Lake Emma
Community  Development  District

Proposed Budget FY2026

Table of Contents

1-2	General Fund	

3-6	

General Fund Narrative	

7	

Debt Service Fund Series 2021	

8	

Amortization Schedule Series 2021	

9	

Debt Service Fund Series 2023	

10	

Amortization Schedule Series 2023	

Lake Emma
Community Development District Proposed Budget
FY2026
General Fund

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Proposed
Budget	
FY2025	3/31/25	6 Months	9/30/25	FY2026	

Revenues:		
Administrative Assessments - Outside AA1-2	$	35,517	$	26,638	$	8,879	$	35,517	$	35,517	
Administrative Assessments - AA1-2	37,960	28,470	9,490	37,960	-	
Assessments - AA1-2	131,830	129,801	2,031	131,832	$169,790	
Interest	-	307	1,375	1,682	-	
Total Revenues	$	205,307	$	185,216	$	21,775	$	206,991	$	205,307	

Expenditures:						
Administrative:						
Supervisor Fees	$	6,000	$	-	$	1,200	$	1,200	$	6,000	
FICA Expense	459	-	92	92	459	
Engineering Fees	8,000	3,830	1,000	4,830	8,000	
Attorney	16,679	3,776	3,776	7,552	13,474	
Arbitrage	900	450	450	900	900	
Dissemination	10,850	4,288	3,063	7,350	11,071	
Annual Audit	6,200	-	6,700	6,700	6,200	
Trustee Fees	8,100	4,041	4,256	8,297	9,116	
Assessment Administration	5,565	5,565	-	5,565	5,732	
Management Fees	40,000	23,333	16,667	40,000	41,200	
Information Technology	1,890	1,103	788	1,890	1,948	
Website Maintenance	1,260	735	525	1,260	1,298	
Telephone	100	-	50	50	100	
Postage	704	199	101	300	500	
Printing & Binding	250	5	45	50	250	
Insurance	6,458	6,106	-	6,106	6,717	
Legal Advertising	2,500	375	2,125	2,500	2,500	
Other Current Charges	600	293	225	518	600	
Meeting Room Rental	-	300	150	450	450	
Office Supplies	50	4	21	25	50	
Property Appraiser Fee	-	-	50	50	50	
Property Taxes	50	-	-	-	-	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Total Administrative:	$	116,790	$	54,578	$	41,283	$	95,860	$	116,790	
Operations & Maintenance						
Field Services	$	10,000	$	5,833	$	4,167	$	10,000	$	10,300	
Landscape Maintenance	45,436	25,242	18,030	43,272	43,272	
Repairs & Maintenance	5,000	500	2,000	2,500	5,000	
Stormwater Repairs & Maintenance	16,000	-	5,000	5,000	15,000	
Contingency	5,000	-	2,500	2,500	5,000	
Capital Outay	7,081	-	3,500	3,500	9,945	
Total Operations & Maintenance:	$	88,517	$	31,575	$	35,197	$	66,772	$	88,517	
						
Total Expenditures	$	205,307	$	86,153	$	76,479	$	162,632	$	205,307	
						
Excess Revenues (Expenditures)	$	0	$	99,063	$	(54,704)	$	44,359	$	-	

Lake Emma
Community Development District Gross Per Unit Assessment Chart

Net Administrative Annual Assessments (Total)	$116,790
Collection Cost (6%)	$7,455

Gross Assessments	$124,245

Property Type	Units	ERU Factor	ERUs	Gross Per Unit	Total Gross	
40' Lots	294	0.8	235.2	$85.44	$25,118.06	
50' Lots	571	1	571	$106.79	$60,979.64	
60' Lots	218	1.2	261.6	$128.15	$27,937.43	
65' Lots	24	1.3	31.2	$138.83	$3,331.99	
70' Lots	46	1.4	64.4	$149.51	$6,877.56	
Total	1153		1163.4		$124,244.68	

Net Administrative Annual Assessments (Outside AA1-2)	$35,517
Collection Cost (6%)	$2,267

Gross Assessments	$37,784

Property Type	Units	ERU Factor	ERUs	Gross Per Unit	Total Gross	
40' Lots	41	0.8	32.8	$85.44	$3,502.86	
50' Lots	178	1	178	$106.79	$19,009.41	
60' Lots	50	1.2	60	$128.15	$6,407.67	
65' Lots	24	1.3	31.2	$138.83	$3,331.99	
70' Lots	37	1.4	51.8	$149.51	$5,531.95	
Total	330		353.8		$37,783.88	

Net Administrative Annual Assessments (Assessment Area 1-2)	$81,273.15
Collection Cost (6%)	$5,187.65

Gross Assessments	$86,460.80

Property Type	Units	ERU Factor	ERUs	Gross Per Unit	Total Gross	
40' Lots	253	0.8	202.4	$85.44	$21,615.20	
50' Lots	393	1	393	$106.79	$41,970.22	
60' Lots	168	1.2	201.6	$128.15	$21,529.76	
65' Lots	0	1.3	0	$138.83	$0.00	
70' Lots	9	1.4	12.6	$149.51	$1,345.61	
Total	823		809.6		$86,460.80	

Net Maintenance Annual Assessments (Assessment Area 1-2)	$88,517
Collection Cost (6%)	$5,650

Gross Assessments	$94,167

Property Type	Units	ERU Factor	ERUs	Gross Per Unit	Total Gross	
40' Lots	253	0.8	202.4	$93.05	$23,541.76	
50' Lots	393	1	393	$116.31	$45,711.02	
60' Lots	168	1.2	201.6	$139.58	$23,448.70	
65' Lots	0	1.3	0	$0.00	$0.00	
70' Lots	9	1.4	12.6	$162.84	$1,465.54	
Total	823		809.6		$94,167.02	

Net Administrative & Maintenance Annual Assessments (Assessment Area 1-2)	$169,790
Collection Cost (6%)	$10,838

Gross Assessments	$180,628

Property Type	Units	ERU Factor	ERUs	Gross Per Unit	Total Gross	
40' Lots	253	0.8	202.4	$178.49	$45,156.96	
50' Lots	393	1	393	$223.11	$87,681.24	
60' Lots	168	1.2	201.6	$267.73	$44,978.47	
65' Lots	0	1.3	0	$0.00	$0.00	
70' Lots	9	1.4	12.6	$312.35	$2,811.15	
Total	823		809.6		$180,627.82	

Lake Emma
Community Development District
GENERAL FUND BUDGET

REVENUES:

Administrative Assessments

The District will levy a non-ad valorem assessment on all the assessable property within the district to fund the administrative portion of the general fund expenditures during the fiscal year.

Maintenance Assessments

The District will levy a non-ad valorem assessment on all the assessable property within Assessment Area One and Assessment Area Two to fund all operations and maintenance expenditures during the fiscal year.

EXPENDITURES:

Administrative:

Supervisor Fees

Chapter 190, Florida Statutes, allows for each Board member to receive $200 per meeting, not to exceed $4,800 per year paid to each Supervisor for the time devoted to District business and meetings. Amount is based on 5 supervisors attending 6 meetings during the fiscal year.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisor checks.

Engineering Fees

The District's engineer, Dewberry Engineers, Inc., will be providing general engineering services to the District, e.g. attendance and preparation for monthly board meetings, review of invoices and requisitions, preparation and review of contract specifications and bid documents, and various projects assigned as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel, Kutak Rock LLP, will be providing general legal services to the District, e.g. attendance and preparation for monthly meetings, preparation and review of agreements and resolutions, and other research assigned as directed by the Board of Supervisors and the District Manager.

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2021 Special Assessment Bonds (Assessment Area One) and the Series 2023 Special Assessment Bonds (Assessment Area Two). The District is expected to issue a new bond series in FY2026.

Lake Emma
Community Development District
GENERAL FUND BUDGET

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues. The District has contracted with Governmental Management Services-Central Florida, LLC for this service on the Series 2021 Special Assessment Bonds (Assessment Area One) and the Series 2023 Special Assessment Bonds (Assessment Area Two). The District is expected to issue a new bond series in FY2026.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis.

Trustee Fees

The District will pay annual trustee fees for the Series 2021 Special Assessment Bonds (Assessment Area One) and the Series 2023 Special Assessment Bonds (Assessment Area Two) that are deposited with a Trustee at USBank. The District is expected to issue a new series in FY2026.

Assessment Administration

The District has contracted with Governmental Management Services-Central Florida, LLC to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Management Fees

The District has contracted with Governmental Management Services-Central Florida, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but not limited to, recording and transcription of board meetings, budget preparation, all financial reporting, annual audit, etc.

Information Technology

The District has contracted with Governmental Management Services-Central Florida, LLC for costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, positive pay implementation and programming for fraud protection, accounting software, Adobe, Microsoft Office, etc.

Website Maintenance

The District has contracted with Governmental Management Services-Central Florida, LLC for the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statues. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.

Telephone

Telephone and fax machine.

Postage

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

Lake Emma
Community Development District
GENERAL FUND BUDGET

Printing & Binding

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

Insurance

The District’s general liability and public officials liability insurance coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Legal Advertising

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

Meeting Room Rental

Represents estimated rental cost of a meeting room for 6 Board meetings.

Other Current Charges

Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies

Miscellaneous office supplies.

Property Appraiser Fee

Represents estimated costs billed by Lake County Property Appraiser’s office.

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Commerce for $175. This is the only expense under this category for the District.

Operations & Maintenance:

Field Services

The District has contracted with Governmental Management Services-Central Florida, LLC for onsite field management of contracts for the District such as landscape maintenance. Services to include onsite inspections, meetings with contractors, attend Board meetings and receive and respond to property owner phone calls and emails.

Lake Emma
Community Development District
GENERAL FUND BUDGET

Landscape Maintenance

Represents proposed costs provided by CherryLake Inc. for landscape maintenance of dry retention ponds located within the District’s boundaries.

Description	Monthly	Annual	
Trinity Lake Ponds & Disking	$1,959	$23,508	
Phase 3 Ponds	$847	$10,164	
Phase 4 Ponds	$800	$9,600	
Total		$43,272	

Repairs & Maintenance

Represents general repairs and maintenance costs that are not budgeted under any other budget line item.

Stormwater Repairs & Maintenance

Represents estimated costs for storm structure maintenance and erosion repairs.

Contingency

Represents any additional field expense that may not have been provided for in the budget.

Capital Outlay

Represents costs for capital outlay related expenses.

Lake Emma
Community Development District Proposed Budget
FY2026
Debt Service Fund Series 2021

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Proposed
Budget	
FY2025	3/31/25	6 Months	9/30/25	FY2026	

Revenues:		
Special Assessments	$	393,888	$	386,670	$	6,293	$	392,963	$	392,963	
Interest	18,000	11,667	7,600	19,267	16,000	
Carry Forward Surplus	173,557	174,906	-	174,906	196,986	
Total Revenues	$	585,445	$	573,243	$	13,893	$	587,136	$	605,949	

Expenditures:						
Series 2021
Interest - 12/15	

$	120,075	

$	120,075	

$	-	

$	120,075	

$	118,200	
Principal - 06/15	150,000	-	150,000	150,000	155,000	
Interest - 06/15	120,075	-	120,075	120,075	118,200	
Total Expenditures	$	390,150	$	120,075	$	270,075	$	390,150	$	391,400	

Other Sources/(Uses)						
Transfer In/(Out)	$	(20,000)	$	-	$	-	$	-	$	-	
Total Other Financing Sources (Uses)	$	(20,000)	$	-	$	-	$	-	$	-	
						
Excess Revenues (Expenditures)	$	175,295	$	453,168	$	(256,182)	$	196,986	$	214,549	

Interest - 12/15/2026	

$116,263	
				Total	$116,263	
				
Net Assessment	
$392,963	
				Collection Cost (6%)	$25,083	
				Gross Assessment	$418,046	
						
		Property Type	Units	Gross Per Unit	Gross Total	
		40' Lots	133	$813	$108,106	
		50' Lots	188	$984	$184,954	
		60' Lots	94	$1,196	$112,424	
		70' Lots	9	$1,396	$12,561	
		Total	424		$418,046	

Lake Emma
Series 2021, Special Assessment Bonds (Assessment Area One) (Term Bonds Combined)

Amortization Schedule

Date	Balance	Principal	Interest	Annual	

6/15/25	$	
6,585,000	
$	150,000	$	
120,075.00	$	
-	
12/15/25	$	6,435,000	$	-	$	118,200.00	$	388,275.00	
6/15/26	$	6,435,000	$	155,000	$	118,200.00	$	-	
12/15/26	$	6,280,000	$	-	$	116,262.50	$	389,462.50	
6/15/27	$	6,280,000	$	160,000	$	116,262.50	$	-	
12/15/27	$	6,120,000	$	-	$	113,782.50	$	390,045.00	
6/15/28	$	6,120,000	$	165,000	$	113,782.50	$	-	
12/15/28	$	5,955,000	$	-	$	111,225.00	$	390,007.50	
6/15/29	$	5,955,000	$	170,000	$	111,225.00	$	-	
12/15/29	$	5,785,000	$	-	$	108,590.00	$	389,815.00	
6/15/30	$	5,785,000	$	175,000	$	108,590.00	$	-	
12/15/30	$	5,610,000	$	-	$	105,877.50	$	389,467.50	
6/15/31	$	5,610,000	$	180,000	$	105,877.50	$	-	
12/15/31	$	5,430,000	$	-	$	103,087.50	$	388,965.00	
6/15/32	$	5,430,000	$	185,000	$	103,087.50	$	-	
12/15/32	$	5,245,000	$	-	$	99,850.00	$	387,937.50	
6/15/33	$	5,245,000	$	195,000	$	99,850.00	$	-	
12/15/33	$	5,050,000	$	-	$	96,437.50	$	391,287.50	
6/15/34	$	5,050,000	$	200,000	$	96,437.50	$	-	
12/15/34	$	4,850,000	$	-	$	92,937.50	$	389,375.00	
6/15/35	$	4,850,000	$	210,000	$	92,937.50	$	-	
12/15/35	$	4,640,000	$	-	$	89,262.50	$	392,200.00	
6/15/36	$	4,640,000	$	215,000	$	89,262.50	$	-	
12/15/36	$	4,425,000	$	-	$	85,500.00	$	389,762.50	
6/15/37	$	4,425,000	$	225,000	$	85,500.00	$	-	
12/15/37	$	4,200,000	$	-	$	81,562.50	$	392,062.50	
6/15/38	$	4,200,000	$	230,000	$	81,562.50	$	-	
12/15/38	$	3,970,000	$	-	$	77,537.50	$	389,100.00	
6/15/39	$	3,970,000	$	240,000	$	77,537.50	$	-	
12/15/39	$	3,730,000	$	-	$	73,337.50	$	390,875.00	
6/15/40	$	3,730,000	$	250,000	$	73,337.50	$	-	
12/15/40	$	3,480,000	$	-	$	68,962.50	$	392,300.00	
6/15/41	$	3,480,000	$	255,000	$	68,962.50	$	-	
12/15/41	$	3,225,000	$	-	$	64,500.00	$	388,462.50	
6/15/42	$	3,225,000	$	265,000	$	64,500.00	$	-	
12/15/42	$	2,960,000	$	-	$	59,200.00	$	388,700.00	
6/15/43	$	2,960,000	$	280,000	$	59,200.00	$	-	
12/15/43	$	2,680,000	$	-	$	53,600.00	$	392,800.00	
6/15/44	$	2,680,000	$	290,000	$	53,600.00	$	-	
12/15/44	$	2,390,000	$	-	$	47,800.00	$	391,400.00	
6/15/45	$	2,390,000	$	300,000	$	47,800.00	$	-	
12/15/45	$	2,090,000	$	-	$	41,800.00	$	389,600.00	
6/15/46	$	2,090,000	$	315,000	$	41,800.00	$	-	
12/15/46	$	1,775,000	$	-	$	35,500.00	$	392,300.00	
6/15/47	$	1,775,000	$	325,000	$	35,500.00	$	-	
12/15/47	$	1,450,000	$	-	$	29,000.00	$	389,500.00	
6/15/48	$	1,450,000	$	340,000	$	29,000.00	$	-	
12/15/48	$	1,110,000	$	-	$	22,200.00	$	391,200.00	
6/15/49	$	1,110,000	$	355,000	$	22,200.00	$	-	
12/15/49	$	755,000	$	-	$	15,100.00	$	392,300.00	
6/15/50	$	755,000	$	370,000	$	15,100.00	$	-	
12/15/50	$	385,000	$	-	$	7,700.00	$	392,800.00	
6/15/51	$	385,000	$	385,000	$	7,700.00	$	392,700.00	
Totals		$  6,585,000	$	3,957,700	$ 10,542,700.00	

Lake Emma
Community Development District Proposed Budget
FY2026
Debt Service Fund Series 2023

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Proposed
Budget	
FY2025	3/31/25	6 Months	9/30/25	FY2026	

Revenues:		
Special Assessments	$	457,320	$	398,515	$	58,805	$	457,320	$	455,254	
Special Assessments - Prepayments	-	29,686	-	29,686	-	
Interest	22,000	13,746	6,100	19,846	18,000	
Carry Forward Surplus	185,517	414,244	-	414,244	220,406	
Total Revenues	$	664,837	$	856,191	$	64,905	$	921,096	$	693,659	

Expenditures:						
Series 2023
Interest - 11/01	

$	176,950	

$	176,950	

$	-	

$	176,950	

$	174,588	
Special Call - 11/01	-	-	-	-	30,000	
Principal - 05/01	105,000	-	105,000	105,000	110,000	
Interest - 05/01	176,950	-	176,950	176,950	174,588	
Total Expenditures	$	458,900	$	176,950	$	281,950	$	458,900	$	489,175	

Other Sources/(Uses)						
Transfer In/(Out)	$	(21,000)	$	(238,040)	$	(3,750)	$	(241,790)	$	-	
Total Other Financing Sources (Uses)	$	(21,000)	$	(238,040)	$	(3,750)	$	(241,790)	$	-	
						
Excess Revenues (Expenditures)	$	184,937	$	441,201	$	(220,795)	$	220,406	$	204,484	

Interest - 11/1/2026	

$172,113	
				Total	$172,113	
				
Net Assessment	
$455,254	
				Collection Cost (6%)	$29,059	
				Gross Assessment	$484,312	
						
		Property Type	Units	Gross Per Unit	Gross Total	
		40' Lots	118	$1,099	$129,696	
		50' Lots	204	$1,249	$254,796	
		60' Lots	74	$1,349	$99,820	
		Total	396		$484,312	

Lake Emma
Series 2023, Special Assessment Bonds (Assessment Area Two) (Term Bonds Combined)

Amortization Schedule

Date	Balance	Principal	Interest	Annual	

5/1/25	
$ 6,675,000	
$	105,000  $	
176,950.00  $	
-	
11/1/25	$ 6,570,000	$	-	$	174,587.50  $	456,537.50	
5/1/26	$ 6,570,000	$	110,000  $	174,587.50  $	-	
11/1/26	$ 6,460,000	$	-	$	172,112.50  $	456,700.00	
5/1/27	$ 6,460,000	$	115,000  $	172,112.50  $	-	
11/1/27	$ 6,345,000	$	-	$	169,525.00  $	456,637.50	
5/1/28	$ 6,345,000	$	120,000  $	169,525.00  $	-	
11/1/28	$ 6,225,000	$	-	$	166,825.00  $	456,350.00	
5/1/29	$ 6,225,000	$	125,000  $	166,825.00  $	-	
11/1/29	$ 6,100,000	$	-	$	164,012.50  $	455,837.50	
5/1/30	$ 6,100,000	$	130,000  $	164,012.50  $	-	
11/1/30	$ 5,970,000	$	-	$	161,087.50  $	455,100.00	
5/1/31	$ 5,970,000	$	135,000  $	161,087.50  $	-	
11/1/31	$ 5,835,000	$	-	$	157,543.75  $	453,631.25	
5/1/32	$ 5,835,000	$	145,000  $	157,543.75  $	-	
11/1/32	$ 5,690,000	$	-	$	153,737.50  $	456,281.25	
5/1/33	$ 5,690,000	$	150,000  $	153,737.50  $	-	
11/1/33	$ 5,540,000	$	-	$	149,800.00  $	453,537.50	
5/1/34	$ 5,540,000	$	160,000  $	149,800.00  $	-	
11/1/34	$ 5,380,000	$	-	$	145,600.00  $	455,400.00	
5/1/35	$ 5,380,000	$	170,000  $	145,600.00  $	-	
11/1/35	$ 5,210,000	$	-	$	141,137.50  $	456,737.50	
5/1/36	$ 5,210,000	$	175,000  $	141,137.50  $	-	
11/1/36	$ 5,035,000	$	-	$	136,543.75  $	452,681.25	
5/1/37	$ 5,035,000	$	185,000  $	136,543.75  $	-	
11/1/37	$ 4,850,000	$	-	$	131,687.50  $	453,231.25	
5/1/38	$ 4,850,000	$	195,000  $	131,687.50  $	-	
11/1/38	$ 4,655,000	$	-	$	126,568.75  $	453,256.25	
5/1/39	$ 4,655,000	$	205,000  $	126,568.75  $	-	
11/1/39	$ 4,450,000	$	-	$	121,187.50  $	452,756.25	
5/1/40	$ 4,450,000	$	220,000  $	121,187.50  $	-	
11/1/40	$ 4,230,000	$	-	$	115,412.50  $	456,600.00	
5/1/41	$ 4,230,000	$	230,000  $	115,412.50  $	-	
11/1/41	$ 4,000,000	$	-	$	109,375.00  $	454,787.50	
5/1/42	$ 4,000,000	$	245,000  $	109,375.00  $	-	
11/1/42	$ 3,755,000	$	-	$	102,943.75  $	457,318.75	
5/1/43	$ 3,755,000	$	255,000  $	102,943.75  $	-	
11/1/43	$ 3,500,000	$	-	$	96,250.00  $	454,193.75	
5/1/44	$ 3,500,000	$	270,000  $	96,250.00  $	-	
11/1/44	$ 3,230,000	$	-	$	88,825.00  $	455,075.00	
5/1/45	$ 3,230,000	$	285,000  $	88,825.00  $	-	
11/1/45	$ 2,945,000	$	-	$	80,987.50  $	454,812.50	
5/1/46	$ 2,945,000	$	300,000  $	80,987.50  $	-	
11/1/46	$ 2,645,000	$	-	$	72,737.50  $	453,725.00	
5/1/47	$ 2,645,000	$	320,000  $	72,737.50  $	-	
11/1/47	$ 2,325,000	$	-	$	63,937.50  $	456,675.00	
5/1/48	$ 2,325,000	$	335,000  $	63,937.50  $	-	
11/1/48	$ 1,990,000	$	-	$	54,725.00  $	453,662.50	
5/1/49	$ 1,990,000	$	355,000  $	54,725.00  $	-	
11/1/49	$ 1,635,000	$	-	$	44,962.50  $	454,687.50	
5/1/50	$ 1,635,000	$	375,000  $	44,962.50  $	-	
11/1/50	$ 1,260,000	$	-	$	34,650.00  $	454,612.50	
5/1/51	$ 1,260,000	$	395,000  $	34,650.00  $	-	
11/1/51	$	865,000	$	-	$	23,787.50  $	453,437.50	
5/1/52	$	865,000	$	420,000  $	23,787.50  $	-	
11/1/52	$	445,000	$	-	$	12,237.50  $	456,025.00	
5/1/53	$	445,000	$	445,000  $	12,237.50  $	457,237.50	
Totals		$	6,675,000  $	6,522,525  $ 13,197,525.00