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HomeMy WebLinkAboutMINUTES - 12101985 - T.1 RESOLUTION NO. RESOLUTION APPROVING REPORT AND ASSESSMENT f AND ORDERING IMPROVEMENT CONTRA COSTA COUNTY ASSESSMENT DISTRICT NO. 1985-3, WAYSIDE PLAZA The Board of Supervisors of the County of Contra Costa resolves: This Board has taken a series of actions preliminary to ordering the improvement in Assessment District No. 1985-3, Wayside Plaza, Contra Costa. County, California, and now makes the following findings and orders: 1. The Board adopted a map showing the boundaries of the land benefited by the proposed improvement. A copy of the ` boundary map was filed in the office of the County Recorder of the County of Contra Costa in the Book of Maps of Assessment Districts. 2. The Board adopted its Resolution of Intention to order the improvement described therein under the Municipal Improvement Act of 1913, and directed Nystrom Engineering Corporation as the Engineer of Work for the assessment district, to prepare the report required by Section 10204 of the Streets and Highways Code. The improvement is generally described as follows: To fund the County' s Specific Plan Development fee applicable to the subject parcels for the purpose of constructing and acquiring the following improvements: The construction of street pavement, curbs, gutters, sidewalks, medians, traffic signing and striping, traffic signal improvements, storm drainage facilities, and the relocation of utilities and appurtances necessary for the improvement of the streets described in the Contra Costa County Redevelopment Agency plan for the Pleasant Hill BART Station area, and the storm drainage facilities required in the Zone 44B plan of the Contra Costa County Flood RF-SOLUTION NO. Y511-7,5c Control District, together with the acquisition of all necessary interests in real property. To also fund the County Transportation Systems Management fee, the County Park Dedication fee, sanitary district fees and water district fees applicable to the various parcels for the purposes of purchasing and improving County parkland facilities, and acquiring sanitary sewer and water services to the parcels. 3. The Engineer of Work filed the report as directed, and the Board of Supervisors called a hearing on the report as required by Section 10301 of the Streets and Highways Code. Notice of the hearing was given by publication, by street posting and by mailing to affected property owners , all according to the Municipal Improvement Act of 1913. Affidavits of publication, posting and mailing were filed with the Clerk of the Board of Supervisors . 4. At the time and place for which notice was given, the Board of Supervisors conducted a public hearing and gave every interested person an opportunity to object to the proposed improvement, the extent of the assessment district, or the proposed assessment. Following the hearing, at the direction of the Board , the Engineer of Work filed an amended report. 5. The Board finds that written protests against the proposed improvement have not been made by owners representing more than one-half of the area of the land to be assessed for the improvement. 6. The documents and events described in paragraphs 1 to 4, inclusive , are stated herein tabular form, with their dates and , where appropriate, their numbers. All documents are now on file with the Clerk of the Board. Document or Event Date Number a. Resolution approving Boundary Map 11/5/85 85-652 b. Boundary Map filed with County Recorder 11/15/85 - c. Resolution of Intention 11/5/85 85-653 2 d. Filing of Engineer ' s Report 11/5/85 - e. Resolution accepting. Report 11/5/85 85-656 f. Certificate of Mailing Notice of Improvement 11/19/85 - g . Affidavit of Publication of Notice of Improvement - h. Certificate of Posting of Notice of Improvement 11/21/85 - j . Public hearing conducted 12/10/85 - 7. The Board approves the Engineer ' s Report and each component part of it, including each exhibit incorporated by reference in the report. 8. The Board finds that the Engineer of Work, in the Engineer ' s Report has fairly and properly apportioned the cost of the improvement to each parcel of land in the assessment district in proportion to the estimated benefits to be received by each parcel, respectively, from the improvement. The Board of Supervisors hereby confirms and levies each individual assessment as stated in the Engineer ' s Report. 9. This Board of Supervisors orders the improvement described in paragraph 2 and as detailed in the Engineer ' s Report. 10. Serial bonds representing unpaid assessments, and bearing interest at a rate not to exceed twelve percent (12%) per annum, will be issued in the manner provided by the Improvement Bond Act of 1915 (Division 10, Streets and Highways. Code) , and the last installment of the bonds shall mature fourteen years from the second day of July next succeeding ten (10) months from their date . 11. According to Section 10603 of the Streets and Highways Code , the Board designates the County Treasurer to collect and receive payment of the assessments. I HEREBY CERTIFY that the foregoing resolution was 3 duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at a regular meeting thereof, held on the 10th day of December , 1985. ATTEST: December 10, 1985 PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By cc: Public Works Director County Counsel County Auditor Controller County Tax Collector Bond Counsel Engineer of Work 4 r. 16 RESOLUTION NO. ff 7-2s RESOLUTION DETERMINING ASSESSMENTS REMAINING UNPAID CONTRA COSTA COUNTY ASSESSMENT DISTRICT NO. 1985-3, WAYSIDE PLAZA The Board of Supervisors of the County of Contra Costa resolves : The County Treasurer has filed a list of all payments received on account of assessments levied in Assessment District No. 1985-3, Wayside Plaza, Contra Costa County, California, and a list of all assessments or portions of assessments unpaid after thirty (30) days following the recordation of the assessments. A copy of the Paid and Unpaid List is attached to this resolution as Exhibit A and included in it. The Board of Supervisors shall issue improvement bonds under the provisions of the Improvement Bond Act of 1915 of the State of California upon the security of the assessments shown as unpaid on the attached list. The Clerk of the Board of Supervisors shall transmit a copy of this resolution to the County Auditor. The County Auditor is requested to comply with the provisions of Section 8682 of the Streets and Highways Code in the. collection of installments of these assessments on the assessment roll for taxes. MUMNA L, RESOLUTION NO I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at a regular meeting thereof, held on the 10th day of December, 1985. ATTEST: December 10, 1985 PHIL BATCHELOR, Clerk of the Board of Supervisors. and County Administrator By cc: Public Works Director County Counsel County Auditor-Controller County Tax Collector . Bond Counsel Engineer of Work EXHIBIT A PAID AND UNPAID LIST: PAGE 1 ASSESSMENT DISTRICT NO. 1985-3 , WAYSIDE PLAZA CONTRA COSTA COUNTY CALIFORNIA -------------------------------------------------------------------------------- ASSESSMENT NUMBER AMOUNT PAID CREDITED UNPAID -------------------------------------------------------------------------------- 1 $320 ,309 .00 $ . 00 $ . 00 $320,309 .00 2 541,492.00 .00 .00 541,492.00 3 69 ,743.00 . 00 .00 69 ,743. 00 4 130 ,645.00 . 00 .00 130 ,645 . 00 5 58 ,938 . 00 .00 .00 58 ,938 .00 6 39 ,292.00 .00 .00 39 , 292.00 7 23,575.00 .00 .00 23 , 575.00 8 22, 593.00 .00 .00 22, 593.00 9 30 ,451.00 .00 .00 30 ,451.00 10 585 ,700 .00 .00 .00 585 ,700.00 11 66,661.00 . 00 . 00 66 ,661.00 12 93, 685.00 .00 .00 93, 685. 00 13 73, 867 . 00 .00 .00 73, 867. 00 14 126 ,115 .00 . 00 . 00 126 ,115 . 00 15 108 ,098 . 00 .00 .00 108 , 098 .00 16 221 ,601.00 .00 .00 221,601.00 17 84 ,677. 00 .00 .00 84,677 .00 18 72,065 . 00 . 00 .00 72,065 . 00 ------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- $2,669 ,507 . 00 $ . 00 $ . 00 $2,669 ,507 . 00 Ie RESOLUTION NO. RESOLUTION AUTHORIZING ISSUANCE OF BONDS ASSESSMENT DISTRICT NO. 1985-3, WAYSIDE PLAZA The Board of Supervisors of the County of Contra Costa resolves: Section 1. RECITALS . On November 5, 1985, the Board of Supervisors for the County of Contra Costa adopted its resolution of intention to order improvements in Assessment District No. 1985-3, Wayside Plaza, Contra Costa County, California, under the provisions of the Municipal Improvement Act. of 1913 (the "Act" ) . Proceedings taken under the Act led to the levy of a special assessment by the Board of Supervisors against parcels -of land within the assessment district in the total amount of $2, 669, 507. These assessments will be recorded in the office of the County Recorder of the County of Contra Costa and thereupon will become a lien on each parcel assessed. The period within which parcel owners might pay their assessments in cash without interest has been waived, and there remain unpaid assessments in the total amount. of $2, 669,507. Section 2. ISSUANCE OF BONDS. The Board of Supervisors hereby authorizes the issuance of improvement bonds under the provisions of the Improvement Bond. Act of 1915 to represent unpaid assessments. The bonds shall be designated, "Improvement Bonds, Assessment District No. 1985-3, Wayside Plaza, Contra Costa County, California, Series No. 1985-3. Bonds shall be issued in denominations of $5, 000 or integral multiples thereof, and shall be dated December 23, 1985. Bonds shall be numbered , shall mature and shall bear interest at the rates set forth in the table attached as Exhibit A. Section 3. APPOINTMENT OF PAYING AGENT, REGISTRAR AND ORIGNAL RE-SOLUTION NO. 9YI2.2 TRANSFER AGENT. The Board of Supervisors hereby appoints the Bank of America National Trust. and Savings Association, as paying agent , registrar and transfer agent for the bonds. Section 4. FORM AND EXECUTION. Bonds shall be issued as fully registered bonds in the form set forth as Exhibit B to this resolution. The bonds shall be signed by the County Treasurer and the County Clerk and the seal of the County shall be affixed. Both signatures and seal may be reproduced on the bonds by facsimile., but upon its registration or reregistration each bond shall be authenticated by the manual signature of the registrar . The paying agent shall assign to each bond authenticated and registered by it a distinctive letter , or number , or letter and number , and shall maintain a record thereof which shall be available to the County for inspection. Section 5. ESTABLISHMENT OF SPECIAL FUNDS. For administering the proceeds of the sale of bonds and payment of interest and principal on the bonds , there are hereby established three funds to be known as the improvement fund , the redemption fund and the special reserve fund, respectively, for Assessment District No. 1985-3. Section 5.1. IMPROVEMENT FUND. Except as provided in Section 5. 3, proceeds of sale of the bonds, together with all amounts paid on the assessments prior to bond issuance, shall be deposited in the improvement fund to be maintained by the County Treasurer . Disbursements from the improvement fund shall be made by the County Treasurer in accordance with the budget of estimated costs and expenses set. forth in the engineer ' s report heretofore approved by the • Board of Supervisors, which report and budget are subject to modification by the Board of Supervisors from time to time as prescribed by the Act. 2 Section 5. 2. REDEMPTION FUND. The redemption fund shall be maintained by the County Treasurer . All payments of principal and interest installments on the assessments , together with penalties, if any, shall be deposited in the redemption fund , which shall be a trust fund for the benefit of the bondholders. Payment of the bonds at maturity, or at redemption prior to maturity, and all interest on the bonds shall be made from the redemption fund . Section 5. 3. SPECIAL RESERVE FUND. The special reserve fund shall be maintained by the Treasurer . There shall be deposited into the special reserve fund the amount. of $160,170 from the proceeds of the sale of bonds. The special reserve fund shall be administered as follows : A. . During the term of the bonds, the amount in the special reserve fund shall be available for transfer into the redemption fund in accordance with Section 8808 of the Streets and Highways Code. The amount so advanced shall be reimbursed to the special reserve fund from the proceeds of redemption or sale of the parcel for which payment of delinquent assessment installments was made from the special reserve fund. B. If any assessment is prepaid before final maturity of the bonds, the amount of principal which the assessee is required to prepay shall be reduced by an amount which is in the same ratio to the original amount of the special reserve fund , together with accrued interest , as the original amount of the prepaid assessment bears to the total amount of assessments originally levied in Contra Costa County Assessment. District. No. 1985-3, Wayside Plaza. This reduction in the amount of principal prepaid shall be balanced by a transfer from the special reserve fund to the redemption fund in the same amount. 3 C. Whenever required to prevent the reserve fund from exceeding the reserve limitations set by federal statute and regulation, the County Treasurer is directed to transfer accrued interest from the special reserve fund to the redemption fund from time to time, and to establish pro rata credits against annual installments of assessment principal and interest in the same amount in the year following the year of transfer . D. When the amount in the special reserve fund equals or exceeds the amount required to retire the remaining unmatured bonds (whether by advance retirement or otherwise) , the amount_ of the special reserve fund shall be transferred to the redemption fund, and the remaining installments of principal and interest not yet due from assessed property owners shall be cancelled without payment. Section 6. PAYMENT ON BONDS. The principal and interest on the bonds shall be payable at. the Bank of America National Trust and Savings Association, Corporate Agency Division, P.O. Box 37000 , San Francisco•, CA 94137. Principal and interest shall be paid by check, draft or warrant mailed to the registered owner of each bond at the owner ' s address appearing on the register maintained by the registrar on the 15th day preceding the date of interest payment or maturity of each bond. Section 7. REREGISTRATION. Any bond may be registered to a new owner by completing the assignment certificate on the reverse of the bond and delivering the bond to the registrar . Upon reregistration, any bond may be replaced by one or more bonds of the same maturity and aggregate amount in denominations of $5, 000 or any integral multiple thereof. Section 8. COVENANTS. In the event of a default in the payment of any bond or any installment of interest. thereon, 4 bondholders shall have the remedies set forth in the Improvement Bond Act of 1915. In addition, the Board of Supervisors makes the following covenants , which shall constitute a contract with the bondholders : Section 8.1. FORECLOSURE OF LIENS. If any installment of the principal or interest of any assessment levied in Assessment District No. 1985-3 becomes delinquent, the Board of Supervisors shall cause an action to be filed in the Superior Court of the County of Contra Costa to foreclose the lien of the delinquent assessment under the authority of Section 8830 and following of the Streets .and Highways Code of the State of California. This action shall be filed not later than one hundred fifty (150) days after the date of delinquency. Section 8. 2. ARBITRAGE. During the term of the bonds , the County will make no use of bond proceeds which, if such use had. been reasonably expected at the. date the bonds are issued , would have caused the bonds to be "arbitrage bonds" within the meaning of Section 103 (c) of the United States Internal Revenue Code of 1954 , as amended, and regulations of the Internal Revenue Service authorized thereby. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at a regular meeting thereof, held on the 10th day of December , 1985. ATTEST: December 10, 1985 PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By cc: . Public Works Director County Counsel County Auditor-Controller County Tax Collector Bond Counsel Engineer of Work 5 MATURITY SCHEDULE CONTRA COSTA COUNTY, A.D. NO. 1985-3, WAYSIDE PLAZA SEPT 2 MATURITY PRINCIPAL INTEREST DATE AMOUNT RATE 1987 $4, 507.00 7. 00% 1988 60, 000.00 7. 50 1989 65.,000.00 8. 00 1990 70,000. 00 8.25 1991 75,000.00 8. 50 1992 80, 000.00 8.70 1993 85, 000.00 8.90 1994 95, 000.00 9.00 1995 1 105, 000.00 9. 10 1996 115, 000.00 9. 20 1997 125,000.00 9. 30 1998 135, 000.00 9.40 1999 145,000.00 9. 50 2000 160,000.00 9.60 2001 175, 000.00 9.70 2002 195 ,000.00 9. 70 2003 210, 000.00 9.75 2004 235, 000.00 9.75 2005 255, 000.00 9.75 2006 280, 000.00 9.75 TOTAL: $2,669, 507.00 EXHIBIT A EXHIBIT B United States of America State of California County of Contra Costa REGISTERED REGISTERED Number $ IMPROVEMENT BOND COUNTY OF CONTRA COSTA Assessment District No. 1985-3, Wayside Plaza SERIES NO. 1985-3 INTEREST RATE MATURITY DATE BOND DATE CUSIP NUMBER December 23, 1985 Under and by virtue of the Improvement Bond Act of 1915, Division 10, of the Streets and Highways Code, (the "Act") , the County of Contra Costa, State of California, (the "County") , will, out of the redemption fund for the payment of the bonds issued upon the unpaid portion of assessments made for the acquisition, work and improvements more fully described in proceedings taken pursuant to Resolution of Intention No. 85/653, adopted by the Board of Supervisors of the County of Contra Costa on the 5th day of November, 1985, pay to or registered assigns, on the maturity date stated above, the principal .sum of in lawful money of the United States of America and in like manner will pay interest from the interest payment date next preceding the date on which this Bond is authenticated, unless this Bond is authenticated and registered as of an interest payment date, in which event it shall bear interest from such interest payment date, or unless this Bond is authenticated and registered prior to March 2, 1987. in which event at it shall bear interest from its date, until payment of such principal sum shall have been discharged, at the rate per annum stated above, payable semiannually on March 2 and September 2 in each year commencing on March 2, 1987. Both the principal hereof and redemption premium hereon are payable at 'the principal corporate trust office of Bank of America National Trust and Savings Association-Corporate Agency Division, or its successor, as Transfer Agent, Registrar and Paying Agent, in San Francisco, California, and the interest hereon is payable by check or draft mailed to the owner hereof at the owner's address as it appears on the registration books of the Bank, or at such address as may have been filed with the Bank for that purpose, as of the fifteenth day immediately preceding each interest payment date. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH IN THE REVERSE SIDE HEREOF WHICH SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT-AS THOUGH FULLY SET FORTH HEREIN. This bond will continue to bear interest after maturity at the rate above stated, provided, it is presented at maturity and payment thereof is refused upon the sole ground that there are not sufficient moneys in said redemption fund with which to pay same. If it is not presented at maturity, interest thereon will run until maturity. This Bond shall not be entitled to any benefit under the Act or the Resolution Authorizing Issuance of Bonds (the "Resolution of Issuance" ) , or become valid or obligatory for any purpose, until the certificate of authentication and registration hereon endorsed 2 r shall have been dated and signed by the Bank. IN WITNESS WHEREOF, said County of Contra Costa has caused this bond to be signed in facsimile by the Treasurer of said County and by its Clerk, and has caused its corporate seal to be reproduced in facsimile hereon all as of the 23rd day of December, 1985. COUNTY OF CONTRA COSTA Clerk Treasurer (SEAL) Certificate of Authentication and Registration This is one of the Bonds described in the within mentioned Resolution of Issuance, which has been authenticated and registered on BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION as paying agent, transfer agent and registrar By Authorized Officer 3 (REVERSE OF BOND) r COUNTY OF CONTRA COSTA ADDITIONAL PROVISIONS OF THE BOND This bond is one of several annual series of bonds of like date, tenor and effect, but differing in amounts, maturities and interest rates, issued by the County of Contra Costa, under the Act and the Resolution of Issuance, for the purpose of i providing means for paying for the improvements described in said proceedings, and is secured by the moneys in said redemption fund and by the unpaid portion of said assessments made for the payment of said improvements, and, including principal and interest, is payable exclusively out of said fund. This Bond is transferable by the registered owner hereof, in person or by the owner's attorney duly authorized in writing, at said office of the Bank, subject to the terms and conditions provided in the Resolution of Issuance, including the payment of certain charges, if any, upon surrender and cancellation of this Bond. Upon such transfer, a new registered Bond or Bonds, of any authorized denomination or denominations, of the same maturity, for the same aggregate principal amount, will be issued to the transferee in exchange therefor. Bonds shall be registered only in the name . of an individual (including joint owners) , a corporation, a partnership or a trust. Neither the County nor the Bank shall be required to make such exchange or registration of transfer of bonds during the fifteen (15) days immediately preceding any interest payment date., The County and the Bank may treat the owner hereof as the absolute owner, for all purposes, and the County and the Bank shall not be affected by any notice to the contrary. This bond or any portion of it in the amount of $5,000 or any integral multiple thereof, may be redeemed and paid in advance of maturity upon the second day of March or September in any year by giving at least 60 days' notice by registered mail to 4 the registered owner hereof at such owner's address as it appears on the registration books of the Bank and by paying principal and accrued interest together with a premium equal to three percentum of the principal. I hereby certify that the following is a correct copy of the signed legal opinion of STURGIS, NESS, BRUNSELL & SPERRY a professional corporation, Emeryville, California, on file in my office. County Clerk 2 RESOLUTION NO. 9-5 /7,27 RESOLUTION ORDERING SALE OF BONDS CONTRA COSTA COUNTY ASSESSMENT DISTRICT NO. 1985-3, WAYSIDE PLAZA The Board of Supervisors of the County of Contra Costa resolves: The Board of Supervisors accepts the offer of Stone and Youngberg, (attached to this resolution and by reference incorporated in it) , to purchase all of the improvement bonds to be issued in Contra Costa County Assessment. District No. 1985-3, Wayside Plaza. The Board of Supervisors directs the sale and delivery of the bonds to the offeror in accordance with the terms and conditions stated in the offer . I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the Board of Supervisors of the County of Contra Costa, State of California, at a regular meeting thereof, held on the 10th day of December , 1985. ATTEST: PHIL BATCHELOR, Clerk of the Board of Supervisors and County Administrator By cc: Public Works Director County Counsel County Auditor-Controller County Tax Collector Bond. Counsel Engineer of Work ORKHMAL lv .x�w RECEIVED STOVE & YOUNGBERG 61:�—' q Mfr MEMBERS: PACIFIC STOCK EXCHANGE CNII BATCHELOR CLf K BOARD OF SUPERVIspp$ ONTRA p Cpl BY plasty December 6, 1985 Members of the Board of Supervisors of the County of Contra Costa c/o Clerk of the Board of Supervisors Martinez, California 94553 Re: Offer to Purchase Bonds in the Sum of $2,669,507 par value County of Contra Costa Improvement Bonds Assessment District 1985-3 (Wayside Plaza) Members of the Board: Pursuant to discussions with bond counsel and our investigation and analysis of the captioned bond issue, we hereby offer to purchase all of said bonds subject to the following conditions: 1 . The purchase price shall be 96.8% of par (a discount of 3.20%) plus accrued interest (if any) from the date of the bonds to the date of their delivery. 2. The bonds shall be issued pursuant to the Municipal Improvement Act of 1913 and the Improvement Bond Act of 1915. 3. The par value of the bonds shall be $2,669,507, and the bonds shall mature serially over a period of 20 years. 4. The bonds shalt be issued in denominations of $5,000 or in integral multiples thereof as may be requested by us. One bond which shall mature September 2, 1987 shall be issued in an odd amount. 5. All bonds shall be issued in registered form as indicated by us prior to closing. The County shall retain the Bank of America N.T. 8 S.A. as Transfer Agent, Registrar and Paying Agent. 6. The bonds shall be dated December 23, 1985 and delivered on or about--/ December 30, 1985. 7. The bonds shall mature in each of the years and in the amounts and at the rates of interest set forth on the attached maturity schedule. C!STR!BUTION Board Members County Administratot F+al:h cervices LLommUnirr Development -` Pubic Works C/CL;.Jty counsel. ONE CALIFORNIA STREET•SAN FRANCISCO,CALIFORNIA 94111 (415)981.1314 Members of the Board of Supervisors December 6, 1985 County of Contra Costa Page 2 8. The County shall establish from the proceeds of the bonds a reserve fund in the amount of $160,110. The reserve fund shall be held and maintained as a. separate trust account distinct from all other funds of the County and shall be administered in accordance with bond law. 9. The County shall covenant to commence judicial foreclosure of delinquent assessments within 150 days after any delinquency. 10. The County shall award the sale of the bonds to us at their meeting on December 10, 1985. 11 . The purchase price of the bonds shall be paid in full upon delivery to us of the bonds, the unqualified legal opinion of Sturgis, Ness, Brunsell & Sperry, Emeryville, California, and a no-litigation certificate of the County. The legal opinion shall be printed on the bonds at no charge to us. Respectfully submitted, S `E & GBERG 1 Srd� tt C inton Partner SC:bp/0839P cc: Alfred P. Lomeli J. Michael Walford Sturgis, Ness, Brunsell & Sperry $2,669,507 COUNTY OF CONTRA COSTA IMPROVEMENT BONDS ASSESSMENT DISTRICT NO. 1985-3 (WAYSIDE PLAZA) Maturity Date Principal Interest (September 2) Amount Rate 1987 $ 4,507.00 7.00% 1988 60,000.00 7.50% 1989 65,000.00 8.00% 1990 70,000.00 8.25% 1991 75,000.00 8.50% 1992 80,000.00 8.70% 1993 85,000.00 8.90% 1994 95,000.00 9.00% 1995 105,000.00 9.10% 1996 115,000.00 9.20% 1997 125,000.00 9.30% 1998 135,000.00 9.40% 1999 145,000.00 9.50% 2000 160,000.00 9.60% 2001 175,000.00 9.70% 2002 195,000.00 9.70% 2003 210$000.00 9.75% 2004 235,000.00 9.75% 2005 255.000.00 9.75% 2006 280,000.00 9.75% The average interest rate is 9.557. The net interest cost (including the 3.2% discount) is 9.782%.