Approved Budget
Fiscal Year 2021

Armstrong Community Development District

June 11, 2020

	Adopted
Budget	Actual
thru	Projected
Next	Total
Projected	Approved
Budget	
 Description		 	FY2020		     3/31/20		 	6 Months		  Thru 9/30/20 	 	FY2021		
Revenues
Special Assessments - Platted Lots	
$139,000	
$138,385	
$0	
$138,385	
$160,000	
Cost Share - Tynes Blvd	$0	$0	$0	$0	$36,000	
Developer Assessment - Unplatted Lot	$36,800	$27,600	$9,200	$36,800	$71,599	
Developer Contributions	$263,553	$50,459	$141,952	$192,411	$223,892	

Total Revenues	 	$439,353	 	$216,443	 	$151,152	 	$367,595 	$491,491 

Expenditures

Administrative		
Supervisors Fees	$9,600	$4,400	$4,000	$8,400	$9,600	
FICA Expense	$734	$337	$306	$643	$734	
Engineering	$10,000	$4,175	$5,000	$9,175	$10,000	
Arbitrage	$600	$0	$600	$600	$600	
Assessment Roll	$5,000	$5,000	$0	$5,000	$5,000	
Dissemination Agent	$3,500	$2,917	$3,500	$6,417	$7,000	
Attorney	$30,000	$6,797	$6,797	$13,594	$20,000	
Annual Audit	$4,200	$0	$4,200	$4,200	$4,300	
Trustee	$3,717	$3,717	$0	$3,717	$3,717	
Management Fees	$45,000	$22,500	$22,500	$45,000	$45,000	
Computer Time	$1,500	$750	$750	$1,500	$1,500	
Telephone	$300	$97	$97	$194	$300	
Postage	$300	$127	$127	$254	$300	
Insurance	$6,050	$6,050	$0	$6,050	$6,484	
Printing & Binding	$2,000	$826	$826	$1,652	$2,000	
Legal Advertising	$2,000	$963	$1,500	$2,463	$2,500	
Other Current Charges	$500	$269	$269	$538	$500	
Website Admin	$1,000	$500	$500	$1,000	$1,000	
Property Taxes	$1,200	$0	$0	$0	$1,200	
Office Supplies	$150	$43	$0	$43	$100	
Dues, Licenses & Subscriptions	$175	$175	$0	$175	$175	

 	$127,527	 	$59,641	 	$50,971	 	$110,612 	$122,011 

Field		
Operations Management	$0	$0	$0	$0	$10,000	
Security	$0	$0	$20,000	$20,000	$30,000	
Utilities	$60,000	$13,582	$18,110	$31,692	$50,000	
Repairs & Maintenance	$5,000	$40	$2,500	$2,540	$5,000	
Landscape	$52,365	$26,182	$26,182	$52,365	$61,977	
Landscape - Contingency	$5,000	$0	$5,000	$5,000	$5,000	
Lake Maintenance	$12,000	$4,925	$4,680	$9,605	$10,000	
Irrigation Repairs	$10,000	$324	$3,000	$3,324	$10,000	

Field Expenses	 	$144,365	 	$45,054	 	$79,472	 	$124,526 	$181,977 

1

	Adopted
Budget	Actual
thru	Projected
Next	Total
Projected	Approved
Budget	
 Description		 	FY2020		     3/31/20		 	6 Months		  Thru 9/30/20 	 	FY2021		

Amenity Center		
Insurance	$19,974		$20,590		$0		$20,590		$23,102	
Phone/Internet/Cable	$5,000		$968		$1,200		$2,168		$5,000	
Electric	$20,000		$6,195		$8,260		$14,455		$20,000	
Water/Irrigation	$15,000		$1,869		$2,492		$4,361		$15,000	
Gas	$200		$425		$240		$665		$1,000	
Refuse Service	$2,500		$1,080		$1,050		$2,130		$2,500	
Security Monitoring	$600		$0		$0		$0		$600	
Access Cards	$2,500		$0		$0		$0		$2,500	
Field Mgmt/Admin	$15,000		$0		$0		$0		$15,000	
Amenity Landscaping	$30,631		$15,315		$15,315		$30,631		$30,631	
Fitness Equipment Lease (Sofitco)	$23,196		$8,491		$8,491		$16,982		$17,500	
Janitorial	$7,000		$6,708		$6,330		$13,038		$12,660	
Janitorial Supplies	$3,450		$2,174		$4,348		$6,522		$6,500	
Pool Maintenance	$0		$6,353		$0		$6,353		$12,600	
Facility Maintenance	$7,500		$0		$5,000		$5,000		$7,500	
Repairs & Maintenance	$4,310		$0		$3,000		$3,000		$4,310	
Special Events	$5,000		$1,308		$1,500		$2,808		$4,000	
Holiday Decorations	$1,500		$2,245		$500		$2,745		$3,000	
Fitness Center Repairs/Supplies	$900		$105		$0		$105		$900	
Office Supplies	$1,500		$0		$0		$0		$1,500	
ASCAP/BMI License Fees	$500		$0		$500		$500		$500	
Pest Control	$1,200		$135		$270		$405		$1,200	
Amenity Center	 	$167,461 		 	$73,960 		 	$58,497 		 	$132,457 		 	$187,503 	
Total Expenses	 	$439,353 		 	$178,655 		 	$188,941 		 	$367,596 		 	$491,491 	
ASSIGNED FUND BALANCE	 	$0 		 	$37,788 		 	-$37,789 		 	$0 		 	$0 	

Platted Lots:	FY 2020	FY 2021	
Assessments - On Roll	200	200	
Net Assessment - Per Unit	$695	$800	
Total Net Assessments	$139,000	$160,000	
Gross Assessment (6% Discount)	$147,340	$169,600	
Gross Assessment - Per Unit	$739	$851	
Developer Admin Assessment - Unplatted Lots	283	
Total Assessment Per Unit	$253	
Total Net Assessments	$71,599	
Gross Assessment (6% Discount)	$75,895	

2

REVENUES:

Special Assessments
The District will levy a Non-Ad Valorem assessment on platted lots within the District.

Cost Share – Tynes Blvd
The District will enter into an Agreement with East/West Partners and future landowners to cover the proportionate share of landscaping and irrigation services of Tynes Blvd.

Developer Assessments
The District will direct bill an assessment on unplatted lots within the District. Based on 283 unplatted lots with 483 total lots to be developed.

Developer Contributions
The District will enter into a Funding Agreement with the Developer to fund the balance of the General Fund Expenditures for the Fiscal Year.

EXPENDITURES:

Administrative:

Engineering Fees
The District has contracted England-Thims & Miler Inc. to provide general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, etc.

Arbitrage
The District is required to have an annual arbitrage rebate calculation on the District’s Bonds. The District will contract with an independent auditing firm to perform the calculations.

Dissemination
The District is required by the Security and Exchange Commission to comply with Rule 15(c)(2)-12(b)(5), which relates to additional reporting requirements for un-rated bond issues. GMS, LLC will act as Dissemination Agent.

Attorney
The District has contracted with Hopping, Green & Sams, PA to provide general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, etc.

Annual Audit
The District is required to annually conduct an audit of its financial records by an Independent Certified Public Accounting Firm. The fee is based on similar Community Development Districts and includes the GASB 34 pronouncement.

Trustee Fees
The District issued Series 2017A/B that are held with a Trustee at US Bank. The amount of the trustee fees is based on the agreement between the Bank and the District.
Page 3

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.

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

Insurance
The District has a General Liability & Public Officials Liability Insurance policy with Egis Insurance & Risk Advisors, a firm that specializes in providing insurance coverage to governmental agencies.

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

Other Current Charges
Bank charges and any other miscellaneous expenses that incurred during the year.

Website Administration
Per Chapter 2014-22, Laws of Florida, all Districts must have a website to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS,  LLC and updated monthly.

Property Taxes
Represents the Ad Valorem taxes due on a Conservation Easement held by the Districts. Taxes are paid to  Jimmy Weeks, Clay County Tax Collector.

Office Supplies
Miscellaneous office supplies.

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

Field:

Utilities
The District will open electric and water accounts to serve the common areas.

Page 4

Security
The District has entered into an agreement with Viewpoint Security for private onsite patrols.

Repairs & Maintenance
Miscellaneous repairs and needed maintenance of the District common areas.

Landscape Maintenance
The District has entered into an agreement with Tree Amigos Outdoor Services, Inc. to furnish all supervision, labor, materials, equipment and transportation required to maintain the landscape and irrigation system. The budgeted amount includes $9,612 for Tynes Blvd.

Landscape Contingency
Any necessary landscape work not covered by the monthly contract.

Lake Maintenance
The District has entered into an agreement with Sitex Aquatics, LLC for the maintenance of six (6) ponds. Service will include 12 treatments/inspections.

Irrigation Repairs
Miscellaneous irrigation repairs and maintenance.

Amenity Center:

Insurance
The cost of property insurance to cover the Districts assets.

Phone/Internet/Cable
Service to the clubhouse.

Electric
Electric service to the clubhouse.

Water/Irrigation
Water service to the clubhouse and surrounding landscaping.

Gas
The District has contracted with TECO for gas service to the clubhouse.

Refuse Service
Contract for monthly dumpster rental and removal.

Security Monitoring
Monitoring of clubhouse cameras/security system.

Access Cards
Represents the estimated cost for access cards to the District’s Amenity Center.

Field Management/Admin
Contract administration services and oversite of the Amenity Center.

Page 5

Amenity Landscaping
Landscaping of area surrounding the Amenity Center.
Janitorial
The District has entered into an agreement with Summit Facility Solutions for janitorial services for the Amenity Center.

Janitorial Supplies
Cleaning supplies for the Janitorial staff.

Pool Maintenance
The District has entered into an agreement with Crown Pools Inc. for the monthly service of the pool. Services include three (3) weekly visits to complete cleaning of pool, brushing of tile, walls, floor, skim and deep netting vacuum when needed. Will check all equipment and water levels.

Facility Maintenance
Cost of routine repairs and maintenance of the District’s Amenity Center.

Repairs & Maintenance
Cost of routine repairs and replacements of the District’s common areas and Amenity Center.

Special Events
Represents the estimated cost for the District to host any special events for the community throughout the Fiscal Year.

Holiday Decorations
The cost of decorations for the Amenity Center.

Fitness Equipment Lease
The District is leasing equipment for the Fitness Center.

Fitness Center Repairs/Supplies
The cost of regular maintenance and any necessary repairs to the Fitness equipment.

Office Supplies
Supplies for the Amenity Center.

ASCAP/BMI License Fees
The cost of showing movies and streaming music in the Amenity Center.

Pest Control
The District has entered into an agreement with Apex Pest Control, Inc. for pest control services for the Amenity Center. Service will be performed once a month.

Page 6

Armstrong
Community Development District	Debt Service Fund
Series 2017A/B

	Adopted
Budget		Actual
thru		Projected
Next		Total
Projected		Approved
Budget	
 Description		 	FY2020			     3/31/20			    6 Months 		  Thru 9/30/20 		 	FY2021		
Revenues										

Assessments - Series 2017A On Roll	$265,819		$263,267		$0		$263,267		$265,819	
Assessments - Series 2017A Direct	$0		$10,327		$0		$10,327		$0	
Assessments - Series 2017B (Direct)	$50,663		$0		$0		$0		$0	
Interest Income	$0		$476		$600		$1,076		$0	
Carry Forward Surplus	$189,082		$979,290		$0		$979,290		$186,582	
Total Revenues	 	$505,564 		  $1,253,360 		 	$600 		 	$1,253,960 		 	$452,401 	

Expenditures										
Series 2017A										
Interest 11/1	$98,975		$98,975		$0		$98,975		$97,797	
Interest 11/1	$65,000		$65,000		$0		$65,000		$70,000	
Principal 5/1	$97,797		$0		$97,797		$97,797		$96,528	
Series 2017B										
Interest 11/1	$25,331		$20,606		$0		$20,606		$0	
Special Call 11/1	$0		$785,000		$0		$785,000		$0	
Interest 5/1	$25,331		$0		$0		$0		$0	
Total Debt Service Expenditures	 	$312,435 		     $969,581 		 	$97,797 		 	$1,067,378 		 	$264,325 	
EXCESS REVENUES / (EXPENDITURES)	 	$193,129 		     $283,779 		 	(97,197) 		 	186,582 		 	188,076 	

**2017B Bonds were paid off on 11/1/2019							
11/1/20 Interest		 	2017 A	
$	96,528	
							11/1/20 Principal		  $	70,000 	

Assessments - Platted Lots on Tax Roll		$	166,528	
	2017A		
Product Type	# Units	Per Unit	Total	
43' Lot	51	$1,053	$53,703	
53' Lot	73	$1,299	$94,827	
63' Lot	76	$1,543	 	$117,268 	
		$265,798	

7

Armstrong	Series 2017A
COMMUNITY DEVELOPMENT DISTRICT	Amortization Schedule
PRINCIPAL
   DATE	 	BALANCE		 	INTEREST		 	PRINCIPAL		 	TOTAL	

(1)

 	 	

#######	$	4,035,000	$	117,121	$	-	$	-	
1-Nov-18	$	4,035,000	$	98,975	$	-	$	216,095.60	
#######	$	4,035,000	$	98,975	$	-	$	-	
1-Nov-19	$	4,035,000	$	98,975	$	65,000	$	262,950.00	
#######	$	3,970,000	$	97,797	$	-	$	-	
1-Nov-20	$	3,970,000	$	97,797	$	70,000	$	265,593.75	
#######	$	3,900,000	$	96,528	$	-	$	-	
1-Nov-21	$	3,900,000	$	96,528	$	70,000	$	263,056.25	
#######	$	3,830,000	$	95,259	$	-	$	-	
1-Nov-22	$	3,830,000	$	95,259	$	75,000	$	265,518.75	
#######	$	3,755,000	$	93,900	$	-	$	-	
1-Nov-23	$	3,755,000	$	93,900	$	75,000	$	262,800.00	
#######	$	3,680,000	$	92,541	$	-	$	-	
1-Nov-24	$	3,680,000	$	92,541	$	80,000	$	265,081.25	
#######	$	3,600,000	$	90,741	$	-	$	-	
1-Nov-25	$	3,600,000	$	90,741	$	80,000	$	261,481.25	
#######	$	3,520,000	$	88,941	$	-	$	-	
1-Nov-26	$	3,520,000	$	88,941	$	85,000	$	262,881.25	
#######	$	3,435,000	$	87,028	$	-	$	-	
1-Nov-27	$	3,435,000	$	87,028	$	90,000	$	264,056.25	
#######	$	3,345,000	$	85,003	$	-	$	-	
1-Nov-28	$	3,345,000	$	85,003	$	95,000	$	265,006.25	
#######	$	3,250,000	$	82,866	$	-	$	-	
1-Nov-29	$	3,250,000	$	82,866	$	100,000	$	265,731.25	
#######	$	3,150,000	$	80,366	$	-	$	-	
1-Nov-30	$	3,150,000	$	80,366	$	100,000	$	260,731.25	
#######	$	3,050,000	$	77,866	$	-	$	-	
1-Nov-31	$	3,050,000	$	77,866	$	105,000	$	260,731.25	
#######	$	2,945,000	$	75,241	$	-	$	-	
1-Nov-32	$	2,945,000	$	75,241	$	115,000	$	265,481.25	
#######	$	2,830,000	$	72,366	$	-	$	-	
1-Nov-33	$	2,830,000	$	72,366	$	120,000	$	264,731.25	
#######	$	2,710,000	$	69,366	$	-	$	-	
1-Nov-34	$	2,710,000	$	69,366	$	125,000	$	263,731.25	
#######	$	2,585,000	$	66,241	$	-	$	-	
1-Nov-35	$	2,585,000	$	66,241	$	130,000	$	262,481.25	
#######	$	2,455,000	$	62,909	$	-	$	-	
1-Nov-36	$	2,455,000	$	62,909	$	140,000	$	265,818.75	
#######	$	2,315,000	$	59,322	$	-	$	-	
1-Nov-37	$	2,315,000	$	59,322	$	145,000	$	263,643.75	
#######	$	2,170,000	$	55,606	$	-	$	-	
1-Nov-38	$	2,170,000	$	55,606	$	150,000	$	261,212.50	
#######	$	2,020,000	$	51,763	$	-	$	-	
1-Nov-39	$	2,020,000	$	51,763	$	160,000	$	263,525.00	
#######	$	1,860,000	$	47,663	$	-	$	-	
1-Nov-40	$	1,860,000	$	47,663	$	170,000	$	265,325.00	
#######	$	1,690,000	$	43,306	$	-	$	-	
1-Nov-41	$	1,690,000	$	43,306	$	175,000	$	261,612.50	
#######	$	1,515,000	$	38,822	$	-	$	-	
1-Nov-42	$	1,515,000	$	38,822	$	185,000	$	262,643.75	
#######	$	1,330,000	$	34,081	$	-	$	-	
1-Nov-43	$	1,330,000	$	34,081	$	195,000	$	263,162.50	
#######	$	1,135,000	$	29,084	$	-	$	-	
1-Nov-44	$	1,135,000	$	29,084	$	205,000	$	263,168.75	
#######	$	930,000	$	23,831	$	-	$	-	
1-Nov-45	$	930,000	$	23,831	$	215,000	$	262,662.50	
#######	$	715,000	$	18,322	$	-	$	-	
1-Nov-46	$	715,000	$	18,322	$	225,000	$	261,643.75	
#######	$	490,000	$	12,556	$	-	$	-	
1-Nov-47	$	490,000	$	12,556	$	240,000	$	265,112.50	
#######	$	250,000	$	6,406	$	-	$	-	
1-Nov-48	$	250,000	$	6,406	$	250,000	$	262,812.50	

(1) Represents Interest from 9/6/17 through 5/1/18

   $	4,085,483.10 

8

   $	4,035,000.00 

   $	8,120,483.10 

Armstrong
Community Development District	Debt Service Fund
Series 2019

	Proposed
Budget		Actual
thru		Projected
Next		Total
Projected		Approved
Budget	
 Description		 	FY2020			     3/31/20			    6 Months 		  Thru 9/30/20 		 	FY2021		
Revenues										
Assessments - Series 2019	$0		$0		$0		$0		$433,600	
Interest Income	$0		$476		$600		$1,076		$0	
Carry Forward Surplus	$0		$0		$0		$0		$145,882	
Total Revenues	 	$0 		 	$476 		 	$600 		 	$1,076 		 	$579,482 	
Expenditures										
Series 2019
Interest 11/1	
$0		
$0		
$0		
$0		
$144,806	
Principal 11/1	$0		$0		$0		$0		$0	
Interest 5/1	$152,851		$0		$152,851		$152,851		$144,806	
Total Debt Service Expenditures	 	$152,851 		 	$0 		 	$152,851 		 	$152,851 		 	$289,613 	
Other Sources/(Uses):										
Bond Proceeds	$731,257		$731,257		$0		$731,257		$0	
Total Other	 	$731,257 		     $731,257 		 	$0 		 	$731,257 		 	$0 	
EXCESS REVENUES / (EXPENDITURES)	 	$578,406 		     $731,733 		 	-$152,251 		 	$579,482 		 	289,870 	

11/1/21Interest	$	144,806	
11/1/21 Principal	  $	140,000 	
	$	284,806	

9

Armstrong	Series 2019
COMMUNITY DEVELOPMENT DISTRICT	Amortization Schedule
PRINCIPAL
    DATE	 	BALANCE		 	INTEREST		 	PRINCIPAL		 	TOTAL	

1-May-20	$	7,500,000	$	152,851	$	-	$	-	
1-Nov-20	$	7,500,000	$	144,806	$	-	$	297,657.29	
1-May-21	$	7,500,000	$	144,806	$	-	$	-	
1-Nov-21	$	7,500,000	$	144,806	$	140,000	$	429,612.50	
1-May-22	$	7,360,000	$	142,619	$	-	$	-	
1-Nov-22	$	7,360,000	$	142,619	$	145,000	$	430,237.50	
1-May-23	$	7,215,000	$	140,353	$	-	$	-	
1-Nov-23	$	7,215,000	$	140,353	$	150,000	$	430,706.26	
1-May-24	$	7,065,000	$	138,009	$	-	$	-	
1-Nov-24	$	7,065,000	$	138,009	$	155,000	$	431,018.76	
1-May-25	$	6,910,000	$	135,588	$	-	$	-	
1-Nov-25	$	6,910,000	$	135,588	$	160,000	$	431,175.00	
1-May-26	$	6,750,000	$	132,788	$	-	$	-	
1-Nov-26	$	6,750,000	$	132,788	$	165,000	$	430,575.00	
1-May-27	$	6,585,000	$	129,900	$	-	$	-	
1-Nov-27	$	6,585,000	$	129,900	$	170,000	$	429,800.00	
1-May-28	$	6,415,000	$	126,925	$	-	$	-	
1-Nov-28	$	6,415,000	$	126,925	$	175,000	$	428,850.00	
1-May-29	$	6,240,000	$	123,863	$	-	$	-	
1-Nov-29	$	6,240,000	$	123,863	$	185,000	$	432,725.00	
1-May-30	$	6,055,000	$	120,625	$	-	$	-	
1-Nov-30	$	6,055,000	$	120,625	$	190,000	$	431,250.00	
1-May-31	$	5,865,000	$	117,300	$	-	$	-	
1-Nov-31	$	5,865,000	$	117,300	$	195,000	$	429,600.00	
1-May-32	$	5,670,000	$	113,400	$	-	$	-	
1-Nov-32	$	5,670,000	$	113,400	$	205,000	$	431,800.00	
1-May-33	$	5,465,000	$	109,300	$	-	$	-	
1-Nov-33	$	5,465,000	$	109,300	$	215,000	$	433,600.00	
1-May-34	$	5,250,000	$	105,000	$	-	$	-	
1-Nov-34	$	5,250,000	$	105,000	$	220,000	$	430,000.00	
1-May-35	$	5,030,000	$	100,600	$	-	$	-	
1-Nov-35	$	5,030,000	$	100,600	$	230,000	$	431,200.00	
1-May-36	$	4,800,000	$	96,000	$	-	$	-	
1-Nov-36	$	4,800,000	$	96,000	$	240,000	$	432,000.00	
1-May-37	$	4,560,000	$	91,200	$	-	$	-	
1-Nov-37	$	4,560,000	$	91,200	$	250,000	$	432,400.00	
1-May-38	$	4,310,000	$	86,200	$	-	$	-	
1-Nov-38	$	4,310,000	$	86,200	$	260,000	$	432,400.00	
1-May-39	$	4,050,000	$	81,000	$	-	$	-	
1-Nov-39	$	4,050,000	$	81,000	$	270,000	$	432,000.00	
1-May-40	$	3,780,000	$	75,600	$	-	$	-	
1-Nov-40	$	3,780,000	$	75,600	$	280,000	$	431,200.00	
1-May-41	$	3,500,000	$	70,000	$	-	$	-	
1-Nov-41	$	3,500,000	$	70,000	$	290,000	$	430,000.00	
1-May-42	$	3,210,000	$	64,200	$	-	$	-	
1-Nov-42	$	3,210,000	$	64,200	$	305,000	$	433,400.00	
1-May-43	$	2,905,000	$	58,100	$	-	$	-	
1-Nov-43	$	2,905,000	$	58,100	$	315,000	$	431,200.00	
1-May-44	$	2,590,000	$	51,800	$	-	$	-	
1-Nov-44	$	2,590,000	$	51,800	$	325,000	$	428,600.00	
1-May-45	$	2,265,000	$	45,300	$	-	$	-	
1-Nov-45	$	2,265,000	$	45,300	$	340,000	$	430,600.00	
1-May-46	$	1,925,000	$	38,500	$	-	$	-	
1-Nov-46	$	1,925,000	$	38,500	$	355,000	$	432,000.00	
1-May-47	$	1,570,000	$	31,400	$	-	$	-	
1-Nov-47	$	1,570,000	$	31,400	$	370,000	$	432,800.00	
1-May-48	$	1,200,000	$	24,000	$	-	$	-	
1-Nov-48	$	1,200,000	$	24,000	$	385,000	$	433,000.00	
1-May-49	$	815,000	$	16,300	$	-	$	-	
1-Nov-49	$	815,000	$	16,300	$	400,000	$	432,600.00	
1-May-50	$	415,000	$	8,300	$	-	$	-	
1-Nov-50	$	415,000	$	8,300	$	415,000	$	431,600.00	

   $	5,735,607.31 
10

   $	7,500,000.00 

   $	13,235,607.31