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BOOK 8 <br />? <br />FADE � 41 <br />Referring to a display of the master plan, Golf Course <br />Director Bob Komarinetz pointed out some of the existing uses and <br />the proposed 18 holes and new clubhouse site. He advised that <br />the proposal includes the purchase of the property and the <br />financing. <br />$81,250,000 BOND <br />ADDITIONAL 18 HOLE GOLF COURSE <br />(WITH LAND AT 25 YEARS) <br />ISSUANCE COSTS: <br />7.50% <br />UNDERWRITERS DISCOUNT (2%) <br />$165,000 <br />FINANCIAL ADVISOR <br />$20,000 <br />BOND COUNSEL <br />$35,000 <br />INSURANCE (A) <br />$70,000 <br />BOND PRINTING <br />$5,000 <br />OFFICIAL STATEMENT PRINTING <br />$5,000 <br />MOODY'S OR S & P <br />$15,000 <br />FEDERAL FUND RATE <br />$3,500 <br />MISCELLANEOUS <br />$5,000 <br />VERTIFICATION <br />$4,000 <br />COMFORT LETTER <br />$5,000 $332,500 <br />LAND $482,000 <br />CAPITALIZED INTEREST (NET FUNDED) $765,000 <br />COST OF CONSTRUCTION $3,950,561 <br />EXISTING DEBT SERVICE $2,720,000 <br />TOTAL $8,250,061 <br />7.25% <br />7.50% <br />7.75% <br />8% <br />DEBT SERVICE $723,953 <br />$740,113 <br />$756,413 <br />$772,850 <br />LESS EXISTING DEBT SERVICE $241,360 <br />$241,360 <br />$241,360 <br />$241,360 <br />DIFFERENCE $482,593 <br />$498,753 <br />$515,053 <br />$531,490 <br />ASSUMPTIONS: <br />1. DEBT SERVICE IS STRAIGHT LINE BASIS BASED ON 7.5 % ® 25 YEARS <br />2. DEBT SERVICE COVERAGE 1.25 <br />44 <br />