New Early Learning Center and Elementary...

ACT 34 HEARING PRESENTATIONNew Early Learning Center and Elementary SchoolNEW CONSTRUCTION

19 February 20156:00 PM

PHOENIXVILLE AREA SCHOOL DISTRICT

1PHOENIXVILLE AREA SCHOOL DISTRICT

Part IOpening Remarks


I. Opening Remarks Dr. Daniel Cushing, President, Board of School DirectorsPhoenixville Area School District

II. Hearing Duly Constituted Mr. Clarence C. Kegel, Jr., Esquire, SolicitorKegel Kelin Almy & Lord LLP

III. Project History and Need for Construction Dr. Alan D. Fegley, SuperintendentPhoenixville Area School District

IV. Project Options Considered David L. Schrader, AIA, Schrader Group Architecture, LLC

V. Project Description David L. Schrader, AIA, Schrader Group Architecture, LLCNew ELC and Elementary School

– Project Description– Site Plan– Floor Plan– Building Renderings– Room Schedules and Adjustments– Plancon D Cost Estimating

VI. Analysis of Financial Alternatives Jamie L. Doyle, Senior Managing ConsultantPublic Financial Management, Inc.

VII. Public Comments Mr. Clarence C. Kegel, Jr., Esquire, SolicitorKegel Kelin Almy & Lord LLP

VIII. Adjournment Dr. Daniel Cushing, President, Board of School DirectorsPhoenixville Area School District

AGENDA


Part IIHearing Duly Constituted


• Purpose of the Hearing

• Public Comment Process

• Public has 30 days following this Hearing up to and including Monday, March 23, 2015 to submit written comments about the project

• Board Resolution to adopt Maximum Project Cost and Maximum Construction Cost for New Construction on January 15, 2015

• Act 34 Hearing Notice appearance in The Mercury

HEARING DULY CONSTITUTED


Part IIIProject History and Need for Construction


District need to upgrade and expand its facilities:

1. 2005, PASD launched a multi-year plan to upgrade and expand facilities to accommodate future growth in student enrollment

2. Completed projects include; new Schuylkill Elementary School in 2006 and the new Middle School in 2012

3. Two prior projects to accommodate additional elementary growth failed; Kimberton abandoned in 2008 and East Pikeland which was abandoned in 2012

4. In late 2012 PASD re-evaluated long term needs based on Decision Insite (DI) multi-year enrollment projections. Enrollments are expected to exceed 4,100 students by 2022

PROJECT HISTORY


The following “Summary of Owned Buildings and Land” presents information about each facility in terms ofprojects completed, grade configurations, capacities and enrollments. The year of the major projectsconducted on existing facilities are indicated in the last column. The proposed New Early Learning Centerand Elementary School is included, shown in italics.

(PROPOSED)School Grades FTE Site Year Additions/ ProposedFacility Housed Capacity (acres) Built Renov. DispositionBarkley ES 1-5 (2-5) 450 2.1 1930 1991 MaintainEast Pikeland ES 1-5 (2-5) 350 11.3 1930 1956,64 CloseSchuylkill ES 1-5 (2-5) 650 20.5 2006 MaintainSecond Ave Kindergarten Center K 325 7.4 1958 2003 CloseNew ELC & ES K-1/2-5 1230 52.4 2017 New

PASD MS 6-8 1234 39.4 * 2012 Maintain

PASD HS 9-12 1331 39.4 * 2003 Maintain

District Admin Offices 39.4 * 2012 Maintain

* Shared site

SUMMARY OF OWNED BUILDINGS AND LAND


School Year K-5 6-8 9-12 K-12

2014-2015 1,799 766 888 3,4532015-2016 1,788 832 869 3,4892016-2017 1,785 877 877 3,5392017-2018 1,764 900 896 3,5602018-2019 1,741 912 911 3,5642019-2020 1,726 927 960 3,6132020-2021 1,718 916 1,015 3,6492021-2022 1,721 892 1,036 3,649

• PDE enrollment projections have lagged significantly from the experience at PASD. As a result, PASD will utilize Decision Insite enrollment projections

PENNSYLVANIA DEPARTMENT OF EDUCATION ENROLLMENT PROJECTIONS

ENROLLMENT PROJECTIONS


DECISION INSITEENROLLMENT MODERATE PROJECTIONS - 2012


10

Grade 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022K 297 300 306 310 315 309 303 297 291 286 2801 273 322 327 333 337 340 333 327 320 315 3092 285 272 319 324 330 335 337 331 324 318 3123 313 292 277 326 330 332 337 339 332 326 3204 290 317 296 279 331 331 332 338 339 333 3265 245 291 316 294 278 329 330 331 337 338 3316 246 249 295 322 295 277 331 330 332 337 3397 285 248 250 296 323 295 277 331 330 332 3378 265 290 254 255 303 326 297 280 333 333 3359 247 264 286 251 253 297 320 292 273 327 326

10 235 254 270 293 260 256 301 323 295 277 33111 221 239 256 273 297 261 257 302 324 296 27712 232 231 250 268 285 303 266 262 308 331 302

Total 3434 3569 3702 3824 3937 3991 4021 4083 4138 4149 4125% Chg 3.4% 3.9% 3.7% 3.3% 3% 1.4% 0.8% 1.5% 1.3% 0.3% -0.6%


DECISION INSITEENROLLMENT PROJECTIONS



DECISION INSITEENROLLMENT MODERATE PROJECTIONS - 2014


12

Grade 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024K 281 286 292 303 306 307 307 307 307 307 3071 316 294 300 306 316 320 320 320 320 320 3202 323 318 300 306 307 317 321 321 321 321 3213 291 331 329 312 314 311 320 324 324 324 3244 289 298 341 339 321 318 315 323 327 327 3275 325 302 312 356 353 333 327 325 335 341 3416 299 320 299 317 355 351 333 326 324 335 3417 261 307 332 310 324 360 354 336 337 331 3418 249 264 311 339 314 326 362 355 338 339 3329 298 261 275 330 359 332 344 384 374 358 359

10 293 308 270 289 340 372 347 354 399 388 37111 262 303 320 282 299 354 383 361 365 410 39912 253 267 309 327 287 301 357 386 363 367 414Totals: 3740 3859 3990 4116 4195 4302 4390 4422 4434 4468 4497

Pct Chg: 2.9% 3.2% 3.4% 3.2% 1.9% 2.6% 2.0% 0.7% 0.3% 0.8% 0.6%


Part IVProject Options Considered


OPTION 1 – New Large Elementary School at a new site

OPTION 1B- New Medium Elementary School at a new site

OPTION 2 – New Elementary School at the East Pikeland site

OPTION 3 – Renovate and add to the East Pikeland building

OPTIONS – ORIGINAL STUDY


NEW OPTION 1 – Develop three K-5 schools

NEW OPTION 2a –Develop a new Early Learning Center

NEW OPTION 2b –Develop an Early Learning Center in Schuylkill Elementary and develop a new Elementary School

NEW OPTION 2c –Expand Schuylkill Elementary School for the new Early Learning Center

NEW OPTION 3 -Develop a new combined Early Learning Center and Elementary School

NEW OPTION 4 - Expand East Pikeland Elementary School

NEW OPTION 5 - Develop four K-5 Schools

NEW OPTION 6 - Develop a new Elementary School and develop a new Early Learning Center

OPTIONS – REVISED BY DISTRICT


• Provides the greatest programmatic flexibility

• Creates fewer development constraints

• Most cost effective

OPTION 3 - Advantages


• The Kindergarten Center is retired from service

• East Pikeland Elementary School is retired from service

• A new District-wide Early Learning Center and Elementary School will be built on a new site

OPTION 3 – Key Features


• PASD began a search for a site using the following parameters

– 30+ acres– Near the geographic center of PASD– In or near East Pikeland Township– Readily developable– Good road access for school bus vehicles– Reasonable acquisition costs

• Ninety-five potential properties identified across three municipalities

• Discussions held with owners of several properties

• Appraisals of two properties

• West Pothouse Road property was acquired

PROJECT SITE


Part VProject Description


• Educational Specification overview

• Building Systems

• Site Plan

• Floor Plans

• Views

• Plancon Room Schedules

• Plancon Maximum Project Cost

• Plancon Maximum Construction Cost (Act 34 Cost)

• Plancon Aggregate Building Expenditure Standard

PROJECT DESCRIPTION


PROPOSED SITEProposed Early Learning Center and Elementary School


PROPOSED SITE PLANProposed Early Learning Center and Elementary School

SCHRADERGROUPA R C H I T E C T U R E


PLANS &VIEWS OF THE BUILDING AND SITEProposed Early Learning Center and Elementary School


SOUTH ELEVATION


NORTH ELEVATION

A R C H I T E C T U R E


$61,999,506

39

$80,911,30140

$39,424,55341

$47,270,761

$51,052,422

44

$48,307,641is greater than

$47,270,761So the project meets the Commonwealth requirements

46

Part VIAnalysis of Financial Alternatives


1. Cash or a short-term bank loan

2. General Obligation Bond issue

3. Local Authority issue

4. State Public School Building Authority (SPSBA)

ANALYSIS OF ALTERNATIVES


General Local StateObligation Authority Authority

Costs Issue Issue* IssueConstruction and Related costs: $75,364,870 $75,364,870 $75,364,870Contingency & Superv. $ 3,496,431 $ 3,496,431 $ 3,496,431Costs of Issuance $ 2,050,000 $ 2,075,500 $ 2,065,250Total Costs $80,911,301 $80,936,801 $80,926,551

Less: Interest Earned $ 57,908 $ 61,801 $ 61,551Less: Original Issue Premium $ 1,948,393 $ 1,950,000 $ 1,950,000

BOND ISSUE $78,905,000 $78,925,000 $78,915,000SUE $41,075,000 $41,126,125 $41,126,125Annual Payment @ 4.25% $ 5,863,283 $ 5,915,408 $ 5,914,659for 20 years*****

School District’s Share $ 2,273,068 $ 2,398,356 $ 2,398,356

COMPARISON OF METHODS OF FINANCING


The State will reimburse the School District for a portion of theprincipal and interest, which the School District pays each yearon the bonds. The amount of the reimbursement is determinedby two factors - the percentage of the Project determined by theDepartment of Education to be reimbursable and the SchoolDistrict's Capital Account Reimbursement Fraction (“CARF"). Itis estimated that the project may be assigned $8,272,000 inreimbursement. Based on a pro-forma calculation ofreimbursement for a bond issue sized for this Project, thereimbursement percentage will be 10.22%. The School District’sCARF percentage is 30.79%. When these two percentages aremultiplied, the result is an “effective” reimbursable percentage of3.15%. Therefore, for each dollar paid by the School Districttoward principal and interest, the state will reimburse the SchoolDistrict 3.15 cents for the Project.

STATE REIMBURSEMENT


Additional indirect costs will be needed to accomplish the long range objectives including:

Support Personnel $ 64,140Additional Custodial Supplies $ 51,000Additional Fuel and Utilities $ 96,400Additional Contracted Maintenance & Repairs $ 75,000Transportation $100,000Additional Insurance Premium $ 15,000

TOTAL $401,540

Assuming a collected mill currently provides $1,958,910, the indirect costs will have a millage impact of 0.20 mills annually

INDIRECT COSTS


The total millage equivalent of the Project assuming wrap around payments is:

$20,000,000 G.O Bonds on Table 1 = 0.75 mills$9,835,000 G.O. Bonds on Table 2 = 0.16 mills$9,965,000 G.O. Bonds on Table 3 = 0.14 mills$9,400,000 G.O. Bonds on Table 4 = 0.22 mills$9,500,000 G.O. Bonds on Table 5 = 0.22 mills$20,205,000 G.O. Bonds on Table 6 = 0.47 millsPlus: Indirect Costs = 0.20 mills

TOTAL 2.16 mills

TOTAL MILLAGE EQUIVALENT


PHOENIXVILLE AREA SCHOOL DISTRICTSeries A of 2012 - New MoneyTOTAL ISSUE =$25,400,000 Settlement Date: 7/17/2012

TABLE 1 Dated Date: 7/17/2012

1 2 3 4 5 6 7 8 9Proposed Proposed Gross

Semi-Annual Fiscal Year Less: Local MillsDate Principal Coupon Interest Debt Service Debt Service State Aid Effort Needed

4104411/15/2012 243,895.35 243,895.35

5/15/2013 895,000 2.000 372,043.75 1,267,043.75 1,510,939.10 (37,450.06) 1,473,489.04 0.7511/15/2013 363,093.75 363,093.75

5/15/2014 740,000 3.000 363,093.75 1,103,093.75 1,466,187.50 (36,340.85) 1,429,846.6511/15/2014 351,993.75 351,993.75

5/15/2015 765,000 3.000 351,993.75 1,116,993.75 1,468,987.50 (36,410.25) 1,432,577.2511/15/2015 340,518.75 340,518.75

5/15/2016 785,000 4.000 340,518.75 1,125,518.75 1,466,037.50 (36,337.13) 1,429,700.3711/15/2016 324,818.75 324,818.75

5/15/2017 820,000 4.000 324,818.75 1,144,818.75 1,469,637.50 (36,426.36) 1,433,211.1411/15/2017 308,418.75 308,418.75

5/15/2018 855,000 5.000 308,418.75 1,163,418.75 1,471,837.50 (36,480.89) 1,435,356.6111/15/2018 287,043.75 287,043.75

5/15/2019 895,000 5.000 287,043.75 1,182,043.75 1,469,087.50 (36,412.73) 1,432,674.7711/15/2019 264,668.75 264,668.75

5/15/2020 940,000 5.000 264,668.75 1,204,668.75 1,469,337.50 (36,418.93) 1,432,918.5711/15/2020 241,168.75 241,168.75

5/15/2021 990,000 5.000 241,168.75 1,231,168.75 1,472,337.50 (36,493.28) 1,435,844.2211/15/2021 216,418.75 216,418.75

5/15/2022 1,035,000 5.000 216,418.75 1,251,418.75 1,467,837.50 (36,381.75) 1,431,455.7511/15/2022 190,543.75 190,543.75

5/15/2023 1,090,000 5.000 190,543.75 1,280,543.75 1,471,087.50 (36,462.30) 1,434,625.2011/15/2023 163,293.75 163,293.75

5/15/2024 1,140,000 3.000 163,293.75 1,303,293.75 1,466,587.50 (36,350.76) 1,430,236.7411/15/2024 146,193.75 146,193.75

5/15/2025 1,175,000 3.000 146,193.75 1,321,193.75 1,467,387.50 (36,370.59) 1,431,016.9111/15/2025 128,568.75 128,568.75

5/15/2026 1,215,000 3.050 128,568.75 1,343,568.75 1,472,137.50 (36,488.33) 1,435,649.1711/15/2026 110,040.00 110,040.00

5/15/2027 1,250,000 3.150 110,040.00 1,360,040.00 1,470,080.00 (36,437.33) 1,433,642.6711/15/2027 90,352.50 90,352.50

5/15/2028 1,285,000 3.250 90,352.50 1,375,352.50 1,465,705.00 (36,328.89) 1,429,376.1111/15/2028 69,471.25 69,471.25

5/15/2029 1,330,000 3.300 69,471.25 1,399,471.25 1,468,942.50 (36,409.14) 1,432,533.3611/15/2029 47,526.25 47,526.25

5/15/2030 1,375,000 3.350 47,526.25 1,422,526.25 1,470,052.50 (36,436.65) 1,433,615.8511/15/2030 24,495.00 24,495.00

5/15/2031 1,420,000 3.450 24,495.00 1,444,495.00 1,468,990.00 (36,410.31) 1,432,579.69

Totals: 20,000,000 7,953,196.60 27,953,196.60 27,953,196.60 (692,846.53) 27,260,350.06 0.75

PE%= 8.05% (Estimated)CARF%= 30.79% (2014-15)

1 MILL= 1,958,910

53

PHOENIXVILLE AREA SCHOOL DISTRICTSERIES A OF 2013TOTAL ISSUE =$9,835,000

SETTLE 12/19/2013TABLE 2 DATED 12/19/2013

1 2 3 4 5 6 7 8 9 10 11Proposed Proposed Existing Total Gross

Semi-Annual Fiscal Year Less: Local Local Local MillsDate Principal Rate Interest Debt Service Debt Service State Aid Effort Effort Effort Needed

415935/15/2014 200,000 0.300 130,429.71 330,429.71 330,429.71 (10,397.76) 320,031.95 7,979,139.25 8,299,171.20 0.16

11/15/2014 160,503.75 160,503.755/15/2015 5,000 1.000 160,503.75 165,503.75 326,007.50 (10,258.60) 315,748.90 8,726,286.25 9,042,035.15

11/15/2015 160,478.75 160,478.755/15/2016 5,000 1.000 160,478.75 165,478.75 325,957.50 (10,257.03) 315,700.47 8,730,873.67 9,046,574.14

11/15/2016 160,453.75 160,453.755/15/2017 5,000 1.000 160,453.75 165,453.75 325,907.50 (10,255.46) 315,652.04 8,726,989.01 9,042,641.05

11/15/2017 160,428.75 160,428.755/15/2018 160,000 2.000 160,428.75 320,428.75 480,857.50 (15,131.33) 465,726.17 7,947,057.21 8,412,783.38

11/15/2018 158,828.75 158,828.755/15/2019 170,000 2.000 158,828.75 328,828.75 487,657.50 (15,345.30) 472,312.20 7,935,815.74 8,408,127.94

11/15/2019 157,128.75 157,128.755/15/2020 160,000 2.000 157,128.75 317,128.75 474,257.50 (14,923.64) 459,333.86 7,949,087.86 8,408,421.72

11/15/2020 155,528.75 155,528.755/15/2021 180,000 2.250 155,528.75 335,528.75 491,057.50 (15,452.29) 475,605.21 7,937,008.20 8,412,613.41

11/15/2021 153,503.75 153,503.755/15/2022 795,000 3.000 153,503.75 948,503.75 1,102,007.50 (34,677.29) 1,067,330.21 7,321,263.00 8,388,593.21

11/15/2022 141,578.75 141,578.755/15/2023 815,000 3.000 141,578.75 956,578.75 1,098,157.50 (34,556.14) 1,063,601.36 7,329,666.02 8,393,267.38

11/15/2023 129,353.75 129,353.755/15/2024 830,000 3.000 129,353.75 959,353.75 1,088,707.50 (34,258.77) 1,054,448.73 7,336,578.23 8,391,026.95

11/15/2024 116,903.75 116,903.755/15/2025 830,000 3.000 116,903.75 946,903.75 1,063,807.50 (33,475.23) 1,030,332.27 7,363,649.68 8,393,981.95

11/15/2025 104,453.75 104,453.755/15/2026 845,000 3.150 104,453.75 949,453.75 1,053,907.50 (33,163.71) 1,020,743.79 7,371,704.10 8,392,447.89

11/15/2026 91,145.00 91,145.005/15/2027 880,000 3.300 91,145.00 971,145.00 1,062,290.00 (33,427.48) 1,028,862.52 7,366,048.52 8,394,911.03

11/15/2027 76,625.00 76,625.005/15/2028 900,000 3.450 76,625.00 976,625.00 1,053,250.00 (33,143.02) 1,020,106.98 7,374,174.92 8,394,281.90

11/15/2028 61,100.00 61,100.005/15/2029 935,000 4.000 61,100.00 996,100.00 1,057,200.00 (33,267.31) 1,023,932.69 7,366,661.47 8,390,594.16

11/15/2029 42,400.00 42,400.005/15/2030 975,000 4.000 42,400.00 1,017,400.00 1,059,800.00 (33,349.13) 1,026,450.87 7,367,788.68 8,394,239.55

11/15/2030 22,900.00 22,900.005/15/2031 1,145,000 4.000 22,900.00 1,167,900.00 1,190,800.00 (37,471.36) 1,153,328.64 7,237,955.76 8,391,284.41

11/15/2031 0.00 0.00

TOTALS 9,835,000 4,237,059.71 14,072,059.71 14,072,059.71 (442,810.85) 13,629,248.86 139,367,747.55 152,996,996.41 0.16


1 MILL= 1,958,910

54

PHOENIXVILLE AREA SCHOOL DISTRICTSERIES A OF 2014TOTAL ISSUE =$9,965,000



Semi-Annual Fiscal Year Less: Local Local Local MillsDate Principal Coupon Interest Debt Service Debt Service State Aid Effort Effort Effort Needed

419585/15/2015 140,000 0.200 135,337.22 275,337.22 275,337.22 (8,664.14) 266,673.08 9,060,715.22 9,327,388.30 0.14

11/15/2015 133,710.00 133,710.005/15/2016 5,000 0.500 133,710.00 138,710.00 272,420.00 (8,572.34) 263,847.66 9,068,880.38 9,332,728.03

11/15/2016 133,697.50 133,697.505/15/2017 5,000 0.750 133,697.50 138,697.50 272,395.00 (8,571.56) 263,823.44 9,085,120.16 9,348,943.61

11/15/2017 133,678.75 133,678.755/15/2018 575,000 5.000 133,678.75 708,678.75 842,357.50 (26,506.78) 815,850.72 8,462,654.06 9,278,504.78

11/15/2018 119,303.75 119,303.755/15/2019 610,000 5.000 119,303.75 729,303.75 848,607.50 (26,703.45) 821,904.05 8,458,269.96 9,280,174.01

11/15/2019 104,053.75 104,053.755/15/2020 640,000 2.000 104,053.75 744,053.75 848,107.50 (26,687.72) 821,419.78 8,458,122.08 9,279,541.86

11/15/2020 97,653.75 97,653.755/15/2021 650,000 2.000 97,653.75 747,653.75 845,307.50 (26,599.61) 818,707.89 8,462,866.16 9,281,574.05

11/15/2021 91,153.75 91,153.755/15/2022 665,000 2.000 91,153.75 756,153.75 847,307.50 (26,662.55) 820,644.95 8,457,989.62 9,278,634.57

11/15/2022 84,503.75 84,503.755/15/2023 675,000 2.000 84,503.75 759,503.75 844,007.50 (26,558.70) 817,448.80 8,462,566.01 9,280,014.81

11/15/2023 77,753.75 77,753.755/15/2024 690,000 2.125 77,753.75 767,753.75 845,507.50 (26,605.91) 818,901.59 8,460,084.94 9,278,986.53

11/15/2024 70,422.50 70,422.505/15/2025 705,000 2.250 70,422.50 775,422.50 845,845.00 (26,616.53) 819,228.47 8,462,241.64 9,281,470.12

11/15/2025 62,491.25 62,491.255/15/2026 720,000 2.375 62,491.25 782,491.25 844,982.50 (26,589.39) 818,393.11 8,428,693.89 9,247,087.01

11/15/2026 53,941.25 53,941.255/15/2027 735,000 2.550 53,941.25 788,941.25 842,882.50 (26,523.30) 816,359.20 8,431,406.70 9,247,765.90

11/15/2027 44,570.00 44,570.005/15/2028 755,000 2.600 44,570.00 799,570.00 844,140.00 (26,562.87) 817,577.13 8,430,498.38 9,248,075.50

11/15/2028 34,755.00 34,755.005/15/2029 780,000 2.700 34,755.00 814,755.00 849,510.00 (26,731.85) 822,778.15 8,426,937.22 9,249,715.37

11/15/2029 24,225.00 24,225.005/15/2030 795,000 3.000 24,225.00 819,225.00 843,450.00 (26,541.16) 816,908.84 8,430,659.29 9,247,568.13

11/15/2030 12,300.00 12,300.005/15/2031 820,000 3.000 12,300.00 832,300.00 844,600.00 (26,577.35) 818,022.65 8,431,813.61 9,249,836.26

TOTALS 9,965,000 2,691,764.72 12,656,764.72 12,656,764.72 (398,275.23) 12,258,489.50 145,479,519.33 157,738,008.83 0.14


1 MILL= 1,958,910

55

PHOENIXVILLE AREA SCHOOL DISTRICTSERIES OF 2015TOTAL ISSUE =$9,400,000




#NUM!

5/15/2016 280,000 2.450 173,352.92 453,352.92 453,352.92 (14,265.83) 439,087.09 9,392,928.89 9,832,015.98 0.2211/15/2016 204,593.50 204,593.50

5/15/2017 30,000 2.540 204,593.50 234,593.50 439,187.00 (13,820.06) 425,366.94 9,409,146.04 9,834,512.9711/15/2017 204,212.50 204,212.50

5/15/2018 130,000 2.670 204,212.50 334,212.50 538,425.00 (16,942.82) 521,482.18 9,333,959.79 9,855,441.9611/15/2018 202,477.00 202,477.00

5/15/2019 135,000 2.810 202,477.00 337,477.00 539,954.00 (16,990.94) 522,963.06 9,335,254.47 9,858,217.5411/15/2019 200,580.25 200,580.25

5/15/2020 140,000 3.000 200,580.25 340,580.25 541,160.50 (17,028.90) 524,131.60 9,335,166.77 9,859,298.3711/15/2020 198,480.25 198,480.25

5/15/2021 140,000 3.190 198,480.25 338,480.25 536,960.50 (16,896.74) 520,063.76 9,336,679.76 9,856,743.5211/15/2021 196,247.25 196,247.25

5/15/2022 145,000 3.400 196,247.25 341,247.25 537,494.50 (16,913.54) 520,580.96 9,314,411.39 9,834,992.3411/15/2022 193,782.25 193,782.25

5/15/2023 150,000 3.610 193,782.25 343,782.25 537,564.50 (16,915.75) 520,648.75 9,316,073.33 9,836,722.0911/15/2023 191,074.75 191,074.75

5/15/2024 155,000 3.800 191,074.75 346,074.75 537,149.50 (16,902.69) 520,246.81 9,315,181.87 9,835,428.6811/15/2024 188,129.75 188,129.75

5/15/2025 160,000 3.970 188,129.75 348,129.75 536,259.50 (16,874.68) 519,384.82 9,318,505.66 9,837,890.4811/15/2025 184,953.75 184,953.75

5/15/2026 200,000 4.110 184,953.75 384,953.75 569,907.50 (17,933.50) 551,974.00 9,284,439.74 9,836,413.7511/15/2026 180,843.75 180,843.75

5/15/2027 205,000 4.240 180,843.75 385,843.75 566,687.50 (17,832.17) 548,855.33 9,284,780.43 9,833,635.7611/15/2027 176,497.75 176,497.75

5/15/2028 215,000 4.370 176,497.75 391,497.75 567,995.50 (17,873.33) 550,122.17 9,285,377.24 9,835,499.4111/15/2028 171,800.00 171,800.00

5/15/2029 220,000 4.490 171,800.00 391,800.00 563,600.00 (17,735.02) 545,864.98 9,286,963.17 9,832,828.1611/15/2029 166,861.00 166,861.00

5/15/2030 235,000 4.580 166,861.00 401,861.00 568,722.00 (17,896.19) 550,825.81 9,284,705.03 9,835,530.8411/15/2030 161,479.50 161,479.50

5/15/2031 245,000 4.650 161,479.50 406,479.50 567,959.00 (17,872.18) 550,086.82 9,282,909.21 9,832,996.0311/15/2031 155,783.25 155,783.25

5/15/2032 6,615,000 4.710 155,783.25 6,770,783.25 6,926,566.50 (217,960.90) 6,708,605.60 6,708,605.60

TOTALS 9,400,000 6,128,945.92 15,528,945.92 15,528,945.92 (488,655.24) 15,040,290.67 149,116,482.79 164,156,773.46 0.22


1 MILL= 1,958,910

56





423235/15/2016

11/15/2016 224,687.59 224,687.595/15/2017 5,000 2.450 222,218.50 227,218.50 451,906.09 (14,220.30) 437,685.79 9,834,512.97 10,272,198.76 0.22

11/15/2017 222,157.25 222,157.255/15/2018 5,000 2.540 222,157.25 227,157.25 449,314.50 (14,138.75) 435,175.75 9,855,441.96 10,290,617.71

11/15/2018 222,093.75 222,093.755/15/2019 5,000 2.670 222,093.75 227,093.75 449,187.50 (14,134.75) 435,052.75 9,858,217.54 10,293,270.28

11/15/2019 222,027.00 222,027.005/15/2020 5,000 2.810 222,027.00 227,027.00 449,054.00 (14,130.55) 434,923.45 9,859,298.37 10,294,221.82

11/15/2020 221,956.75 221,956.755/15/2021 5,000 3.000 221,956.75 226,956.75 448,913.50 (14,126.13) 434,787.37 9,856,743.52 10,291,530.88

11/15/2021 221,881.75 221,881.755/15/2022 10,000 3.190 221,881.75 231,881.75 453,763.50 (14,278.75) 439,484.75 9,834,992.34 10,274,477.09

11/15/2022 221,722.25 221,722.255/15/2023 10,000 3.400 221,722.25 231,722.25 453,444.50 (14,268.71) 439,175.79 9,836,722.09 10,275,897.88

11/15/2023 221,552.25 221,552.255/15/2024 10,000 3.610 221,552.25 231,552.25 453,104.50 (14,258.01) 438,846.49 9,835,428.68 10,274,275.17

11/15/2024 221,371.75 221,371.755/15/2025 10,000 3.800 221,371.75 231,371.75 452,743.50 (14,246.65) 438,496.85 9,837,890.48 10,276,387.32

11/15/2025 221,181.75 221,181.755/15/2026 10,000 3.970 221,181.75 231,181.75 452,363.50 (14,234.69) 438,128.81 9,836,413.75 10,274,542.55

11/15/2026 220,983.25 220,983.255/15/2027 10,000 4.110 220,983.25 230,983.25 451,966.50 (14,222.20) 437,744.30 9,833,635.76 10,271,380.06

11/15/2027 220,777.75 220,777.755/15/2028 10,000 4.240 220,777.75 230,777.75 451,555.50 (14,209.27) 437,346.23 9,835,499.41 10,272,845.64

11/15/2028 220,565.75 220,565.755/15/2029 15,000 4.370 220,565.75 235,565.75 456,131.50 (14,353.26) 441,778.24 9,832,828.16 10,274,606.39

11/15/2029 220,238.00 220,238.005/15/2030 10,000 4.490 220,238.00 230,238.00 450,476.00 (14,175.30) 436,300.70 9,835,530.84 10,271,831.54

11/15/2030 220,013.50 220,013.505/15/2031 10,000 4.580 220,013.50 230,013.50 450,027.00 (14,161.17) 435,865.83 9,832,996.03 10,268,861.85

11/15/2031 219,784.50 219,784.505/15/2032 2,930,000 4.650 219,784.50 3,149,784.50 3,369,569.00 (106,031.51) 3,263,537.49 6,708,605.60 9,972,143.09

11/15/2032 151,662.00 151,662.005/15/2033 6,440,000 4.710 151,662.00 6,591,662.00 6,743,324.00 (212,194.74) 6,531,129.26 6,531,129.26

TOTALS 9,500,000 7,386,844.59 16,886,844.59 16,886,844.59 (531,384.76) 16,355,459.84 154,324,757.48 170,680,217.32 0.22


1 MILL= 1,958,910

57





4250511/15/2016

5/15/2017 327,775.57 327,775.57 327,775.57 (10,314.24) 317,461.33 10,272,198.76 10,589,660.10 0.1611/15/2017 475,803.25 475,803.25

5/15/2018 5,000 2.450 475,803.25 480,803.25 956,606.50 (30,101.90) 926,504.60 10,290,617.71 11,217,122.31 0.3111/15/2018 475,742.00 475,742.00

5/15/2019 5,000 2.540 475,742.00 480,742.00 956,484.00 (30,098.05) 926,385.95 10,293,270.28 11,219,656.2411/15/2019 475,678.50 475,678.50

5/15/2020 5,000 2.670 475,678.50 480,678.50 956,357.00 (30,094.05) 926,262.95 10,294,221.82 11,220,484.7711/15/2020 475,611.75 475,611.75

5/15/2021 5,000 2.810 475,611.75 480,611.75 956,223.50 (30,089.85) 926,133.65 10,291,530.88 11,217,664.5411/15/2021 475,541.50 475,541.50

5/15/2022 5,000 3.000 475,541.50 480,541.50 956,083.00 (30,085.43) 925,997.57 10,274,477.09 11,200,474.6711/15/2022 475,466.50 475,466.50

5/15/2023 5,000 3.190 475,466.50 480,466.50 955,933.00 (30,080.71) 925,852.29 10,275,897.88 11,201,750.1711/15/2023 475,386.75 475,386.75

5/15/2024 5,000 3.400 475,386.75 480,386.75 955,773.50 (30,075.69) 925,697.81 10,274,275.17 11,199,972.9811/15/2024 475,301.75 475,301.75

5/15/2025 5,000 3.610 475,301.75 480,301.75 955,603.50 (30,070.34) 925,533.16 10,276,387.32 11,201,920.4911/15/2025 475,211.50 475,211.50

5/15/2026 5,000 3.800 475,211.50 480,211.50 955,423.00 (30,064.66) 925,358.34 10,274,542.55 11,199,900.8911/15/2026 475,116.50 475,116.50

5/15/2027 10,000 3.970 475,116.50 485,116.50 960,233.00 (30,216.02) 930,016.98 10,271,380.06 11,201,397.0411/15/2027 474,918.00 474,918.00

5/15/2028 5,000 4.110 474,918.00 479,918.00 954,836.00 (30,046.19) 924,789.81 10,272,845.64 11,197,635.4611/15/2028 474,815.25 474,815.25

5/15/2029 5,000 4.240 474,815.25 479,815.25 954,630.50 (30,039.72) 924,590.78 10,274,606.39 11,199,197.1711/15/2029 474,709.25 474,709.25

5/15/2030 10,000 4.370 474,709.25 484,709.25 959,418.50 (30,190.39) 929,228.11 10,271,831.54 11,201,059.6611/15/2030 474,490.75 474,490.75

5/15/2031 10,000 4.490 474,490.75 484,490.75 958,981.50 (30,176.64) 928,804.86 10,268,861.85 11,197,666.7211/15/2031 474,266.25 474,266.25

5/15/2032 10,000 4.580 474,266.25 484,266.25 958,532.50 (30,162.51) 928,369.99 9,972,143.09 10,900,513.0911/15/2032 474,037.25 474,037.25

5/15/2033 3,565,000 4.650 474,037.25 4,039,037.25 4,513,074.50 (142,014.63) 4,371,059.87 6,531,129.26 10,902,189.1311/15/2033 391,151.00 391,151.00

5/15/2034 10,480,000 4.710 391,151.00 10,871,151.00 11,262,302.00 (354,395.14) 10,907,906.86 10,907,906.8611/15/2034 144,347.00 144,347.00

5/15/2035 6,065,000 4.760 144,347.00 6,209,347.00 6,353,694.00 (199,934.10) 6,153,759.90 6,153,759.90

TOTALS 20,205,000 16,602,965.07 36,807,965.07 36,807,965.07 (1,158,250.22) 35,649,714.85 170,680,217.32 206,329,932.17 0.47


1 MILL= 1,958,910

58

Part VIIPublic Comment


PUBLIC COMMENT

When recognized, please approach the microphone and firststate your name and address.

Ask only one question or make only one statement at a timeto allow all persons the opportunity to speak

Further questions or statements by individuals who havealready spoken will be allowed after all interested personshave had an opportunity to speak.

Please do not intentionally repeat previous questions orstatements.

You will be allowed three minutes each to speak.


Part VIIIAdjournment


The public has thirty (30) days following this Hearingup to and including Monday, March 23, 2015 to submitwritten comments about the project.

ADJOURMENT


Thank You


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