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001 $ 0 $ 0 $ 0 <br /> 002 0 0 0 <br /> 2003 0 0 0 <br /> 004 0 50,000 32,673 <br /> ►005 0 55,000 44,845 <br /> ►006 0 65,000 55,372 <br /> The Series 2001A bonds are expected to have a maturity date of November 1, <br /> 2036, bear an average interest rate of 6.125%, and be secured by a leasehold <br /> mortgage lien and security interest in the project, an assignment of rents and leases <br /> of the project and certain amounts held in the debt service reserve fund. The <br /> Series 2001B bonds are expected to have a maturity date of November 1, 2007, <br /> bear interest at 8.0%, and be secured by a leasehold mortgage lien and security <br /> interest in the project, an assignment of rents and leases of the project and certain <br /> amounts held in the debt service reserve fund. <br /> The subordinated bonds payable (Series 2001C) and bear interest at 9.0%. The <br /> subordinated bonds are payable after all payments of debt service on the Senior <br /> Bonds, after payment of operating expenses, and after funding certain reserves, <br /> funds and accounts. The bonds will be delivered and interest will accrue at certain <br /> performance measures. <br /> These forecasts assume the debt service reserve fund will earn 2% interest <br /> annually for the Senior Bonds. <br /> (4) FORECASTED REVENUES <br /> The forecasted revenues are based on management's judgment and experience in <br /> owning and managing senior independent living facilities. The facility is <br /> scheduled to open in October 2002. The forecasted revenue assumptions are as <br /> follows: <br /> Residential - Forecasted residential revenue includes the expected rent for the <br /> units. These forecasted rents are expected to increase 3% annually. <br /> ORONO SENIOR HOUSING, LLC <br /> SUMMARY OF SIGNIFICANT ASSUMPTIONS AND ACCOUNTING <br /> POLICIES - continued <br /> DECEMBER 31, 2001, 2002, 2003, 2004, 2005 AND 2006 <br /> Parking - Forecasted parking revenues are based on $40 per month charge per <br /> resident. These revenues are expected increase 3% annually. <br /> (5) FORECASTED EXPENSES <br /> The forecasted expenses are based on management's judgment and experience in <br /> the management and ownership of senior independent living facilities. <br /> Operating expenses - Forecasted operating expenses inlcude the salaries, <br /> insurance, repairs, contract services and utilities required to operate the facility. <br /> These forecasts assume these expenses will be approximately $12,900 per month, <br /> beginning October 2002, increasing 4% annually for the future years. <br />