Debt Management Plan Fiscal Year Ended June 30, 2004 Maricopa County, Arizona Debt Management Plan Table of Contents INTRODUCTION TO DEBT ..........................................................................................................1 Current Debt Situation............................................................................................................................................1 Debt Issuance History .............................................................................................................................................1 Financing Alternatives ............................................................................................................................................2 Pay-As-You-Go Financing ......................................................................................................................................3 Grants .......................................................................................................................................................................3 Short-Term Borrowing (Notes) ..............................................................................................................................3 General Obligation Bonds (GO).............................................................................................................................4 Revenue Bonds.........................................................................................................................................................4 Special Assessment Bonds.......................................................................................................................................5 Certificates of Participation (COP)........................................................................................................................5 Lease-Purchase ........................................................................................................................................................5 Installment Purchase Agreement ...........................................................................................................................5 Debt Limit ................................................................................................................................................................5 Rating Agency Analysis...........................................................................................................................................6 History of Debt Rating ............................................................................................................................................7 Ratio Analysis ..........................................................................................................................................................7 General Obligation Bonds.......................................................................................................................................9 Lease Revenue Bonds ............................................................................................................................................10 Stadium District.....................................................................................................................................................11 Stadium District Contractual Commitments ......................................................................................................13 Special Assessment Districts .................................................................................................................................14 Certificates of Participation..................................................................................................................................15 Capital Leases (Lease-Purchase Obligations) .....................................................................................................15 Installment Purchase Contracts Payable.............................................................................................................16 DEBT POLICIES .....................................................................................................................................19 Administration of Policy .......................................................................................................................................19 Use of Debt Financing ...........................................................................................................................................19 Method of Sale .......................................................................................................................................................19 Competitive Sale ....................................................................................................................................................19 i Maricopa County, Arizona Department of Finance Debt Management Division Negotiated Sale.......................................................................................................................................................19 Use of Bond Insurance ..........................................................................................................................................20 Arbitrage Liability Management .........................................................................................................................20 Selection of Professional Services.........................................................................................................................20 Continuing Disclosure of County Financial Information...................................................................................21 Maturity Structures...............................................................................................................................................22 Ratings ....................................................................................................................................................................22 Modification to Policies .........................................................................................................................................22 INDIVIDUAL DEBT SERVICE SCHEDULES ...................................................................25 ii Maricopa County, Arizona Department of Finance Debt Management Division INTRODUCTION TO DEBT Debt Management Plan INTRODUCTION TO DEBT A comprehensive debt plan should be developed by all jurisdictions intending to issue debt. The purpose of Maricopa County’s Debt Management Plan is to set forth the parameters for issuing debt, to manage the debt portfolio and provide guidance to decision makers regarding the timing and purposes for which debt may be issued. Provisions of the debt plan must be compatible with the County’s goals pertaining to the capital program and budget, the financial plan, and the operating budget. A debt plan should strike an appropriate balance between establishing limits on the debt program and providing sufficient flexibility to enable the County to respond to unforeseen circumstances and new opportunities that may benefit the County. This document is not intended to review the County’s total financial position. It is a study of the County’s debt position, as growth in the County could result in an increased need for capital financing. Revenues, as well as needs, should drive the County’s debt issuance program. Decisions regarding the use of debt will be based in part on the long-term needs of the County and the amount of equity (cash) dedicated in a given fiscal year to capital outlay. A disciplined, systematic approach to debt management should allow the County to enhance its credit ratings. The information contained herein reflects the current debt status of Maricopa County for the fiscal year ended June 30, 2004. The tables have been compiled by the Department of Finance. Portions of this Debt Management Plan are contained in the Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2004. A copy of the CAFR can be viewed at: http://www.maricopa.gov/finance. Current Debt Situation It is recognized that all debt, regardless of the source of revenue pledged for repayment, represents some sort of cost to taxpayers or ratepayers. Therefore, all types of County debt/obligations are considered herein. While lease-secured and certificate of participation obligations may not be debt under strict legal definitions, they still require future appropriations and are a fixed charge. These lease payments and other non-bonded obligations are added by most security analysts when calculating an issuer’s debt ratios. Debt Issuance History The County has used debt financing for many years to finance capital projects. The following chart illustrates the amount of debt, as well as, categories of outstanding debt for the fiscal year ended June 30, 2004. 1 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan LONG-TERM LIABILITIES All Categories of Debt (2) Maricopa County, Arizona As of June 30, 2004 Year Ending June 30 2000 2001 2002 2003 79,595,000 $ 58,370,000 $ 2004 GOVERNMENTAL ACTIVITES: Bonds, loans, and other payables: General obligation bonds $ Lease revenue bonds 99,910,000 $ 39,515,000 $ 20,165,000 0 104,355,000 104,355,000 91,558,756 93,569,383 25,504,259 28,658,512 58,225,000 57,225,000 55,225,000 0 0 0 7,888,888 6,428,888 29,125,000 27,935,000 0 0 0 729,448 589,431 458,977 368,573 343,102 95,975 81,862 64,925 50,811 0 1,976,984 1,861,500 1,754,922 1,641,310 0 Certificates of Participation 17,222,210 13,575,118 9,804,315 5,808,084 0 Capital leases 18,121,511 14,225,356 19,442,376 19,414,904 10,820,105 Stadium District revenue bonds (1) Stadium District contractual obligations (1) Stadium District debt with governmental commitment (1) Special assessment debt with governmental commitment (1) Housing Department bonds (3) Housing Department loans (3) Total Governmental activities $ 192,685,387 $ 270,876,779 $ 252,475,515 $ 223,471,326 $ 186,551,478 BUSINESS-TYPE ACTIVITES: Bonds and other payables: Lease revenue bonds 0 20,500,000 20,500,000 17,986,244 16,670,618 5,666,171 11,824,853 11,768,519 10,940,368 5,865,000 608,794 229,159 0 0 0 Installment purchase agreements 0 3,023,111 2,607,815 2,350,524 1,252,094 Advances from other funds 0 0 0 0 493,243 Certificates of Participation Capital leases Total Business-type activities $ 6,274,965 $ 35,577,123 $ 34,876,334 $ 31,277,136 $ 24,280,955 Notes: (1) Does not represent an obligation of the County. (2) Long-term liabilities excludes claims and judgments payable, reported and incurred but not reported claims, and liabilities for closure and post closure costs. (3) On July 1, 2003, the Housing Authority of Maricopa County became a legally separate entity and will be reported as a discretely presented component unit. During fiscal year 2004, the Authority implemented HUD Flyer No. 4. As a result, long-term debt (bonds and loans) were written off as the debt is ultimately secured by HUD. Financing Alternatives The County should evaluate all potential funding sources before considering which method of financing may be the most appropriate. Sources of funding may include: current revenues and fund balances; intergovernmental grants from federal, state or other sources; state revolving funds or loan pools; private sector contributions through impact fees or public/private partnerships; and leasing. 2 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan There are many sources of funding, depending on the type of debt to be incurred and the length of time for repayment. Short-term financing is defined as debt maturing not later than one year after the date of its issuance. There are basically three reasons for using short-term debt: • A vehicle to deal with temporary cash flow difficulties. This situation arises when cash receipts do not follow the same pattern as cash outlays. • To handle unexpected costs resulting from natural emergencies or other significant unexpected events. • In anticipation of issuing a long-term bond for capital financing. This form of financing offers an opportunity to borrow for short periods until the true, final costs of a project are known. Pay-As-You-Go Financing This method means that capital projects are paid for from the government’s current revenue base. The County does not issue bonds and does not have to repay the borrowings over time. There are several advantages to this method. For example, pay-as-you-go financing will save the amount of interest which otherwise would be paid on bonds issued to finance the program. The government is not encumbered by as much debt service when economic conditions deteriorate due to normal business cycles. Since the use of current revenues can be adjusted in a given budget year, pay-as-you-go financing can provide greater budgetary flexibility than does a debt issue. The jurisdiction’s long-term debt capacity is preserved for the future. Finally, lower debt ratios may have a positive effect upon the jurisdiction’s credit rating. Relying on current revenues to finance capital improvements also presents several disadvantages. Exclusive reliance upon pay-as-you-go funds for capital improvements means that existing residents are obliged to pay for improvements that will benefit new residents who relocate to the area. If the jurisdiction is forced to finance the improvements within a single budget, the large capital outlay required for some projects may result in an onerous tax burden. The County must be careful to ensure that the use of current revenues for capital projects does not diminish its availability to respond to emergencies and ongoing mandated services. Grants Government grants stem from a variety of sources, but the majority of grant revenues for capital projects come from federal and state governments. Grants often require a County matching contribution. Most grants require an application from the County, identifying specific improvements or equipment that will be purchased with the grant money. Short-Term Borrowing (Notes) Tax Anticipation Notes (TANs) are notes issued in anticipation of the collection of taxes, as referenced in the Arizona Revised Statutes (A.R.S.), Title 35, Chapter 3, Article 3.1. They provide operating funds to meet regular payroll and other operating expenses. During the fiscal year when tax payments are received, sufficient sums are used to retire the note. The timing of the note sale, the note’s due date, and repayment of funds are all components of cash flow and cash management analysis. 3 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan The County last issued a TAN in August 1995 for $40 million, which matured on July 31, 1996. The TAN was retired and the County has not needed to issue additional TANs. Lines and Letter of Credit – Where their use is judged by the Chief Financial Officer to be prudent and advantageous to the County, the County has the power to enter into agreements with commercial banks or other financial entities for purposes of acquiring lines or letters of credit. The Board of Supervisors must approve any agreement with financial institutions for the acquisition of lines or letters of credit. On July 1, 2001, the County entered into a $35,000,000 municipal revolving line of credit with an interest rate of 65% of the bank’s prime rate and a maturity date of June 30, 2004. The municipal revolving line of credit was renewed to July 1, 2005, for $35,000,000. Outstanding principal and interest is due on June 30 of each year. During fiscal year 2004, the County had not borrowed against the line of credit. On July 1, 2003, the County entered into a $9,058,610 irrevocable standby letter of credit issued to the Industrial Commission of Arizona for unfunded workers’ compensation claims. The irrevocable standby letter of credit matured on July 1, 2004. The letter of credit was reserved against the municipal revolving line of credit. During fiscal year 2004, the letter of credit had not been drawn upon. The irrevocable standby letter of credit was renewed to July 1, 2005 for $8,503,093. General Obligation Bonds (GO) Bond security is the taxing power of the state or local government, as referenced in the A.R.S., Title 35, Chapter 3, Article 3, for new GO bonds and Title 35, Chapter 3, Article 4 for refunding bonds. An issuer selling a GO bond secured by its full faith and credit attaches to that issue its broadest pledge. This makes the security of these bonds very high. The full faith and credit backing of a GO bond includes the pledge of all general revenues, unless specifically limited, as well as, the legal means to raise tax rates to cover debt service. The public entity is authorized to levy property taxes or to draw from other unrestricted revenue streams such as sales or income taxes to pay the bond’s principal and interest. Interest rates on these bonds are generally the lowest of any public securities due to this superior security. Prior to issuance, Arizona GO bonds must have a majority vote approval from the residents of the County. Revenue Bonds Revenue bonds are long-term debt instruments retired by specific dedicated revenues. Often these revenues are generated by the project funded out of debt proceeds. Revenue bonds are designed to be self-supporting through user fees or other special revenues. The general taxing powers of the jurisdiction are not pledged. The debt created through the issuance of revenue bonds is to be repaid by the earnings from the operations of a revenue producing enterprise, from special taxes, or from contract leases or rental agreements. County revenue bonds do not burden the constitutional or statutory debt limitation placed on the County because they are not backed by the full faith and credit of the issuer. The underlying security is the only revenue stream pledged to pay the bond principal and interest. 4 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan Special Assessment Bonds Special Assessment Bonds are issued to districts that are within a legally designated geographic area located within the County, which through the consent of the affected property owners, pay for basic infrastructure and public improvements to the area through a supplemental assessment. This financing approach achieves the objective of tying the repayment of debt to those property owners who most directly benefit from the improvements financed. Certificates of Participation (COP) COP’s represent proportionate interests in semiannual lease payments. Participation in the lease is sold in the capital markets. The County’s obligation to make lease payments is subject to annual appropriations made by the County for that purpose. Rating agencies typically give COP issues a grade below that of General Obligation Bonds. A.R.S., Title 11, Chapter 2, Article 4, §11-251, Paragraph 46, provides for a maximum repayment term of twenty five years for the purchase or improvement of real property. Lease-Purchase Lease-Purchase financing provides long-term financing through a lease (with a mandatory purchase provision). This method does not constitute indebtedness under a state or local government’s constitutional debt limit and does not require voter approval. In a lease-purchase transaction, the asset being financed can include new capital asset needs or assets under existing lease agreements. Installment Purchase Agreement Same as a lease purchase agreement with the exception that the County takes title to the property up front. Debt Limit The Arizona Constitution, Article 9, Section 8, states that a County may become indebted for an amount not to exceed fifteen percent of taxable property. The following table represents the County’s outstanding general obligation indebtedness with respect to its constitutional general obligation debt limitation. 2003-04 Constitutional General Obligation Bonding Capacity Maricopa County, Arizona 2003-04 Secondary Assessed Valuation 15% of Secondary Assessed Valuation Less: GO Bonded Debt Outstanding Plus: GO Debt Service Fund Balance Unused Fifteen Percent Borrowing Capacity 5 $ $ 24,477,987,528 4,121,698,129 (20,165,000) 0 4,101,533,129 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan Rating Agency Analysis Independent assessments of the relative credit worthiness of municipal securities are provided by rating agencies. They furnish letter grades that convey their assessment of the ability and willingness of a borrower to repay its debt in full and on time. Credit ratings issued by these agencies are a major function in determining the cost of borrowed funds in the municipal bond market. Moody’s Investors Service, Standard and Poor’s Corporation, and Fitch Ratings are the three major rating agencies that rate municipal debt. These rating agencies have provided a rating assessment of credit worthiness for Maricopa County. There are five primary factors that comprise their ratings: • • • • • Economic conditions – stability of trends, Debt-history of County – debt and debt position, Governmental/administration – organizational structure of the County, Financial performance – current financial status and the history of financial reports, Debt management – debt policies, including long-term planning. Each of the rating agencies has their own method of assigning a rating on the ability and willingness of a borrower to repay in full and on time. Issuers must pay a fee for the opportunity to have one or more rating agencies rate existing and proposed debt issuance. The following shows how the ratings reflect creditworthiness, ranging from very strong securities to speculative and default situations. Examples of the rating systems are: BOND RATINGS Explanation of corporate/municipal bond ratings RATING AGENCIES Fitch Moody’s Standard & Poor’s Premium quality High quality Medium quality AAA AA A Aaa Aa A AAA AA A Medium grade, lower quality Predominantly speculative Speculative, low grade BBB BB B Baa Ba B BBB BB B Poor to default Highest speculation Lowest quality, no interest CCC CC C Caa Ca C CCC CC C In default, in arrears Questionable value DDD DD D DDD DD D Fitch and Standard & Poor’s may use “+” or “-” to modify ratings while Moody’s may use numerical modifiers such as 1 (highest), 2, or 3. 6 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan History of Debt Rating On November 11, 2003, Maricopa County received a bond rating upgrade from AA to AA+ from Fitch Ratings. Fitch Ratings Press Release dated November 11, 2003, states that the bond rating “upgrades are based on the imminent transfer of the county’s health care delivery system to a separate voter-approved special health district with its own property tax levy. The upgrades also reflect continued financial improvement despite slower growth in the county’s predominant revenue source, a record of continued economic growth and diversification, successful fiscal reforms, and the county’s very modest debt profile.” The following illustrates a history of the County’s various debt ratings. Type of Debt General Obligation Fitch AA+ AA AA Date Date Date Rating Rating Standard & Rating Assigned Moody's Assigned Poor's Assigned 11/11/03 Aa3 12/6/01 A+ 4/11/97 12/4/01 Aa3 5/26/00 A 5/27/94 4/5/00 A-1 11/6/98 AA 6/2/76 A-2 3/17/97 A 6/13/94 Aa 7/26/93 Aa-1 8/21/81 Aa 12/6/72 Stadium District Revenue Bonds Aaa (1) AAA (1) (1) Bonds are insured, no underlying rating. Ratio Analysis Rating analysts compare direct net debt to the population in order to measure the size or magnitude of the County’s debt. This ratio is referred to as the Direct Net Debt Per Capita Ratio. The same ratio is applied to all debt within the County which includes School Districts, Cities and Towns, and Special Districts. This ratio is referred to as the Overall Net Debt Per Capita Ratio. The taxable value of the County is a measure of the County’s wealth. It also reflects the capacity of the County’s ability to service current and future debt. The ratio of Direct Net Debt as a percentage of Full Value (FV) Property is the comparison of direct net debt to the County's taxable value. The same ratio is applied to all debt within the County and is referred to as the Overall Net Debt as a percentage of Full Value Property. The Full Value Property Per Capita ratio represents the per capita value of taxable property in the County. An explanation of how each ratio is calculated is included in the notes adjacent to the following tables. 7 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan There are an infinite number of ratios, which could be calculated to measure the County’s debt burden. The following analysis focuses on commonly used ratios instead of creating customized ones. The ratios calculated are for governmental activities and do not include business-type activities. The source of repayment is from either the secondary tax levy or by appropriation from the general fund for debt service payments. Debt for which there is a source of repayment; i.e. pledged revenues for car rental service charge, debt service has been excluded. DIRECT AND OVERALL NET DEBT MARICOPA COUNTY, ARIZONA Audited 6/30/03 GOVERNMENTAL ACTIVITES Unaudited 6/30/04 39,515,000 $ 20,165,000 $ Projected 6/30/05 Projected 6/30/06 General Obligation Less: Amount available for Retirement of General Obligation Debt Lease Revenue Bonds Certificate of Participation Capital Leases Direct Net Debt Overlapping Debt (1) $ 0 $ 0 Overall Net Debt $ 5,372,235,500 $ 5,467,863,126 $ 5,552,376,218 $ 5,661,255,090 Population Estimate (2) Full Value of Taxable Property (3) $ 3,296,250 194,235,322 $ 3,396,875 226,293,569 $ 3,515,766 246,659,990 $ 3,638,817 268,859,389 Direct Net Debt Per Capita $ 47.20 $ 36.67 $ 26.03 $ 22.06 Overall Net Debt Per Capita $ 1,629.80 $ 1,609.67 $ 1,579.28 $ 1,555.80 (722,346) 0 0 0 91,558,756 93,569,383 85,894,077 78,044,580 5,808,084 0 0 0 19,414,905 10,820,105 5,620,713 2,210,131 $ 155,574,399 $ 124,554,488 $ 91,514,790 $ 80,254,711 5,216,661,101 5,343,308,638 5,460,861,428 5,581,000,379 Ratios (4) Direct Net Debt As Percentage Of Full Value Property Overall Net Debt As % Of FV Property FV Property Per Capita $ .0801% .0550% .0371% .0299% 2.77% 2.42% 2.25% 2.11% 58,926.15 $ 66,618.16 $ 70,158.25 $ 73,886.48 Notes: (1) Projected overlapping debt for 2005 and 2006 was based on a three year average of 2.2%. (2) Source: Arizona Department of Economic Security. Projections for 2005 and 2006 are based on a 3.5% estimated annual growth rate. (3) Taxable Property Estimates: 2004 provided by the Assessor’s Office; 2005 and 2006 based on a 9% estimated annual growth; amounts are in billions (000’s omitted). (4) Summary of Debt Ratios: • Direct net debt per capita = Direct net debt/Population • Overall net debt per capita = Overall net debt/Population • Direct net debt as a percentage of full value property (FV) = Direct net debt/FV property • Overall net debt a percentage of FV property = Overall net debt/FV property • FV property per capita = FV property/Population 8 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan The following section of the Debt Management Plan contains information on the obligations of Maricopa County by debt type. General Obligation Bonds Long-term General Obligation Bonds shall be issued to finance significant capital improvements for purposes set forth by voters in bond elections. Interest rates on these bonds are generally the lowest of any public securities. Prior to issuance, Arizona GO Bonds must have a majority vote approval from the residents of the County. General Obligation Bonds currently outstanding were the result of the 1986 general election where the voters authorized the County to issue long-term debt. The resulting proceeds from the sale of the bonds were used for the purpose of making improvements in the County which included Criminal and Civil Courts Facilities, Juvenile Court – Juvenile Treatment and Detention Facilities, Law Enforcement and Public Safety, Regional Park Improvements, Environmental Protection, Sanitary Landfill, Public Health Facilities, Infrastructure, Communication Improvements, etc. Legal Debt Margin – County indebtedness pertaining to general obligation bonds may not exceed six percent of the value of the County’s taxable property ascertained by the last assessment. However, with voter approval, the County may become indebted for an amount not to exceed 15 percent of such taxable property. At June 30, 2004, the County net general obligation debt was $20,165,000, (0.07% of taxable property), while the 6 percent limit was $1,648,679,252 and the 15 percent limit was $4,121,698,129. The following tables and chart illustrate the existing debt service for the outstanding general obligation bonded debt currently paid by ad valorem taxes as of June 30, 2004. As of July 1, 2004, all general obligation bonds for Maricopa County have been paid in full. DEBT SERVICE REQUIREMENTS TO MATURITY General Obligation Bonds Maricopa County, Arizona As of June 30, 2004 Year Ending June 30 2005 TOTAL Principal $ 20,165,000 $ 20,165,000 $ $ 9 Interest 403,300 403,300 Debt Service $ 20,568,300 $ 20,568,300 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan SUMMARY OF PRINCIPAL AMOUNT OUTSTANDING BY ISSUE As of June 30, 2004 Bond Issue 2001 Bond Issue – Refunding TOTAL $ $ Amount 20,165,000 20,165,000 Lease Revenue Bonds On June 1, 2001, the Maricopa County Public Finance Corporation issued $124,855,000 of Lease Revenue Bonds to pay for the acquisition, construction and equipment for a planned Public Service Building, Forensic Science Center, Superior Court Customer Service Center, parking garages and related projects. Under the terms of the bond indentures the Corporation received the proceeds to construct and purchase these assets and the County will make lease payments to extinguish the debt. Lease payments will equal the aggregate amount of principal and interest due at that date. Upon the final lease payment, the title to the assets will transfer to the County. The County’s obligation to make lease payments will be subject to and dependent upon annual appropriations made by the County. On December 3, 2003, the Maricopa County Public Finance Corporation issued Lease Revenue Refunding Bonds, Series 2003, of $16,880,000 (par value) with an interest rate ranging from 2.5% to 4% and maturing on July 1, 2012. The proceeds were used to advance refund the 2000 certificates of participation principal of $4,103,000, 1996 certificates of participation principal of $1,576,452, 1994 certificates of participation principal of $3,815,000, 1993 certificates of participation principal of $580,000, and several capital leases aggregating $11,104,817. The bonds were issued at a premium of $457,156 and debt service reserve accounts previously established totaling $4,461,354 were used for the advance refunding and to pay cost of issuance expense. Under the terms of the bond indentures, the Corporation received the proceeds to advance refund County debt obligations and the County will make lease payments to extinguish the debt. The County will be obligated to pay on each lease payment date an amount equal to the lease payments then due. The County’s obligation to pay the lease payments will continue until all lease payments due under the lease have been paid. The County’s obligation to make lease payments will be subject to and dependent upon annual appropriations made by the County. 10 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan DEBT SERVICE REQUIREMENTS TO MATURITY Lease Revenue Bonds Maricopa County, Arizona As of June 30, 2004 Governmental Activities Year Ending June 30 2005 2006 2007 2008 2009 2010 – 14 2015 Total $ $ Principal 7,675,306 7,849,497 7,967,462 6,871,009 7,114,314 38,723,846 17,367,949 93,569,383 Business-Type Activities Interest Principal Interest $ 4,495,656 $ 1,419,694 $ 823,323 4,179,726 1,465,503 695,633 3,807,995 1,537,538 627,290 3,481,208 1,613,991 564,171 3,168,611 1,485,686 503,768 9,985,613 6,551,154 1,509,229 956,846 2,597,051 143,079 $ 30,075,655 $ 16,670,617 $ 4,866,493 SUMMARY OF LEASE REVENUE BOND AMOUNTS OUTSTANDING BY ISSUE As of June 30, 2004 Bond Issue 2001 Lease Revenue Bonds 2003 Refunding Lease Revenue Bonds TOTAL Amount 93,360,000 16,880,000 $ 110,240,000 $ Stadium District The Stadium District was formed through action of the Maricopa County Board of Supervisors in September 1991 pursuant to the A.R.S., Title 48, Chapter 26. The Stadium District has two purposes: • To oversee the operation and maintenance of Bank One Ballpark, a major league baseball stadium, and • Enhance and promote major league baseball spring training in the County through the development of new, and the improvement of, existing baseball training facilities. To accomplish this purpose, the Stadium District possesses the statutory authority to issue special obligation bonds to provide financial assistance for the development and improvement of baseball training facilities located within the County. Ten major league baseball teams hold spring training in Arizona as part of the Cactus League: California Angels, Chicago Cubs, Colorado Rockies, Milwaukee Brewers, Oakland Athletics, San Diego Padres, San Francisco Giants, Seattle Mariners, Chicago White Sox and Arizona Diamondbacks. 11 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan The Stadium District Revenue Bonds are special obligations of the District. The bonds are payable solely from pledged revenues, consisting of car rental surcharges levied and collected by the District pursuant to A.R.S., Title 48, Chapter 26, Article 2, §48-4234. Under the statute, the District may set the surcharge at $2.50 on each lease or rental of a motor vehicle licensed for hire, for less than one year, and designed to carry fewer than 15 passengers, regardless of whether such vehicle is licensed in the State of Arizona. The District Board of Directors initially levied a surcharge at a rate of $1.50 beginning in January 1992. The District Board of Directors increased the surcharge to $2.50, the maximum amount permitted by statute, in January 1993. The bonds do not constitute a debt or a pledge of the faith or credit of Maricopa County, the State of Arizona, or any other political subdivision. The payment of the bonds is enforceable solely out of the pledged revenues and no owner shall have any right to compel any exercise of taxing power of the District, except for surcharges. The following tables illustrate the existing debt service for the outstanding Stadium District Revenue Bonds. DEBT SERVICE REQUIREMENTS TO MATURITY Stadium District Revenue Bonds Maricopa County, Arizona As of June 30, 2004 Year Ending June 30 2005 2006 2007 2008 2009 2010 – 14 2015 – 19 TOTAL Principal $ 2,490,000 2,685,000 2,820,000 2,960,000 3,105,000 17,940,000 23,225,000 $ 55,225,000 Interest $ 2,862,094 2,737,592 2,603,345 2,462,344 2,314,344 9,162,994 3,875,912 $ 26,018,625 Total Debt Service $ 5,352,094 5,422,592 5,423,345 5,422,344 5,419,344 27,102,994 27,100,912 $ 81,243,625 SUMMARY OF PRINCIPAL AMOUNT OUTSTANDING BY ISSUE As of June 30, 2004 Bond Issue Total Stadium District Revenue Bonds, Series 2002 12 Amount $ 55,225,000 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan DEBT SERVICE REQUIREMENTS Stadium District Revenue Bonds Interest 2019 2017 2015 2013 2011 2009 2007 Principal 2005 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 Stadium District Contractual Commitments On February 17, 1994, the Stadium District entered into an agreement with the Arizona Diamondbacks (Team) to provide for the financing of a portion of the costs of acquisitions and construction of a new major league baseball stadium. In connection with the agreement, the Stadium District committed to provide up to $253,000,000 for the cost of the new stadium. The $253,000,000 was funded through the use of $238,000,000 of the special sales tax levy imposed on April 1, 1995. Under the Facility Development Agreement for the major league baseball stadium, the Stadium District was obligated to obtain a loan in the amount not to exceed $15 million to pay for part of the Stadium District’s portion of construction costs. The Team agreed to include the Stadium District loan in its financing in order to allow the Stadium District to obtain more favorable financing terms, and the Stadium District agreed to repay the Team for this increase in the Team’s borrowing. At June 30, 2004, the Stadium District had contractual commitments outstanding of $6,428,888 with a fixed interest rate of 7.15%. DEBT SERVICE REQUIREMENTS TO MATURITY Stadium District Contractual Commitments Maricopa County, Arizona As of June 30, 2004 Year Ending June 30 2005 2006 2007 2008 2009 2010 – 14 2015 – 19 2020 – 24 TOTAL Principal $ 0 0 0 0 0 1,666,668 2,777,780 1,984,440 $ 6,428,888 Interest $ 459,921 459,921 459,921 459,921 459,921 2,120,753 1,206,635 258,416 $ 5,885,409 13 Total Debt Service $ 459,921 459,921 459,921 459,921 459,921 3,787,421 3,984,415 2,242,856 $ 12,314,297 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan Special Assessment Districts A Special Assessment District (County Improvement District) process begins with the circulation of a petition. The petition must be signed by either a majority of the persons owning real property or by the owners of fifty-one percent or more of the real property within the limits of the proposed district. With the approval of the petition by the Board of Supervisors, a new improvement district is established. County Improvement Districts are further described in A.R.S., Title 48, Chapter 6, Article 1. With the Board of Supervisors acting as the Board of Directors for each district, approval of an engineer, and the approval of plans, specifications and cost estimates soon follow. Each of these early phases of the improvement district process contain regulations for public notification through posting of the property, publication in the local newspaper, and the set up of a protest period. Once the Board approves the awarding of the bid, construction follows. Since the residents pay for these improvements, an assessment is levied against each property owner. Depending on the type of improvement, some assessments are carried on the property tax roll, while others are collected through the County Improvement District Office. If the property owners are unable to prepay the improvement assessment within 30 days after the completion of the work, bonds are sold for the balance of the construction amount. The bonds are collateralized by properties within the District. The receivable is held by the Improvement District, and billed on a semiannual basis. In cases of a delinquent payment of an assessment, the lien including penalty and interest may be sold at a public auction. If there is no purchaser for the lien, the District (not the County) will assume, as a general obligation, the amount of the assessment and interest accruing thereon. The following table illustrates the outstanding principal amount by issue for the Special Assessment District Bonds. SUMMARY OF PRINCIPAL AMOUNT OUTSTANDING BY ISSUE As of June 30, 2004 Bond Issue Grandview Manor Queen Creek Water Fairview Lane East Fairview Lane White Fence Farms 104th Place/University Drive Central Avenue Billings Street Marquerite Drive 7th Street North TOTAL Amount $ 20,860 76,597 6,155 10,755 33,092 17,928 75,276 2,766 39,614 60,059 $ 343,102 14 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan Certificates of Participation Certificates of Participation represent proportionate interests in semiannual lease payments. The County’s obligation to make lease payments is subject to annual appropriations made by the County for that purpose. On November 1, 2000, Maricopa County Public Finance Corporation issued $6,975,000 of Certificates of Participation to pay for the cost of construction for the Desert Vista Health Center. The following illustrates the debt service for the outstanding Certificates of Participation. DEBT SERVICE REQUIREMENTS TO MATURITY Certificates of Participation Maricopa County, Arizona As of June 30, 2004 Business-Type Activities Year Ending June 30 2005 2006 2007 2008 2009 2010 – 14 2015 – 16 Total Principal 365,000 385,000 400,000 420,000 445,000 2,595,000 1,255,000 $ 5,865,000 $ Interest 289,508 271,786 253,043 233,258 212,170 692,961 69,683 $ 2,022,409 $ SUMMARY OF PRINCIPAL AMOUNT OUTSTANDING BY ISSUE As of June 30, 2004 Certificate of Participation Issues Series 2000 Certificates of Participation TOTAL $ $ Amount 5,865,000 5,865,000 Capital Leases (Lease-Purchase Obligations) Maricopa County uses lease-purchase financing to expand its borrowing power. This financing technique provides long-term financing through a lease (with a mandatory purchase provision). Lease-purchase agreements use non-appropriation clauses to avoid being classified as long-term debt, which might be subject to State legal restrictions. This clause allows the government to terminate the lease without penalty. However, because it is not likely that the County would be willing to forego the property, lease-purchase agreements are considered long-term obligations for policy planning purposes, regardless of the legal structure. 15 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan The County maintains many capital leases, with the majority relating to the computer equipment refresh program where most personal computers are replaced every three years. The security for lease-purchase financing is the lease payments made by the County and, where legally permitted, also the asset being financed. The following schedule shows all outstanding capital leases as of June 30, 2004. Capital Leases Governmental Activities Maricopa County, Arizona Fiscal Year Ending June 30, 2004 2005 2006 2007 2008 Total minimum lease payments Less: Amount representing interest Present value of net minimum lease payments $ 5,398,977 3,503,240 2,176,267 62,860 11,141,344 (321,239) $ 10,820,105 Installment Purchase Contracts Payable The County has entered into installment purchase contracts payable for the acquisition of medical equipment used in the Medical Center Fund (Business-type Activities), at a total purchase price of $2,382,705. The future minimum payments required under the contracts at June 30, 2004, are as follows. Installment Purchase Contracts Payable Business-Type Activities Maricopa County, Arizona Fiscal Year Ending June 30, 2004 2005 2006 2007 2008 Total minimum lease payments Less: Amount representing interest Present value of net minimum lease payments 16 $ $ 404,040 378,731 358,051 208,863 1,349,685 (97,636) 1,252,049 Maricopa County, Arizona Department of Finance Debt Management Division DEBT POLICIES 17 Maricopa County, Arizona Department of Finance Debt Management Division 18 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan DEBT POLICIES Regular, updated debt policies can be an important tool to ensure the use of the County’s resources to meet its commitments to provide needed services to the citizens of Maricopa County and to maintain sound financial practices. Administration of Policy The County Administrative Officer is the Chief Executive of the County. With the exception of those responsibilities specifically assigned by state statute to the Chief Financial Officer, the County Administrative Officer is ultimately responsible for the approval of any form of County borrowing. The Chief Financial Officer coordinates the administration and issuance of debt, as designated by the County Administrative Officer. The Chief Financial Officer is also responsible for attestation of disclosure and other bond related documents. References to the “County Administrative Officer or his designee” in bond documents are hereinafter assumed to assign the Chief Financial Officer as the “designee” for administration of this policy. Use of Debt Financing Debt financing includes General Obligation Bonds, Revenue Bonds, Certificates of Participation, Lease/Purchase agreements, and other obligations permitted to be issued or incurred under Arizona law. Method of Sale Debt issues of the County may be sold by competitive, negotiated, or private placement sale methods unless otherwise limited by state law. The selected method of sale will be the option which is expected to result in the lowest cost and most favorable terms given the financial structure used, market conditions, and prior experience. Competitive Sale The County will use the competitive sale method unless there are compelling reasons which indicate that a negotiated sale or private placement would have a more favorable result due to prevailing conditions in the market, a financing structure which requires special premarketing efforts, or factors are present that are expected to result in an insufficient number or competitive bids. Advantages of using a competitive sale is that the issuer is getting the lowest net interest cost on that day time and all parties are given an equal opportunity, but timing is very inflexible. Negotiated Sale When determined appropriate, the County may elect to sell its debt obligations through a negotiated sale. Such determination may be made on an issue by issue basis, for a series of issues, or for part or all of a specific financing program. Negotiated underwriting may be considered upon recommendation of the Chief Financial Officer. Advantages of a negotiated sale is that timing is extremely flexible, the size of the issue 19 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan can be easily changed at last minute and the issuer has influence over the underwriter selection and bond distribution. Use of Bond Insurance This is an insurance policy purchased by an issuer or an underwriter for either an entire issue or specific maturities. It will guarantee the payment of principal and interest, which in turn provides a higher credit rating and thus a lower borrowing cost for an issuer. The present value of the estimated debt service savings from insurance should be at least equal to or greater than the insurance premium when insurance is purchased directly by the County. The bond insurance company will usually be chosen based on an estimate of the greatest net present value insurance benefit (present value of debt service savings less insurance premium). Arbitrage Liability Management Arbitrage is defined as the practice of simultaneously buying and selling an item in different markets in order to profit from a spread in prices or yields resulting from market conditions. Arbitrage profits are made by selling tax-exempt bonds and investing the proceeds in higher-yielding taxable securities, when referencing municipal bonds. Municipal issuers are allowed to make arbitrage profits under certain restricted conditions. The sale of taxexempt bonds primarily for the purpose for making arbitrage profits is prohibited by Section 103(c) of the Internal Revenue Code. The Debt Management Division of the Department of Finance shall establish a system of record keeping and reporting to meet the arbitrage rebate compliance requirements of the federal tax code. This will include tracking investment earnings on bond proceeds, using outside experts to assist in calculating rebate payments, preparing returns, and making payments in a timely manner in order to preserve the tax exempt status of the County’s outstanding debt issues. Additionally, general financial reporting and certification requirements embodied in bond covenants will be monitored to ensure that all covenants are met. The County will structure its financing in such a way as to reduce or eliminate future Arbitrage Rebate liability, wherever feasible. Selection of Professional Services The Chief Financial Officer shall be responsible for establishing a solicitation and selection process for securing professional services that are required to develop and implement the County’s debt program. Goals of the solicitation and selection process shall include encouraging participation from qualified service providers, both local and national, and securing services at competitive prices. Bond Counsel – To render opinions on the validity, enforceability and tax exempt status of the debt and related legal matters, and to prepare the necessary resolutions, agreements and other documents. 20 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan Financial Advisor – To advise on the structuring of obligations to be issued, inform the County of various options, advise the County as to how choices will impact the marketability of County obligations and provide other services as defined by contract. To ensure independence, the financial advisor will not bid on nor underwrite any County debt issues. Competitive proposals will be taken periodically for services to be provided over a period of one year with annual renewal options. Other professional services will be retained, when required, including managing underwriters, credit agencies, escrow agents, trustees, printers, and others. These services will be procured when in the best interest of the County by a competitive selection process. Continuing Disclosure of County Financial Information Annual financial statements and other pertinent credit information, including the Comprehensive Annual Financial Report (CAFR), will be provided by the County upon request. A copy of the CAFR can be viewed from the Maricopa County home page at: http://www.maricopa.gov/finance/. All material that has a pertinent bearing on County finances will be provided to the agencies that maintain a rating on County securities. The Chief Financial Officer shall be responsible for providing ongoing disclosure information to established national information repositories and for maintaining compliance with disclosure standards dictated by state and national regulatory bodies. Copies of official statements for future issuance’s of its bonds will be available through the following recognized municipal repositories: Bloomberg Municipal Repositories 100 Business Park Drive Skillman, NJ 08558 Phone: (609) 279-3225 Fax: (609) 279-5962 Email: Munis@Bloomberg.com DPC Data Inc. One Executive Drive Fort Lee, NJ 07024 Phone: (201) 346-0701 Fax: (201) 947-0107 Email: nrmsir@dpcdata.com FT Interactive Data Attn: NRMSIR 100 Williams Street New York, NY 10038 Phone (212) 771-6999 Fax: (212) 771-7390 Email: NRMSIR@FTID.com Standard & Poor’s Security Evaluations, Inc. 55 Water Street – 45th Floor New York, NY 10041 Phone: (212) 438-4595 Fax: (212) 438-3975 Email: nrmsir_repository@sandp.com The Securities and Exchange Commission released final “continuing disclosure” rules (the “Rules”) for municipal bond issues on November 10, 1994, (amended existing Rule 15c2-12). The Rules, which in general were effective on July 3, 1995, impact nearly every issuer of municipal securities. The stated purpose of the Rules is to deter fraud and manipulation in the municipal securities market by prohibiting the underwriting and 21 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan subsequent recommendation of securities for which adequate information is not available. No underwriter can purchase or sell bonds in an offering of more than $1,000,000 after July 3, 1995, unless it has reasonably determined that an issuer has undertaken to provide to the public information repositories on a continuing basis both annual financial information and notices of specified material events affecting the issuer or its securities. This is applicable unless an exemption applies. The County intends to fully comply with the “continuing disclosure” rules. Maturity Structures Principal payment schedules should not extend beyond the economic life of the project or equipment financed. The structure of debt issued by the County should be to provide for either level principal or level debt service. Except in select instances, deferring the repayment of principal should be avoided. Ratings The County’s goal is to maintain or improve its bond ratings. To that end, prudent financial management policies will be adhered to in all areas. The Chief Financial Officer shall be responsible for maintaining relationships with the rating agencies that currently assign ratings to the County’s various debt obligations. The County will maintain a line of communication with the rating agencies informing them of major financial events in the County as they occur. Full disclosure of operations will be made to the bond rating agencies. County staff, with the assistance of the financial advisor and bond counsel, will prepare the necessary materials for presentation to the rating agencies. A personal meeting with representatives of the rating agencies will be scheduled every few years or whenever a major project is initiated. Modification to Policies These policies will be reviewed annually and significant changes may be made with the approval of the County Administrative Officer. Significant policy changes will be presented to the Board of Supervisors for approval. 22 Maricopa County, Arizona Department of Finance Debt Management Division INDIVIDUAL DEBT SERVICE SCEDULES 23 Maricopa County, Arizona Department of Finance Debt Management Division 24 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan INDIVIDUAL DEBT SERVICE SCHEDULES GENERAL OBLIGATION LEASE REVENUE BONDS STADIUM DISTRICT SPECIAL ASSESSMENT CERTIFICATES OF PARTICIPATION CAPITAL LEASES INSTALLMENT PURCHASE CONTRACTS PAYABLE 25 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan MARICOPA COUNTY, ARIZONA CALCULATED TOTAL OF ALL GENERAL OBLIGATION BOND REDEMPTION SCHEDULE DATE 7/1/2004 1/1/2005 PRINCIPAL $ 20,165,000.00 $ 20,165,000.00 INTEREST 403,300.00 $ 403,300.00 $ 26 PERIOD TOTAL $ 20,568,300.00 $ 20,568,300.00 FISCAL TOTAL $ 20,568,300.00 $ 20,568,300.00 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan MARICOPA COUNTY, ARIZONA TOTAL LEASE REVENUE BONDS LEASE REVENUE BONDS REDEMPTION SCHEDULE DATE 7/1/2004 1/1/2005 7/1/2005 1/1/2006 7/1/2006 1/1/2007 7/1/2007 1/1/2008 7/1/2008 1/1/2009 7/1/2009 1/1/2010 7/1/2010 1/1/2011 7/1/2011 1/1/2012 7/1/2012 1/1/2013 7/1/2013 1/1/2014 7/1/2014 1/1/2015 7/1/2015 1/1/2016 $ $ PRINCIPAL 9,095,000.00 9,315,000.00 9,505,000.00 8,485,000.00 8,600,000.00 8,895,000.00 9,380,000.00 8,765,000.00 9,030,000.00 9,205,000.00 9,700,000.00 10,265,000.00 110,240,000.00 $ $ INTEREST 2,774,001.11 2,544,980.00 2,544,980.00 2,330,380.00 2,330,380.00 2,104,905.00 2,104,905.00 1,940,473.75 1,940,473.75 1,731,905.00 1,731,905.00 1,507,292.50 1,507,292.50 1,269,827.50 1,269,827.50 1,036,900.00 1,036,900.00 796,012.50 796,012.50 542,875.00 542,875.00 278,525.00 278,525.00 34,942,153.61 27 PERIOD TOTAL 11,869,001.11 2,544,980.00 11,859,980.00 2,330,380.00 11,835,380.00 2,104,905.00 10,589,905.00 1,940,473.75 10,540,473.75 1,731,905.00 10,626,905.00 1,507,292.50 10,887,292.50 1,269,827.50 10,034,827.50 1,036,900.00 10,066,900.00 796,012.50 10,001,012.50 542,875.00 10,242,875.00 278,525.00 10,543,525.00 $ 145,182,153.61 $ FISCAL TOTAL 14,413,981.11 14,190,360.00 13,940,285.00 12,530,378.75 12,272,378.75 12,134,197.50 12,157,120.00 11,071,727.50 10,862,912.50 10,543,887.50 10,521,400.00 10,543,525.00 $ 145,182,153.61 $ Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan $124,844,000 MARICOPA COUNTY, ARIZONA LEASE REVENUE BONDS, SERIES 2001 LEASE REVENUE BONDS REDEMPTION SCHEDULE DATE 7/1/2004 1/1/2005 7/1/2005 1/1/2006 7/1/2006 1/1/2007 7/1/2007 1/1/2008 7/1/2008 1/1/2009 7/1/2009 1/1/2010 7/1/2010 1/1/2011 7/1/2011 1/1/2012 7/1/2012 1/1/2013 7/1/2013 1/1/2014 7/1/2014 1/1/2015 7/1/2015 1/1/2016 $ $ PRINCIPAL 5,780,000.00 6,065,000.00 6,385,000.00 6,740,000.00 7,020,000.00 7,395,000.00 7,830,000.00 8,265,000.00 8,710,000.00 9,205,000.00 9,700,000.00 10,265,000.00 93,360,000.00 $ $ INTEREST 2,446,430.00 2,311,230.00 2,311,230.00 2,161,630.00 2,161,630.00 1,998,555.00 1,998,555.00 1,855,936.25 1,855,936.25 1,671,067.50 1,671,067.50 1,470,830.00 1,470,830.00 1,256,615.00 1,256,615.00 1,031,500.00 1,031,500.00 796,012.50 796,012.50 542,875.00 542,875.00 278,525.00 278,525.00 33,195,982.50 28 PERIOD TOTAL 8,226,430.00 2,311,230.00 8,376,230.00 2,161,630.00 8,546,630.00 1,998,555.00 8,738,555.00 1,855,936.25 8,875,936.25 1,671,067.50 9,066,067.50 1,470,830.00 9,300,830.00 1,256,615.00 9,521,615.00 1,031,500.00 9,741,500.00 796,012.50 10,001,012.50 542,875.00 10,242,875.00 278,525.00 10,543,525.00 $ 126,555,982.50 $ FISCAL TOTAL 10,537,660.00 10,537,860.00 10,545,185.00 10,594,491.25 10,547,003.75 10,536,897.50 10,557,445.00 10,553,115.00 10,537,512.50 10,543,887.50 10,521,400.00 10,543,525.00 $ 126,555,982.50 $ Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan $16,880,000 MARICOPA COUNTY, ARIZONA LEASE REVENUE BONDS, SERIES 2003 LEASE REVENUE BONDS REDEMPTION SCHEDULE DATE 7/1/2004 1/1/2005 7/1/2005 1/1/2006 7/1/2006 1/1/2007 7/1/2007 1/1/2008 7/1/2008 1/1/2009 7/1/2009 1/1/2010 7/1/2010 1/1/2011 7/1/2011 1/1/2012 7/1/2012 $ $ PRINCIPAL 3,315,000.00 3,250,000.00 3,120,000.00 1,745,000.00 1,580,000.00 1,500,000.00 1,550,000.00 500,000.00 320,000.00 16,880,000.00 $ $ INTEREST 327,571.11 233,750.00 233,750.00 168,750.00 168,750.00 106,350.00 106,350.00 84,537.50 84,537.50 60,837.50 60,837.50 36,462.50 36,462.50 13,212.50 13,212.50 5,400.00 5,400.00 1,746,171.11 29 PERIOD TOTAL 3,642,571.11 233,750.00 3,483,750.00 168,750.00 3,288,750.00 106,350.00 1,851,350.00 84,537.50 1,664,537.50 60,837.50 1,560,837.50 36,462.50 1,586,462.50 13,212.50 513,212.50 5,400.00 325,400.00 $ 18,626,171.11 $ FISCAL TOTAL 3,876,321.11 3,652,500.00 3,395,100.00 1,935,887.50 1,725,375.00 1,597,300.00 1,599,675.00 518,612.50 $ 18,300,771.11 $ Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan MARICOPA COUNTY, ARIZONA CALCULATED TOTAL OF ALL STADIUM DISTRICT BOND REDEMPTION SCHEDULE DATE 12/1/2004 PRINCIPAL $ 06/1/2005 INTEREST - $ 2,490,000.00 12/1/2005 - 06/1/2006 2,685,000.00 12/1/2006 - 06/1/2007 2,820,000.00 12/1/2007 - 06/1/2008 2,960,000.00 12/1/2008 - 06/1/2009 3,105,000.00 12/1/2009 - 06/1/2010 3,260,000.00 12/1/2010 - 06/1/2011 3,390,000.00 12/1/2011 - 06/1/2012 3,570,000.00 12/1/2012 - 06/1/2013 3,760,000.00 12/1/2013 - 06/1/2014 3,960,000.00 12/1/2014 - 06/1/2015 4,170,000.00 12/1/2015 - 06/1/2016 4,395,000.00 12/1/2016 - 06/1/2017 4,635,000.00 12/1/2017 - 06/1/2018 4,880,000.00 12/1/2018 - 06/1/2019 $ 5,145,000.00 55,225,000.00 $ PERIOD TOTAL 1,431,046.88 $ 1,431,046.88 1,431,046.88 3,921,046.88 1,368,796.88 1,368,796.88 1,368,796.88 4,053,796.88 1,301,671.88 1,301,671.88 1,301,671.88 4,121,671.88 1,231,171.88 1,231,171.88 1,231,171.88 4,191,171.88 1,157,171.88 1,157,171.88 1,157,171.88 4,262,171.88 1,079,546.88 1,079,546.88 1,079,546.88 4,339,546.88 1,014,346.88 1,014,346.88 1,014,346.88 4,404,346.88 925,359.38 925,359.38 925,359.38 4,495,359.38 831,646.88 831,646.88 831,646.88 4,591,646.88 730,596.88 730,596.88 730,596.88 4,690,596.88 624,171.88 624,171.88 624,171.88 4,794,171.88 512,103.13 512,103.13 512,103.13 4,907,103.13 393,987.51 393,987.51 393,987.51 5,028,987.51 269,421.88 269,421.88 269,421.88 5,149,421.88 138,271.88 138,271.88 138,271.88 26,018,625.16 5,283,271.88 81,243,625.16 30 $ FISCAL TOTAL $ 5,352,093.76 5,422,593.76 5,423,343.76 5,422,343.76 5,419,343.76 5,419,093.76 5,418,693.76 5,420,718.76 5,423,293.76 5,421,193.76 5,418,343.76 5,419,206.26 5,422,975.02 5,418,843.76 - $ 5,421,543.76 81,243,625.16 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan MARICOPA COUNTY, ARIZONA CALCULATED TOTAL OF ALL SPECIAL ASSESSMENT BOND REDEMPTION SCHEDULES DATE 07/01/04 01/01/05 07/01/05 01/01/06 07/01/06 01/01/07 07/01/07 01/01/08 07/01/08 01/01/09 07/01/09 01/01/10 07/01/10 01/01/11 07/01/11 01/01/12 07/01/12 01/01/13 07/01/13 01/01/14 07/01/14 01/01/15 07/01/15 01/01/16 07/01/16 01/01/17 07/01/17 01/01/18 $ $ PRINCIPAL 19,032.78 67,166.06 5,471.21 48,593.20 8,326.29 42,179.66 5,828.10 14,145.41 10,110.74 24,775.99 11,538.24 6,005.86 11,538.24 6,005.86 11,538.25 6,005.86 5,471.21 6,005.86 5,471.21 6,005.92 5,471.21 0.00 5,471.21 0.00 5,471.21 0.00 5,470.99 0.00 343,100.57 $ $ INTEREST 12,164.60 14,274.94 9,823.35 9,689.99 7,533.33 7,271.49 5,403.43 5,254.01 4,647.50 4,305.36 3,220.47 2,814.09 2,573.85 2,167.48 1,927.24 1,520.86 1,280.63 1,147.27 907.04 773.67 533.44 400.08 400.08 266.72 266.72 133.36 133.36 100,834.33 31 $ $ PERIOD TOTAL 22,695.32 74,187.37 22,066.07 66,875.02 15,923.85 49,515.38 11,295.77 19,463.66 16,249.97 29,081.35 14,758.71 8,819.95 14,112.09 8,173.34 13,465.49 7,526.72 6,751.84 7,153.13 6,378.25 6,779.59 6,004.65 400.08 5,871.29 266.72 5,737.93 133.36 5,604.35 445,291.24 FISCAL TOTAL $ $ 96,882.69 88,941.10 65,439.24 30,759.43 45,331.32 23,578.65 22,285.43 20,992.22 13,904.97 13,157.84 6,404.72 6,138.00 5,871.28 5,604.35 445,291.24 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan $274,888 MARICOPA COUNTY, ARIZONA Grandview Manor K-90 SPECIAL ASSESSMENT BOND REDEMPTION SCHEDULE 9.00% DATE 07/01/04 01/01/05 PRINCIPAL $ $ 20,859.47 20,859.47 $ $ INTEREST 938.68 938.68 1,877.35 32 $ $ PERIOD TOTAL 938.68 21,798.15 22,736.82 FISCAL TOTAL $ $ 22,736.82 22,736.82 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan $301,960 MARICOPA COUNTY, ARIZONA Queen Creek Water K-91 SPECIAL ASSESSMENT BOND REDEMPTION SCHEDULE 4.875% DATE 07/01/04 01/01/05 07/01/05 01/01/06 07/01/06 01/01/07 07/01/07 01/01/08 07/01/08 01/01/09 07/01/09 01/01/10 07/01/10 01/01/11 07/01/11 01/01/12 07/01/12 01/01/13 07/01/13 01/01/14 07/01/14 01/01/15 07/01/15 01/01/16 07/01/16 01/01/17 07/01/17 01/01/18 PRINCIPAL $ INTEREST 5,471.20 $ 5,471.21 5,471.21 5,471.20 5,471.20 5,471.20 5,471.20 5,471.21 5,471.21 5,471.21 5,471.21 5,471.21 5,471.21 5,470.99 $ 76,596.67 PERIOD TOTAL 1,867.04 $ 1,733.68 1,733.68 1,733.68 7,204.89 1,600.32 1,600.32 1,600.32 7,071.53 1,466.96 1,466.96 1,466.96 6,938.16 1,333.60 1,333.60 1,333.60 6,804.80 1,200.24 1,200.24 1,200.24 6,671.44 1,066.88 1,066.88 1,066.88 6,538.08 933.52 933.52 933.52 6,404.73 800.16 800.16 800.16 6,271.37 666.80 666.80 666.80 6,138.01 533.44 533.44 533.44 6,004.65 400.08 400.08 400.08 5,871.29 266.72 266.72 266.72 5,737.93 133.36 133.36 133.36 5,604.35 $ 7,338.24 FISCAL TOTAL $ 8,805.22 8,538.49 8,271.76 8,005.04 7,738.32 7,471.60 7,204.89 6,938.17 6,671.45 6,404.72 6,138.00 5,871.28 - - 26,138.55 33 $ 102,735.22 9,071.93 5,604.35 $ 102,735.22 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan $59,379 MARICOPA COUNTY, ARIZONA Fairview Lane K-92 SPECIAL ASSESSMENT BOND REDEMPTION SCHEDULE 9.00% DATE 07/01/04 01/01/05 07/01/05 01/01/06 PRINCIPAL $ $ 1,072.00 5,082.33 6,154.33 $ $ INTEREST 319.72 238.45 228.70 228.70 1,015.57 34 $ $ PERIOD TOTAL 319.72 1,310.45 228.70 5,311.03 7,169.90 FISCAL TOTAL $ $ 1,630.17 5,539.74 7,169.90 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan $60,657 MARICOPA COUNTY, ARIZONA East Fairview Lane K-93 SPECIAL ASSESSMENT BOND REDEMPTION SCHEDULE 9.00% DATE 07/01/04 PRINCIPAL $ 01/01/05 INTEREST - $ 3,504.55 07/01/05 3,367.86 07/01/06 - 01/01/07 3,882.63 $ 10,755.04 $ 483.98 - 01/01/06 PERIOD TOTAL 483.98 326.27 326.27 326.27 3,694.13 174.72 174.72 1,969.93 35 FISCAL TOTAL $ 3,988.53 174.72 $ 483.98 4,020.40 4,057.35 $ 12,724.97 4,472.50 4,232.07 $ 12,724.97 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan $185,810 MARICOPA COUNTY, ARIZONA White Fence Farms K-94 SPECIAL ASSESSMENT BOND REDEMPTION SCHEDULE 9.00% DATE 07/01/04 PRINCIPAL $ 01/01/05 INTEREST - $ 7,765.22 07/01/05 01/01/06 8,444.77 07/01/06 01/01/07 16,882.16 $ 33,092.15 PERIOD TOTAL 1,854.39 $ 1,160.43 8,925.65 1,139.71 1,139.71 1,139.71 9,584.48 759.70 759.70 759.70 $ 1,854.39 6,813.64 36 FISCAL TOTAL $ 10,724.19 17,641.86 $ 39,905.79 10,780.04 18,401.55 $ 39,905.79 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan $83,236 MARICOPA COUNTY, ARIZONA 104 th Place/University Drive K-95 SPECIAL ASSESSMENT BOND REDEMPTION SCHEDULE 9.00% DATE 07/01/04 01/01/05 07/01/05 01/01/06 07/01/06 01/01/07 PRINCIPAL $ - INTEREST $ 3,841.66 8,323.60 17,927.76 $ 806.75 5,762.50 $ PERIOD TOTAL 806.75 633.87 633.87 633.87 6,396.37 374.56 374.56 3,630.37 37 FISCAL TOTAL $ 4,648.41 374.56 $ 806.75 7,030.25 8,698.16 $ 21,558.13 5,455.16 9,072.72 $ 21,558.13 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan $301,905 MARICOPA COUNTY, ARIZONA Central Avenue K-96 SPECIAL ASSESSMENT BOND REDEMPTION SCHEDULE 9.00% DATE 07/01/04 01/01/05 07/01/05 01/01/06 07/01/06 01/01/07 07/01/07 01/01/08 07/01/08 01/01/09 PRINCIPAL $ INTEREST - $ 23,631.31 6,630.57 7,090.87 18,770.13 75,276.35 $ 3,185.15 19,153.47 $ PERIOD TOTAL 3,612.21 2,324.03 2,324.03 2,324.03 21,477.50 1,462.12 1,462.12 1,462.12 8,092.69 1,163.75 1,163.75 1,163.75 8,254.62 844.66 844.66 18,386.45 38 FISCAL TOTAL $ 26,816.46 844.66 $ 3,612.21 23,801.52 9,554.81 9,418.36 19,614.79 $ 93,662.80 30,428.67 20,459.44 $ 93,662.80 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan $14,004 MARICOPA COUNTY, ARIZONA Billings Street K-98 SPECIAL ASSESSMENT BOND REDEMPTION SCHEDULE 9.00% DATE 07/01/04 PRINCIPAL $ 01/01/05 INTEREST - $ 485.99 PERIOD TOTAL 124.47 $ 124.47 124.47 610.46 07/01/05 - 102.60 102.60 01/01/06 776.41 102.60 879.01 07/01/06 - 67.66 67.66 01/01/07 454.84 67.66 522.50 07/01/07 - 47.19 47.19 01/01/08 1,048.68 $ 2,765.92 47.19 $ 683.82 39 FISCAL TOTAL $ 981.60 590.16 1,095.87 $ 3,449.74 734.92 1,143.06 $ 3,449.74 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan $60,670 MARICOPA COUNTY, ARIZONA Marquerite Drive K100 SPECIAL ASSESSMENT BOND REDEMPTION SCHEDULE 9.000% DATE 07/01/04 01/01/05 07/01/05 01/01/06 07/01/06 01/01/07 07/01/07 01/01/08 07/01/08 01/01/09 07/01/09 01/01/10 07/01/10 01/01/11 07/01/11 01/01/12 PRINCIPAL $ INTEREST 13,561.58 $ 2,855.08 356.90 4,639.54 6,067.04 6,067.04 6,067.04 PERIOD TOTAL 2,157.37 1,172.37 $ 15,718.95 1,172.37 1,172.37 1,172.37 1,172.37 1,172.37 1,172.37 4,027.45 1,043.89 1,043.89 1,043.89 1,400.79 1,027.83 1,027.83 1,027.83 5,667.37 819.05 819.05 819.05 6,886.09 546.03 546.03 546.03 6,613.07 273.02 273.02 273.02 6,340.06 FISCAL TOTAL $ 2,344.74 5,071.34 2,428.62 6,486.42 7,432.12 6,886.09 $ 39,614.22 16,891.32 6,340.06 $ 14,266.48 40 $ 53,880.70 $ 53,880.70 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan $60,059 MARICOPA COUNTY, ARIZONA 7th Street North Improvement K106 BOND REDEMPTION SCHEDULE 9.000% DATE 01/01/05 07/01/05 01/01/06 07/01/06 01/01/07 07/01/07 01/01/08 07/01/08 01/01/09 07/01/09 01/01/10 07/01/10 01/01/11 07/01/11 01/01/12 07/01/12 01/01/13 07/01/13 01/01/14 PRINCIPAL $ 6,005.86 INTEREST $ PERIOD TOTAL 4,430.99 $ 2,162.11 6,005.86 6,005.86 6,005.86 6,005.86 6,005.86 6,005.86 6,005.86 6,005.86 6,005.92 $ 60,058.66 2,162.11 8,167.97 1,921.88 1,921.88 1,921.88 7,927.74 1,681.64 1,681.64 1,681.64 7,687.50 1,441.41 1,441.41 1,441.41 7,447.27 1,201.17 1,201.17 1,201.17 7,207.03 960.94 960.94 960.94 6,966.80 720.71 720.71 720.71 6,726.57 480.47 480.47 480.47 6,486.33 240.24 240.24 26,052.13 41 FISCAL TOTAL $ 10,436.85 2,162.11 240.24 $ 10,436.85 10,330.08 9,849.62 9,369.15 8,888.68 8,408.21 7,927.74 7,447.27 6,966.80 6,246.16 $ 86,110.79 6,486.39 $ 86,110.79 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan MARICOPA COUNTY, ARIZONA CALCULATED TOTAL OF ALL CERTIFICATE OF PARTICIPATION REDEMPTION SCHEDULES Date 7/1/2004 1/1/2005 7/1/2005 1/1/2006 7/1/2006 1/1/2007 7/1/2007 1/1/2008 7/1/2008 1/1/2009 7/1/2009 1/1/2010 7/1/2010 1/1/2011 7/1/2011 1/1/2012 7/1/2012 1/1/2013 7/1/2013 1/1/2014 7/1/2014 1/1/2015 7/1/2015 1/1/2016 $ $ Principal 365,000.00 385,000.00 400,000.00 420,000.00 445,000.00 465,000.00 490,000.00 520,000.00 545,000.00 575,000.00 610,000.00 645,000.00 5,865,000.00 Coupon 4.700% $ 4.750% 4.800% 4.850% 4.900% 4.950% 5.000% 5.100% 5.200% 5.300% 5.400% 5.500% $ Interest 149,042.50 140,465.00 140,465.00 131,321.25 131,321.25 121,721.25 121,721.25 111,536.25 111,536.25 100,633.75 100,633.75 89,125.00 89,125.00 76,875.00 76,875.00 63,615.00 63,615.00 49,445.00 49,445.00 34,207.50 34,207.50 17,737.50 17,737.50 2,022,407.50 42 $ $ Period Total 514,042.50 140,465.00 525,465.00 131,321.25 531,321.25 121,721.25 541,721.25 111,536.25 556,536.25 100,633.75 565,633.75 89,125.00 579,125.00 76,875.00 596,875.00 63,615.00 608,615.00 49,445.00 624,445.00 34,207.50 644,207.50 17,737.50 662,737.50 7,887,407.50 Fiscal Total $ $ 654,507.50 656,786.25 653,042.50 653,257.50 657,170.00 654,758.75 656,000.00 660,490.00 658,060.00 658,652.50 661,945.00 662,737.50 7,887,407.50 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan MARICOPA COUNTY, ARIZONA CALCULATED TOTAL OF ALL CAPITAL LEASES Principal and Interest GENERAL FUND DEPARTMENTS Department: Purpose: FY 04-05 FY 05-06 FY 06-07 Medical Examiner Medical Equipment $ $ 18,674.52 18,674.52 6,225.04 43,574.08 Medical Examiner Medical Equipment Various Dept Computer Equipment $ $ $ 5,836.18 5,836.18 43 $ 53,528.64 53,528.64 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan MARICOPA COUNTY, ARIZONA CALCULATED TOTAL OF ALL CAPITAL LEASES Principal and Interest GENERAL FUND DEPARTMENTS Various Dept Computer Equipment $ $ 204,956.00 204,956.00 Various Dept Computer Equipment Various Dept Computer Equipment $ $ $ 105,345.71 105,345.71 44 $ 256,321.69 256,321.69 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan MARICOPA COUNTY, ARIZONA CALCULATED TOTAL OF ALL CAPITAL LEASES Principal and Interest GENERAL FUND DEPARTMENTS Various Dept Computer Equipment Various Dept Computer Equipment Various Dept Computer Equipment $ $ $ 185,333.89 77,222.48 $ 262,556.37 $ 348,387.58 348,387.58 $ 614,833.25 614,833.25 45 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan MARICOPA COUNTY, ARIZONA CALCULATED TOTAL OF ALL CAPITAL LEASES Principal and Interest GENERAL FUND DEPARTMENTS Various Dept Computer Equipment Various Dept Various Dept Computer Equipment Computer Equipment $ 473,580.84 355,185.63 $ 770,642.98 770,642.95 $ $ 828,766.47 $ 1,541,285.93 $ 46 267,534.48 267,534.48 156,061.78 691,130.74 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan MARICOPA COUNTY, ARIZONA CALCULATED TOTAL OF ALL CAPITAL LEASES Principal and Interest GENERAL FUND DEPARTMENTS Various Dept Computer Equipment $ $ 1,919,690.76 1,919,690.76 1,919,690.76 5,759,072.28 Total General Fund $ $ 5,224,666.52 3,408,950.82 2,081,977.58 10,715,594.92 47 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan MARICOPA COUNTY, ARIZONA CALCULATED TOTAL OF ALL CAPITAL LEASE Principal and Interest SPECIAL REVENUE FUNDS Department: Purpose: FY 04-05 Special Revenue Funds Total Library Bookmobile $ $ 61,456.62 61,456.62 $ $ 61,456.62 61,456.62 48 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan MARICOPA COUNTY, ARIZONA CALCULATED TOTAL OF ALL CAPITAL LEASES Principal and Interest INTERNAL SERVICE FUND Department: Purpose: FY 04-05 FY 05-06 FY 06-07 FY 07-08 Reprographics Equipment $ $ 18,565.00 18,565.00 Telecom Equipment $ $ 94,289.27 94,289.27 94,289.27 62,859.37 345,727.18 49 ISF Fund Total $ $ 112,854.27 94,289.27 94,289.27 62,859.37 364,292.18 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Medical Examiner 290 98215-E Medical Equipment LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: 4.1908% 5 12 11/24/2001 PERIODIC PAYMENT $84,107.12 AMORTIZATION SCHEDULE Payment Beginning No. Date Balance 33 7/24/2004 $ 41,442.54 34 8/24/2004 40,031.06 35 9/24/2004 38,614.65 36 10/24/2004 37,193.30 37 11/24/2004 35,766.98 38 12/24/2004 34,335.68 39 1/24/2005 32,899.38 40 2/24/2005 31,458.07 41 3/24/2005 30,011.72 42 4/24/2005 28,560.32 43 5/24/2005 27,103.85 44 6/24/2005 25,642.30 45 7/24/2005 24,175.64 46 8/24/2005 22,703.86 47 9/24/2005 21,226.94 48 10/24/2005 19,744.86 49 11/24/2005 18,257.61 50 12/24/2005 16,765.16 51 1/24/2006 15,267.50 52 2/24/2006 13,764.61 53 3/24/2006 12,256.47 54 4/24/2006 10,743.06 55 5/24/2006 9,224.37 56 6/24/2006 7,700.37 57 7/24/2006 6,171.05 58 8/24/2006 4,636.39 59 9/24/2006 3,096.37 60 10/24/2006 1,550.97 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable Calculated payment: Interest $ 144.73 139.80 134.86 129.89 124.91 119.91 114.90 109.86 104.81 99.74 94.66 89.55 84.43 79.29 74.13 68.96 63.76 58.55 53.32 48.07 42.80 37.52 32.21 26.89 21.55 16.19 10.81 5.49 2,131.59 $ Principal 1,411.48 1,416.41 1,421.35 1,426.32 1,431.30 1,436.30 1,441.31 1,446.35 1,451.40 1,456.47 1,461.55 1,466.66 1,471.78 1,476.92 1,482.08 1,487.25 1,492.45 1,497.66 1,502.89 1,508.14 1,513.41 1,518.69 1,524.00 1,529.32 1,534.66 1,540.02 1,545.40 1,550.92 41,442.49 $ Ending Balance 40,031.06 38,614.65 37,193.30 35,766.98 34,335.68 32,899.38 31,458.07 30,011.72 28,560.32 27,103.85 25,642.30 24,175.64 22,703.86 21,226.94 19,744.86 18,257.61 16,765.16 15,267.50 13,764.61 12,256.47 10,743.06 9,224.37 7,700.37 6,171.05 4,636.39 3,096.37 1,550.97 0.05 $1,556.21 Fiscal Year Ended 6/30 Cumulative Interest Principal Interest Total $ 7,278.87 7,418.67 7,553.53 7,683.42 7,808.33 7,928.24 8,043.14 8,153.00 8,257.81 8,357.55 8,452.21 8,541.76 17,266.90 1,407.62 18,674.52 8,626.19 8,705.48 8,779.61 8,848.57 8,912.33 8,970.88 9,024.20 9,072.27 9,115.07 9,152.59 9,184.80 9,211.69 18,004.59 669.93 18,674.52 9,233.24 9,249.43 9,260.24 9,265.73 6,171.00 54.04 6,225.04 41,442.49 2,131.59 43,574.08 50 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Medical Examiner 290 C663001/C663004 Equipment LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: AMORTIZATION SCHEDULE Payment No. Date 58 7/30/2004 59 8/30/2004 60 9/30/2004 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable PERIODIC PAYMENT Calculated payment: $102,686.00 $1,945.37 5.34400% 5 12 10/30/1999 Fiscal Year Ended 6/30 $ Beginning Balance 5,784.76 3,865.15 1,936.99 Interest $ 25.76 17.21 8.60 51.57 $ Principal 1,919.61 1,928.16 1,936.84 5,784.61 Ending Balance $ 3,865.15 1,936.99 0.15 Cumulative Interest $ 14,010.61 14,027.82 14,036.42 Principal 5,784.61 Interest 51.57 Total 5,836.18 5,784.61 51.57 5,836.18 51 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Various Departments Computer Equipment LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: PERIODIC PAYMENT $362,066.04 4.10000% 3 12 12/2/2001 AMORTIZATION SCHEDULE Payment No. Date 20 7/2/2003 $ 21 8/2/2003 22 9/2/2003 23 10/2/2003 24 11/2/2003 25 12/2/2003 26 1/2/2004 27 2/2/2004 28 3/2/2004 29 4/2/2004 30 5/2/2004 31 6/2/2004 32 7/2/2004 33 8/2/2004 34 9/2/2004 35 10/2/2004 36 11/2/2004 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable Calculated payment: $10,705.75 Fiscal Year Ended 6/30 Beginning Balance 176,520.24 166,417.60 156,280.44 146,108.65 135,902.10 125,660.68 115,384.27 105,072.75 94,726.00 84,343.90 73,926.32 63,473.15 52,984.27 42,459.55 31,898.87 21,302.11 10,669.14 $ Interest 603.11 568.59 533.96 499.20 464.33 429.34 394.23 359.00 323.65 288.17 252.58 216.87 181.03 145.07 108.99 72.78 36.47 544.34 $ Principal 10,102.64 10,137.16 10,171.79 10,206.55 10,241.42 10,276.41 10,311.52 10,346.75 10,382.10 10,417.58 10,453.17 10,488.88 10,524.72 10,560.68 10,596.76 10,632.97 10,669.17 52,984.30 $ Ending Cumulative Balance Interest 166,417.60 $ 18,466.56 156,280.44 19,035.15 146,108.65 19,569.11 135,902.10 20,068.31 125,660.68 20,532.64 115,384.27 20,961.98 105,072.75 21,356.21 94,726.00 21,715.21 84,343.90 22,038.86 73,926.32 22,327.03 63,473.15 22,579.61 52,984.27 22,796.48 42,459.55 22,977.51 31,898.87 23,122.58 21,302.11 23,231.57 10,669.14 23,304.35 (0.03) 23,340.82 Principal Interest 123,535.97 4,933.03 128,469.00 52,984.30 544.34 Total 53,528.64 52,984.30 544.34 53,528.64 52 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Various Departments Computer Equipment LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: PERIODIC PAYMENT $1,000,435.71 3.42000% 3 12 2/23/2002 AMORTIZATION SCHEDULE Payment No. Date 30 7/23/2004 $ 31 8/23/2004 32 9/23/2004 33 10/23/2004 34 11/23/2004 35 12/23/2004 36 1/23/2005 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable Calculated payment: $29,279.42 Fiscal Year Ended 6/30 Beginning Balance 202,639.39 173,937.49 145,153.79 116,288.06 87,340.06 58,309.56 29,196.32 $ Interest 577.52 495.72 413.69 331.42 248.92 166.18 83.21 2,316.66 $ Principal 28,701.90 28,783.70 28,865.73 28,948.00 29,030.50 29,113.24 29,196.27 202,639.34 $ Ending Balance 173,937.49 145,153.79 116,288.06 87,340.06 58,309.56 29,196.32 0.05 Cumulative Interest $ 51,884.38 52,380.10 52,793.79 53,125.21 53,374.13 53,540.31 53,623.52 Principal Interest Total 202,639.34 2,316.66 204,956.00 202,639.34 2,316.66 204,956.00 53 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Various Departments Computer Equipment LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: PERIODIC PAYMENT $514,215.69 3.42000% 3 12 2/16/2002 AMORTIZATION SCHEDULE Payment No. Date 30 7/16/2004 $ 31 8/16/2004 32 9/16/2004 33 10/16/2004 34 11/16/2004 35 12/16/2004 36 1/16/2005 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable Calculated payment: $15,049.38 Fiscal Year Ended 6/30 Beginning Balance 104,154.97 89,402.43 74,607.85 59,771.10 44,892.07 29,970.63 15,006.67 $ Interest 296.84 254.80 212.63 170.35 127.94 85.42 42.77 1,190.75 $ Principal 14,752.54 14,794.58 14,836.75 14,879.03 14,921.44 14,963.96 15,006.66 104,154.96 $ Ending Balance 89,402.43 74,607.85 59,771.10 44,892.07 29,970.63 15,006.67 0.01 Cumulative Interest $ 26,668.14 26,922.94 27,135.57 27,305.92 27,433.86 27,519.28 27,562.05 Principal Interest Total 104,154.96 1,190.75 105,345.71 104,154.96 1,190.75 105,345.71 54 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Various Departments Computer Equipment PERIODIC PAYMENT LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: $970,571.90 3.59400% 3 12 4/20/2002 AMORTIZATION SCHEDULE Payment No. Date 28 7/20/2004 $ 29 8/20/2004 30 9/20/2004 31 10/20/2004 32 11/20/2004 33 12/20/2004 34 1/20/2005 35 2/20/2005 36 3/20/2005 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable Calculated payment: $28,480.19 Fiscal Year Ended 6/30 Beginning Balance 252,525.05 224,801.17 196,994.26 169,104.07 141,130.35 113,072.85 84,931.31 56,705.49 28,395.13 $ Interest 756.31 673.28 590.00 506.47 422.69 338.65 254.37 169.83 85.04 3,796.64 $ Principal 27,723.88 27,806.91 27,890.19 27,973.72 28,057.50 28,141.54 28,225.82 28,310.36 28,395.13 252,525.05 $ Ending Balance 224,801.17 196,994.26 169,104.07 141,130.35 113,072.85 84,931.31 56,705.49 28,395.13 0.00 Cumulative Interest $ 51,674.59 52,347.87 52,937.87 53,444.34 53,867.03 54,205.68 54,460.05 54,629.88 54,714.92 Principal Interest Total 252,525.05 3,796.64 256,321.69 252,525.05 3,796.64 256,321.69 55 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Various Departments Computer Equipment LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: PERIODIC PAYMENT $1,082,663.66 3.39000% 3 12 6/17/2002 AMORTIZATION SCHEDULE Payment No. Date 26 7/17/2004 $ 27 8/17/2004 28 9/17/2004 29 10/17/2004 30 11/17/2004 31 12/17/2004 32 1/17/2005 33 2/17/2005 34 3/17/2005 35 4/17/2005 36 5/17/2005 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable Calculated payment: $31,671.59 Fiscal Year Ended 6/30 Beginning Balance 342,553.98 311,850.10 281,059.49 250,181.89 219,217.06 188,164.76 157,024.74 125,796.74 94,480.53 63,075.85 31,582.45 $ Interest 967.71 880.98 793.99 706.76 619.29 531.57 443.59 355.38 266.91 178.19 89.22 5,833.59 $ Principal 30,703.88 30,790.61 30,877.60 30,964.83 31,052.30 31,140.02 31,228.00 31,316.21 31,404.68 31,493.40 31,582.46 342,553.99 $ Ending Cumulative Balance Interest 311,850.10 $ 52,647.78 281,059.49 53,528.76 250,181.89 54,322.75 219,217.06 55,029.51 188,164.76 55,648.80 157,024.74 56,180.37 125,796.74 56,623.96 94,480.53 56,979.34 63,075.85 57,246.25 31,582.45 57,424.44 (0.01) 57,513.66 Principal Interest Total 342,553.99 5,833.59 348,387.58 342,553.99 5,833.59 348,387.58 56 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Various Departments Computer Equipment PERIODIC PAYMENT LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: $1,755,436.39 3.24000% 3 12 7/26/2002 AMORTIZATION SCHEDULE Payment No. Date 13 7/26/2003 $ 14 8/26/2003 15 9/26/2003 16 10/26/2003 17 11/26/2003 18 12/26/2003 19 1/26/2004 20 2/26/2004 21 3/26/2004 22 4/26/2004 23 5/26/2004 24 6/26/2004 25 7/26/2004 26 8/26/2004 27 9/26/2004 28 10/26/2004 29 11/26/2004 30 12/26/2004 31 1/26/2005 32 2/26/2005 33 3/26/2005 34 4/26/2005 35 5/26/2005 36 6/26/2005 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable Calculated payment: $51,236.09 Fiscal Year Ended 6/30 Beginning Balance 1,189,118.77 1,141,093.30 1,092,938.16 1,044,653.00 996,237.47 947,691.22 899,013.90 850,205.15 801,264.61 752,191.93 702,986.76 653,648.73 604,177.49 554,572.68 504,833.94 454,960.90 404,953.20 354,810.48 304,532.38 254,118.53 203,568.56 152,882.11 102,058.80 51,098.27 $ Interest 3,210.62 3,080.95 2,950.93 2,820.56 2,689.84 2,558.77 2,427.34 2,295.55 2,163.41 2,030.92 1,898.06 1,764.85 1,631.28 1,497.35 1,363.05 1,228.39 1,093.37 957.99 822.24 686.12 549.64 412.78 275.56 137.95 10,655.72 $ Principal 48,025.47 48,155.14 48,285.16 48,415.53 48,546.25 48,677.32 48,808.75 48,940.54 49,072.68 49,205.17 49,338.03 49,471.24 49,604.81 49,738.74 49,873.04 50,007.70 50,142.72 50,278.10 50,413.85 50,549.97 50,686.45 50,823.31 50,960.53 51,098.31 604,177.53 $ Ending Cumulative Balance Interest 1,141,093.30 $ 51,726.08 1,092,938.16 54,807.03 1,044,653.00 57,757.96 996,237.47 60,578.52 947,691.22 63,268.36 899,013.90 65,827.13 850,205.15 68,254.47 801,264.61 70,550.02 752,191.93 72,713.43 702,986.76 74,744.35 653,648.73 76,642.41 604,177.49 78,407.26 554,572.68 80,038.54 504,833.94 81,535.89 454,960.90 82,898.94 404,953.20 84,127.33 354,810.48 85,220.70 304,532.38 86,178.69 254,118.53 87,000.93 203,568.56 87,687.05 152,882.11 88,236.69 102,058.80 88,649.47 51,098.27 88,925.03 (0.04) 89,062.98 Principal Interest Total 584,941.28 29,891.80 614,833.08 604,177.53 10,655.72 614,833.25 604,177.53 10,655.72 614,833.25 57 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Various Departments Computer Equipment LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: PERIODIC PAYMENT Calculated payment: $535,598.63 2.44200% 3 12 12/8/2002 AMORTIZATION SCHEDULE Payment Beginning No. Date Balance 20 7/8/2004 $ 257,808.99 21 8/8/2004 242,889.14 22 9/8/2004 227,938.93 23 10/8/2004 212,958.29 24 11/8/2004 197,947.17 25 12/8/2004 182,905.50 26 1/8/2005 167,833.22 27 2/8/2005 152,730.27 28 3/8/2005 137,596.59 29 4/8/2005 122,432.11 30 5/8/2005 107,236.77 31 6/8/2005 92,010.51 32 7/8/2005 76,753.26 33 8/8/2005 61,464.96 34 9/8/2005 46,145.55 35 10/8/2005 30,794.97 36 11/8/2005 15,413.15 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable $15,444.49 Fiscal Year Ended 6/30 $ Interest 524.64 494.28 463.86 433.37 402.82 372.21 341.54 310.81 280.01 249.15 218.23 187.24 156.19 125.08 93.91 62.67 31.37 4,747.38 $ Principal 14,919.85 14,950.21 14,980.64 15,011.12 15,041.67 15,072.28 15,102.95 15,133.68 15,164.48 15,195.34 15,226.26 15,257.25 15,288.30 15,319.41 15,350.58 15,381.82 15,413.15 257,808.99 $ Ending Balance 242,889.14 227,938.93 212,958.29 197,947.17 182,905.50 167,833.22 152,730.27 137,596.59 122,432.11 107,236.77 92,010.51 76,753.26 61,464.96 46,145.55 30,794.97 15,413.15 0.00 Cumulative Interest $ 16,180.32 16,674.60 17,138.46 17,571.83 17,974.65 18,346.86 18,688.40 18,999.21 19,279.22 19,528.37 19,746.60 19,933.84 20,090.03 20,215.11 20,309.02 20,371.69 20,403.06 Principal Interest Total 181,055.73 4,278.16 185,333.89 76,753.26 469.22 77,222.48 257,808.99 4,747.38 262,556.37 58 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Various Departments C18020078 Computer Equipment LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: PERIODIC PAYMENT Calculated payment: $1,368,648.56 2.44000% 3 12 4/6/2003 AMORTIZATION SCHEDULE Payment Beginning No. Date Balance 16 7/6/2004 $ 810,515.22 17 8/6/2004 772,698.20 18 9/6/2004 734,804.28 19 10/6/2004 696,833.31 20 11/6/2004 658,785.13 21 12/6/2004 620,659.59 22 1/6/2005 582,456.53 23 2/6/2005 544,175.79 24 3/6/2005 505,817.21 25 4/6/2005 467,380.63 26 5/6/2005 428,865.90 27 6/6/2005 390,272.86 28 7/6/2005 351,601.34 29 8/6/2005 312,851.19 30 9/6/2005 274,022.25 31 10/6/2005 235,114.36 32 11/6/2005 196,127.36 33 12/6/2005 157,061.08 34 1/6/2006 117,915.37 35 2/6/2006 78,690.06 36 3/6/2006 39,384.99 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable $39,465.07 Fiscal Year Ended 6/30 $ Interest 1,648.05 1,571.15 1,494.10 1,416.89 1,339.53 1,262.01 1,184.33 1,106.49 1,028.49 950.34 872.03 793.55 714.92 636.13 557.18 478.07 398.79 319.36 239.76 160.00 80.08 18,251.25 $ Principal 37,817.02 37,893.92 37,970.97 38,048.18 38,125.54 38,203.06 38,280.74 38,358.58 38,436.58 38,514.73 38,593.04 38,671.52 38,750.15 38,828.94 38,907.89 38,987.00 39,066.28 39,145.71 39,225.31 39,305.07 39,384.99 810,515.22 $ Ending Balance 772,698.20 734,804.28 696,833.31 658,785.13 620,659.59 582,456.53 544,175.79 505,817.21 467,380.63 428,865.90 390,272.86 351,601.34 312,851.19 274,022.25 235,114.36 196,127.36 157,061.08 117,915.37 78,690.06 39,384.99 - Cumulative Interest $ 35,490.77 37,061.92 38,556.02 39,972.91 41,312.44 42,574.45 43,758.78 44,865.27 45,893.76 46,844.10 47,716.13 48,509.68 49,224.60 49,860.73 50,417.91 50,895.98 51,294.77 51,614.13 51,853.89 52,013.89 52,093.97 Principal Interest Total 458,913.88 14,666.96 473,580.84 351,601.34 3,584.29 355,185.63 810,515.22 18,251.25 828,766.47 59 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Various Departments C18020078 Computer Equipment LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: PERIODIC PAYMENT Calculated payment: $2,242,808.79 1.98000% 3 12 7/28/2003 AMORTIZATION SCHEDULE Payment No. Date 13 7/28/2004 $ 14 8/28/2004 15 9/28/2004 16 10/28/2004 17 11/28/2004 18 12/28/2004 19 1/28/2005 20 2/28/2005 21 3/28/2005 22 4/28/2005 23 5/28/2005 24 6/28/2005 25 7/28/2005 26 8/28/2005 27 9/28/2005 28 10/28/2005 29 11/28/2005 30 12/28/2005 31 1/28/2006 32 2/28/2006 33 3/28/2006 34 4/28/2006 35 5/28/2006 36 6/28/2006 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable $64,220.25 Fiscal Year Ended 6/30 Beginning Balance 1,509,946.49 1,448,217.65 1,386,386.96 1,324,454.25 1,262,419.35 1,200,282.09 1,138,042.31 1,075,699.83 1,013,254.49 950,706.11 888,054.53 825,299.57 762,441.07 699,478.85 636,412.74 573,242.57 509,968.17 446,589.37 383,106.00 319,517.88 255,824.84 192,026.70 128,123.30 64,114.46 $ Interest 2,491.41 2,389.56 2,287.54 2,185.35 2,082.99 1,980.47 1,877.77 1,774.90 1,671.87 1,568.67 1,465.29 1,361.74 1,258.03 1,154.14 1,050.08 945.85 841.45 736.87 632.12 527.20 422.11 316.84 211.40 105.79 31,339.44 $ Principal 61,728.84 61,830.69 61,932.71 62,034.90 62,137.26 62,239.78 62,342.48 62,445.34 62,548.38 62,651.58 62,754.96 62,858.50 62,962.22 63,066.11 63,170.17 63,274.40 63,378.80 63,483.37 63,588.12 63,693.04 63,798.14 63,903.40 64,008.84 64,114.46 1,509,946.49 $ Ending Balance 1,448,217.65 1,386,386.96 1,324,454.25 1,262,419.35 1,200,282.09 1,138,042.31 1,075,699.83 1,013,254.49 950,706.11 888,054.53 825,299.57 762,441.07 699,478.85 636,412.74 573,242.57 509,968.17 446,589.37 383,106.00 319,517.88 255,824.84 192,026.70 128,123.30 64,114.46 0.00 Cumulative Interest $ 40,272.06 42,661.62 44,949.16 47,134.51 49,217.50 51,197.97 53,075.74 54,850.64 56,522.51 58,091.18 59,556.47 60,918.21 62,176.24 63,330.38 64,380.46 65,326.31 66,167.76 66,904.63 67,536.75 68,063.95 68,486.06 68,802.90 69,014.30 69,120.09 Principal Interest Total 747,505.42 23,137.56 770,642.98 762,441.07 8,201.88 770,642.95 1,509,946.49 31,339.44 1,541,285.93 60 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Various Departments C1804003800 Computer Equipment LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: PERIODIC PAYMENT Calculated payment: $777,422.38 2.08000% 3 12 2/15/2004 AMORTIZATION SCHEDULE Payment Beginning No. Date Balance 6 7/15/2004 $ 672,323.62 7 8/15/2004 651,194.44 8 9/15/2004 630,028.64 9 10/15/2004 608,826.15 10 11/15/2004 587,586.91 11 12/15/2004 566,310.85 12 1/15/2005 544,997.92 13 2/15/2005 523,648.04 14 3/15/2005 502,261.16 15 4/15/2005 480,837.21 16 5/15/2005 459,376.12 17 6/15/2005 437,877.83 18 7/15/2005 416,342.28 19 8/15/2005 394,769.40 20 9/15/2005 373,159.13 21 10/15/2005 351,511.40 22 11/15/2005 329,826.15 23 12/15/2005 308,103.31 24 1/15/2006 286,342.82 25 2/15/2006 264,544.61 26 3/15/2006 242,708.61 27 4/15/2006 220,834.76 28 5/15/2006 198,923.00 29 6/15/2006 176,973.26 30 7/15/2006 154,985.47 31 8/15/2006 132,959.57 32 9/15/2006 110,895.49 33 10/15/2006 88,793.17 34 11/15/2006 66,652.54 35 12/15/2006 44,473.53 36 1/15/2007 22,256.08 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable $22,294.54 Fiscal Year Ended 6/30 $ Interest 1,165.36 1,128.74 1,092.05 1,055.30 1,018.48 981.61 944.66 907.66 870.59 833.45 796.25 758.99 721.66 684.27 646.81 609.29 571.70 534.05 496.33 458.54 420.69 382.78 344.80 306.75 268.64 230.46 192.22 153.91 115.53 77.09 38.58 17,730.81 $ Principal 21,129.18 21,165.80 21,202.49 21,239.24 21,276.06 21,312.93 21,349.88 21,386.88 21,423.95 21,461.09 21,498.29 21,535.55 21,572.88 21,610.27 21,647.73 21,685.25 21,722.84 21,760.49 21,798.21 21,836.00 21,873.85 21,911.76 21,949.74 21,987.79 22,025.90 22,064.08 22,102.32 22,140.63 22,179.01 22,217.45 22,255.96 517,338.15 $ Ending Balance 651,194.44 630,028.64 608,826.15 587,586.91 566,310.85 544,997.92 523,648.04 502,261.16 480,837.21 459,376.12 437,877.83 416,342.28 394,769.40 373,159.13 351,511.40 329,826.15 308,103.31 286,342.82 264,544.61 242,708.61 220,834.76 198,923.00 176,973.26 154,985.47 132,959.57 110,895.49 88,793.17 66,652.54 44,473.53 22,256.08 0.12 Cumulative Interest $ 7,539.30 8,668.04 9,760.09 10,815.39 11,833.87 12,815.48 13,760.14 14,667.80 15,538.39 16,371.84 17,168.09 17,927.08 18,648.74 19,333.01 19,979.82 20,589.11 21,160.81 21,694.86 22,191.19 22,649.73 23,070.42 23,453.20 23,798.00 24,104.75 24,373.39 24,603.85 24,796.07 24,949.98 25,065.51 25,142.60 25,181.18 Principal Interest Total 255,981.34 11,553.14 267,534.48 261,356.81 6,177.67 267,534.48 154,985.35 1,076.43 156,061.78 672,323.50 18,807.24 691,130.74 61 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Various Departments 1000114306 Computer Equipment PERIODIC PAYMENT Calculated payment: LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: $5,556,061.81 2.34000% 3 12 7/17/2004 AMORTIZATION SCHEDULE Payment No. Date 1 7/17/2004 $ 2 8/17/2004 3 9/17/2004 4 10/17/2004 5 11/17/2004 6 12/17/2004 7 1/17/2005 8 2/17/2005 9 3/17/2005 10 4/17/2005 11 5/17/2005 12 6/17/2005 13 7/17/2005 14 8/17/2005 15 9/17/2005 16 10/17/2005 17 11/17/2005 18 12/17/2005 19 1/17/2006 20 2/17/2006 21 3/17/2006 22 4/17/2006 23 5/17/2006 24 6/17/2006 25 7/17/2006 26 8/17/2006 27 9/17/2006 28 10/17/2006 29 11/17/2006 30 12/17/2006 31 1/17/2007 32 2/17/2007 33 3/17/2007 34 4/17/2007 35 5/17/2007 36 6/17/2007 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable $159,974.23 Fiscal Year Ended 6/30 Beginning Balance 5,556,061.81 5,406,921.90 5,257,491.17 5,107,769.05 4,957,754.97 4,807,448.36 4,656,848.65 4,505,955.27 4,354,767.65 4,203,285.22 4,051,507.40 3,899,433.61 3,747,063.28 3,594,395.82 3,441,430.66 3,288,167.22 3,134,604.92 2,980,743.17 2,826,581.39 2,672,118.99 2,517,355.39 2,362,290.00 2,206,922.24 2,051,251.51 1,895,277.22 1,738,998.78 1,582,415.60 1,425,527.08 1,268,332.63 1,110,831.65 953,023.54 794,907.71 636,483.55 477,750.46 318,707.84 159,355.09 Interest $ 10,834.32 10,543.50 10,252.11 9,960.15 9,667.62 9,374.52 9,080.85 8,786.61 8,491.80 8,196.41 7,900.44 7,603.90 7,306.77 7,009.07 6,710.79 6,411.93 6,112.48 5,812.45 5,511.83 5,210.63 4,908.84 4,606.47 4,303.50 3,999.94 3,695.79 3,391.05 3,085.71 2,779.78 2,473.25 2,166.12 1,858.40 1,550.07 1,241.14 931.61 621.48 310.74 142,764.81 Principal $ 149,139.91 149,430.73 149,722.12 150,014.08 150,306.61 150,599.71 150,893.38 151,187.62 151,482.43 151,777.82 152,073.79 152,370.33 152,667.46 152,965.16 153,263.44 153,562.30 153,861.75 154,161.78 154,462.40 154,763.60 155,065.39 155,367.76 155,670.73 155,974.29 156,278.44 156,583.18 156,888.52 157,194.45 157,500.98 157,808.11 158,115.83 158,424.16 158,733.09 159,042.62 159,352.75 159,663.49 3,696,616.71 $ Ending Cumulative Balance Interest 5,406,921.90 $ 10,834.32 5,257,491.17 21,377.82 5,107,769.05 31,629.93 4,957,754.97 41,590.08 4,807,448.36 51,257.70 4,656,848.65 60,632.22 4,505,955.27 69,713.07 4,354,767.65 78,499.68 4,203,285.22 86,991.48 4,051,507.40 95,187.89 3,899,433.61 103,088.33 3,747,063.28 110,692.23 3,594,395.82 117,999.00 3,441,430.66 125,008.07 3,288,167.22 131,718.86 3,134,604.92 138,130.79 2,980,743.17 144,243.27 2,826,581.39 150,055.72 2,672,118.99 155,567.55 2,517,355.39 160,778.18 2,362,290.00 165,687.02 2,206,922.24 170,293.49 2,051,251.51 174,596.99 1,895,277.22 178,596.93 1,738,998.78 182,292.72 1,582,415.60 185,683.77 1,425,527.08 188,769.48 1,268,332.63 191,549.26 1,110,831.65 194,022.51 953,023.54 196,188.63 794,907.71 198,047.03 636,483.55 199,597.10 477,750.46 200,838.24 318,707.84 201,769.85 159,355.09 202,391.33 (308.40) 202,702.07 Principal Interest Total 1,808,998.53 110,692.23 1,919,690.76 1,851,786.06 67,904.70 1,919,690.76 1,895,585.62 24,105.14 1,919,690.76 5,556,370.21 202,702.07 5,759,072.28 62 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Library C6502030M Bookmobile LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: PERIODIC PAYMENT $207,720.00 4.14000% 3 12 5/12/2002 AMORTIZATION SCHEDULE Payment No. Date 27 7/12/2004 $ 28 8/12/2004 29 9/12/2004 30 10/12/2004 31 11/12/2004 32 12/12/2004 33 1/12/2005 34 2/12/2005 35 3/12/2005 36 4/12/2005 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable Calculated payment: $6,145.67 Fiscal Year Ended 6/30 Beginning Balance 60,306.35 54,368.74 48,410.64 42,431.99 36,432.71 30,412.73 24,371.98 18,310.39 12,227.89 6,124.41 $ Interest 208.06 187.57 167.02 146.39 125.69 104.92 84.08 63.17 42.19 21.14 1,150.23 $ Principal 5,937.61 5,958.10 5,978.65 5,999.28 6,019.98 6,040.75 6,061.59 6,082.50 6,103.48 6,124.45 60,306.39 $ Ending Cumulative Balance Interest 54,368.74 $ 12,581.83 48,410.64 12,769.40 42,431.99 12,936.42 36,432.71 13,082.81 30,412.73 13,208.50 24,371.98 13,313.42 18,310.39 13,397.50 12,227.89 13,460.67 6,124.41 13,502.86 (0.04) 13,524.00 Principal 60,306.39 Interest 1,150.23 Total 61,456.62 60,306.39 1,150.23 61,456.62 63 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Reprographics Department C73020034 Equipment LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: $125,290.32 4.2500% 3 12 1/10/2002 PERIODIC PAYMENT AMORTIZATION SCHEDULE Payment Beginning No. Date Balance 31 7/10/2004 $ 22,004.55 32 8/10/2004 18,369.46 33 9/10/2004 14,721.50 34 10/10/2004 11,060.62 35 11/10/2004 7,386.77 36 12/10/2004 3,699.91 Calculated payment: $3,713.02 Fiscal Year Ended 6/30 Interest $ 77.93 $ 65.06 52.14 39.17 26.16 13.10 273.56 Principal 3,635.09 3,647.96 3,660.88 3,673.85 3,686.86 3,699.91 22,004.55 $ Ending Cumulative Balance Interest 18,369.46 $ 8,182.76 14,721.50 8,247.82 11,060.62 8,299.96 7,386.77 8,339.13 3,699.91 8,365.29 0.00 8,378.39 Principal 18,369.46 Interest 195.63 Total 18,565.09 Outstanding as of June 30, 2004 Principal 18,369.46 Total Interest Payment 195.63 Total Debt Service Payable 18,565.09 July Principal of $3,365.10 paid in fiscal year 2004 64 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: Telecom C76030078 Equipment PERIODIC PAYMENT $440,000.00 2.7500% 5 12 3/1/2003 AMORTIZATION SCHEDULE Payment Beginning No. Date Balance 17 7/1/2004 $ 328,510.50 18 8/1/2004 321,405.90 19 9/1/2004 314,285.02 20 10/1/2004 307,147.82 21 11/1/2004 299,994.26 22 12/1/2004 292,824.31 23 1/1/2005 285,637.94 24 2/1/2005 278,435.09 25 3/1/2005 271,215.73 26 4/1/2005 263,979.83 27 5/1/2005 256,727.34 28 6/1/2005 249,458.23 29 7/1/2005 242,172.47 30 8/1/2005 234,870.01 31 9/1/2005 227,550.81 32 10/1/2005 220,214.84 33 11/1/2005 212,862.06 34 12/1/2005 205,492.43 35 1/1/2006 198,105.92 36 2/1/2006 190,702.47 37 3/1/2006 183,282.06 38 4/1/2006 175,844.64 39 5/1/2006 168,390.18 40 6/1/2006 160,918.63 41 7/1/2006 153,429.96 42 8/1/2006 145,924.13 43 9/1/2006 138,401.10 44 10/1/2006 130,860.83 45 11/1/2006 123,303.28 46 12/1/2006 115,728.41 47 1/1/2007 108,136.19 48 2/1/2007 100,526.56 49 3/1/2007 92,899.49 50 4/1/2007 85,254.94 51 5/1/2007 77,592.88 52 6/1/2007 69,913.26 53 7/1/2007 62,216.04 54 8/1/2007 54,501.18 55 9/1/2007 46,768.64 56 10/1/2007 39,018.38 57 11/1/2007 31,250.36 58 12/1/2007 23,464.54 59 1/1/2008 15,660.88 60 2/1/2008 7,839.33 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable Calculated payment: $7,857.44 Fiscal Year Ended 6/30 Interest $ 752.84 736.56 720.24 703.88 687.49 671.06 654.59 638.08 621.54 604.95 588.33 571.68 554.98 538.24 521.47 504.66 487.81 470.92 453.99 437.03 420.02 402.98 385.89 368.77 351.61 334.41 317.17 299.89 282.57 265.21 247.81 230.37 212.89 195.38 177.82 160.22 142.58 124.90 107.18 89.42 71.62 53.77 35.89 17.97 17,216.68 $ Principal 7,104.60 7,120.88 7,137.20 7,153.56 7,169.95 7,186.37 7,202.85 7,219.36 7,235.90 7,252.49 7,269.11 7,285.76 7,302.46 7,319.20 7,335.97 7,352.78 7,369.63 7,386.51 7,403.45 7,420.41 7,437.42 7,454.46 7,471.55 7,488.67 7,505.83 7,523.03 7,540.27 7,557.55 7,574.87 7,592.22 7,609.63 7,627.07 7,644.55 7,662.06 7,679.62 7,697.22 7,714.86 7,732.54 7,750.26 7,768.02 7,785.82 7,803.66 7,821.55 7,839.33 328,510.50 $ Ending Balance 321,405.90 314,285.02 307,147.82 299,994.26 292,824.31 285,637.94 278,435.09 271,215.73 263,979.83 256,727.34 249,458.23 242,172.47 234,870.01 227,550.81 220,214.84 212,862.06 205,492.43 198,105.92 190,702.47 183,282.06 175,844.64 168,390.18 160,918.63 153,429.96 145,924.13 138,401.10 130,860.83 123,303.28 115,728.41 108,136.19 100,526.56 92,899.49 85,254.94 77,592.88 69,913.26 62,216.04 54,501.18 46,768.64 39,018.38 31,250.36 23,464.54 15,660.88 7,839.33 0.00 Cumulative Interest $ 14,982.38 15,718.94 16,439.18 17,143.06 17,830.55 18,501.61 19,156.20 19,794.28 20,415.82 21,020.77 21,609.10 22,180.78 22,735.76 23,274.00 23,795.47 24,300.13 24,787.94 25,258.86 25,712.85 26,149.88 26,569.90 26,972.88 27,358.77 27,727.54 28,079.15 28,413.56 28,730.73 29,030.62 29,313.19 29,578.40 29,826.21 30,056.58 30,269.47 30,464.85 30,642.67 30,802.89 30,945.47 31,070.37 31,177.55 31,266.97 31,338.59 31,392.36 31,428.25 31,446.22 Principal Interest Total 86,338.03 7,951.24 94,289.27 88,742.51 5,546.76 94,289.27 91,213.92 3,075.35 94,289.27 62,216.04 643.33 62,859.37 328,510.50 17,216.68 345,727.18 65 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan MARICOPA COUNTY, ARIZONA CALCULATED TOTAL OF INSTALLMENT PURCHASE CONTRACTS PAYABLE Principal and Interest Department: Purpose: Maricopa Med. Ctr. MRI MIHS Medical Equipment FY 04-05 FY 05-06 FY 06-07 FY 07-08 $ $ $ 328,213.49 358,051.08 358,051.08 208,863.11 1,253,178.76 $ 75,826.52 20,679.78 96,506.30 66 Total Proprietary Funds $ $ 404,040.01 378,730.86 358,051.08 208,863.11 1,349,685.06 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: Maricopa Medical Center 900 C90000771 MRI LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: PERIODIC PAYMENT Calculated payment: $2,146,564.00 4.50000% 7 12 2/22/2001 AMORTIZATION SCHEDULE Payment Beginning No. Date Balance 42 7/22/2004 $ 1,182,873.24 43 8/22/2004 1,157,471.42 44 9/22/2004 1,131,974.35 45 10/22/2004 1,106,381.67 46 11/22/2004 1,080,693.01 47 12/22/2004 1,054,908.02 48 1/22/2005 1,029,026.34 49 2/22/2005 1,003,047.60 50 3/22/2005 976,971.44 51 4/22/2005 950,797.49 52 5/22/2005 924,525.39 53 6/22/2005 898,154.77 54 7/22/2005 871,685.26 55 8/22/2005 845,116.49 56 9/22/2005 818,448.09 57 10/22/2005 791,679.68 58 11/22/2005 764,810.89 59 12/22/2005 737,841.34 60 1/22/2006 710,770.66 61 2/22/2006 683,598.46 62 3/22/2006 656,324.37 63 4/22/2006 628,948.00 64 5/22/2006 601,468.97 65 6/22/2006 573,886.89 66 7/22/2006 546,201.38 67 8/22/2006 518,412.05 68 9/22/2006 490,518.51 69 10/22/2006 462,520.37 70 11/22/2006 434,417.23 71 12/22/2006 406,208.71 72 1/22/2007 377,894.40 73 2/22/2007 349,473.92 74 3/22/2007 320,946.86 75 4/22/2007 292,312.82 76 5/22/2007 263,571.40 77 6/22/2007 234,722.20 78 7/22/2007 205,764.82 79 8/22/2007 176,698.85 80 9/22/2007 147,523.89 81 10/22/2007 118,239.52 82 11/22/2007 88,845.33 83 12/22/2007 59,340.91 84 1/22/2008 29,725.85 $29,837.59 Fiscal Year Ended 6/30 $ Interest 4,435.77 4,340.52 4,244.91 4,148.93 4,052.60 3,955.91 3,858.85 3,761.43 3,663.64 3,565.49 3,466.97 3,368.08 3,268.82 3,169.19 3,069.18 2,968.80 2,868.04 2,766.91 2,665.39 2,563.50 2,461.22 2,358.56 2,255.51 2,152.08 2,048.26 1,944.05 1,839.45 1,734.45 1,629.07 1,523.28 1,417.11 1,310.53 1,203.55 1,096.17 988.39 880.21 771.62 662.62 553.22 443.40 333.17 222.53 111.47 100,142.85 $ Principal 25,401.82 25,497.07 25,592.68 25,688.66 25,784.99 25,881.68 25,978.74 26,076.16 26,173.95 26,272.10 26,370.62 26,469.51 26,568.77 26,668.40 26,768.41 26,868.79 26,969.55 27,070.68 27,172.20 27,274.09 27,376.37 27,479.03 27,582.08 27,685.51 27,789.33 27,893.54 27,998.14 28,103.14 28,208.52 28,314.31 28,420.48 28,527.06 28,634.04 28,741.42 28,849.20 28,957.38 29,065.97 29,174.96 29,284.37 29,394.19 29,504.42 29,615.06 29,726.11 1,182,873.50 $ Ending Cumulative Balance Interest 1,157,471.42 $ 264,086.20 1,131,974.35 268,426.72 1,106,381.67 272,671.63 1,080,693.01 276,820.56 1,054,908.02 280,873.16 1,029,026.34 284,829.07 1,003,047.60 288,687.92 976,971.44 292,449.35 950,797.49 296,112.99 924,525.39 299,678.48 898,154.77 303,145.45 871,685.26 306,513.53 845,116.49 309,782.35 818,448.09 312,951.54 791,679.68 316,020.72 764,810.89 318,989.52 737,841.34 321,857.56 710,770.66 324,624.47 683,598.46 327,289.86 656,324.37 329,853.36 628,948.00 332,314.58 601,468.97 334,673.14 573,886.89 336,928.65 546,201.38 339,080.73 518,412.05 341,128.99 490,518.51 343,073.04 462,520.37 344,912.49 434,417.23 346,646.94 406,208.71 348,276.01 377,894.40 349,799.29 349,473.92 351,216.40 320,946.86 352,526.93 292,312.82 353,730.48 263,571.40 354,826.65 234,722.20 355,815.04 205,764.82 356,695.25 176,698.85 357,466.87 147,523.89 358,129.49 118,239.52 358,682.71 88,845.33 359,126.11 59,340.91 359,459.28 29,725.85 359,681.81 (0.26) 359,793.28 Principal Interest Total 285,690.91 42,522.58 328,213.49 325,483.88 32,567.20 358,051.08 340,436.56 17,614.52 358,051.08 205,765.08 3,098.03 208,863.11 Outstanding as of June 30, 2004 Principal 1,157,376.43 Total Interest Payment 95,802.33 Total Debt Service Payable 1,253,178.76 Paid July Principal in 2004 25,497.07 Paid July Interest in 2004 4,340.52 67 Maricopa County, Arizona Department of Finance Debt Management Division Debt Management Plan County Department: County Agency: Contract Number: Lease Description: MIHS 900 Cardiac Monitoring and Telementary Equipment LOAN DATA Loan amount: Annual interest rate: Term in years: Payments per year: First payment due: PERIODIC PAYMENT $236,141.06 3.25000% 3 12 11/10/2002 AMORTIZATION SCHEDULE Payment No. Date 22 7/27/2004 $ 23 8/27/2004 24 9/27/2004 25 27/27/2004 26 11/27/2004 27 12/27/2004 28 1/27/2005 29 2/27/2005 30 3/27/2005 31 4/27/2005 32 5/27/2005 33 6/27/2005 34 7/27/2005 35 8/27/2005 36 9/27/2005 Outstanding as of June 30, 2004 Principal Total Interest Payment Total Debt Service Payable Paid July Principal in 2004 Paid July Interest in 2004 Calculated payment: $6,893.32 Fiscal Year Ended 6/30 Beginning Balance 101,193.27 94,574.02 87,936.84 81,281.68 74,608.50 67,917.24 61,207.86 54,480.31 47,734.54 40,970.50 34,188.14 27,387.41 20,568.26 13,730.65 6,874.52 $ Interest 274.07 256.14 238.16 220.14 202.06 183.94 165.77 147.55 129.28 110.96 92.59 74.17 55.71 37.19 18.62 2,206.35 $ Principal 6,619.25 6,637.18 6,655.16 6,673.18 6,691.26 6,709.38 6,727.55 6,745.77 6,764.04 6,782.36 6,800.73 6,819.15 6,837.61 6,856.13 6,874.52 101,193.27 $ Ending Balance 94,574.02 87,936.84 81,281.68 74,608.50 67,917.24 61,207.86 54,480.31 47,734.54 40,970.50 34,188.14 27,387.41 20,568.26 13,730.65 6,874.52 0.00 Cumulative Interest $ 10,086.00 10,342.14 10,580.30 10,800.44 11,002.50 11,186.44 11,352.21 11,499.76 11,629.04 11,740.00 11,832.59 11,906.76 11,962.47 11,999.66 12,018.28 Principal Interest Total 74,005.76 1,820.76 75,826.52 20,568.26 111.52 20,679.78 94,574.02 1,932.28 96,506.30 6,619.25 274.07 68 Maricopa County, Arizona Department of Finance Debt Management Division