2013 SeriesOne Final Arbitrage Report 2023CONTROL #11.00
KODIAK ISLAND BOROUGH, ALASKA
$21,595,000.00
GENERAL OBLIGATION SCHOOL BONDS, SERIES 2013
ARBITRAGE REBATE CALCULATIONS
FOR THE FINAL COMPUTATION PERIOD
MARCH 12, 2013 TO FEBRUARY 01, 2023
AS OF THE DATE OF THIS REPORT
FEBRUARY 08, 2023
ARBITRAGE
COMPLIANCE
SPECIALISTS!�
BOND COMPLIANCE SERVICES
Arbitrage Compliance Specialists, Inc.
6041 S. Syracuse Way #310 I Greenwood Village, Colorado 80111 I 800.672.9993 I www.rebatebyacs.com
Kodiak Island Borough, Alaska ("Issuer")
710 Mill Bay Road
Kodiak, Alaska 99615-6340
CONTROL #11.00
KODIAK ISLAND BOROUGH, ALASKA
$21,595,000.00
GENERAL OBLIGATION SCHOOL BONDS, SERIES 2013
ARBITRAGE REBATE CALCULATIONS
FOR THE FINAL COMPUTATION PERIOD
MARCH 12, 2013 TO FEBRUARY 01, 2023
AS OF THE DATE OF THIS REPORT
FEBRUARY 08, 2023
We have enclosed the arbitrage rebate calculation report for the above-referenced issue of tax-exempt
debt ("Debt"). The computations following as Exhibits have been performed by ACS and are based upon the
limited scope of ACS' engagement with information, instructions, assumptions and representations as
provided to ACS by the Issuer. Using procedures, which ACS has developed for calculating arbitrage rebate,
ACS has computed the amount of the Rebatable Arbitrage with respect to the Debt for the Computation
Period in accordance with the applicable provisions of the Internal Revenue Code of 1986, as amended and
the Treasury Regulations applicable to the Debt.
As detailed in Exhibit 1 of this report, there is no Rebatable Arbitrage with respect to the Debt for the
above-referenced Computation Period. There are no filing requirements regarding arbitrage rebate with the
United States Treasury, Internal Revenue Service ("IRS") as of the date of this Report, and therefore, nothing
should be filed with the IRS as of this time.
Total Rebatable Arbitrage: $0.00
It has been an honor for all of us at ACS to assist you with your arbitrage rebate calculations. Should
you have any questions regarding this Review and related matters please do not hesitate to call: Account
Manager: Robert Goubert at (800) 672-9993 ext. 7536 or Lead CPA: Doug Pahnke at (800) 672-9993 ext.
7526.
Regards,
Arbitrage Compliance Specialists, Inc.
Douglas Pahnke, CPA, President
DEFINITIONS
Arbitrage
Treas. Reg. § 1.148-3(a) provides that the arbitrage that must be rebated is based on the difference between the amount actually earned on non-purpose investments and the amount that would have been earned if those investments had a yield equal to the yield on the issue.
Arbitrage Rebate
Treas. Reg. § 1.148-3(b) provides that as of any computation date, the rebate amount for an issue is the excess of the future value, as of that date, for all receipts of non-purpose investments over the future value, as of that date, of
all payments on non-purpose investments.
Bona Fide Debt Service Fund
Under Treas. Reg. § 1.148-1(b), a Bona Fide Debt Service Fund:
Is used primarily to achieve a proper matching of revenues with debt service payments; AND
Is depleted annually to a reasonable carryover amount.
Bond Year
Each one-year period (or shorter period for the first elected year ending on the issuer elected date).
Bond Yield - Fixed Rate Issue
Treas. Reg. § 1.148-4(b)(1) provides that the yield on a fixed rate issue is the discount rate that when used in computing the present value, as of the issue date, of all unconditionally payable payments of principal, interest and fees for qualified guarantee on the issue, produces an amount equal to the present value, using the same discount rate, of the aggregate issue price of the bonds as of the issue date.
Variable Rate Issue The yield on a variable yield issue is computed separately for each computation period. Treas. Reg. § 1.148-4(c)(1) provides that the yield for each computation period is the discount rate at which the present
value, as of first day of the computation period, of all payments of principal and interest and qualified guarantees paid on the bond issue during that computation period equals the present value of the issue price, as of the first day of the computation period.
Commingled Funds Treas. Reg. § 1.148-1(b) provides that a commingled fund means any fund or account (other than an open-end regulated investment company) that contains both gross proceeds of an issue and amounts in excess of $25,000 that are not gross proceeds of the issue.
Computation Date
Treas. Reg. § 1.148-3(e)(1) provides that an issuer may treat as computation dates:
the last day of any Bond Year ending on or before the 1st required Rebate Payment date; AND
thereafter, the end of each Bond Year or the end of each 5th Bond Year.
Once selected, the issuer may not change the computation date after the 1st required Rebate Payment date.
Computation Date Credit
Computation Date Credits are applied on the last day of each bond year during which there are amounts allocated to gross proceeds of an issue that are subject to the rebate requirement, and on the final maturity date.
Computation Period
The computation period may be selected by the issuer and is the period between the Computation Dates.
Gross Proceeds
All sales proceeds (any amounts actually or constructively received by the issuer from the sale of the debt,
including amounts used to pay underwriter’s discount or fees, but excluding pre-issuance accrued interest); investment proceeds (any amounts received from investing sales proceeds or other investment proceeds); Transferred Proceeds as further defined; replacement proceeds (any amounts held in a sinking fund, pledged fund, reserve fund, or otherwise set aside to pay debt service; and disposition proceeds (any funds that must be included due to a change in use).
Investment Yield
Treas. Reg. § 1.148-5(b)(1) provides that the yield on an investment allocated to an issue is the discount rate that, when used in computing the present value as of the date the investment is 1st allocated to the issue of all unconditionally payable receipts from the investment, produces an amount equal to the present value of all
unconditionally payable payments for the investment.
Materially Higher Yield
Treas. Reg. § 1.148-2(d)(1) provides that the yield on investments is materially higher than the yield on the issue to which the investments are allocated if the yield on the investments over the term of the issue exceeds the yield on the issue by an amount in excess of the applicable definition of materially higher set forth in Treas. Reg. § 1.148-2 (d)(2). If yield restricted investments in the same class are subject to different definitions of materially higher, the applicable definition of materially higher that produces the lowest permitted yield applies to all the investments in the class.
Proceeds
All sales proceeds (any amounts actually or constructively received by the issuer from the sale of the debt, including amounts used to pay underwriter’s discount or fees, but excluding pre-issuance accrued interest); investment proceeds (any amounts received from investing sales proceeds or other investment proceeds) and Transferred Proceeds as further defined.
Rebate Installment Payments
IRC §148(f)(3) requires that rebate be paid at least once every 5 years during the life of the debt. Each rebate payment must be paid no later than 60 days after the Computation Date to which the payment relates. The last rebate payment is due no later than 60 days after the last debt is redeemed. Any rebate payment paid within the 60-day
period may be treated as paid on the computation date to which it relates. Except for the Final Rebate Payment, the amount of each required Rebate Installment Payment is at least 90 percent of the calculated rebate amount as of that Computation Date, taking into account the future value of previous rebate payments.
Small Issuer Exception
Under IRC § 148(f)(4)(D), governmental bonds issued by a governmental unit that does not expect to issue more
than $5 million of governmental bonds in that calendar year are exempted from the rebate requirements, but not yield restriction rules.
The Taxpayer Relief Act of 1997 supplements the $5 million Small Issuer Exception, which can be used for any purpose, with up to an additional $5 million to specifically finance new construction of public school facilities. This
increased limit applies to debt issued from January 1, 1998 through December 31, 2001.
The Economic Growth and Tax Relief Reconciliation Act of 2001 supplements the $5 million Small Issuer
Exception, which can be used for any purpose, with up to an additional $10 million to specifically finance new construction of public school facilities. This increased limit applies to debt issued on and after January 1, 2002.
Spending Exception Spending exceptions may apply to exempt from the rebate requirements, arbitrage earned on certain proceeds of an issue, if the issuer spends the proceeds in accordance with prescribed 6-month, 18-month, or 2-year schedules.
Rebate Payments
IRC § 148(f)(3) requires that rebate be paid at least once every 5 years during the life of the bonds. Each rebate payment must be paid no later than 60 days after the computation date to which the payment relates. The last rebate payment is due no later than 60 days after the last bond is redeemed. Any rebate payment paid within the 60-day period may be treated as paid on the computation date to which it relates. Except for the Final Rebate Payment, the amount of each required Rebate Installment Payment is at least 90 percent of the rebate amount as of that computation date, taking into account the future value of previous rebate payments.
Temporary Periods
The initial period during which the use of bond proceeds to acquire higher yielding investments will not cause the bonds to be arbitrage bonds.
Transferred Proceeds
Treas. Reg. § 1.148-9 provides that when proceeds of a new refunding issue discharge the outstanding principal of a prior issue, the proceeds of the prior issue transfer to the refunding issue and become transferred proceeds of the refunding issue.
Yield Restriction
After the applicable temporary period is over, bond proceeds must be yield restricted. Yield restriction can be achieved in two ways:
Investment of proceeds in securities that do not exceed the permitted yield; OR
Investment of proceeds above the permitted yield followed by making Yield Reduction Payments. (Note thatunder Treas. Reg. § 1.148-5(c)(3), Yield Reduction Payments may be made only for certain types ofproceeds.)
Yield Reduction Payments
Treas. Reg. § 1.148-5(c)(2)(i) provides that yield reduction payments must be paid to the United States at the same time and in the same manner as rebate payments. The provisions that apply to Rebate Payments, such as due dates, making 90 percent installment payments, correction of late payments, and recovery of overpayments, all apply to yield reduction payments as well.
Arbitrage Compliance Specialists, Inc.
6041 S. Syracuse Way #310 I Greenwood Village, Colorado 80111 I 800.672.9993 I www.rebatebyacs.com
NOTES AND ASSUMPTIONS
1. The PAR amount of the Debt is $21,595,000.00.
2. The Delivery Date of the Debt is March 12, 2013.
3. The Computation Date is February 01, 2023.
4. The Computation Period is March 12, 2013 to February 01, 2023.
5. The Bond Yield on the Debt is 2.8413%.
6. The Investment Yield is 2.34351594%
7. The Arbitrage Rebate Liability, as of the end of the calculation period, is ($117,354.90).
8. We have reviewed available Debt documents to determine the sources and uses of the Debt for purposes
of identifying Gross Proceeds.
9. The Debt constitutes a single issue for federal taxation purposes and is not treated as part of any other
issue of governmental obligations.
10. Computations of yield are based on a 360-day year with semi-annual compounding.
11. Purchase prices on investments are assumed to be at fair market value and represent an arm's length
transaction.
12. We have applied the Computation Date Credit amounts set forth in the Regulations for bond years ending
on or after January 1, 2007.
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2
9
5
%
421.65
3
3
2
6
11
/
1
2
/
1
3
16
5
,
4
8
0
.
9
6
1.
2
9
7
0
7
1
2
0
%
214,640.59
3
3
1
9
11
/
1
5
/
1
3
3,
4
7
7
.
8
1
1.
2
9
6
7
6
6
2
8
%
4,509.91
3
3
1
6
11
/
1
9
/
1
3
49
6
.
5
6
1.
2
9
6
3
5
9
8
4
%
643.72
3
3
1
2
11
/
2
6
/
1
3
3,1
5
0
,
7
1
8
.
0
0
1.
2
9
5
6
4
8
8
7
%
4,082,224.21
3
3
0
5
11
/
2
7
/
1
3
2,
7
7
5
.
7
3
1.
2
9
5
5
4
7
3
3
%
3,596.09
3
3
0
4
11
/
3
0
/
1
3
24
,
2
4
7
.
1
6
1.
2
9
5
2
4
2
7
7
%
31,405.96
3
3
0
1
12
/
1
0
/
1
3
11
7
,
7
7
0
.
8
4
1.
2
9
4
2
2
8
0
9
%
152,422.33
3
2
9
1
12
/
1
3
/
1
3
4,
1
0
1
.
8
5
1.
2
9
3
9
2
3
8
5
%
5,307.48
3
2
8
8
12
/
1
6
/
1
3
21
6
.
4
0
1.
2
9
3
6
1
9
6
7
%
279.94
3
2
8
5
12
/
1
7
/
1
3
1,5
1
4
,
9
3
4
.
7
0
1.
2
9
3
5
1
8
2
9
%
1,959,595.75
3
2
8
4
12
/
2
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/
1
3
3,
1
3
2
.
2
3
1.
2
9
2
5
0
4
9
6
%
4,048.42
3
2
7
4
12
/
3
1
/
1
3
79
,
8
8
7
.
2
5
1.
2
9
2
2
0
1
1
2
%
103,230.39
3
2
7
1
01
/
1
0
/
1
4
1,
3
8
3
.
4
3
1.
2
9
1
1
8
8
8
2
%
1,786.27
3
2
6
1
01
/
1
4
/
1
4
3,
0
5
2
.
4
4
1.
2
9
0
7
8
4
1
3
%
3,940.04
3
2
5
7
01
/
1
5
/
1
4
21
6
.
4
0
1.
2
9
0
6
8
2
9
7
%
279.30
3
2
5
6
01
/
2
4
/
1
4
2,
2
0
8
.
2
6
1.
2
8
9
7
7
2
9
4
%
2,848.15
3
2
4
7
01
/
3
1
/
1
4
(3
0
,
3
9
4
.
8
0
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1.
2
8
9
1
6
6
6
1
%
(39,183.96)
3
2
4
1
02
/
0
4
/
1
4
1,1
4
5
,
7
8
9
.
0
6
1.
2
8
8
7
6
2
5
5
%
1,476,650.03
3
2
3
7
02
/
0
7
/
1
4
5,
0
4
2
.
7
0
1.
2
8
8
4
5
9
5
8
%
6,497.32
3
2
3
4
02
/
1
1
/
1
4
39
,
7
6
3
.
5
6
1.
2
8
8
0
5
5
7
4
%
51,217.68
3
2
3
0
02
/
1
3
/
1
4
(3
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6
7
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4
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8
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1
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1.
2
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8
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7
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(4,728,275.78)
3
2
2
8
02
/
1
5
/
1
4
22
8
.
2
3
1.
2
8
7
6
5
2
0
3
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293.88
3
2
2
6
02
/
1
8
/
1
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1,6
6
9
,
6
8
2
.
0
0
1.
2
8
7
3
4
9
3
2
%
2,149,463.99
3
2
2
3
02
/
2
1
/
1
4
(2
,
3
5
2
.
3
3
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1.
2
8
7
0
4
6
6
9
%
(3,027.56)
3
2
2
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02
/
2
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/
1
4
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5
8
0
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0
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1.
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8
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6
4
3
2
9
%
7,179.47
3
2
1
6
02
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2
8
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1
4
(6
,
8
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7
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1
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1.
2
8
6
3
4
0
8
3
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(8,782.02)
3
2
1
3
03
/
0
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1
4
74
,
2
8
0
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3
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1.
2
8
5
7
3
6
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95,504.95
3
2
0
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03
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0
7
/
1
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(5
2
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1.
2
8
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4
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3
8
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(670,008.23)
3
2
0
4
03
/
1
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1
4
38
9
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7
6
1.
2
8
5
0
3
0
9
6
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500.85
3
2
0
0
03
/
1
2
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1
4
(1
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1.
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0
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C
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D
a
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(2,081.59)
3
1
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/
1
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1
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97
2
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0
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3
0
2
6
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1,248.95
3
1
9
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03
/
1
4
/
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27
0
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5
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347.53
3
1
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03
/
1
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/
1
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2,7
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1
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6
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3
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3,534,077.07
3
1
9
3
03
/
2
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/
1
4
4,
7
9
5
.
3
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1.
2
8
4
0
2
4
2
9
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6,157.28
3
1
9
0
03
/
2
5
/
1
4
55
.
4
4
1.
2
8
3
6
2
1
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3
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71.16
3
1
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6
03
/
2
9
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1
4
11
,
2
4
3
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2
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1
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14,427.98
3
1
8
2
03
/
3
1
/
1
4
11
6
,
5
2
1
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9
4
1.
2
8
3
1
1
8
9
5
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149,511.51
3
1
8
1
04
/
0
1
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1
4
11
9
,
4
5
0
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2
9
1.
2
8
3
0
1
8
3
9
%
153,256.92
3
1
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0
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/
0
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1
4
4,
2
5
1
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2
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1.
2
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2
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6
7
8
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5,453.14
3
1
7
7
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/
0
8
/
1
4
77
3
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6
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2
8
2
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4
7
4
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992.00
3
1
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3
04
/
1
5
/
1
4
32
,
2
5
7
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3
7
1.
2
8
1
6
1
1
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41,341.42
3
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Page 3 of 3Control # 11.00
PA
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EXHIBIT 1
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04
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2
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1
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2,610.75
3
1
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3
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/
2
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1
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1,9
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4
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2,509,880.25
3
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(503,573.98)
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3,265.50
3
1
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18
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7
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24,037.79
3
1
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1
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25,684.85
3
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2,363.13
3
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2,121,783.77
3
1
3
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1
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(2,061.16)
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(117,354.90)
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Page 1 of 1Control # 11.00
PA
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Page 1 of 3Control # 11.00
PA
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)
1.
2
5
9
0
2
2
6
2
%
03
/
3
1
/
1
3
(3
4
,
6
5
4
.
2
1
)
1
.
2
5
7
5
5
6
7
8
%
(4
3
,
5
7
9
.
6
4
)
34
,
6
5
4
.
2
1
1.
2
5
7
5
5
6
7
8
%
43,579.64
04
/
3
0
/
1
3
(3
8
,
0
3
7
.
4
5
)
1
.
2
5
5
1
1
7
5
1
%
(4
7
,
7
4
1
.
4
7
)
38
,
0
3
7
.
4
5
1.
2
5
5
1
1
7
5
1
%
47,741.47
05
/
3
1
/
1
3
(4
0
,
5
9
0
.
6
5
)
1
.
2
5
2
6
8
2
9
6
%
(5
0
,
8
4
7
.
2
1
)
40
,
5
9
0
.
6
5
1.
2
5
2
6
8
2
9
6
%
50,847.21
06
/
1
8
/
1
3
1.2
5
1
2
2
4
5
0
%
74
,
5
7
1
.
5
3
1.
2
5
1
2
2
4
5
0
%
93,305.73
06
/
2
5
/
1
3
1.2
5
0
6
5
7
7
8
%
54
,
7
5
6
.
0
0
1.
2
5
0
6
5
7
7
8
%
68,481.02
06
/
2
8
/
1
3
1.2
5
0
4
1
4
9
8
%
3,
7
3
2
.
8
5
1.
2
5
0
4
1
4
9
8
%
4,667.61
06
/
3
0
/
1
3
(6
0
,
8
9
8
.
2
2
)
1
.
2
5
0
2
5
3
1
4
%
(7
6
,
1
3
8
.
1
9
)
25
4
,
3
6
3
.
6
3
1.
2
5
0
2
5
3
1
4
%
318,018.93
07
/
1
2
/
1
3
1.2
4
9
2
8
2
5
3
%
4,
7
0
8
.
7
4
1.
2
4
9
2
8
2
5
3
%
5,882.55
07
/
1
5
/
1
3
1.2
4
9
0
4
0
0
0
%
21
6
.
4
0
1.
2
4
9
0
4
0
0
0
%
270.29
07
/
1
6
/
1
3
(4
,
7
8
0
.
0
0
)
1
.
2
4
8
9
5
9
1
7
%
(5
,
9
7
0
.
0
2
)
12
6
.
7
8
1.
2
4
8
9
5
9
1
7
%
158.34
07
/
2
6
/
1
3
(3
9
,
1
4
5
.
9
0
)
1
.
2
4
8
1
5
1
1
1
%
(4
8
,
8
6
0
.
0
0
)
3,
2
0
8
.
0
2
1.
2
4
8
1
5
1
1
1
%
4,004.09
07
/
3
0
/
1
3
(1
,
2
4
0
,
9
0
5
.
0
0
)
1
.
2
4
7
8
2
8
0
3
%
(1
,
5
4
8
,
4
3
6
.
0
5
)
2,
6
6
8
,
3
1
8
.
7
9
1.
2
4
7
8
2
8
0
3
%
3,329,602.99
07
/
3
1
/
1
3
(4
0
,
2
1
4
.
9
2
)
1
.
2
4
7
8
2
8
0
3
%
(5
0
,
1
8
1
.
3
0
)
73
,
4
1
4
.
3
0
1.
2
4
7
8
2
8
0
3
%
91,608.42
08
/
0
7
/
1
3
(0
.
7
0
)
1
.
2
4
7
2
6
2
8
5
%
(0
.
8
7
)
1.
2
4
7
2
6
2
8
5
%
08
/
0
9
/
1
3
1.2
4
7
1
0
1
4
2
%
6,
0
0
3
.
8
4
1.
2
4
7
1
0
1
4
2
%
7,487.40
08
/
1
3
/
1
3
1.2
4
6
7
7
8
6
2
%
7,
9
2
2
.
8
5
1.
2
4
6
7
7
8
6
2
%
9,878.04
08
/
1
5
/
1
3
1.2
4
6
6
1
7
2
5
%
28
0
.
6
2
1.
2
4
6
6
1
7
2
5
%
349.83
08
/
2
0
/
1
3
1.2
4
6
2
1
3
9
1
%
24
,
8
4
1
.
7
8
1.
2
4
6
2
1
3
9
1
%
30,958.17
08
/
2
3
/
1
3
1.2
4
5
9
7
1
9
7
%
3,
1
9
9
.
6
1
1.
2
4
5
9
7
1
9
7
%
3,986.62
08
/
2
7
/
1
3
1.2
4
5
6
4
9
4
6
%
2,
8
8
8
,
3
7
9
.
0
0
1.
2
4
5
6
4
9
4
6
%
3,597,907.74
08
/
3
1
/
1
3
(2
8
,
9
1
3
.
3
1
)
1
.
2
4
5
4
0
7
6
3
%
(3
6
,
0
0
8
.
8
6
)
12
0
,
3
8
8
.
1
4
1.
2
4
5
4
0
7
6
3
%
149,932.31
09
/
0
3
/
1
3
1.2
4
5
1
6
5
8
5
%
36
,
8
0
9
.
2
7
1.
2
4
5
1
6
5
8
5
%
45,833.65
09
/
0
6
/
1
3
1.2
4
4
9
2
4
1
1
%
4,
6
8
6
.
2
0
1.
2
4
4
9
2
4
1
1
%
5,833.96
09
/
1
0
/
1
3
1.2
4
4
6
0
1
8
7
%
13
1
,
0
4
5
.
9
1
1.
2
4
4
6
0
1
8
7
%
163,099.99
09
/
1
6
/
1
3
1.2
4
4
1
1
8
6
7
%
21
6
.
4
0
1.
2
4
4
1
1
8
6
7
%
269.23
09
/
1
7
/
1
3
1.2
4
4
0
3
8
1
5
%
38
4
.
0
0
1.
2
4
4
0
3
8
1
5
%
477.71
09
/
2
0
/
1
3
1.2
4
3
7
9
6
6
4
%
3,
5
1
1
.
3
9
1.
2
4
3
7
9
6
6
4
%
4,367.46
09
/
2
4
/
1
3
1.2
4
3
4
7
4
6
9
%
4,
9
3
2
.
5
0
1.
2
4
3
4
7
4
6
9
%
6,133.44
09
/
3
0
/
1
3
(1
6
9
,
2
4
6
.
5
0
)
1
.
2
4
2
9
9
1
9
2
%
(2
1
0
,
3
7
2
.
0
3
)
92
,
5
2
4
.
7
2
1.
2
4
2
9
9
1
9
2
%
115,007.48
10
/
0
1
/
1
3
1.2
4
2
9
1
1
4
8
%
6,
1
0
9
,
9
1
1
.
8
4
1.
2
4
2
9
1
1
4
8
%
7,594,079.57
10
/
0
4
/
1
3
1.2
4
2
6
7
0
1
8
%
5,
4
3
8
.
0
9
1.
2
4
2
6
7
0
1
8
%
6,757.75
10
/
0
8
/
1
3
1.2
4
2
3
4
8
5
3
%
10
0
.
0
0
1.
2
4
2
3
4
8
5
3
%
124.23
10
/
1
5
/
1
3
1.2
4
1
7
8
5
8
3
%
30
1
.
1
9
1.
2
4
1
7
8
5
8
3
%
374.01
10
/
1
8
/
1
3
1.2
4
1
5
4
4
7
5
%
3,
8
8
8
.
8
8
1.
2
4
1
5
4
4
7
5
%
4,828.22
10
/
2
2
/
1
3
1.2
4
1
2
2
3
3
8
%
14
5
,
3
8
8
.
6
3
1.
2
4
1
2
2
3
3
8
%
180,459.77
10
/
2
9
/
1
3
1.2
4
0
6
6
1
1
9
%
4,
2
4
4
,
2
4
6
.
0
0
1.
2
4
0
6
6
1
1
9
%
5,265,671.30
10
/
3
1
/
1
3
(2
2
,
5
1
8
.
2
8
)
1
.
2
4
0
5
8
0
9
0
%
(2
7
,
9
3
5
.
7
5
)
20
,
8
1
4
.
5
8
1.
2
4
0
5
8
0
9
0
%
25,822.17
11
/
0
1
/
1
3
1.2
4
0
5
0
0
6
1
%
4,
2
0
6
.
3
9
1.
2
4
0
5
0
0
6
1
%
5,218.03
11
/
0
5
/
1
3
1.2
4
0
1
7
9
5
2
%
32
4
.
9
0
1.
2
4
0
1
7
9
5
2
%
402.93
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Page 2 of 3Control # 11.00
PA
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$2
1
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5
9
5
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EXHIBIT 3
Pe
r
i
o
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03
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1
2
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1
3
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o
0
2
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1
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2
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o
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f
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11
/
1
2
/
1
3
1.2
3
9
6
1
7
8
0
%
16
5
,
4
8
0
.
9
6
1.
2
3
9
6
1
7
8
0
%
205,133.14
11
/
1
5
/
1
3
1.2
3
9
3
7
7
1
4
%
3,
4
7
7
.
8
1
1.
2
3
9
3
7
7
1
4
%
4,310.32
11
/
1
9
/
1
3
1.2
3
9
0
5
6
3
4
%
49
6
.
5
6
1.
2
3
9
0
5
6
3
4
%
615.27
11
/
2
6
/
1
3
1.2
3
8
4
9
5
1
3
%
3,
1
5
0
,
7
1
8
.
0
0
1.
2
3
8
4
9
5
1
3
%
3,902,148.90
11
/
2
7
/
1
3
1.2
3
8
4
1
4
9
8
%
2,
7
7
5
.
7
3
1.
2
3
8
4
1
4
9
8
%
3,437.51
11
/
3
0
/
1
3
(1
3
,
2
5
6
.
9
5
)
1
.
2
3
8
1
7
4
5
5
%
(1
6
,
4
1
4
.
4
2
)
37
,
5
0
4
.
1
1
1.
2
3
8
1
7
4
5
5
%
46,436.64
12
/
1
0
/
1
3
1.2
3
7
3
7
3
4
8
%
11
7
,
7
7
0
.
8
4
1.
2
3
7
3
7
3
4
8
%
145,726.51
12
/
1
3
/
1
3
1.2
3
7
1
3
3
2
5
%
4,
1
0
1
.
8
5
1.
2
3
7
1
3
3
2
5
%
5,074.54
12
/
1
6
/
1
3
1.2
3
6
8
9
3
0
8
%
21
6
.
4
0
1.
2
3
6
8
9
3
0
8
%
267.66
12
/
1
7
/
1
3
1.2
3
6
8
1
3
0
3
%
1,
5
1
4
,
9
3
4
.
7
0
1.
2
3
6
8
1
3
0
3
%
1,873,690.98
12
/
2
7
/
1
3
1.2
3
6
0
1
2
8
3
%
3,
1
3
2
.
2
3
1.
2
3
6
0
1
2
8
3
%
3,871.48
12
/
3
1
/
1
3
(1
0
,
8
8
1
.
9
7
)
1
.
2
3
5
7
7
2
8
8
%
(1
3
,
4
4
7
.
6
5
)
90
,
7
6
9
.
2
2
1.
2
3
5
7
7
2
8
8
%
112,170.14
01
/
1
0
/
1
4
1.2
3
4
9
7
3
3
5
%
1,
3
8
3
.
4
3
1.
2
3
4
9
7
3
3
5
%
1,708.50
01
/
1
4
/
1
4
1.2
3
4
6
5
3
6
9
%
3,
0
5
2
.
4
4
1.
2
3
4
6
5
3
6
9
%
3,768.71
01
/
1
5
/
1
4
1.2
3
4
5
7
3
7
8
%
21
6
.
4
0
1.
2
3
4
5
7
3
7
8
%
267.16
01
/
2
4
/
1
4
1.2
3
3
8
5
4
8
9
%
2,
2
0
8
.
2
6
1.
2
3
3
8
5
4
8
9
%
2,724.67
01
/
3
1
/
1
4
(3
9
,
4
3
5
.
8
2
)
1
.
2
3
3
3
7
5
8
5
%
(4
8
,
6
3
9
.
1
8
)
9,
0
4
1
.
0
2
1.
2
3
3
3
7
5
8
5
%
11,150.97
02
/
0
4
/
1
4
1.2
3
3
0
5
6
6
0
%
1,
1
4
5
,
7
8
9
.
0
6
1.
2
3
3
0
5
6
6
0
%
1,412,822.77
02
/
0
7
/
1
4
1.2
3
2
8
1
7
2
2
%
5,
0
4
2
.
7
0
1.
2
3
2
8
1
7
2
2
%
6,216.73
02
/
1
1
/
1
4
1.2
3
2
4
9
8
1
1
%
39
,
7
6
3
.
5
6
1.
2
3
2
4
9
8
1
1
%
49,008.51
02
/
1
3
/
1
4
(3
,
6
7
1
,
4
3
8
.
1
2
)
1
.
2
3
2
3
3
8
5
9
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(4
,
5
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4
,
4
5
4
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8
8
)
1.
2
3
2
3
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8
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9
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02
/
1
5
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1
4
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3
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7
9
0
9
%
22
8
.
2
3
1.
2
3
2
1
7
9
0
9
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281.22
02
/
1
8
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4
1.2
3
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9
3
9
8
8
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1,
6
6
9
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6
8
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0
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2
3
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9
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8
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2,056,947.83
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/
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,
7
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0
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1
.
2
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(5
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8
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4
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7
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6
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2
3
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7
0
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1
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2,990.16
02
/
2
5
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1
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1.2
3
1
3
8
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8
9
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5,
5
8
0
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0
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1.
2
3
1
3
8
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8
9
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6,871.11
02
/
2
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9
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2
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13
,
1
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3
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16,197.56
03
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0
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6
6
4
8
5
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74
,
2
8
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3
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2
3
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6
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91,414.24
03
/
0
7
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1
4
(5
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4
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6
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4
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1
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2
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4
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0
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3,759.21
03
/
1
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1.2
3
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0
7
4
4
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38
9
.
7
6
1.
2
3
0
1
0
7
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4
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479.45
03
/
1
2
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1.2
3
0
0
2
7
8
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%
97
2
.
0
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2
3
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7
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1,195.59
03
/
1
4
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2
9
8
6
8
6
3
%
27
0
.
5
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1.
2
2
9
8
6
8
6
3
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332.69
03
/
1
8
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2
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5
5
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9
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2,
7
5
1
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6
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3
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2
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9
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5
0
2
9
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3,383,350.32
03
/
2
1
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1
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1.2
2
9
3
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5
9
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4,
7
9
5
.
3
0
1.
2
2
9
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1
1
5
9
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5,894.92
03
/
2
5
/
1
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1.2
2
8
9
9
3
3
9
%
55
.
4
4
1.
2
2
8
9
9
3
3
9
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68.14
03
/
2
9
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4
1.2
2
8
6
7
5
2
7
%
11
,
2
4
3
.
5
8
1.
2
2
8
6
7
5
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7
%
13,814.71
03
/
3
1
/
1
4
(6
,
7
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8
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1
9
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.
2
2
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(8
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2
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6
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12
3
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2
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151,424.59
04
/
0
1
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8
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1
6
2
4
%
11
9
,
4
5
0
.
2
9
1.
2
2
8
5
1
6
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4
%
146,746.62
04
/
0
4
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1.2
2
8
2
7
7
7
4
%
4,
2
5
1
.
2
4
1.
2
2
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2
7
7
7
4
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5,221.70
04
/
0
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/
1
4
(7
0
4
.
0
0
)
1
.
2
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6
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1,
4
7
7
.
6
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2
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7
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5
9
8
1
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1,814.43
04
/
1
1
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1
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(2
3
2
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4
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1
.
8
0
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1
.
2
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8
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23
2
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285,373.78
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/
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6
3
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32
,
2
5
7
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3
7
1.
2
2
7
4
0
3
6
3
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39,592.81
04
/
1
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1
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5
3
4
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2,
0
3
7
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5
6
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2,500.42
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Page 3 of 3Control # 11.00
PA
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EXHIBIT 3
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03
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5,111.26
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3,128.10
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18
,
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23,027.67
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20
,
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24,607.87
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Page 1 of 2Control # 11.00
PA
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Alloc. $Alloc. %Type
10
0
%
$
Da
t
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10
/
0
1
/
1
3
Maturity 6,109,911.84 100.00000%
6,1
0
9
,
9
1
1
.
8
4
10
/
0
4
/
1
3
Maturity 5,438.09 100.00000%
5,
4
3
8
.
0
9
10
/
0
8
/
1
3
Maturity 100.00 100.00000%
10
0
.
0
0
10
/
1
5
/
1
3
Maturity 84.79 100.00000%
84
.
7
9
10
/
1
5
/
1
3
Maturity 216.40 100.00000%
21
6
.
4
0
10
/
1
8
/
1
3
Maturity 3,888.88 100.00000%
3,
8
8
8
.
8
8
10
/
2
2
/
1
3
Maturity 145,388.63 100.00000%
14
5
,
3
8
8
.
6
3
10
/
2
9
/
1
3
Maturity 4,244,246.00 100.00000%
4,2
4
4
,
2
4
6
.
0
0
10
/
3
1
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1
3
Principal (1,703.70)100.00000%
(1
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7
0
3
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7
0
)
10
/
3
1
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1
3
Principal (20,814.58)100.00000%
(2
0
,
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1
4
.
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8
)
10
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3
1
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1
3
Interest 20,814.58 100.00000%
20
,
8
1
4
.
5
8
11
/
0
1
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1
3
Maturity 4,206.39 100.00000%
4,
2
0
6
.
3
9
11
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0
5
/
1
3
Maturity 324.90 100.00000%
32
4
.
9
0
11
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1
2
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1
3
Maturity 165,480.96 100.00000%
16
5
,
4
8
0
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9
6
11
/
1
5
/
1
3
Maturity 216.40 100.00000%
21
6
.
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0
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1
5
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1
3
Maturity 3,261.41 100.00000%
3,
2
6
1
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4
1
11
/
1
9
/
1
3
Maturity 496.56 100.00000%
49
6
.
5
6
11
/
2
6
/
1
3
Maturity 3,150,718.00 100.00000%
3,1
5
0
,
7
1
8
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0
0
11
/
2
7
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1
3
Maturity 2,775.73 100.00000%
2,
7
7
5
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7
3
11
/
3
0
/
1
3
Principal (13,256.95)100.00000%
(1
3
,
2
5
6
.
9
5
)
11
/
3
0
/
1
3
Interest 13,256.95 100.00000%
13
,
2
5
6
.
9
5
11
/
3
0
/
1
3
Maturity 24,247.16 100.00000%
24
,
2
4
7
.
1
6
12
/
1
0
/
1
3
Maturity 117,770.84 100.00000%
11
7
,
7
7
0
.
8
4
12
/
1
3
/
1
3
Maturity 4,101.85 100.00000%
4,
1
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1
.
8
5
12
/
1
6
/
1
3
Maturity 216.40 100.00000%
21
6
.
4
0
12
/
1
7
/
1
3
Maturity 1,514,934.70 100.00000%
1,5
1
4
,
9
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4
.
7
0
12
/
2
7
/
1
3
Maturity 3,132.23 100.00000%
3,
1
3
2
.
2
3
12
/
3
1
/
1
3
Principal (10,881.97)100.00000%
(1
0
,
8
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1
.
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)
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/
3
1
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3
Interest 10,881.97 100.00000%
10
,
8
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1
.
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7
12
/
3
1
/
1
3
Maturity 0.72 100.00000%
0.
7
2
12
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3
1
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1
3
Maturity 23.84 100.00000%
23
.
8
4
12
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3
1
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1
3
Maturity 118.58 100.00000%
11
8
.
5
8
12
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3
1
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1
3
Maturity 258.86 100.00000%
25
8
.
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Page 2 of 2Control # 11.00
PA
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$2
1
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5
9
5
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0
0
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.
0
0
EXHIBIT 4
Pe
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22
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22
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40
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40
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21
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21
6
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0
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39
,
7
6
3
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5
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10
0
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0
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39
,
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6
3
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22
8
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22
8
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In
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74
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0
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38
9
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38
9
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97
2
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2
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Ma
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27
0
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27
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Ma
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7
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Ma
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Ma
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55
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55
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70
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0
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70
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03
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Ma
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78
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Ma
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14
9
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Ma
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28
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Ma
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35
7
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35
7
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Ma
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36
5
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36
5
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Ma
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39
7
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10
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39
7
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03
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Ma
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46
6
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%
46
6
.
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Ma
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54
1
.
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10
0
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0
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54
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Ma
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0
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11
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11
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69
.
6
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69
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70
4
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70
4
.
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Ma
t
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70
4
.
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4
.
0
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/
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Pr
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l
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9
0
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%
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0
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9
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04
/
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4
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l
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9
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Alloc. $Alloc. %Type
10
0
%
$
Da
t
e
04
/
1
1
/
1
4
Maturity 116,220.90 100.00000%
11
6
,
2
2
0
.
9
0
04
/
1
1
/
1
4
Maturity 116,220.90 100.00000%
11
6
,
2
2
0
.
9
0
04
/
1
5
/
1
4
Maturity 204.57 100.00000%
20
4
.
5
7
04
/
1
5
/
1
4
Maturity 32,052.80 100.00000%
32
,
0
5
2
.
8
0
04
/
1
8
/
1
4
Maturity 2,037.56 100.00000%
2,
0
3
7
.
5
6
04
/
2
2
/
1
4
Maturity 1,959,453.06 100.00000%
1,9
5
9
,
4
5
3
.
0
6
04
/
2
5
/
1
4
Principal (393,230.55)100.00000%
(3
9
3
,
2
3
0
.
5
5
)
04
/
3
0
/
1
4
Principal (63,826.59)100.00000%
(6
3
,
8
2
6
.
5
9
)
04
/
3
0
/
1
4
Principal (4,168.33)100.00000%
(4
,
1
6
8
.
3
3
)
04
/
3
0
/
1
4
Interest 4,168.33 100.00000%
4,
1
6
8
.
3
3
05
/
0
2
/
1
4
Maturity 2,551.36 100.00000%
2,
5
5
1
.
3
6
05
/
0
6
/
1
4
Maturity 18,786.80 100.00000%
18
,
7
8
6
.
8
0
05
/
1
3
/
1
4
Maturity 20,085.08 100.00000%
20
,
0
8
5
.
0
8
05
/
1
6
/
1
4
Maturity 216.40 100.00000%
21
6
.
4
0
05
/
1
6
/
1
4
Maturity 1,631.96 100.00000%
1,
6
3
1
.
9
6
05
/
2
0
/
1
4
Maturity 1,660,106.61 100.00000%
1,6
6
0
,
1
0
6
.
6
1
05
/
3
1
/
1
4
Principal (1,517.12)100.00000%
(1
,
5
1
7
.
1
2
)
05
/
3
1
/
1
4
Interest 1,517.12 100.00000%
1,
5
1
7
.
1
2
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Page 1 of 1Control # 11.00
PA
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1
,
5
9
5
,
0
0
0
.
0
0
EXHIBIT 5
Pe
r
i
o
d
03
/
1
2
/
1
3
t
o
0
2
/
0
1
/
2
3
Ca
l
c
u
l
a
t
i
o
n
C
r
e
d
i
t
s
Pe
r
i
o
d
03
/
1
2
/
1
3
t
o
0
2
/
0
1
/
2
3
Da
t
e
Am
o
u
n
t
Tr
a
n
s
a
c
t
i
o
n
T
y
p
e
03
/
1
2
/
1
4
(1
,
6
2
0
.
0
0
)
Co
m
p
u
t
a
t
i
o
n
D
a
t
e
03
/
1
2
/
1
5
(1
,
6
5
0
.
0
0
)
Co
m
p
u
t
a
t
i
o
n
D
a
t
e
02
/
0
1
/
2
3
(1
,
9
6
0
.
0
0
)
Fin
a
l
C
r
e
d
i
t
Ar
b
i
t
r
a
g
e
C
o
m
p
l
i
a
n
c
e
S
p
e
c
i
a
l
i
s
t
s
,
I
n
c
.