Loading...
HomeMy WebLinkAbout154 - 11/05/2013 - APPROPRIATING FUNDS FROM THE CITY'S GENERAL FUND RESERVES FOR TRANSFER TO THE FORT COLLINS URBAN REN ORDINANCE NO. 154, 2013 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING FUNDS FROM THE CITY'S GENERAL FUND RESERVES FOR TRANSFER TO THE FORT COLLINS URBAN RENEWAL AUTHORITY FOR THE PURPOSE OF URA REIMBURSEMENTS FOR THE CAPSTONE REDEVELOPMENT CORPORATION SUMMIT ON COLLEGE PROJECT, AND APPROVING A LOAN AGREEMENT FOR THAT PURPOSE WHEREAS, on June 6, 1978, the City Council adopted-Resolution 78-49, adopting findings and establishing the Fort Collins Urban Renewal Authority (the "Authority") as an urban renewal authority, pursuant to Colorado Revised Statutes, Part 1 of Title 31, Article 25, as amended (the "Act"); and WHEREAS, by Resolution 2011-080, adopted and approved on September 6, 2011, the City Council found and declared that the area described in such Resolution (the "Midtown Area") is a blighted area as described in the Act and appropriate for an urban renewal project; and WHEREAS, by Resolution 2011-081, adopted and approved on September 6, 2011, the City Council adopted an urban renewal plan for the Midtown Area in Fort Collins, which established a tax increment district referred to as the Prospect South Tax Increment District that includes the site of the Summit on College Redevelopment Project (the "Project"); and WHEREAS, by Resolution 2013-043, adopted and approved on May 7, 2013, the City Council adopted amendments to the previously adopted urban renewal plan for the Midtown Area (as amended, the "Urban Renewal Plan" or the "Plan"); and WHEREAS, the purpose of the Urban Renewal Plan is to eliminate blight and otherwise implement and further the above-referenced resolutions, and the purposes, policies, goals, and objectives of the Authority and the Plan, pursuant to the Act; and WHEREAS, on September 13, 2011, the Urban Renewal Authority Board approved a Redevelopment Agreement (the "Redevelopment Agreement") between the URA and Capstone Development Corporation ("Capstone") to provide financial assistance for certain improvements and enhancements required by the Project; and WHEREAS, the Project is located within the boundaries of the Plan and will generate an estimated$7,000,000 in tax increment funds over the life of the Project; and WHEREAS, on August 15, 2006, the City Council adopted Resolution 2006-082 authorizing an intergovernmental agreement between the City and the URA which provides that the City would provide support services to the. URA and advance funds to the URA in connection with URA redevelopment projects; and 1 WHEREAS, on July 5, 2011, the City Council adopted Resolution 2011-055, requiring that the intergovernmental agreement between the City and the URA expressly state that all loan arrangements between the City and the URA must be documented by a loan agreement and promissory note; and WHEREAS, the URA does not anticipate having sufficient tax increment revenues in 2013 to fund its contribution to the Project under the Redevelopment Agreement and City staff therefore recommends that the City lend the URA sufficient funds for that purpose in the amount of$5,000,000; and WHEREAS, there are sufficient prior year reserves in the General Fund to fund a loan to the URA for the purpose of reimbursing Capstone for the improvements and enhancements as described in the Redevelopment Agreement; and WHEREAS, City staff has prepared a proposed promissory note and loan agreement titled "Loan Agreement between the City of Fort Collins and the Fort Collins Urban Renewal Authority for Funding the Capstone Redevelopment Corporation Summit on College Project" (the "Loan Agreement"), attached hereto as Exhibit "A" and incorporated herein by this reference; and WHEREAS, the City Manager recommends funding the loan to the URA from the General Fund prior year reserves; and WHEREAS, the City Investment Policy describing the City's Inter-Agency Loan Program, was updated in December 2012 to outline terms and requirements for City loans to outside agencies such as the URA, and was further updated through the adoption of Resolution 2013-090, of even date herewith, to reflect the City Council's intent to allow for exceptions to the Policy with express Council approval; and WHEREAS, the adopted Inter-Agency Loan Program calls for interest on loans with a term greater than 16 years to be the higher of the Treasury Note or Municipal Bond rate plus 0.5 percent, with a floor of 4.00 percent, and pursuant to this provision, the rate of interest for the proposed loan, based on early October rates, would be 4.96 percent; and WHEREAS, the Loan Agreement states that the URA will instead pay interest to the City at a rate of 2.68 percent per annum on the loaned funds, but will provide additional repayment by pledging 50 percent of future Prospect South property tax increment revenues, to the extent such revenues are unencumbered by URA obligations for the Project or other redevelopment projects in the Prospect South tax increment district, up to a maximum of$1,780,000; and WHEREAS, Article V, Section 9, of the City Charter permits the City Council to appropriate by ordinance at any time during the fiscal year such funds for expenditure as may be available from reserves accumulated in prior years, notwithstanding that such reserves were not previously appropriated. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: 2 Section 1. The City Council hereby finds and determines, pursuant to the Constitution, the laws of the State, the Charter and the Code of the City, and in accordance with the foregoing recitals, that adopting this Ordinance, entering into the Loan Agreement and performing all obligations set forth therein, are necessary, convenient, and in furtherance of the City's purposes and are in the best interests of the inhabitants of the City, and will serve the important public purposes of remedying blighted conditions within the Plan area and the Prospect South tax increment district pursuant to the Urban Renewal Plan, providing a catalyst for redevelopment in the Midtown Area, increasing sales tax revenues and job opportunities, and providing other economic and social benefits to the City and surrounding community, and the City Council hereby authorizes and approves the same. Section 2. That there is hereby appropriated from General Fund Reserves the sum of FIVE MILLION DOLLARS ($5,000,000) for transfer to the Fort Collins Urban Renewal Authority and appropriated therein as an interest-bearing loan, to provide the Fort Collins Urban Renewal Authority with the necessary financial support to carry out its purposes and obligations under the Redevelopment Agreement for Capstone Development Corporation Infill Development, dated September 13, 2011, in accordance with the Loan Agreement. Section 3. That the Loan Agreement is hereby approved as an exception to the City's Investment Policy, and the City Manager is authorized to execute said Loan. Agreement on behalf of the City, subject to such modifications in form or substance, not inconsistent with the purposes or specific terms of this Ordinance, as the City Manager may, in consultation with the City Attorney, deem desirable and necessary to protect the City's interests. Introduced, considered favorably on first reading, and ordered published this 15th day of October, A.D. 2013, and to be presented for final passage on the 5th day of November, A.D. 2013. FFORTC Ma or ATTEST: \moo;• •;0 City Clerk cOZORP�O Passed and adopted on final reading on the 5th day of November, A.D. 2013. Mayor gko Tern ATTEST: I OF o�� City Clerk .� yi9 o ho o 4 ...p'' - 4 - EXHIBIT A LOAN AGREEMENT BETWEEN THE CITY OF FORT COLLINS AND THE FORT COLLINS URBAN RENEWAL AUTHORITY FOR REIMBURSEMENTS FOR THE CAPSTONE REDEVELOPMENT CORPORATION INFILL DEVELOPMENT (SUMMIT ON COLLEGE PROJECT) THIS LOAN AGREEMENT (the "Agreement') made this day of November, 2013 by and between the CITY OF FORT COLLINS, COLORADO, a municipal corporation, (the "City"), and FORT COLLINS URBAN RENEWAL AUTHORITY, a public body corporate and politic of the State of Colorado, (the "URA" or"Borrower"). RECITALS A. Borrower is an urban renewal authority.for the City, created pursuant to Colorado Revised Statutes Part I of Title 31, Article 25, as amended (the "Act") B. Borrower was created to prevent and eliminate conditions related to certain "blight factors" in the community. The Act gives the Borrower broad powers to carry out its statutory mandate. Included are the powers to enter into contracts, borrow or lend funds and to acquire property, among others. Urbaii renewal projects may be financed in a variety of ways and urban renewal authorities are. authorized to borrow"honey, issue bonds, and accept grants from public or private sources. . C. By Resolution 2011-080, adopted and approved on September 6, 2011, the City Council found and declared that the area described,in such Resolution (the"Midtown Area") is a blighted area as described in the Act and appropriate for an urban renewal project. D. By Resolution 2011-081,adopted and approved on September 6, 2011, the City Council adopted an urban renewal plan for the Midtown Area in Fort Collins, which area includes the Property. E. By Resolution,2013-043, adopted and approved on May 7, 2013, the City Council adopted amendments to the previously adopted urban renewal plan for the Midtown Area (as . amended, the "Urban Renewal Plan" or the "Plan"), the purpose of which is to eliminate blight and otherwise implement and further the above-referenced Resolutions, and the purposes, policies, goals, and objectives of the Borrower and the Plan, pursuant to the Act. F. By the Intergovernmental Agreement approved and amended by City of Fort Collins City Council Resolution 2006-082 and Resolution 2011-055, the City may advance funds to the Borrower in support of its activities so long as any such advance of funds is evidenced in writing in the form of a loan agreement and promissory note, and has been approved by both the City Council and the Board of Commissioners of the URA (the"Board"). 1 G. On September 13, 2011, the Board approved a Redevelopment Agreement (the "Redevelopment Agreement") between the URA and Capstone Development Corporation ("Capstone")to provide financial assistance for certain improvements and enhancements required by the Summit on College Redevelopment Project(referred to in the Redevelopment Agreement and hereinafter as the "Project"); and H. In accordance with the Redevelopment Agreement the Borrower is obligated to reimburse Capstone for certain costs relating to the design, construction and reconstruction of all improvements, infrastructure, parking, streets, rights-of-way, buildings, structures, signage, and landscaping to be constructed as.part of the Project. 1. The Borrower has requested that the City provide funding in thc'form of a loan to the Borrower for these obligations up to an amount not to exceed Five Million Dollars ($5,000,000) and City has agreed to make a loan on the terms'and conditions hereinafter.set forth (the "Loan"). J. The Project is within the Prospect South Tax Increment District established in the Plan, and tax increment financing for the Project is specifically permitted pursuant to Section 7 ofthe Plan, and is expected to generate an estimated Seven Million Dollars ($7,000,000) in tax increment revenues over the life of the Project. i K. The City Council has approved this Loan"Agreement by its final adoption of Ordinance No. , 2013, on November 5, 2013, and the Board has approved this Loan Agreement by its adoption of Resolution on November 5,2013. NOW, THEREFORE, in consideration of lhe.nmtual covenants and agreements herein contained, the parties agree as follows: Section l ' The Loan. After the effective date of this Agreement(the "Effective Date") and the execution of a�p nusIso y,n'ote and other documents as may reasonably be required, the:City will loan the Boriow&r upon demand hereunder an amount not to exceed Five Million Dollars ($5,000,000). All funds received by the Borrower hereunder shall be used for the purposes described,herein and in the Redevelopment Agreement. Secii6n 2. Interest. Interest on the Loan will accrue at a rate equal to 2.680%per annum. Section 3.. Payment. Principal and accrued interest will be due and payable by the Borrower to the City as set forth in the payment schedule contained on Exhibit A, attached hereto and incorporated herein by this reference. Payments will apply to interest first, then to principal. If there is unpaid interest at the end of any calendar year, the shortfall will be added to the outstanding balance, resulting in the compounding of interest. All unpaid principal, interest, default interest, fees and charges for the Loan shall mature on December 31, 2037. Section 4. Additional Amounts Due. In light of the interest rate reduction agreed upon by the City in connection with the Loan, the Borrower has agreed to make additional 2 payment to the City each year of this Agreement until the Loan has been fully repaid, no later than December 31", in an amount equal to 50 percent of the total property tax increment revenues received by the Borrower from the Prospect South Tax Increment District in that year, after subtraction of all amounts the Borrower is or has become legally obligated to pay from that year's revenues. The total of payments made by Borrower to the City under this Section 4 shall not exceed One Million Seven Hundred and Eighty Thousand Dollars ($1,780,000). Section 5. Prepayment. Borrower, in its sole discretion, may prepay all or any portion of the payments due under this Agreement at any time and that prepayment will be without any prepayment penalty. If a prepayment is made, the funds will go first toward any interest which has accrued and the balance then applied to the reduction of principal. The URA shall continue to be obligated to make additional payments pursuant to Section 4 in the event of prepayment of scheduled debt service required in Section 3, until the URA has paid the amount of the shortfall in interest considering the interest paid compared to interest accrued at the rate of percent per annum (sometimes referred to as "Policy Interest") as'of the payment date, as illustrated on Exhibit C, attached hereto and incorporated herein by this reference. Section 6. Tracking. Borrower agrees to m,aintaim<eseparate payable line-item within its accounting system to track the Loan. Section 7. Promissory Note., 'Bor rower's obligations hereunder shall be documented in a Promissory Note in substantially the form set forth as Exhibit B, attached hereto and incorporated herein by this reference. Section 6. Notice. Aiiynotice'iequii d�to be delivered in writing will be accomplished by persona l"delivery or mailing postage prepaid by the United States Postal Service, or other commercial carrier to the following addresses: lf.to the City City of Fort Collins Director of Finance PO Box 580 Fort Collins, CO 80522-0580 If to the Borrower Fort Collins Urban Renewal Authority Director of Advance Planning PO Box 580 Fort Collins, CO 80522-0580. Section 7. Entire Agreement. This Agreement will be construed according to its fair meaning, as if prepared by both Parties, and constitutes the entire understanding and agreement of the Parties related to the matters addressed in this Agreement. 3 f CITY: CITY OF FORT COLLINS, COLORADO, a municipal corporation By: Karen Weitkunat, Mayor ATTEST: By: City Clerk APPROVED AS TO FORM: By: Deputy City Attorney BORROWER: 'FORT COLLTNS URBAN RENEWAL AUTHORITY, a public body corporate and politic of the State of Colorado. By: Darin Atteberry, Executive Director 4 EXHIBIT A Urban Renewal Authority Propecl South TIF District-The Summit project Loan from City General Fund to URA Loan Amount 5,000,000.00 Start Date 6-Nov-13 Interest Rate 2.68000%1 JiMatures 31-Dec-37 Years 24 1/6 Year of Loan Date Payment Interest Principal Balance 0 6-Nov-13 5,000,000.00 1/6 31-Dec-13 - 5,000,000.00 1.17 31-Dec-14 58,267.69 134,000.00 (75,732.31) 5,075,732.31 2.17 31-Dec-15 268,946.07 136,029.63 132,916.44 4,942,815.87 3.17 31-Dec-16 274,324.99 132,467.47 141,857.52 4,800,958.35 4.17 31-Dec-17 274,324.99 128,665.68 145,659.31 4,655,299.04 5.17 31-Dec-18 279,811.49 124,762.01 155,049.48 4,500,249.56 6.17 31-Dec-19 279,811.49 120,606.69 159,204.80 4,341,044.76 7.17 31-Dec-20 285,407.72 116,340.00 169,067.72 4,171,977.04 8.17 31-Dec-21 285,407.72 111,808.98 173,598.74 3,998,378.30 9.17 31-Dec-22 291,115.88 107,156.54 183,959.34 3,814,418.96 10.17 31-Dec-23 291,115.88 102,226.43 188,889.45 3,625,529.51 11.17 31-Dec-24 296,938.20 97,164.19 199,774.01 3,425,755.50 12.17 31-Dec-25 296,938.20 91,810.25 205,127.95 3,220,627.55 13.17 31-Dec-26 302,876.96 86,312.82 216,564A4 3,004,063.41 14.17 31-Dec-27 302,876.96 80,508.90 222,368.06 2,781,695.35 15.17 31-Dec-28 308,934.50 74,549.44 234,385.06 2,547,310.29 16.17 31-Dec-29 308,934.50 68,267.92 240,666.58 2,306,643.71 17.17 31-Dec-30 315,113.19 61,818.05 253,295.14 2,053,348.57 18.17 31-Dec-31 315,113.19 55,029.74 260,083.45 1,793,265.12 19.17 31-Dec-32 321,415.45 48,059.51 273,355A4 1,519,909.18 20.17 31-Dec-33 321,415.45 40,733.57 280,681.88 1,239,227.30 21.17 31-Dec-34 327,843.76 33,211.29 294,632.47 944,594.83 22.17 31-Dec-35 327,843.76 25,315.14 302,528.62 642,066.21 23.17 31-Dec-36 334,400.64 17,207.37 317,193.27 324,872.94 24.17 31-Dec-37 333,579.53 8,706.59 324,872.94 - 7,002,758.21 2,002,758.21 5,000,000.00 EXHIBIT B to LOAN AGREEMENT PROMISSORY NOTE S5,000,000 November_, 2013 FOR VALUE RECEIVED, FORT COLLINS URBAN RENEWAL AUTHORITY, a public body corporate and politic of the State of Colorado (`Borrower"), promises to pay to the order of THE CITY OF FORT COLLINS, COLORADO, a municipal corporation ("Lender"), at its office at 300 LaPorte Avenue, Fort Collins, Colorado 80524, in lawful money of the United States of America the principal amount of Five Million Dollars ($5,000,000) (the "Loan Amount"). This Promissory Note is issued pursuant to the Loan Agreement between the City of Fort Collins and The Fort Collins Urban Renewal Authority For Reimbursements for the Capstone Redevelopment Corporation Infill Development (Summit on College Project), which Loan Agreement is dated November 2013 (the "Agreement"). Capitalized terms used herein but not defined herein have the meanings given such terms in the Agreement. The obligations of Borrower evidenced by this Promissory Note are payable in accordance with the terms and conditions of the Agreement. The rate of interest on the Loan Amount is a fixed rate equal to 2.68% per annum ("Interest Rate"). As additional consideration for the Loan, Section 5 of the Agreement requires that the Borrower make an additional payment to the City each year of this Agreement until the Loan has been fully repaid, no later than December 31", in an amount equal to 50 percent of the total property tax increment revenues received by the Borrower from the Prospect South Tax Increment District in that year, after subtraction of all amounts the Borrower is or has become legally obligated to pay from that year's revenues. The total of payments made by Borrower to the City under this Section 4 shall not exceed One Million Seven Hundred and Eighty Thousand Dollars ($1,780,000). All unpaid Principal and accrued interest, and any additional amount due pursuant to Section 4 of the Agreement, will be due and payable on the maturity date. The annual interest rate of this Promissory Note is computed on a 360 day year basis, multiplied by the actual number of days elapsed. This Promissory Note shall mature on December 31, 2037. At such time all unpaid principal, interest, default interest, fees and charges, and any additional amount due and owing under this Note shall be deemed payable in full. Unless otherwise agreed or required by applicable law, payments will apply to interest first, then to principal. If there is unpaid interest at the end of any calendar year, the shortfall will be added to the outstanding balance, resulting in the compounding of interest. Borrower, in its sole discretion, may prepay all or any portion of the payments due under this Agreement at any time and that prepayment will be without any prepayment penalty. If a prepayment is made, the funds will go first toward any interest which has accrued and the balance then applied to the reduction of principal. Borrower shall continue to be obligated to make additional payments pursuant to Section 4 of the Agreement in the event of prepayment of scheduled debt service required in Section 3 of the Agreement, until Borrower has paid the amount of the shortfall in interest considering the interest paid compared to interest accrued at the rate of percent per annum (sometimes referred to as "Policy Interest") as of the payment date, as described in Section 5 of the Agreement. If Lender refers this Note to an attorney for collection or seeks legal advice following a default beyond all cure periods alleged under this Note, or the Lender is the prevailing party in any action instituted on this Note, or if any other judicial or non-judicial action, suit or proceeding is instituted by Lender or any future holder of this Note, and an attorney is employed by Lender to appear in any such action or proceeding, or to reclaim, seek relief from a judicial or statutory stay, sequester, protect, preserve or enforce Lender's interest in this Note, the Agreement or any other security for this Note (including, but not limited to, proceedings under federal bankruptcy law or in connection with any state or federal tax lien), then Borrower promises to pay reasonable attorneys' fees and reasonable costs and expenses incurred by Lender and/or its attorney in connection with the above-mentioned events. If not paid within ten (10) days after such fees become due and written demand for payment is made, such amount shall be due on demand or may be added to the principal, at the Lender's discretion. Should any payment or installment hereunder be not paid when the same becomes due and payable, Borrower recognizes that the Lender will incur extra expenses for both the administrative cost of handling delinquent payments and the cost of funds incurred by Lender after such due date as a result of not having received such payment when due. Therefore, Borrower shall, in such event, without further notice, and without prejudice to the right of Lender to collect any other amounts provided to be paid herein, including default interest or to declare a default hereunder, pay to Lender to cover such expenses incurred as a result of any installment payment due being not received within ten (10) days of its due date, a "late charge" of-five percent (5%) of the amount of such delinquent payment. Except as otherwise provided herein, the Borrower waives presentment and demand for payment, notice of acceleration or of maturity, protest and notice of protest and nonpayment, bringing of suit and diligence in taking any action to collect sums owing hereunder and agrees that its liability on this Note shall not be affected by any release or change in any security for the payment of this Note or release of anyone liable hereunder. No extension of time for the payment of this Note, or any installment or other modification of the terms made by the Lender with any person now or hereafter liable for the payment of this Note, shall affect the original liability under this Note of the Borrower, even provided the Borrower is a party to such agreement. In no event whatsoever shall the amount paid, or agreed to be paid, to the holder of this Note for the use, forbearance or retention of the money to be advanced hereunder ("Interest") exceed the maximum amount permissible under applicable law. If the performance or fulfillment of any provision hereof or of the Agreement or any other document between Borrower and the Lender of this Note shall result in Interest exceeding the limit for interest prescribed by law, then the amount of such Interest shall be reduced to such limit. If, from any circumstance whatsoever, the Lender of this Note should receive as Interest, an amount which would exceed the highest lawful rate, the amount which would be excessive Interest shall be 2 applied to the reduction of the principal balance owing (or, at the option of the Lender, be paid over to Borrower) and not to the payment of Interest. If any provision hereof or any provision of the Agreement shall, for any reason and to any extent, be invalid or unenforceable, then the remainder of the document or instrument in which such provision is contained shall not be affected thereby but instead shall be enforceable to the maximum extent permitted by law. Borrower and Lender hereby knowingly, voluntarily, and intentionally waive any rights they may have to a trial by jury in respect of any litigation based hereon or arising out of, under or in connection with this note or any course of conduct, course of dealing, statements (whether oral or written) or actions of the other party. This Promissory Note shall be construed in accordance with the laws of the State of Colorado. IN WITNESS WHEREOF, Borrower has duly executed this Promissory Note as of the day and year first above written. BORROWER: FORT COLLINS URBAN RENEWAL AUTHORITY, a public body corporate and politic of the State of Colorado. By: Darin Atteberry, Executive Director Dated: 3 _ EXHIBIT C Urban Renewal Authority Propect South TIF District-The Summit project Loan from City General Fund to URA Revenue Sharing -Ongoing Tracking Year of Difference 50% Revenue Unpaid Rev Loan Date Agreed Interest Policy Interest Owed shared Share Balance 0 6-Nov-13 - - 0.17 31-Dec-13 - - - - 1.17 31-Dec-14 134,000.00 289,416.00 155,416.00 155,416.00 2.17 31-Dec-15 136,029.63 248,000.00 111,970.37 267,386.37 3.17 31-Dec-16 132,467.47 241,984.13 109,516.66 376,903.03 4.17 31-Dec-17 128,665.68 235,669.87 107,004A9 483,907.22 5.17 31-Dec-18 124,762.01 229,042.42 104,280.41 588,187.63 6.17 31-Dec-19 120,606.69 222,086.25 101,479.56 689,667.19 7.17 31-Dec-20 116,340.00 214,785.05 98,445.05 788,112.24 8.17 31-Dec-21 111,808.98 207,121.72 95,312.74 883,424.98 9.17 31-Dec-22 107,156.54 199,078.28 91,921.74 975,346.72 10.17 31-Dec-23 102,226.43 190,635.89 88,409A6 1,063,756A8 • 11.17 31-Dec-24 97,164.19 181,774.76 84,610.57 1,148,366.75 12.17 31-Dec-25 91,810.25 172,474.11 80,663.86 1,229,030.61 13.17 31-Dec-26 86,312.82 162,712.16 76,399,34 1,305,429.95 14.17 31-Dec-27 80,508.90 152,466.01 71,957.11 1,377,38T06 15.17 31-Dec-28 74,549.44 141,711.65 67,162.21 1,444,549.27 16.17 31-Dec-29 68,267.92 130,423.87 62,155.95 - 1,506,705.22 17.17 31-Dec-30 61,818.05 118,576.22 56,758.17 1,563,463.39 18.17 31-Dec-31 55,029.74 106,140.93 51,111.19 1,614,574.58 19.17 31-Dec-32 48,059.51 93,088.85 45,029.34 1,659,603.92 20.17 31-Dec-33 40,733.57 79,389.38 38,655.81 1,698,259.73 21.17 31-Dec-34 33,211.29 65,010.42 31,799.13 1,730,058.86 22.17 31-Dec-35 25,315.14 49,918.26 24,603.12 1,754,661.98 23.17 31-Dec-36 17,207.37 34,077.53 16,870.16 1,771,532.14 24.17 31-Dec-37 8,706.59 17,451.11 8,744.52 1,780,276.66 2,002,758.21 3,783,034.87 1,780,276.66 -