, operating revenue of the Water System, and Loan
repayments.
The Participant agrees to permit the Issuer or its duly authorized representative access to
all files and documents relating to the Project for purposes of conducting audits and reviews in
accordance with any of the Regulations.
Section 10. Continuing Disclosure. As a means of enabling the Issuer to comply with
the "continuing disclosure" requirements set forth in Rule 15c2-12 (the "Rule") of the Securities
and Exchange Commission, the Participant agrees, during the term of the Loan, to provide the
Issuer with (i) the comprehensive audit report of the Participant, prepared and certified by an
independent auditor or the State Auditor not later than 180 days after the end of each fiscal year
for which the report was prepared and (ii) such other information and operating data as the Issuer
may reasonably request from time to time with respect to the Water System, the Project or the
Participant.
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The Participant hereby consents to the inclusion of all or any portion of the foregoing
information and materials in a public filing made by the Issuer under the Rule. The Participant
agrees to indemnify and hold harmless the Issuer, and its officers, directors, employees and
agents from and against any and all claims, damages, losses, liabilities, reasonable costs and
expenses whatsoever (including attorney fees) which such indemnified party may incur by
reason of or in connection with the disclosure of information permitted under this Section;
provided that no such indemnification shall be required for any claims, damages, losses,
liabilities, costs or expenses to the extent, but only to the extent, caused by the willful
misconduct or gross negligence of the Issuer in the disclosure of such information.
Section 11. Events of Default. If any one or more of the following events occur, it is
hereby defined as and declared to constitute an "Event of Default" under this Agreement:
(a) Failure by the Participant to pay, or cause to be paid, any Loan repayment
(including the Servicing Fee) required to be paid under this Agreement when due, which
failure shall continue for a period of fifteen(15) days.
(b) Failure by the Participant to make, or cause to be made, any required
payments of principal, redemption premium, if any, and interest on any bonds, notes or
other obligations of the Participant (other than the Loan and the Revenue Bond), the
payment of which are secured by operating revenues of the Water System.
(c) Failure by the Participant to observe and perform any duty, covenant,
obligation or agreement on its part to be observed or performed under the Agreement or
the Resolution, other than the obligation to make Loan repayments, which failure shall
continue for a period of thirty (30) days after written notice, specifying such failure and
requesting that it be remedied, is given to the Participant by the Issuer, unless the Issuer
shall agree in writing to an extension of such time prior to its expiration or the failure
stated in such notice is correctable but cannot be corrected in the applicable period, in
which case the Issuer may not unreasonably withhold its consent to an extension of such
time up to one hundred twenty (120) days from the delivery of the written notice referred
to above if corrective action is commenced by the Participant within the applicable period
and diligently pursued until the Event of Default is corrected.
Section 12. Remedies on Default. Whenever an Event of Default shall have occurred
and be continuing, the Issuer shall have the right to take any action authorized under the
Regulations, the Revenue Bond or this Agreement and to take whatever other action at law or
equity may appear necessary or desirable to collect the amounts then due and thereafter to
become due under the Agreement or to enforce the performance and observance of any duty,
covenant, obligation or agreement of the Participant under the Agreement or the Resolution.
Section 13. Amendments. This Agreement may not be amended, supplemented or
modified except by a writing executed by all of the parties hereto.
Section 14. Termination. The Participant understands and agrees that the Loan may
be terminated at the option of the Issuer if construction of the Project has not commenced within
one year of the date of execution of this Agreement, all as set forth in the Regulations.
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Section 15. Principal Forgiveness. Notwithstanding any provision of this Agreement
to the contrary, following completion of the Project and receipt by the Issuer of a certificate of
completion from the Participant, a portion of the Loan in an amount equal to the forgiveness
percentage identified in Exhibit A applied to the aggregate amount of disbursements under the
Loan (the "Principal Forgiveness") shall be forgiven by the Issuer, and no payments of principal
or interest shall be due with respect to the Principal Forgiveness after the date of such Principal
Forgiveness (provided, however, that any accrued interest due on such portion up to, but not
including, the date of such forgiveness shall be paid as otherwise required by under this
Agreement). The Issuer will provide written notification to the Participant of the applicable
Principal Forgiveness, which notification may be in the form of the final Exhibit A delivered
pursuant to Section 5.
Section 16. Rule of Construction. This Agreement is executed pursuant to the
provisions of Section 384.24A of the Code of Iowa and shall be read and construed as
conforming to all provisions and requirements of that statute.
In the event of any inconsistency or conflict between the terms and conditions of the
Revenue Bond and this Agreement or the Regulations, the parties acknowledge and agree that
the terms of this Agreement or the Regulations, as the case may be, shall take precedence over
any such terms of the Revenue Bond and shall be controlling, and that the payment of principal
and interest on the Loan shall at all times conform to the schedule set forth on Exhibit A, as
adjusted, and the Regulations.
Section 17. Federal Requirements. The Participant agrees to comply with all
applicable federal ,requirements including, but not limited to, Davis-Bacon wage requirements
and the requirements under the heading "Use of American Iron and Steel" set forth in Division
G, Title IV of H.R. 3547 ("Consolidated Appropriations Act, 2014"), with respect to the use of
American iron and steel products.
Section 18. Repayment of Planning and Design_Loan. The Participant entered into an
Interim Loan and Disbursement Agreement with the Issuer to provide funds to pay the costs of
planning and designing the Project. The Participant agrees to repay the Interim Loan and
Disbursement Agreement on the date of this Agreement. Unless the Participant notifies the
Issuer that the Participant intends to repay the Interim Loan and Disbursement Agreement from
other funds, and the Issuer has received such other funds from the Participant on the date hereof,
the Issuer shall be authorized to deduct the full amount due under the Interim Loan and
Disbursement Agreement from the proceeds of the Loan being made hereunder, and such
deduction by the Issuer shall be deemed to be an expenditure by the Participant of the Loan
proceeds.
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IN WITNESS WHEREOF, we have hereunto affixed our signatures all as of the date first
above written.
CITY OF AMES, IOWA
By: L�-
Mayor
Attest:
City Clerk
[Participant Signature Page to LDA]
IOWA FINANCE AUTHORITY
By: ,
Its: xecutive Di for
[IFA Signature Page to LDA]
EXHIBIT A
ESTIMATED ADVANCEMENTS AND
DEBT SERVICE REPAYMENT SCHEDULE
A-1
Estimated Amortization Schedule
City of Ames
Water Revenue Bond
F S-85-10-D W SRF-046 (r/F
Loan surnmary Estimated Draw I chedule
Loan Closing Date Jan 30,2015 Initiation Fee- Jan 30,2016 100,000.D0
Final Disbursement Date Dec 1,2017 P&D Payoff- Jan 30,2015 6,870,18177 SRF
Final Maturity Date Jun 72037 Estimated Draw#1- Jan 30,2015 4,637,000.00 STATE
Loan Period in Years 20 Estimated Draw#2- May 22,2015 5,537,000.00
atVtf;.VIN6 PUNS
Total Loaned Amount $ 78 325 000.00 Estimated Draw#3- Sep 11,2015 9,442,000.00
0.5%Initiation Fee 100000.00 Estimated Draw#4- Jan 1,2016 9,395 000.00
Net Proceeds to Borrower $ 76,225,000.00 Estimated Draw#5- Apr 22,2016 6.462,000.00
Annual Interest Rate 1.76% Estimated Draw 06- Avg 12,2016 7,909 000.00
Total Interestg$ g2,338,621.81
52.67 Estimated Draw#7- Dec 2,2016 8,060 000.00
Servicing Fee Rate 0,25% Estimated Draw$8- Mar 24,2017 6,142,ODO.00
Total Servicing Fees Estimated Draw#9- Jul 14,2017 7,e30,000.00
Total Loan Coats74.48 Estimated Draw#10- Nov 3,2017 4,135,B18.93
Held for Final Docs- Dec 1,2017 5,D00.00
Total Loaned Amount 76,325 000.00
Payment Beginning Servicing Total Loan Total Annual Debt Ending
Date Balance Principal Interest Fee Payment Service Balance
Jun 1,2015 11607,181.07 _68272,79,,,,,,._
Dec 1.2015 26,586,181.07 189,152.91 27,021.84 216.174.75 26,588181.07
Jun 1,2016_ 42,443,181.07 _ _,,,313,385.17._... 44,769.31 358 154 .... _, .562 337 45..._.. 42,443181.07._..
Dec 1,2016 50,352.181.07 413,284.55 59,040.66 472,325.20 50 352161 07
Jun 1 2017._.... 04,654,181 07 ,... 530,71893..... Malt99, __..,606,63592__. ,1,070,80362 84,554,18107__„
Dec 1,2017 72,184,181 07 615.062.76 87,951.82 703,614.58
72 184 181 07
Jun 1,z01 B 76 32@,000 00 3,141 00000 873,473 OB._,-, 98�210 44_ 3,910,683 50.. 4,814 298,08- _, , 73,184 000 OA_
Dec 1,2018 73,184.000.00 840 360.00 91 480.00 731 840.00 73184 000.00
Jun 1 2019__ 73,164,000 00 ..._._.3 204 000,00 ._
. 640 380.00 _. .91 480am 3,935 640.00..... 4,667 680.00..,_.__. 89 980-000 00.,..„
Dec 1,2019 69.980.000.00 612 325.00 87,475.00 699,800.00 69,980,000.00
Jun 1,2020 69,980,000.00 _3,268,000.00 612,325.00 ,. ,.87,475.00 3,967,800.00._ _, 4,687,800.00 BBa712 000.00
Dec 1,2020 66,712.000.00 583,730.00 83 390.00 667 120.00 88,712 000 00
Jun 1,2021_. e8,71.2.000.00 „3 334,000.00. 683 730 00,.,,_ 83,390.00 - 4,001,1 T0.00 4,666,240 00,_. 63,378 000 00...,
Dec 1,2021 63,378.000.00 554,557.50 79,222.50 633.780.00 63 378 000 00
Jun 1,2022_.., 63 378,000 00__ 3 400 000.00 654 557 50 79 222 50 4,033 780 00_„_ -._4 867a680 00__-,__59 978 000.00,
-- ---� 59,978,000 00
Dec 1,2022 59.978,000.00 524,807.50 74,972.50 698 760.00
Jun 1,2023 b9,978i000.00 3 488,0..... 5T4 807 50 74 972 50 „_4,067,780.00 ___4 687_580 00,_ __, .58 510 000 00.,_
Oec 1,2023 56,510,000.00 494.402.50 70 837.50 565100 00
58,510,000.00
Jun 1,2024 68,510,000 00 3 538,000.00 494.462.50 70 837.50 4 103100.00 ._...._.. 4 888 200 00 62 972 000.00
Dac 1,2024 52 972,000 00 483 506 00 66 215.00 529.720.00
62,972.000.00
Jun 1,2025 52 972 000 00_. 3 808,000 00 _ 463�506 00 .,_., e 215 00, 4,137 720 00, 4,667 440 00�__, 49 384s000 00 ,
Dec1,2025 49,384,000.00 43193500 81705.00 49384000
49 364 DDO 00
Jun 1 2026 49. 64,000.00 3 680,000.00 . 431,935.00 61 706 00 4,173 e40.00 4,667 280 00 45 684 000 00_....
w
Dec 1,2026 45,e84,000.00 399 735.00 57,105 00 456,840.00 45684000 00
Jun 1,2027 45,884,000.00 3,754 000.00 399,735.00 57 105 00 4,210,840 00 4,887,880 00 41930 000 00
41930
Dec 1,2027 41 930,000 00 366.887.50 52,412.50 419,300.00
000 00
Jun 1,2028 41 930,000.00 3 829,000.00. 366,887.50 52412.50 ..„_4,2 00__... 4,887,800 00_.............,38,101.000.00
- 38,101 000 00
Dec l,2028 38,101,000.00 333 383.75 47 e26 25 381 010 00
Jun 1,2029 38,101,000.00 3 906 000.00 333 383.75 .... 47,628 25 4 287 010 00 4.888 020 DO 34,195 000 00__
Dec 1,2029 34 195.000 00 299.206.25 42,743.75 341.950.00
34,195,000.00
Jun 1,2030 34.195,000 DO 3,984,000 00 299 206 25,___42 743 M. ,�4 325 950.00 „___ 4 687,900 00 ___,_30 211,000 00 ._
.._.. 30 211 000 00
Dec 1,2030 30 211"000 00 264,348.25 37,7e3.75 302110 00
Jun 1,2031 .. 30 211.000 00._ .„ 4 1.0e4 000 00 . __264.346.25 37 763 7b._ .__4,386,110 00_ ...__„4 6B8,220 00 28147 000 00 ..
Dec 1,2031 26,147,000.00 228,786.25 32.683.75 261,470.00
28 147,000.00
Jun 1,2032 28147.000.00 4 145 000 DO__ 228.786 25 -._32, 83.75 4 406,470 00, ,4 667 940.00 N 22�OO2t000.00
_...._ ..„.. _.
Dec 1,2032 22 002,000 00 192 517.50 27,502.50 220,020.00 22002000 00
Jun 1,2033 22,002,000 00 4,228,000.00_ 192 517.50 27 502 50 4 448,020 00__._....__.„4x888,040 00...___ 17,774 000 00_.
Dac 1,2033 17,774,000.00 155 b22.b0 22,217.60 177,740.00
17,774,000.00
Jun 1,2034 17 774,000:00 4 312 000.00 155 522.50 22,217.50 ,_. 4.....489,740.00 4 667 480 00_ 13 482 000 00_
Dec 1,2034 13,462,000 00 117,792.50 16,827.50 134.620.00
13 482,000.00
Jun 1,2035 13 482,000 00 4 399 000,00 117 792 50 18,827 50- 4 533 820 00.,__- 4,e68,240 00 9 083,000.00_.-
Dec 1,2035 11 9,063,000 00 79 301.25 11,328 75 90,630.00 9,063,000.00
Jun 1,2036 9,063,000.00 4 487,000.00 79 301.25 11,328 75 4.577 630 00 4,898.260 00 4578 000 00.,,.
..
Dec 1,2036 4,576.000.00 40,040.00 5,720 00 45,7e0.00 4.576.000.00
Jun 1,2037 4,576,000.00 41570,900.00 40,040.00 5,720 00 4,621,76.0.00 4,887,520.00
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As of 1/8/2015