Adopted Budget	
Fiscal Year 2024	

Downtown Doral South	
Community Development District	

July 25, 2023

Downtown Doral South	
Community Development District	

Revenues	
Maintenance Assessments	
Assessments - Direct	
Interest Income	
Carry Forward Surplus	

$1,064,402	
$516,001	
$1,000	
$283,819	

$1,530,437	
$31,000	
$64,226	
$0	

$21,166	
$43,400	
$15,000	
$0	

$1,551,603	
$74,400	
$79,226	
$0	

$1,590,003	
$0	
$25,000	
$288,492	

Adopted	
Budget	
FY 2023	

Actual	
thru	
6/30/2023	

Projected	
Next	
3 Months	

Total	
Projected at	
9/30/2023	

Adopted	
Budget	
FY 2024	

Description

Total Revenues	$1,865,222	$1,625,663	$79,566	$1,705,229	$1,903,495

Expenditures

Administrative	
Engineering	
Arbitrage	
Dissemination	
Assessment Roll	
Attorney	
Annual Audit	
Trustee	
Management Fees	
Telephone	
Postage	
Insurance	
Printing & Binding	
Legal Advertising	
Other Current Charges	
Website Admin	
Office Supplies	
Dues, Licenses	
First Quarter Operating	
Property Taxes	

$25,000	$10,390	
$2,600	$6,600	
$2,500	$1,875	
$5,000	$5,000	
$25,000	$9,014	
$9,000	$7,000	
$24,500	$833	
$42,800	$32,100	
$100	$0	
$1,000	$790	
$6,893	$6,587	
$1,000	$51	
$1,000	$0	
$750	$577	
$1,200	$900	
$350	$0	
$175	$175	
$27,000	$489	
$0	$489	

$7,421	
$550	
$625	
$0	
$751	
$0	
$10,000	
$10,700	
$25	
$158	
$0	
$500	
$850	
$192	
$300	
$250	
$0	
$0	
$0	

$17,811	
$7,150	
$2,500	
$5,000	
$9,765	
$7,000	
$10,833	
$42,800	
$25	
$948	
$6,587	
$551	
$850	
$769	
$1,200	
$250	
$175	
$489	
$489	

$25,000	
$1,100	
$2,500	
$5,000	
$25,000	
$7,500	
$10,000	
$42,800	
$100	
$1,000	
$7,260	
$1,000	
$1,000	
$750	
$1,200	
$350	
$175	
$0	
$500	

Total Administrative	$175,868	$82,870	$32,323	$114,704	$132,235

Field

Field Management	
Electric - Street Lighting	
Electric - Fountains	
Irrigation-Potable Water	
Property Insurance	
Pest Control	
Landscape Maintenance	
Landscape Replacement	
Royal Palm Treatment	
Pressure Cleaning - Overall	
General Maintenance	
Wall Maintenance	
Fountain Maintenance	
Lake Fountain Maintenance	
Irrigation Maintenance	
Lake Maintenance	
Fertilization	
Irrigation Repairs	

$20,700	
$36,000	
$105,000	
$225,000	
$15,000	
$50,000	
$450,000	
$200,000	
$120,000	
$60,000	
$50,000	
$10,000	
$17,500	
$0	
$98,969	
$24,000	
$50,000	
$20,000	

$15,525	
$21,785	
$23,046	
$106,950	
$0	
$6,900	
$213,237	
$124,335	
$88,035	
$47,365	
$90,186	
$0	
$13,865	
$4,000	
$0	
$8,474	
$24,850	
$9,900	

$5,175	
$10,893	
$11,523	
$53,475	
$0	
$5,000	
$96,724	
$62,168	
$44,018	
$0	
$45,093	
$2,500	
$6,933	
$4,000	
$40,000	
$4,800	
$25,000	
$10,000	

$20,700	
$32,678	
$34,569	
$160,425	
$0	
$11,900	
$309,961	
$186,503	
$132,053	
$47,365	
$135,279	
$2,500	
$20,798	
$8,000	
$40,000	
$13,274	
$49,850	
$19,900	

$20,700	
$36,000	
$105,000	
$225,000	
$25,000	
$50,000	
$450,000	
$200,000	
$120,000	
$60,000	
$100,000	
$10,000	
$17,500	
$8,000	
$98,969	
$28,306	
$50,000	
$20,000	

Downtown Doral South	
Community Development District	

	

	

	

Adopted	
Budget	
FY 2023	

Actual	
thru	
6/30/2023	

Projected	
Next	
3 Months	

Total	
Projected at	
9/30/2023	

Adopted	
Budget	
FY 2024	

Description

Field (continued)

Maintenance Personnel	
Wall Painting Reserve	
Reserves	
Contingency/Holiday Decorations	

$41,600	
$20,000	
$40,000	
$35,585	

$0	
$0	
$0	
$17,528	

$10,000	
$10,000	
$26,500	
$12,252	

$10,000	
$10,000	
$26,500	
$29,780	

$41,600	
$20,000	
$50,000	
$35,185	

Total Field	$1,689,354		$815,981		$486,052		$1,302,033		$1,771,260	
										
Total Expenditures	$1,865,222		$898,851		$518,375		$1,416,737		$1,903,495	
										
Assigned Fund Balance	$0		$726,812		($438,809)		$288,492		$0	

ON ROLL ASSESSMENTS:	
Product

Area 1 Townhomes Single Family Estate Home

Area 2 Condominium Cluster Townhomes Total	Units

34
258
s	130

398
466
39

Disco	Gross/Unit	Total

$1,263.16	$42,947.44
$1,263.16	$325,895.28
$1,263.16	$164,210.80
$533,053.52

$1,263.16	$502,737.68
$1,263.16	$588,632.56
$1,263.16	$49,263.24
$1,140,633.48

Total Gross		$1,673,687.00 unts/Collections			(83,684.35) Net Collections	$1,590,002.65	

REVENUES:

Maintenance Assessments
The District will levy a Non-Ad Valorem assessment on all the platted lots within the District to pay all of the operating expenses for the Fiscal Year in accordance with the adopted budget.

EXPENDITURES:

Administrative:

Engineering Fees
The District's engineer will be providing 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 has contracted LLS Tax Solutions Inc. to perform the calculations.

Dissemination Agent
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.

Attorney Fees
The District's legal counsel will be providing 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 annually to conduct an audit of its financial records by an Independent Certified Public Accounting Firm.

Trustee Fees
The District bonds will be held and administered by Wells Fargo Bank as Trustee. This represents the banks annual fee for 2 bond issues.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services – South Florida, LLC.

Computer Time
The District processes all of its financial activities, i.e. accounts payable, financial statements, etc. on a main frame computer leased by Governmental Management Services – South Florida, LLC.

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.

Administrative: (continued)

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with a qualified entity that specializes in providing insurance coverage to governmental agencies. The amount is based upon similar Community Development Districts.

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 Compliance
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-SF, LLC and updated monthly.

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:

Landscape Maintenance
The District has contracted with Equator Landscaping for the landscape maintenance of the District’s common areas. Services include mowing, edging, shrub care, Palm and tree care, weed control, fertilization, pest control and irrigation maintenance.

Landscape Replacement
The cost to replace sod, bushes, annuals, perennials as needed.

Royal Palm Treatment
The District has entered into a contract with Equator Landscaping to treat the Royal Palms.

Irrigation Repairs
Irrigation system repairs and materials.

Irrigation – Potable Water
The District has accounts with Miami-Dade Water Department for irrigation of the District’s common areas.

Lake Maintenance
Includes monthly cleaning of all District lakes. The District is contracted with The Lake Doctors for these services.

Electric – Street Lighting
The District will open accounts with FPL for the District street lighting.

Field: (continued)

Electric – Fountains
The District will open accounts with FPL for the fountains.

Fountain Maintenance
The District has entered into a contract with Florida’s Bright & Blue Pools to maintain the fountains. Services include:
-Test, balance and maintain chemicals
-Vacuum, brush, clean all surfaces
-Backwash filters
-Clean skimmer baskets
-Monitor gauges and flows

Lake Fountain Maintenance
The District has entered into a contract with Collier Water Systems to maintain the fountains. Services include:

-Inspect & adjust controls
-Clean fountain intakes underwater
-Clean fountain ballasts
-Clean fountain light lenses
-Clean fountain heads and display nozzles

Wall Maintenance
Includes maintenance and repairs for the perimeter wall.

Wall Painting Reserve
Funds for future repainting of the wall.

General Maintenance
Includes general maintenance and repairs.

Maintenance Personnel
District personnel for the Maintenance of the District.

Pressure Cleaning
Pressure cleaning of sidewalks and walkways.

Property Insurance
Property coverage for fountains and physical assets of the District.

Property Management
The supervision and on-site management of the District. The responsibilities include reviewing contracts and other maintenance related items.

Reserves
Funds set aside for future replacements of capital related items.

Contingency
Represents any un-budgeted expense related to the operations and maintenance of the district.

Downtown Doral South	
Community Development District	

 	
Debt Service Fund	
Series 2018 Area One Special Assessment Bond	

Revenues	
Assessments - On Roll	
Assessments - Direct	
Interest Income	
Carry Forward Surplus	

$1,177,817	
$0	
$0	
$417,286	

$1,099,160	
$597,387	
$33,793	
$377,238	

$47,680	
$0	
$5,000	
$0	

$1,146,840	
$597,387	
$38,793	
$377,238	

$1,146,840	
$0	
$0	
$610,498	

Adopted	
Budget	
FY 2023	

Actual	
thru	
6/30/2023	

Projected	
Next	
3 Months	

Total	
Projected at	
9/30/2023	

Adopted	
Budget	
FY 2024	

Description

Total Revenues	$1,595,103	$2,107,578	$52,680	$2,160,258	$1,757,338

Expenditures

Series 2018-1	
Interest 11/1	
Principal 5/1	
Special Call - 5/1	
Interest - 5/1	

$419,880	
$330,000	
$0	
$419,880	

$419,880	
$330,000	
$380,000	
$419,880	

$0	
$0	
$0	
$0	

$419,880	
$330,000	
$380,000	
$419,880	

$402,773	
$345,000	
$0	
$402,773	

Total Expenditures	$1,169,760		$1,549,760		$0		$1,549,760		$1,150,545	
										
EXCESS REVENUES	$425,343		$557,818		$52,680		$610,498		$606,793	
							
11/1/2024		
$394,838	

ON ROLL ASSESSMENTS:	
Product

Area 1 Townhomes Single Family Estate Home	Units

34
258
s	130
422
Disco	Gross/Unit	Total

$2,187.72	$74,382.48
$2,396.06	$618,183.48
$3,958.72	$514,633.60
Total Gross		$1,207,199.56 unts/Collections			(60,359.98) Net Collections	$1,146,839.58	

Downtown Doral South	
Community Development District	

 	
Series 2018 Area One Special Assessment Bond	
Amortization Schedule	

PRINCIPAL	
	BALANCE		

COUPON	
	RATE		

	DATE			INTEREST			PRINCIPAL			TOTAL	

1-Nov-23	$16,465,000.00	$402,772.50	$0.00	$402,772.50	
1-May-24	$16,465,000.00	4.60%	$402,772.50	$345,000.00	$0.00	
1-Nov-24	$16,120,000.00	$394,837.50	$0.00	$1,142,610.00	
1-May-25	$16,120,000.00	4.60%	$394,837.50	$360,000.00	$0.00	
1-Nov-25	$15,760,000.00	$386,557.50	$0.00	$1,141,395.00	
1-May-26	$15,760,000.00	4.60%	$386,557.50	$375,000.00	$0.00	
1-Nov-26	$15,385,000.00	$377,932.50	$0.00	$1,139,490.00	
1-May-27	$15,385,000.00	4.60%	$377,932.50	$395,000.00	$0.00	
1-Nov-27	$14,990,000.00	$368,847.50	$0.00	$1,141,780.00	
1-May-28	$14,990,000.00	4.60%	$368,847.50	$415,000.00	$0.00	
1-Nov-28	$14,575,000.00	$359,302.50	$0.00	$1,143,150.00	
1-May-29	$14,575,000.00	5.00%	$359,302.50	$425,000.00	$0.00	
1-Nov-29	$14,150,000.00	$348,677.50	$0.00	$1,132,980.00	
1-May-30	$14,150,000.00	5.00%	$348,677.50	$445,000.00	$0.00	
1-Nov-30	$13,705,000.00	$337,552.50	$0.00	$1,131,230.00	
1-May-31	$13,705,000.00	5.00%	$337,552.50	$465,000.00	$0.00	
1-Nov-31	$13,240,000.00	$325,927.50	$0.00	$1,128,480.00	
1-May-32	$13,240,000.00	5.00%	$325,927.50	$490,000.00	$0.00	
1-Nov-32	$12,750,000.00	$313,677.50	$0.00	$1,129,605.00	
1-May-33	$12,750,000.00	5.00%	$313,677.50	$515,000.00	$0.00	
1-Nov-33	$12,235,000.00	$300,802.50	$0.00	$1,129,480.00	
1-May-34	$12,235,000.00	5.00%	$300,802.50	$540,000.00	$0.00	
1-Nov-34	$11,695,000.00	$287,302.50	$0.00	$1,128,105.00	
1-May-35	$11,695,000.00	5.00%	$287,302.50	$570,000.00	$0.00	
1-Nov-35	$11,125,000.00	$273,052.50	$0.00	$1,130,355.00	
1-May-36	$11,125,000.00	5.00%	$273,052.50	$600,000.00	$0.00	
1-Nov-36	$10,525,000.00	$258,052.50	$0.00	$1,131,105.00	
1-May-37	$10,525,000.00	5.00%	$258,052.50	$630,000.00	$0.00	
1-Nov-37	$9,895,000.00	$242,302.50	$0.00	$1,130,355.00	
1-May-38	$9,895,000.00	5.00%	$242,302.50	$660,000.00	$0.00	
1-Nov-38	$9,235,000.00	$225,802.50	$0.00	$1,128,105.00	
1-Feb-39	$9,235,000.00	5.10%	$225,802.50	$695,000.00	$0.00	
1-Nov-39	$8,540,000.00	$208,080.00	$0.00	$1,128,882.50	
1-May-40	$8,540,000.00	5.10%	$208,080.00	$735,000.00	$0.00	
1-Nov-40	$7,805,000.00	$189,337.50	$0.00	$1,132,417.50	
1-May-41	$7,805,000.00	5.10%	$189,337.50	$770,000.00	$0.00	
1-Nov-41	$7,035,000.00	$169,702.50	$0.00	$1,129,040.00	
1-May-42	$7,035,000.00	5.10%	$169,702.50	$810,000.00	$0.00	
1-Nov-42	$6,225,000.00	$149,047.50	$0.00	$1,128,750.00	
1-May-43	$6,225,000.00	5.10%	$149,047.50	$855,000.00	$0.00	
1-Nov-43	$5,370,000.00	$127,245.00	$0.00	$1,131,292.50	
1-May-44	$5,370,000.00	5.10%	$127,245.00	$900,000.00	$0.00	
1-Nov-44	$4,470,000.00	$104,295.00	$0.00	$1,131,540.00	
1-May-45	$4,470,000.00	5.10%	$104,295.00	$945,000.00	$0.00	
1-Nov-45	$3,525,000.00	$80,197.50	$0.00	$1,129,492.50	
1-May-46	$3,525,000.00	5.10%	$80,197.50	$995,000.00	$0.00	
1-Nov-46	$2,530,000.00	$54,825.00	$0.00	$1,130,022.50	
1-May-47	$2,530,000.00	5.10%	$54,825.00	$1,050,000.00	$0.00	
1-Nov-47	$1,480,000.00	$28,050.00	$0.00	$1,132,875.00	
1-May-48	$1,480,000.00	5.10%	$28,050.00	$1,100,000.00	$1,128,050.00	

	Total			$12,628,360.00 		$16,085,000.00 		$28,713,360.00 
**Revised 4/6/23

Downtown Doral South		Debt Service Fund Community Development District	Series 2018 Area Two Special Assessment Bond

	Adopted
Budget		Actual
thru		Projected
Next	
Total
Projected at		Adopted
Budget	
Description		FY 2023		6/30/2023		3 Months	9/30/2023		FY 2024	

Revenues										
Assessments - On Roll		$1,201,427		$1,393,804		$150	$1,393,954		$1,441,395	
Assessments - Direct		$241,653		$159,372		$82,281	$241,653		$0	
Interest Income		$0		$49,005		$15,000	$64,005		$0	
Carry Forward Surplus		$575,446		$672,183		$0	$672,183		$938,085	
Total Revenues		$2,018,526		$2,274,364		$97,431	
$2,371,795		$2,379,480	

Expenditures										
Series 2018-2										
Interest 12/15		$510,972		$510,875		$0	$510,875		$502,834	
Principal 12/15		$420,000		$420,000		$0	$420,000		$435,000	
Interest 6/15		$510,972		$502,834		$0	$502,834		$494,406	
Total Expenditures		$1,441,944		$1,433,709		$0	
$1,433,709		$1,432,241	

			
EXCESS REVENUES		$576,582		$840,655		$97,431	$938,085		$947,239	
							
12/15/24 Interest		
$494,406	
							12/15/24 Principal		$450,000	
$944,406

ON ROLL ASSESSMENTS:
Product	Units	Gross/Unit	Total	

Condominium	
398	$1,560.56	
$621,102.88	
Cluster	464	$1,773.37	$822,843.68	
Townhomes	39	$1,879.77	$73,311.03	
	Total Gross	$1,517,257.59	
	Discounts/Collections	(75,862.88)	
	Net Collections	$1,441,394.71	

Downtown Doral South	
Community Development District	

 	
Series 2018 Area Two Special Assessment Bond	
Amortization Schedule	

PRINCIPAL	
	BALANCE		

COUPON	
	RATE		

	DATE			INTEREST			PRINCIPAL			TOTAL	

15-Dec-18	$22,535,000.00	3.875%	$252,221.27	$0.00	
15-Jun-19	$22,535,000.00	$534,115.63	$0.00	$786,336.90	
15-Dec-19	$22,535,000.00	3.875%	$533,543.75	$375,000.00	$908,543.75	
15-Jun-20	$22,160,000.00	$526,278.13	$0.00	$0.00	
15-Dec-20	$22,160,000.00	3.875%	$526,278.13	$390,000.00	$1,442,556.25	
15-Jun-21	$21,770,000.00	$518,721.88	$0.00	$0.00	
15-Dec-21	$21,770,000.00	3.875%	$518,721.88	$400,000.00	$1,437,443.75	
15-Jun-22	$21,370,000.00	$510,971.88	$0.00	$0.00	
15-Dec-22	$21,370,000.00	3.875%	$510,971.88	$420,000.00	$1,441,943.75	
15-Jun-23	$20,950,000.00	$502,834.38	$0.00	$0.00	
15-Dec-23	$20,950,000.00	3.875%	$502,834.38	$435,000.00	$1,440,668.75	
15-Jun-24	$20,515,000.00	$494,406.25	$0.00	$0.00	
15-Dec-24	$20,515,000.00	4.250%	$494,406.25	$450,000.00	$1,438,812.50	
15-Jun-25	$20,065,000.00	$484,843.75	$0.00	$0.00	
15-Dec-25	$20,065,000.00	4.250%	$484,843.75	$470,000.00	$1,439,687.50	
15-Jun-26	$19,595,000.00	$474,856.25	$0.00	$0.00	
15-Dec-26	$19,595,000.00	4.250%	$474,856.25	$490,000.00	$1,439,712.50	
15-Jun-27	$19,105,000.00	$464,443.75	$0.00	$0.00	
15-Dec-27	$19,105,000.00	4.250%	$464,443.75	$510,000.00	$1,438,887.50	
15-Jun-28	$18,595,000.00	$453,606.25	$0.00	$0.00	
15-Dec-28	$18,595,000.00	4.250%	$453,606.25	$535,000.00	$1,442,212.50	
15-Jun-29	$18,060,000.00	$442,237.50	$0.00	$0.00	
15-Dec-29	$18,060,000.00	4.750%	$442,237.50	$555,000.00	$1,439,475.00	
15-Jun-30	$17,505,000.00	$429,056.25	$0.00	$0.00	
15-Dec-30	$17,505,000.00	4.750%	$429,056.25	$580,000.00	$1,438,112.50	
15-Jun-31	$16,925,000.00	$415,281.25	$0.00	$0.00	
15-Dec-31	$16,925,000.00	4.750%	$415,281.25	$610,000.00	$1,440,562.50	
15-Jun-32	$16,315,000.00	$400,793.75	$0.00	$0.00	
15-Dec-32	$16,315,000.00	4.750%	$400,793.75	$640,000.00	$1,441,587.50	
15-Jun-33	$15,675,000.00	$385,593.75	$0.00	$0.00	
15-Dec-33	$15,675,000.00	4.750%	$385,593.75	$670,000.00	$1,441,187.50	
15-Jun-34	$15,005,000.00	$369,681.25	$0.00	$0.00	
15-Dec-34	$15,005,000.00	4.750%	$369,681.25	$700,000.00	$1,439,362.50	
15-Jun-35	$14,305,000.00	$353,056.25	$0.00	$0.00	
15-Dec-35	$14,305,000.00	4.750%	$353,056.25	$735,000.00	$1,441,112.50	
15-Jun-36	$13,570,000.00	$335,600.00	$0.00	$0.00	
15-Dec-36	$13,570,000.00	4.750%	$335,600.00	$770,000.00	$1,441,200.00	
15-Jun-37	$12,800,000.00	$317,312.50	$0.00	$0.00	
15-Dec-37	$12,800,000.00	4.750%	$317,312.50	$805,000.00	$1,439,625.00	
15-Jun-38	$11,995,000.00	$298,193.75	$0.00	$0.00	
15-Dec-38	$11,995,000.00	4.750%	$298,193.75	$845,000.00	$1,441,387.50	
15-Jun-39	$11,150,000.00	$278,125.00	$0.00	$0.00	
15-Dec-39	$11,150,000.00	5.000%	$278,125.00	$885,000.00	$1,441,250.00	
15-Jun-40	$10,265,000.00	$256,000.00	$0.00	$0.00	
15-Dec-40	$10,265,000.00	5.000%	$256,000.00	$930,000.00	$1,442,000.00	
15-Jun-41	$9,335,000.00	$232,750.00	$0.00	$0.00	
15-Dec-41	$9,335,000.00	5.000%	$232,750.00	$975,000.00	$1,440,500.00	
15-Jun-42	$8,360,000.00	$208,375.00	$0.00	$0.00	
15-Dec-42	$8,360,000.00	5.000%	$208,375.00	$1,025,000.00	$1,441,750.00	
15-Jun-43	$7,335,000.00	$182,750.00	$0.00	$0.00	
15-Dec-43	$7,335,000.00	5.000%	$182,750.00	$1,075,000.00	$1,440,500.00	
15-Jun-44	$6,260,000.00	$155,875.00	$0.00	$0.00	
15-Dec-44	$6,260,000.00	5.000%	$155,875.00	$1,130,000.00	$1,441,750.00	
15-Jun-45	$5,130,000.00	$127,625.00	$0.00	$0.00	
15-Dec-45	$5,130,000.00	5.000%	$127,625.00	$1,185,000.00	$1,440,250.00	
15-Jun-46	$3,945,000.00	$98,000.00	$0.00	$0.00	
15-Dec-46	$3,945,000.00	5.000%	$98,000.00	$1,245,000.00	$1,441,000.00	
15-Jun-47	$2,700,000.00	$66,875.00	$0.00	$0.00	
15-Dec-47	$2,700,000.00	5.000%	$66,875.00	$1,305,000.00	$1,438,750.00	
15-Jun-48	$1,395,000.00	$34,250.00	$0.00	$0.00	
15-Dec-48	$1,395,000.00		5.000%			$34,250.00 		$1,370,000.00 		$1,438,500.00 	
	Total			$20,170,331.25 		$22,510,000.00 		$43,466,668.15