Minutes - 1997 - City Council - 03/11/1997 - RegularORIGINAL
EAGLE CITY COUNCIL MEETING
MINUTES
MARCH 11,1997
PRECOUNCIL: 6:30 p.m.-7:30 p.m.
1. Pam Dillon, owner of the White Orchid. Pam reports on the Easter Egg Hunt and all of
the events associated therewith. General discussion.
2. City Attorney Report:
A. Presentation of a Draft Ordinance on the Library/City Complex Bond Election. Brief
explanation of ordinance and asked Council to review. It will on the next Council agenda.
B. Report on the present status of all items the Attorney is working on. John hands out a
list of items and the status to the Mayor and Council. General discussion. Discussion on the
issue of two voting precincts.
3. Zoning Administrator Report: Displays map of ACHD Proposed Pond at Ballantyne
and Floating Feather and provides information about the project and a proposed park. Doug,
ACHD, explains where the proposed park would be. General discussion. Mayor would like to
have Doug come back so the matter can be on a regular agenda.
Butler reviews the actions from the last Planning and Zoning Meeting. Received an appeal on
Musick's Auction. McDonald's was continued.
Has one item to bring up in an executive session, not a critical matter.
4. City Clerk/Treasurer Report: Reported on the information about the portable restroom
for the parks.
5. Engineer Report: No report.
6. Mayor and Council Report:
Nancy reported that there were some repairs that need to be made to park equipment. She
will discuss this further with Trautmann.
Rick: no report.
Stan reports that at the Library Boards meeting there was discussion on the Bond Election
for the Library and he provided information on those discussions.
Mayor was asked by the Sewer District to attend the Division of Environmental Quality
meeting. Mayor provides information on the meeting.
Cc031197.min 1
7. Bud Way, First Security Bank, Bond Election Financial Data. Discusses the information
he provided for the Bond Election Ordinance. Will provide the Council an update before the
Ordinance is approved. General discussion. John will need the numbers by Monday of next
week.
Yzaguirre: Could we hear item 7C. Centennial Fair Booth at this time. Pauline Hinman reports
on the Centennial Fair Booth and provides Council with a projection of costs. Pauline is
working on getting donations for the booth. General discussion. Nancy will do a City Seal for
Pauline in whatever size she needs. General discussion.
COUNCIL: 7:30 p.m.
1. CALL TO ORDER:
2. ROLL CALL: Bastian, Masner, Merrill, Yzaguirre. Masner is absent, a quorum is
present.
3. ROLL CALL OF ADA COUNTY COMMISSIONERS: Walker, Simmons,
Blisterfelt., a quorum is present. Ada County Commissioners are present for the City Council
Meeting to discuss Agenda Item 5A: Sports Complex Design Contract.
4. PLEDGE OF ALLEGIANCE:
5. CONSENT AGENDA:
Merrill: I move that we add 7A, 7D, 7E, with Staff Recommendations, and 7F to the
Consent Agenda. Seconded by Yzaguirre. Discussion. ALL AYE: MOTION CARRIES
A. Minutes of February 19, 1997
B. Minutes of February 25, 1997
C. Minutes of February 27,1997
D. Claims Against the City
E. Beer and Wine License, Eagle Nest Restaurant: The City Clerk is asking the
City Council to consider the approval of a Beer and Wine License for the Eagle Nest Restaurant
located at 1396 E. State Street, Eagle.
F. Gibbons, Scott & Dean, LLP: The City Clerk is asking the City Council to
approve the contract for the FY95/96 audit.
G. Building Permit Resolution #97-3: Per Eagle City Code 7-1A-2:B, the Zoning
administrator is requesting the City Council for approval of a resolution to modify the City's
Building Permit Fees.
Merrill: I move that we approve the Consent Agenda. Seconded by Bastian. ALL AYE:
MOTION CARRIES
Cc031197.min 2
5. UNFINISHED BUSINESS:
A. Sports Complex Design Contract: The Mayor introduces the issues.
Dan Baird, Beck and Baird. Explains the project and displays a project that was done in
Mountain Home. Dan shows slides and explains each. Donna Griffin, Ada County Parks and
Waterways Director, posts maps for Council reference, and discusses the maps. Griffin asks for
reapproval of the $10,000 cost to the City. Information from Beck & Baird handed out to the
Council, RE: Scope of Work for Ada County Park & Sports Complex at Floating Feather and
Highway 55. Dan Baird discusses this handout. General discussion between Dan Baird, Mayor,
Council and Ada County Commissioners. Merrill has concerns about the water and the sewer.
Mayor discusses the information he has in regards to the water. Commissioner Blisterfeld
discusses the sewer issue. General discussion. Yzaguirre inquires about the projected cost of the
plan since Beck & Baird figured costs on an hourly basis. Bastian has a question on the hourly
rate. Commissioner Blisterfeld explains where the park is going to be and discusses what
amenities will be at the park. General discussion.
Bastian: I move that the Council approve the Design Contract for $9,805.00 for Beck &
Baird for the feasibility and conceptual design of the 85 acre Ada/Eagle Sports Complex
located NE of Floating Feather and Hwy. 55 as outlined in the Beck & Baird Scope of
Work for Ada County Park & Sports Complex dated March 11, 1997. Seconded by
Yzaguirre. Bastian: Aye, Yzaguirre: Aye, Merrill: Aye: ALL AYE: MOTION
CARRIES
Mayor calls for a 3 minute recess.
B. Ordinance #290 on City Officer & Staff Communications: Mayor introduces
the issue.
Discussion by City Attorney.
Bastian: In pursuant of Idaho Code, Section 50-902, that the rule requiring ordinances to
be read on three different days with one reading to be in full be dispensed with, and that
Ordinance #290 be considered after being read once by title only . An ordinance of the
City of Eagle, Ada County, Idaho, repealing Resolution #6-95, adding Section 1-11-3 to the
Eagle City Code, establishing a policy for communications within the City and providing
an effective date. Seconded by Yzaguirre. ALL AYE: MOTION CARRIES
Bastian: I move that Ordinance #290 be adopted. Seconded by Yzaguirre. ALL AYE:
MOTION CARRIES
Cc031197.min 3
C. Personnel Policy and Procedures Manual Amendments: Mayor introduces the
issue.
General discussion. Bastian has some clean up suggestions. Merrill has some suggested
changes. Butler has noticed that some previously requested changes were not done. Council
agrees that further discussion is needed and the matter be heard at the next regularly scheduled
meeting.
Bastian: I make a motion to continue this to the next agenda. Seconded by Yzaguirre.
Discussion. ALL AYE: MOTION CARRIES
D. Livestock Grazing on City Owned Property: Mayor introduces the issue. Legal
Counsel briefly explains his letter. General discussion. Merrill to check and see if
the water rights to the property were transferred to the City. John will draft a Lease
Agreement. Mayor discusses the request to use the property for parking in
conjunction with Eagle Fun Days. Council agrees that the property should not be
used for parking at Eagle Fun Days. Notice will be sent out to all parties interested in
grazing rights on the property informing them that they will need to resubmit their bid
before the next Council meeting.
E. Kestral Cove Settlement Discussions: The City Attorney requests that this matter
be put on the agenda for further discussion.
Merrill I request that the Public Hearings be heard next as Item 5E. should be heard in Executive
Session. Unanimously agreed to by Council.
6. PUBLIC HEARINGS:
A. Ada County CU Transmittal 97-03-CU-Cellular Pole -David Wiltsee: Mayor
introduces the issue.
David Wiltsee, 3184 Elder St., Boise, Id, representing Western PCS. Introduces Scott Fahuy,
State Parks. Wiltsee displays drawings for the Council and provides information in reference
thereto. Wiltsee displays aerial photos of the State Park and the Western PCS site and provides
information in reference thereto. Pete Ostwinkle, Park Manager Eagle Island State Park, assists
Wiltsee in providing information and pointing out sites on the aerial photos. General discussion.
Wiltsee states that they are considering an alternative site. Ostwinkle provides information
about the site.
Butler presents an overview of his Staff Report. Staff recommended approval of this item with
two conditions. Planning and Zoning Commission recommended approval with one extra
condition in addition to Staffs two conditions. Discussion on the Floodway. Merrill inquires
about the water level on the property. Peter Ostwinkle provides information about the water
level. General discussion.
Cc031197.min 4
Mayor opens the Public Hearing.
Ron Taylor, 3585 W. State, Eagle. Owns property next to the proposed site. Originally the
company was going to put the pole on his property but the Park opposed that location. Taylor
sent the applicant to the State Park to discuss the site on his property, then the proposal was for
the site to be on the State Park property. Taylor refers to the aerial map and provides information
on the Park and the proposed site. Objects to the proposed site. Taylor owns adjacent property
that he will develop at a future date and finds it offensive. Taylor feels he is competing with the
State.
Merrill has questions of Mr. Taylor about a fall zone. Taylor responds that Planning and Zoning
requested a fall zone as a condition. General discussion.
Scott Fahuy, Idaho Department of Parks and Recreations. Displays a drawing and shows where
it would be on the aerial map. Responds to Mr. Taylor. Future plans for the Park do not include
the proposed site. State had a stipulation that Western PCS not proceed with the Taylor option if
they consider the Park site.
David Wiltsee, Western PCS. Western PCS had a Lease Option with Mr. Taylor. It is not
uncommon that there is more than one lease option for a particular site. The fall zone reflects
Ada County Ordinance provisions. General discussion.
Mayor closes the Public Hearing.
Merrill questions Staff about the fall zone. Pete Ostwinkle responds about the fall zone. Merrill
has a questions about maintenance. General discussion.
Yzaguirre: I move that we approve Ada County Transmittal 97-03-CU, a cellular pole site
for Western PCS, with Staff and Planning and Zoning Recommendations. Seconded by
Bastian. Discussion. Merrill: I move to amend the motion to add a 120' fall zone. Motion
dies for a lack of a second. 2 AYES: 1 NAY: MOTION CARRIES
Mayor calls for a 5 minute recess.
Mayor calls the meeting to order.
7. NEW BUSINESS:
A. APA Citizens Advisory Committee (CAC) Appointment: Moved to the
Consent Agenda for approval.
Cc031197.min 5
B. Parks Maintenance Contract: The City Clerk will open and publicly read aloud
all bids received for the FY96/97 Parks Maintenance Contract. Upon opening all bids, the City
Clerk will ask the City Council to award the Contract to the lowest responsible bidder in
accordance with Section 50-431 C, Idaho Code.
Bastian: I move that we approve the Trautmann contract. Seconded by Merrill. Bastian:
Aye, Yzaguirre: Aye, Merrill: Aye: ALL AYE: MOTION CARRIES
C. Centennial Fair Booth: Moved to Pre -Council.
D. Van Englen #3 Final Plat Extension of Time: Move to the Consent Agenda for
approval.
E. 97-2-ZOA - Accessory Dwellings -Ada County Transmittal: Moved to the
Consent Agenda for approval.
F. 94-10-PDR-Canterbury Subdivision Final Plat: Moved to the Consent Agenda
for approval.
5. UNFINISHED BUSINESS: E. Kestral Cove Settlement Discussions: City Attorney
reports that the Agreement is almost identical to the previous drainage agreement and
settlement and release agreements which you have seen previously with the exception of
taking out items that are no longer relevant. This will be before you at the next Council
meeting.
Merrill: I make a motion that we move into Executive Session to discuss personnel matters,
pursuant to Idaho Code, Section 67-2,3,4,5(B). Seconded by BastianBastian: Aye,
Yzaguirre: Aye, Merrill: Aye: ALL AYE: MOTION CARRIES
COUNCIL GOES INTO EXECUTIVE SESSION
Bastian: I move be go out of Executive Session. Seconded by Yzaguirre. ALL AYE:
MOTION CARRIES
Merrill: I move to increase Mark Butlers salary to$39,000 per year, without comp time,
and with a yearly evaluation. I also move that we look at the rest of the employees
salaries versus salary with no comp time and adjust salaries accordingly . Seconded by
Yzaguirre. ALL AYE: MOTION CARRIES
Cc031197.min 6
ADJOURNMENT:
Merrill moves to adjourn, seconded by Bastian. ALL AYE, MOTION
CARRIES
Hearing no further business, the Council Meeting adjourned at 11:00 P.M.
Respectfully submitted:
SHARON K. SMITH
EAGLE CITY CLERK
Cc031197.min 7
SECTION E:
FINANCIAL ANALYSIS
First
_5ecur:ty
Bank
WILLIAM (BUD) WAY
Vice President
First Security Bank, N.A.
3295 Elder Street, Suite 430
Boise, Idaho 83705
Telephone: 208-393-4315
Fax: 208-393-4812
City of Eagle
Ada County, Idaho
General Obligation Building Bonds, Series 1997
Analysis of Tax Impact for
$2.4 million - 10 Year Maturity
Property Value
Home or Business
Land or Other Property
Total Value
Home Owner's Exemption (a)
Adjustment
Taxable Market Value
Residential Home Owner Farm
Type I Type II Type III Type IV Property Commercial
$60,000 $80,000 $120,000 $200,000 $50,000 $250,000
20,000 20,000 30,000 30,000 175,000 0
80,000 100,000 150,000 230,000 225,000 250,000
30,000 40,000 50,000 50,000 25,000
0
District Market Value for
Tax Purposes $380,000,000
ESTIMATED TOTAL TAX ADJUSTMENTS
ANNUAL Impact:
Current Tax Levy 0.000000000 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Proposed Bond D/S 0.000801518 40.08 48.09 80.15 144.27 160.30 200.38
Adjust. to Tax Levy 0 0.00 0.00 0.00 0.00 0.00 0.00
Total Estimated Tax Levy 0.000801518 $40.08 $48.09 $80.15 $144.27 $160.30 $200.38
$50,000 $60,000 $100,000 $180,000 $200,000 $250,000
Estimated Average Annual
Debt Service on Bonds $304,577
MONTHLY Impact:
Current Tax Levy
Proposed Bond D/S
Adjust. to Tax Levy
Total Extimated Tax Levy
DAILY Impact:
Current Tax Levy
Proposed Bond D\S
Adjust. to Tax Levy
Total Extimated Tax Levy
Annual Rate
$0.00
3.34
0.00
$3.34
$0.00
4.01
0.00
$4.01
$0.00
6.68
0.00
$6.68
$0.00
12.02
0.00
$12.02
$0.00 $0.00
13.36 16.70
0.00 0.00
$13.36 $16.70
$0.00
0.11
0.00
$0.11
$0.00
0.13
0.00
$0.13
$0.00
0.22
0.00
$0.22
$0.00
0.40
0.00
$0.40
$0.00
0.45
0.00
$0.45
$0.00
0.56
0.00
$0.56
(a) State law allows 50% exemption (excluding businesses) to a maximum of $50,000.
FOR DISCUSSION PURPOSES ONLY
First Security Bank File=taxlvy
Public Finance Department 02/28/97 09:40 AM
City of Eagle
Ada County, Idaho
General Obligation Building Bonds
Series 1997 (10-year maturity)
DEBT SERVICE SCHEDULE
DATE
PRINCIPAL
COUPON
INTEREST
TOTAL P+I
9/01/1997
-
-
-
-
3/01/1998
-
-
-
-
9/01/1998
200,000.00
3.700%
106,275.00
306,275.00
3/01/1999
-
-
49,437.50
49,437.50
9/01/1999: ..
205,.000..00.
3,950%
49,437.50
254,437.50
3/01/2000
-
-
45,388.75
45,388.75
9/01/2000
215,000.00
4.100%
45,388.75
260,388.75
3/01/2001
-
-
40,981.25
40,981.25
9/01/2001
225,000.00
4.250%
40,981.25
265 981.25
3:0:;;. ::>'::>?:;:;:<
/12.2.............
:: >::>::>_>;::;>>":`< > =>> °'>:>>:>
............ ....:...:.....:: ::..
><:<:>36,200,00
36,2U0<0:0::::::
9/01/2002
230,000.00
4.350%
36,200.00
266,200.00
3/01/2003
-
-
31,197.50
31,197.50
9/01/2003
240,000.00
4.500%
31,197.50
271,197.50
3/01/2004 -
- 25,797.50
25,797.50
9/01/20:04:<:::`>:`'<>::255,000.00.::;:::
4; 600% ;; .::>::>>25 7.97':50'>;..:;
280,797.50
3/01/2005
-
-
19,932.50
19,932.50
9/01/2005
265,000.00
4.700%
19,932.50
284,932.50
3/01/2006
-
-
13,705.00
13,705.00
9/01/2006
275,000.00
4.800%
13,705.00
288,705.00
3/0112007
-
-
7,105.00
7,105.00
9/01/2007
290,000.00
4.900%
7,105.00
297,105.00
TOTAL
2,400,000.00
-
645,765.00
3,045,765.00
YIELD STATISTICS
Bond Year Dollars $14,025.00
Average Life 5.844 Years
Average Coupon 4.6043850%
Net Interest Cost (NIC) 4.6043850%
True Interest Cost (TIC) 4.5801792%
Bond Yield for Arbitrage Purposes 4.5801792%
All Inclusive Cost (AIC) 4.5801792%
IRS FORM 8038
Net Interest Cost 4.6043850%
Weighted Average Maturity 5.844 Years
First Security Bank
Do not distribute without FILE = SER97V13
Public Finance Department permission
City of Eagle
Ada County, Idaho
General Obligation Building Bonds, Series 1997
Analysis of Tax Impact for
$2.4 million - 15 Year Maturity
Residential Home Owner Farm
Property Value
Home or Business
Land or Other Property
Total Value
Home Owner's Exemption (a)
Adjustment
Taxable Market Value
District Market Value for
Tax Purposes $380,000,000
ESTIMATED TOTAL TAX ADJUSTMENTS
ANNUAL Impact:
Current Tax Levy 0.000000000 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Proposed Bond D/S 0.000606295 30.31 36.38 60.63 109.13 121.26 151.57
Adjust. to Tax Levy 0 0.00 0.00 0.00 0.00 0.00 0.00
Total Estimated Tax Levy 0.000606295 $30.31 $36.38 $60.63 $109.13 $121.26 $151.57
Type I Type II Type III Type IV Property Commercial
$60,000 $80,000 $120,000 $200,000 $50,000 $250,000
20,000 20,000 30,000 30,000 175,000 0
80,000 100,000 150,000 230,000 225,000 250,000
30,000 40,000 50,000 50,000 25,000 0
$50,000 $60,000 $100,000 $180,000 $200,000 $250,000
Estimated Average Annual
Debt Service on Bonds $230,392
MONTHLY Impact:
Current Tax Levy
Proposed Bond D/S
Adjust. to Tax Levy
Total Extimated Tax Levy
DAILY Impact:
Current Tax Levy
Proposed Bond D\S
Adjust. to Tax Levy
Total Extimated Tax Levy
Annual Rate
$0.00
2.53
0.00
$2.53
$0.00
3.03
0.00
$3.03
$0.00
5.05
0.00
$5.05
$0.00
9.09
0.00
$9.09
$0.00 $0.00
10.11 12.63
0.00 0.00
$10.11 $12.63
$0.00
0.08
0.00
$0.08
$0.00
0.10
0.00
$0.10
$0.00
0.17
0.00
$0.17
$0.00
0.30
0.00
$0.30
$0.00
0.34
0.00
$0.34
$0.00
0.42
0.00
$0.42
(a) State law allows 50% exemption (excluding businesses) to a maximum of $50,000.
FOR DISCUSSION PURPOSES ONLY
First Security Bank File=taxlvy
Public Finance Department 02/28/97 09:40 AM
City of Eagle
Ada County, Idaho
General Obligation Building Bonds
Series 1997 (15-year maturity)
DEBT SERVICE SCHEDULE
DATE
PRINCIPAL COUPON
INTEREST
TOTAL P+I
9/01/1997
- -
-
-
3/01/1998
- -
-
-
9/01/1998
115,000.00 3.700%
113,767.50
228,767.50
3/01/1999
- -
54,756.25
54,756.25
:::..9/01.11999 .
120,000-4.0 :> > _ 3.950%
54,756.25
174,756.25
3/01/2000
- -
52,386.25
52,386.25
9/01/2000
125,000.00 4.100%
52,386.25
177,386.25
3/01/2001
9/01/2001
- -
130,000.00 4.250%
49,823.75
49,823.75.
49,823.75
179,823..75.::
3/01i2002
- _
;: ;:>
_`''''47,061.25
47 061.25
9/01/2002
135,000.00 4.350%
47,061.25
182,061.25
3/01/2003
- -
44,125.00
44,125.00
9/01/2003
140,000.00 4.500%
44,125.00
184,125.00
3/01/2004
- -
40,975.00
40,975.00
9/01./2004
150,:000.00.:;:: '/',400%
40,975.00
190,975. 0.0
3/01/2005
- -
37,525.00
37,525.00
9/01/2005
155,000.00 4.700%
37,525.00
192,525.00
3/01/2006
- -
33,882.50
33,882.50
9/01/2006
165,000.00 4.800%
33,882.50
198,882.50
3/01 2007
.::
- -
2.4,922_50
29,922.50
9/01/2007
170,000.00 4.900%
29,922.50
199,922.50
3/01/2008
- -
25,757.50
25,757.50
9/01/2008
180,000.00 5.000%
25,757.50
205,757.50
3/01/2009
- -
21,257.50
21,257.50
9/01/2009.
190,000.00 5.100%
21,257.50
211,.257.50
3/01/2010
- -
16,412.50
16,412.50
9/01/2010
195,000.00 5.200%
16,412.50
211,412.50
3/01/2011
- -
11,342.50
11,342.50
9/01/2011
210,000.00 5.250%
11,342.50
221,342.50
3/01/2012
-
5,830.00:
5,830.00
9/01/2012
220,000.00 5.300%
5,830.00
225,830.00
TOTAL
2,400,000.00 -
1,055,882.50
3,455,882.50
YIELD STATISTICS
Bond Year Dollars
Average Life
Average Coupon
Net Interest Cost (NIC)
True Interest Cost (TIC)
Bond Yield for Arbitrage Purposes
All Inclusive Cost (AIC)
IRS FORM 8038
Net Interest Cost
Weighted Average Maturity
$21,275.00
8.865 Years
4.9630200%
4.9630200%
4.9276576%
4.9276576%
4.9276576%
4.9630200%
8.865 Years
First Security Bank
Public Finance Department permission
Do not distribute without FILE = SER97V13
City of Eagle
Ada County, Idaho
General Obligation Building Bonds, Series 1997
Analysis of Tax Impact for
$2.4 million - 20 Year Maturity
Residential Home Owner Farm
Property Value
Home or Business
Land or Other Property
Total Value
Home Owner's Exemption (a)
Adjustment
Taxable Market Value
District Market Value for
Tax Purposes $380,000,000
ESTIMATED TOTAL TAX ADJUSTMENTS
ANNUAL Impact:
Current Tax Levy 0.000000000 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Proposed Bond D/S 0.0005147 25.74 30.88 51.47 92.65 102.94 128.68
Adjust. to Tax Levy 0 0.00 0.00 0.00 0.00 0.00 0.00
Total Estimated Tax Levy 0.000514700 $25.74 $30.88 $51.47 $92.65 $102.94 $128.68
Type I Type II Type III Type IV Property Commercial
$60,000 $80,000 $120,000 $200,000 $50,000 $250,000
20,000 20,000 30,000 30,000 175,000 0
80,000 100,000 150,000 230,000 225,000 250,000
30,000 40,000 50,000 50,000 25,000 0
$50,000 $60,000 $100,000 $180,000 $200,000 $250,000
Estimated Average Annual
Debt Service on Bonds $195,586
MONTHLY Impact:
Current Tax Levy
Proposed Bond D/S
Adjust. to Tax Levy
Total Extimated Tax Levy
DAILY Impact:
Current Tax Levy
Proposed Bond D\S
Adjust. to Tax Levy
Total Extimated Tax Levy
Annual Rate
$0.00
2.15
0.00
$2.15
$0.00
2.57
0.00
$2.57
$0.00
4.29
0.00
$4.29
$0.00
7.72
0.00
$7.72
$0.00
8.58
0.00
$8.58
$0.00
10.72
0.00
$10.72
$0.00
0.07
0.00
$0.07
$0.00
0.09
0.00
$0.09
$0.00
0.14
0.00
$0.14
$0.00
0.26
0.00
$0.26
$0.00
0.29
0.00
$0.29
$0.00
0.36
0.00
$0.36
(a) State law allows 50% exemption (excluding businesses) to a maximum of $50,000.
FOR DISCUSSION PURPOSES ONLY
First Security Bank File=taxlvy
Public Finance Department 02/28/97 09:40 AM
City of Eagle
Ada County, Idaho
General Obligation Building Bonds
Series 1997 (20-year maturity)
DEBT SERVICE SCHEDULE
DATE PRINCIPAL COUPON
INTEREST
TOTAL P+I
9/01/1997 - -
-
-
3/01/1998 - -
-
-
9/01/1998 75,000.00 3.700%
119,632.50
194,632.50
3/01/1999 - -
58,428.75
58,428.75
9/01/1999 .::.::. ;;.>80,000:.00'::::>:; 3.950%
58;428.75
138,428.75...
3/01/2000 - -
56,848.75
56,848.75
9/01/2000 80,000.00 4.100%
56,848.75
136,848.75
3/01/2001 - -
55,208.75
55,208.75
9/01/2041..... 85,000.00 4.250%
3/Ol{2002;�<:;:i:::';:::::.';>:;;::[<:'<::«:::>;;::;::>x-:::>::.:;..
55,208.75
>::>:;;:•:>.:.53r4Ux.�.........
140,208.75
402,5 0.
53,402.50
9/01/2002 90,000.00 4.350%
53,402.50
143,402.50
3/01/2003 - -
51,445.00
51,445.00
9/01/2003 95,000.00 4.500%
51,445.00
146,445.00
3/01/2004 - -
49,307.50
49,307.50
9/01/2004 95,:000,00::. 4.600%:
49,307.50 `
144,307.50
3/01/2005 - -
47,122.50
47,122.50
9/01/2005 100,000.00 4.700%
47,122.50
147,122.50
3/01/2006 - -
44,772.50
44,772.50
9/01/2006 105,000.00 4.800%
44,772.50
149,772.50
3/01/2007 - -
42.,252.50
42,.252..50
9/01/2007 110,000.00 4.900%
42,252.50
152,252.50
3/01/2008 - -
39,557.50
39,557.50
9/01/2008 115,000.00 5.000%
39,557.50
154,557.50
3/01/2009 - -
36,682.50
36,682.50
9/01/2009 125,000.00 5.100%
36,682.50
161,682.50
3/01/2010 - -
33,495.00
33,495.00
9/01/2010 130,000.00 5.200%
33,495.00
163,495.00
3/01/2011 - -
30,115.00
30,115.00
9/01/2011 135,000.00 5.250%
30,115.00
165,115.00
3/01/2012 - -
26,571.25
26,571.25
9/01/2012 145,000.00 5.300%
26,571.25
171,571.25
3/01/2013 - -
22,728.75
22,728.75
9/01/2013 150,000.00 5.350%
22,728.75
172,728.75
3/01/2014 - -
18,716.25
18,716.25
9/D1/2014 160,000.00 5.400%
18,716.25
178,716.25
3/01/2015 - -
14,396.25
14,396.25
9/01/2015 165,000.00 5.450%
14,396.25
179,396.25
3/01/2016 - -
9,900.00
9,900.00
9/01/2016 175,000.00 5.500%
9,900.00
184,900.00
3/01/2017 - -
5,087.50
5,087.50
9/01/2017 185,000.00 5.500%
5,087.50
190,087.50
TOTAL 2,400,000.00 -
1,511,710.00
3,911,710.00
YIELD STATISTICS
Bond Year Dollars
Average Life
Average Coupon
Net Interest Cost (NIC)
True Interest Cost (TIC)
Bond Yield for Arbitrage Purposes
All Inclusive Cost (AIC)
IRS FORM 8038
Net Interest Cost
Weighted Average Maturity
$28,980.00
12.075 Years
5.2163906%
5.2163906%
5.1732209%
5.1732209%
5.1732209%
5.2163906%
12.075 Years
First Security Bank
Public Finance Department permission
Do not distribute without FILE = SER97V13