Parish of St. Martin: provision of a loan for the former St. Martin’s Primary School redevelopment (P.117/2018)

STATES OF JERSEY

PARISH OF ST. MARTIN: PROVISION OF A LOAN FOR THE FORMER

ST. MARTIN'S PRIMARY SCHOOL

REDEVELOPMENT

Lodged au Greffe on 22nd October 2018 by the Minister for Treasury and Resources

STATES GREFFE

2018  P.117

PROPOSITION

THE STATES are asked to decide whether they are of opinion

1. to authorise the grant of a loan to the Parish of St. Martin for the purpose of converting the former St. Martin 's Primary School for retail and commercial use; and
2. to agree that the loan shall not exceed £2.60 million, shall bear interest at a fixed rate of 4.5% per annum, and shall be repayable over a period not exceeding 20 years on terms to be agreed with the Treasurer of the States.

MINISTER FOR TREASURY AND RESOURCES

REPORT

Executive Summary

The old school site in St. Martin was returned to the Parish in 2016 upon completion of construction of the new Parish School. After an extensive period of consultation with parishioners and other interested parties, it was concluded that the site should be retained by the Parish and developed to provide retail and commercial facilities for the local community and the Parishes beyond.

Having finalised its plans, the Parish have approached the Minister for Treasury and Resources to provide funding for the project, as they consider a States loan will provide greater flexibility than commercial borrowing options, which they have also explored.

This provision of the loan provides the States with an excellent opportunity to support a parish-focussed project which brings essential amenities and reduces travel times for parishioners, particularly the elderly. It also offers the Department of Customer and Local Services with a potential opportunity to work in closer collaboration with the Parish.

The Minister for Treasury and Resources has sought advice from the independent Treasury Advisory Panel in relation to this proposition, who have noted the proposal and have no adverse comments.

Background

Construction of the new St. Martin 's Parish School was completed in 2016, at which time ownership of the old school was handed back to the Parish. The Parish own the freehold for the site and the buildings on an unencumbered basis. The then Connétable decided to form a working party to consider the future of the old school site.

The  working  party  consisted  of  an  appointed  project  co-ordination  company,  the Connétable , both Parish  Procureurs,  the  Parish  Secretary, and  4 parishioners with relevant experience. The working group first met in early 2015.

An extensive period of consultation took place with parishioners and other interested parties. A copy of the outcome of the Parish Consultation Survey can be found attached at Appendix A.

The results of those consultations were as follows –

• The site should remain in the ownership of the Parish.
• Any future use should be self-funding, with no material cost to the Parish in the long term.
• The preferred uses for the site were: a small supermarket, and health care facilities such as a doctor, dentist, pharmacy, vet, etc.

Many options were considered, and the final scheme approved by the working party was put to parishioners and approved at a Parish meeting on 31 May 2017. The key elements were: the limited demolition of some  minor later add-ons to the original school; preserving the original façade and appearance of the historic building; inclusion of a small supermarket-type unit of about 3,000 sq.ft.; provision for a pharmacy, a doctor's

surgery, and similar well-being types of facilities. A copy of the site plans can be found attached at Appendix B.

Since that time, the project co-ordinator has produced plans in conjunction with a local architect and numerous surveys, including: retail impact, traffic and bats. By late 2016, the old headmaster's house (Maison Scolaithe) had been renovated, and a lease was signed in 2017.

Planning Department approval was received on 13 July 2018, and a Building Bye Law application Control Consent will be submitted at the end of September 2018. The Parish also envisage inviting tenders for the construction works from local contractors (as part of a structured procurement process) in the autumn.

Public Finances (Jersey) Law 2005

Public Finances (Transitional Provisions) (No. 2) (Jersey) Regulations 2005

Regulation 13(1) ("Minister's authority to lend money in the name of and on behalf of  the  States")  of  the  Public  Finances  (Transitional  Provisions)  (No. 2)  (Jersey) Regulations 2005 details the maximum amounts delegated to the Minister for Treasury and Resources in relation to lending money in the name of and on behalf of the States. Any amounts lent outside of these delegations require States' approval.

"(1)  The Minister may, in any financial year, in the name of and on behalf of

the States, lend up to £500,000 in respect of any one transaction where –

1. the total amount lent in that financial year by virtue of this paragraph does not exceed £3 million;
2. the amount lent by virtue of this paragraph and still outstanding at any one time does not exceed £10 million; and
3. any amount lent by virtue of this paragraph is repayable within 20 years."

Furthermore, Article 23(2) of the Public Finances (Jersey) Law 2005 ensures that the total amount lent by the States "must not at any one time exceed an amount equal to 60% of the estimated income of the States derived from taxation during the previous financial year.".

The States of Jersey accounts for the year ending 31 December 2017 show total loans of £5.08 million and taxation revenue' of £603.58 million. This loan, therefore, falls within the legal parameters of the current Public Finances legislation, but requires States' approval.

Project overview and benefits

This is a community-focussed project which enables the school building to be retained within the ownership of the Parish. It will bring essential amenities closer to the heart of the Parish and reduce travel for many residents, particularly the elderly. The project is aimed at providing facilities for the community rather than maximising financial return, albeit within the parameters identified through the consultation exercise.

It is renovating and developing an historic building in a sympathetic way, which the Parish advise is backed by Jersey Heritage, St. Martin 's Conservation Society, and the Historical Building Department of the States of Jersey Planning Section from the Department of Growth, Housing and the Environment. It will enhance the centre of the Parish of St. Martin by bringing a hub of amenities within easy reach of Parishioners. The  Parish  have  also  confirmed  that the  project  is  well  supported  by  the  Parish community.

The development is designed to allow for a retail outlet, a well-established local company providing care in the community' products, a vet, a doctor's surgery, and a pharmacy. Heads of Terms for the retail outlet, the local company and the vet have been signed, and negotiations are continuing to secure the doctor's surgery and pharmacy. The already occupied Maison Scolaithe' will continue to be part of the site, but will remain as a residential unit. There is also a unit on the first floor of the building that is likely to be retained by the Parish for community purposes. This offers a potential opportunity for the States (mainly through the Department of Customer and Local Services) to work collaboratively with the Parish and its residents.

Local firm CBRE have been engaged by the Parish to seek the tenants, and Heads of Terms  are  signed  in  most  cases,  with  formal  leases  due  to  be  signed  when  the construction  work  has  commenced.  It  is  intended  that  construction  will  begin  in late 2018 with completion early in the second half of 2019.

It should be noted that the Parish has considered commercial borrowing solutions for this project from private sector lenders, but negotiations to date do not provide the certainty of a fixed interest rate over the long term that is being proposed. Similarly, commercial borrowing carries with it significant associated costs (e.g. legal, security, monitoring) which can be reduced, but not removed, with a loan from the States.

Loan details Purpose

The loan will be utilised for the payment of all demolition, alteration and construction costs, professional fees, legal fees and other associated costs of the development works. These costs total £2.6 million. Interest on the loan will be charged at a fixed rate of 4.5% per annum for the full term of the loan, with capital and interest payments due on a quarterly basis. The interest rate has been determined with reference to other loans historically provided by the States, and reflects the term of the loan and an assessment of  the  risk  of  default.  A  comparison  to  commercial  lending  rates  has  also  been undertaken.

Amount

The total amount lent to the Parish will be £2.6 million based on the approved plans. It is anticipated that this sum will be drawn down in stages during the construction phase of the project. A loan schedule is included with this report as Appendix C.

Repayment

The loan will be repaid from rental income received from the tenants. Initial leases are expected to be for a minimum of 9 years. It is anticipated that until mid-2020, interest payments on the loan will be rolled-up into the capital, by which time the rental income

from the main leases will be used to repay the loan. Until then, only the rental income from Maison Scolaithe' is available to contribute towards repayment. Current Heads of Terms on the tenancies allow for upward-only rental reviews in line with the Jersey Retail Price s Index every 3 years.

Term

The loan is intended to run for the maximum permissible legislative term of 20 years, with loan repayments due on a quarterly basis. The Parish have the option to repay the loan together with accrued interest on the amount repaid prior to the end of the loan term without fee or penalty. Similarly, the States will be able to demand immediate repayment subject to a 6-month notice period.

Security

The loan will be provided on an unsecured basis; however, the Parish will be required to provide a Promissory Letter agreeing not to raise any hypothec or legal charge on the site or the individual properties without the prior consent of the States. This Promissory Letter will include an agreement to provide security, exercisable at the option of the Treasurer of the States, at any point during the term of the loan. An independent valuation of the site has been undertaken at the request of the States Treasury and Exchequer by a local third party valuation company, for the purposes of assessing this loan.  This  valuation  has  been  undertaken  in  accordance  with  the  current  Royal Institution of Chartered Surveyors Valuation – Professional Standards. This provides an opinion of the Market Value of the properties in their existing state, with the benefit of planning permission and separately a Gross Development Value ("GDV"), on the basis that the project is completed in accordance with the proposed plans.

The GDV upon practical completion is £3.65 million, increasing to £3.8 million once the rent-free periods of leases have completed. The final GDV exceeds the full loan amount and leads to a loan-to-value of 68.4%. This provides comfort that should the Parish find it necessary to sell the site, it carries sufficient value, when developed, to repay the loan in full.

Other conditions

Prior  to  the  release  of  funds,  the  Parish  will  be  required  to  provide  invoices  to substantiate  all  loan  drawdowns,  and  the  States  of  Jersey  will  undertake  regular meetings with the Parish and project co-ordinators to ensure that construction is being undertaken in line with the original plans and remains on schedule.

Risks

As well as the community benefits outlined above, this proposal does carry some risks.

During the construction phase, there is a risk that costs rise significantly ahead of those budgeted, and delays may occur as a result of various factors. To mitigate these potential issues, monitoring of the construction phase will be undertaken by the States Treasury and  Exchequer through regular consultation with both the  Parish and  the Project Co-ordinator, and funds will not be released without the provision of appropriate invoices.

The Parish maintains some surplus funds which could be used to address cost over-runs, and  the  total  loan  amount  also  includes  an  element  of  contingency  to  allow  for unforeseen events such as higher construction inflation or delays. Additionally, the option to take security over the development site provides additional comfort in the event of financial difficulty.

Further mitigation is provided through the Market Value of the freehold interest in the site,  on the  basis  of the existing  planning  permission,  which  is  in the  region  of £1.25 million.  This  valuation  notes  that  the  Market  Value  is  considered  to  be "comparatively low given the size of the site and the planned scheme which do not necessarily reflect the site's full potential".

Whilst the property will be fully let prior to completion, there is a risk that at the renewal of the first leases after 9 years, tenants may choose not to continue occupation, leading to insufficient income to meet the quarterly loan repayments. The initial rental levels are greater than the sums required to meet the loan repayments, which allows the Parish to build up surplus funds in the event of tenant difficulties. Furthermore, other similar well-established projects are proving to be viable, and with the ageing demographic of Jersey's population it is anticipated that demand for this type of community-based facility will continue.

Financial and manpower implications

Whilst, to date, the resources of the States Treasury and Exchequer have been utilised in assessing this proposal, the provision of the loan requires no significant additional manpower to implement; the provision and monitoring of loans forms part of the day- to-day activity of the States Treasury and Exchequer. The loan agreement will be based on existing documentation, but may require minor amendments from the Law Officers' Department to reflect this specific project and loan terms. The loan will initially provide a fixed rate of return to the Consolidated Fund which is significantly in excess of the current investment return, and there is sufficient surplus cash available to make the loan over the timeframe proposed.

APPENDIX A

Parish of St Martin Existing Primary School Parish Consultation Survey

Summary of Responses and Key Findings v1.0, Final for Publication

Overall Response Rate and Q1: Which Parish do you presently live in?

All responses received.

This response rate equates to approximately 20% of all St Martin households (based on 2011 Census).

Q3: Please rank the following qualities about St Martin, in the order of importance to you (1 being most important, 6 being least important).

St Martin responses only.

St Martin respondents ranked quiet,

peaceful neighbourhood' and friendly neighbourhood' as their most important qualities; whilst

range of different convenient stores' and no debt in Parish accounts' were the least important

qualities.

Q4: Which of the following Parish facilities or community groups do you use? How often? (Please tick all that apply).

All responses received.

The most popular Parish facilities used are the Corner Shop (43% of respondents use at least once a week), the Village Green Tea Room (28% at least once a month) and the Royal St

Martin (24% at least

once a month).

Q5: What additional facilities would you like to see within the Parish?

All responses and St Martin responses.

All responses received. St Martin responses only.

There was an overwhelming desire from respondents to see a pharmacy (circa 65% of all respondents) and doctor's surgery (over 60% of St Martin respondents). Further, the potential for a dental surgery in the Parish also met with good appetite (over 30% of St Martin respondents). There was some appetite amongst respondents for enhanced childcare /

crèche / nursery facilities (noting roughly 25% of all respondents). There was a very low appetite for a mini-supermarket (less

than 20% of all respondents).

Analysis of key findings.

• Almost two-thirds of St Martin respondents do not agree that "the Parish should develop a purely community facility that will require funding of the building and running

costs to be raised by the Parish." • Over three-quarters of St Martin respondents agree that "the Parish should develop a partly commercial / partly community facility that is built and maintained at no financial

burden to the Parish."

• Almost 70% of St Martin respondents disagree that "the Parish should develop a purely commercial facility that maximises the financial return to the Parish."

• More than 80% of St Martin respondents do not agree that "the Parish should dispose of the existing Primary School, for maximum value, to someone else to develop."

• Almost 40% of St Martin respondents would agree that "the Parish should move some or all of Parish functions delivered from the Public Hall to the existing primary school."

All responses received.

Statement 1: "The Parish should develop a purely community facility that will require funding of the building and running costs to be raised by the Parish."

Statement 2: "The Parish should develop a partly commercial / partly community facility that is built and maintained at no financial burden to the Parish."

Statement 3: "The Parish should develop a purely commercial facility that maximises the financial return to the Parish."

Statement 4: "The Parish should dispose of the existing Primary School, for maximum value, to someone else to develop."

Statement 5: "The Parish should move some or all of Parish functions delivered from the Public Hall to the existing primary school."

St Martin responses only.

APPENDIX B

APPENDIX B cont'd.

APPENDIX C

SCHEDULE - Parish of St Martin, development of old school

Assumptions: The loan agreement will be signed and the amount drawn down will be shortly after that date

calculation purposes, however in reality interest may be lower if the draw down date is later the final repayment date (End Date of the Loan) wuill not change.

Loan Start date 01-Jan-19 or as soon as practical there after Initial draw down date 01-Jan-19

Interest is accrued daily and paid quarterly, once tenants are in situ.

Interest rate 4.50%

Loan End Date 31-Dec-38

Number of Quarters during the loan 80

TOTAL repayments £ 3,483,333.88 made up of Interest £ 1,233,333.88 plus capital £ 2,600,000.00 Parish of St Martin, development of old school

Loan Drawdowns

Capital Balance  (Includes capitalised  Loan Repayments  Capital Balance Number of days in the  Number of Loan  Outstanding interest, assumed first day Interest accrued daily  (assumed last day of each Outstanding

Period Start date Period End date (inclusive) Quarter - relevant No of days in the year Quarters (Life of Loan) Repayments Period Start Date of each quarter) each quarter year) Period End Date

£ £ £ £ £

01 January 2019 31 March 2019 90.00 365 1 0.00 250,000.00 2,773.97 6,000.00 246,773.97 01 April 2019 30 June 2019 91.00 365 2 246,773.97 800,000.00 11,743.94 6,000.00 1,052,517.91 01 July 2019 30 September 2019 92.00 365 3 1,052,517.91 1,200,000.00 25,549.11 6,000.00 2,272,067.02

01 October 2019 31 December 2019 92.00 365 4 2,272,067.02 350,000.00 25,770.84 6,000.00 2,291,837.86 01 January 2020 31 March 2020 91.00 366 5 2,291,837.86 0.00 25,642.28 6,000.00 2,311,480.14 01 April 2020 30 June 2020 91.00 366 6 1 2,311,480.14 0.00 25,862.05 6,000.00 2,331,342.19 01 July 2020 30 September 2020 92.00 366 7 2 2,331,342.19 0.00 26,370.92 46,585.59 2,311,127.52

01 October 2020 31 December 2020 92.00 366 8 3 2,311,127.52 0.00 26,142.26 46,585.59 2,290,684.18 01 January 2021 31 March 2021 90.00 365 9 4 2,290,684.18 0.00 25,417.18 46,585.59 2,269,515.77 01 April 2021 30 June 2021 91.00 365 10 5 2,269,515.77 0.00 25,462.10 46,585.59 2,248,392.28 01 July 2021 30 September 2021 92.00 365 11 6 2,248,392.28 0.00 25,502.31 46,585.59 2,227,309.00

01 October 2021 31 December 2021 92.00 365 12 7 2,227,309.00 0.00 25,263.18 46,585.59 2,205,986.58 01 January 2022 31 March 2022 90.00 365 13 8 2,205,986.58 0.00 24,477.39 46,585.59 2,183,878.38 01 April 2022 30 June 2022 91.00 365 14 9 2,183,878.38 0.00 24,501.32 46,585.59 2,161,794.11 01 July 2022 30 September 2022 92.00 365 15 10 2,161,794.11 0.00 24,520.08 46,585.59 2,139,728.59

01 October 2022 31 December 2022 92.00 365 16 11 2,139,728.59 0.00 24,269.80 46,585.59 2,117,412.80 01 January 2023 31 March 2023 90.00 365 17 12 2,117,412.80 0.00 23,494.58 46,585.59 2,094,321.79 01 April 2023 30 June 2023 91.00 365 18 13 2,094,321.79 0.00 23,496.57 46,585.59 2,071,232.76 01 July 2023 30 September 2023 92.00 365 19 14 2,071,232.76 0.00 23,492.89 46,585.59 2,048,140.06

01 October 2023 31 December 2023 92.00 365 20 15 2,048,140.06 0.00 23,230.96 46,585.59 2,024,785.43 01 January 2024 31 March 2024 91.00 366 21 16 2,024,785.43 0.00 22,654.36 46,585.59 2,000,854.20 01 April 2024 30 June 2024 91.00 366 22 17 2,000,854.20 0.00 22,386.61 46,585.59 1,976,655.21 01 July 2024 30 September 2024 92.00 366 23 18 1,976,655.21 0.00 22,358.89 46,585.59 1,952,428.51

01 October 2024 31 December 2024 92.00 366 24 19 1,952,428.51 0.00 22,084.85 46,585.59 1,927,927.77 01 January 2025 31 March 2025 90.00 365 25 20 1,927,927.77 0.00 21,392.08 46,585.59 1,902,734.25 01 April 2025 30 June 2025 91.00 365 26 21 1,902,734.25 0.00 21,347.11 46,585.59 1,877,495.77 01 July 2025 30 September 2025 92.00 365 27 22 1,877,495.77 0.00 21,295.43 46,585.59 1,852,205.61

01 October 2025 31 December 2025 92.00 365 28 23 1,852,205.61 0.00 21,008.58 46,585.59 1,826,628.59 01 January 2026 31 March 2026 90.00 365 29 24 1,826,628.59 0.00 20,268.07 46,585.59 1,800,311.07 01 April 2026 30 June 2026 91.00 365 30 25 1,800,311.07 0.00 20,198.01 46,585.59 1,773,923.49 01 July 2026 30 September 2026 92.00 365 31 26 1,773,923.49 0.00 20,120.67 46,585.59 1,747,458.57

01 October 2026 31 December 2026 92.00 365 32 27 1,747,458.57 0.00 19,820.49 46,585.59 1,720,693.46 01 January 2027 31 March 2027 90.00 365 33 28 1,720,693.46 0.00 19,092.63 46,585.59 1,693,200.50 01 April 2027 30 June 2027 91.00 365 34 29 1,693,200.50 0.00 18,996.32 46,585.59 1,665,611.23 01 July 2027 30 September 2027 92.00 365 35 30 1,665,611.23 0.00 18,892.14 46,585.59 1,637,917.77

01 October 2027 31 December 2027 92.00 365 36 31 1,637,917.77 0.00 18,578.03 46,585.59 1,609,910.21 01 January 2028 31 March 2028 91.00 366 37 32 1,609,910.21 0.00 18,012.52 46,585.59 1,581,337.14 01 April 2028 30 June 2028 91.00 366 38 33 1,581,337.14 0.00 17,692.83 46,585.59 1,552,444.37 01 July 2028 30 September 2028 92.00 366 39 34 1,552,444.37 0.00 17,560.44 46,585.59 1,523,419.22

01 October 2028 31 December 2028 92.00 366 40 35 1,523,419.22 0.00 17,232.12 46,585.59 1,494,065.75 01 January 2029 31 March 2029 90.00 365 41 36 1,494,065.75 0.00 16,577.99 46,585.59 1,464,058.15 01 April 2029 30 June 2029 91.00 365 42 37 1,464,058.15 0.00 16,425.53 46,585.59 1,433,898.08 01 July 2029 30 September 2029 92.00 365 43 38 1,433,898.08 0.00 16,263.94 46,585.59 1,403,576.43

01 October 2029 31 December 2029 92.00 365 44 39 1,403,576.43 0.00 15,920.02 46,585.59 1,372,910.86 01 January 2030 31 March 2030 90.00 365 45 40 1,372,910.86 0.00 15,233.67 46,585.59 1,341,558.93 01 April 2030 30 June 2030 91.00 365 46 41 1,341,558.93 0.00 15,051.19 46,585.59 1,310,024.53 01 July 2030 30 September 2030 92.00 365 47 42 1,310,024.53 0.00 14,858.91 46,585.59 1,278,297.85

01 October 2030 31 December 2030 92.00 365 48 43 1,278,297.85 0.00 14,499.05 46,585.59 1,246,211.31 01 January 2031 31 March 2031 90.00 365 49 44 1,246,211.31 0.00 13,827.82 46,585.59 1,213,453.53 01 April 2031 30 June 2031 91.00 365 50 45 1,213,453.53 0.00 13,613.95 46,585.59 1,180,481.89 01 July 2031 30 September 2031 92.00 365 51 46 1,180,481.89 0.00 13,389.58 46,585.59 1,147,285.88

01 October 2031 31 December 2031 92.00 365 52 47 1,147,285.88 0.00 13,013.05 46,585.59 1,113,713.33 01 January 2032 31 March 2032 91.00 366 53 48 1,113,713.33 0.00 12,460.81 46,585.59 1,079,588.55 01 April 2032 30 June 2032 91.00 366 54 49 1,079,588.55 0.00 12,079.00 46,585.59 1,045,081.96 01 July 2032 30 September 2032 92.00 366 55 50 1,045,081.96 0.00 11,821.42 46,585.59 1,010,317.78

01 October 2032 31 December 2032 92.00 366 56 51 1,010,317.78 0.00 11,428.18 46,585.59 975,160.37 01 January 2033 31 March 2033 90.00 365 57 52 975,160.37 0.00 10,820.27 46,585.59 939,395.05 01 April 2033 30 June 2033 91.00 365 58 53 939,395.05 0.00 10,539.24 46,585.59 903,348.70 01 July 2033 30 September 2033 92.00 365 59 54 903,348.70 0.00 10,246.20 46,585.59 867,009.30

01 October 2033 31 December 2033 92.00 365 60 55 867,009.30 0.00 9,834.02 46,585.59 830,257.73 01 January 2034 31 March 2034 90.00 365 61 56 830,257.73 0.00 9,212.45 46,585.59 792,884.59 01 April 2034 30 June 2034 91.00 365 62 57 792,884.59 0.00 8,895.51 46,585.59 755,194.50 01 July 2034 30 September 2034 92.00 365 63 58 755,194.50 0.00 8,565.77 46,585.59 717,174.68

01 October 2034 31 December 2034 92.00 365 64 59 717,174.68 0.00 8,134.53 46,585.59 678,723.62 01 January 2035 31 March 2035 90.00 365 65 60 678,723.62 0.00 7,531.04 46,585.59 639,669.06 01 April 2035 30 June 2035 91.00 365 66 61 639,669.06 0.00 7,176.56 46,585.59 600,260.03 01 July 2035 30 September 2035 92.00 365 67 62 600,260.03 0.00 6,808.43 46,585.59 560,482.87

01 October 2035 31 December 2035 92.00 365 68 63 560,482.87 0.00 6,357.26 46,585.59 520,254.54 01 January 2036 31 March 2036 91.00 366 69 64 520,254.54 0.00 5,820.88 46,585.59 479,489.82 01 April 2036 30 June 2036 91.00 366 70 65 479,489.82 0.00 5,364.78 46,585.59 438,269.01 01 July 2036 30 September 2036 92.00 366 71 66 438,269.01 0.00 4,957.47 46,585.59 396,640.89

01 October 2036 31 December 2036 92.00 366 72 67 396,640.89 0.00 4,486.59 46,585.59 354,541.88 01 January 2037 31 March 2037 90.00 365 73 68 354,541.88 0.00 3,933.96 46,585.59 311,890.25 01 April 2037 30 June 2037 91.00 365 74 69 311,890.25 0.00 3,499.15 46,585.59 268,803.81 01 July 2037 30 September 2037 92.00 365 75 70 268,803.81 0.00 3,048.90 46,585.59 225,267.11

01 October 2037 31 December 2037 92.00 365 76 71 225,267.11 0.00 2,555.08 46,585.59 181,236.60 01 January 2038 31 March 2038 90.00 365 77 72 181,236.60 0.00 2,010.98 46,585.59 136,661.99 01 April 2038 30 June 2038 91.00 365 78 73 136,661.99 0.00 1,533.24 46,585.59 91,609.64