5.0. 6.0. 7.0. 8.0. EDSR 05-10-1999 ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
•
MEMORANDUM
TO: Economic Development Authority
FROM: Paul Steinman,Director of Economic
Development
DATE: May 6, 1999
SUBJECT: Agenda Memo for May 10, 1999
Meeting
5. 1998 Annual Report Presentation
Staff will present its 1998 Annual Report at the regular EDA meeting.
6. Energy City Presentation
4111 Chris Engelman, the new Energy City Coordinator,has an Energy
City presentation prepared for the EDA. This presentation, including
questions & answers, will last approximately 20 minutes. This is the
first in a series of presentations being developed for Energy City. The
presentation for this meeting is to be used to introduce people to
Energy City (i.e. prospective committee members, boards and
commissions, etc.). EDA input on the presentation will be helpful as it
is still in the process of being developed.
7. Brown/Kirkeide Purchase
Brown Purchase - It appears as though Bud Storm of Evergreen Land
Services has reached an agreement for the city/EDA to purchase Leroy
and Ruth Brown's property in east Elk River. The Brown's attorney is
putting together a purchase agreement at this time. Staff proposes to
outline the parameters of the deal and ask that the EDA authorize
execution of the purchase agreement based upon those parameters. If
the EDA is uncomfortable with this, the alternative will be to hold a
special meeting during which a purchase agreement would be
presented for approval by the EDA.
•
13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
Economic Development Agenda Memo
May 6, 1999
Page 2
What follows are the parameters of the Brown purchase:
• $1.13 million purchase price(includes moving expenses)
• Subtract $650,000 (federal funds)
• Remaining equal s $480,000 (to be funded from development
fund)
The $480,000 remaining to be funded through the development fund is
proposed to carry a 7 percent interest rate, a 5 year term, with semi
annual payments due. Additional financial responsibilities of the EDA
upon purchase of this property include:
• Pay off approximately $250,000 in assessments against the
Brown property. (Proposed development fund expenditure)
Staff will review the issue of the assessments against the property in
November or December 1999, and make a recommendation to the EDA
regarding either paying those assessments off in one lump sum or
making annual payments. Staff believes it is important to wait until
Aik• November or December of this year to'look at the precise situation of
the development fund prior to making a recommendation on the
assessment issue.
Recommendation
Staff recommends the EDA authorize execution of a purchase
agreement with the Browns based upon the parameters outlined
above, contingent upon the City Council authorizing the EDA's use of
the development fund for this purpose.
Kirkeide Purchase At this time it appears a deal cannot be worked
out with the Kirkeides for the purchase of their property. The property
is not absolutely essential to the eastern area utility/road project,
however, the 2.5 acres will lie directly in the center of the business
park and at some point the EDA or private developer will likely want
to use their property for some type of business park development.
No action is required on the Kirkeide purchase at this time.
•
Economic Development Agenda Memo
May 6, 1999
Page 3
•
8. Community Venture Network Program
Staff has attached information regarding the Community Venture
Network Program. The City of Elk River EDA was a member of this
program in 1998, but due to some restructuring of the company
running the program, CVN was delayed until this time.
Several months ago staff felt very positive that a plan could be worked
out with the county economic development office whereby Sherburne
County would pay $4,000 to join the program and the cities of Becker,
Big Lake, Princeton, and Elk River would each pay $500 to the county
to access this program. This concept appeared to have been worked
out with Pelstring Capital Corporation, the company running CVN.
Since Michael Darger's departure as economic development
coordinator for Sherburne County, it is now highly unlikely this
scenario will come to fruition. The restructuring of CVN also makes
the "sharing" concept less likely to happen.
Staff is a strong supporter of the EDA's membership in CVN. It is a
method of gaining face to face contact with a minimum of 24 prospects
• per year. Prospects through this program, based upon past experience,
may include any businesses from pre-incubator stage to existing
bankable companies. Protectorcare is one of our business incubator
member companies which was introduced to the City of Elk River
through CVN.
Recommendation
Staff recommends the EDA authorize execution of the attached
contract to join Community Venture Network for one year beginning
June 1, 1999,°and ending May 31, 2000, at a total cost of$3,950.
APR 14 1999
• t
PELSTRING CAPITAL CORPORATION
1200 Osborne Road00 Fridley,MN 55432
April 12, 1999
Mr. Paul Steinman
Elk River EDA
13065 Orono Parkway
Elk River, MN 55330
Dear Mr. Steinman:
Enough reflection, analysis and soul searching...THE COMMUNITY VENTURE
NETWORK is BACK !!!!
• After encouragement from a number of key communities and staff people, we are
reformulating the Community Venture Network ("CVN"). The new "CVN" can
be a key element of your marketing program, effective June 1, 1999.
The staff of Public Resource Group and Pelstring Capital Corporation are now
appropriately "re-aligned" to support the program. Dennis Welch and Leonard
Kirscht have joined the SBA staff of Signal Bank and Rob Tryon is an investment
banker with John G. Kinnard. They are each in a good position to support the
program through prospect referrals and potential project financing.
Pelstring Capital Corporation will support the program with an additional full time,
professional, staff person. Applications for this position are currently being
reviewed and we hope to have this person on staff, prior to the first meeting, early
in June.
We will be "combining" the Midwest Community Venture Network (serving Iowa,
the Dakotas and Wisconsin) and the Minnesota Community Venture Network into
one CVN, and limiting the program membership to 18 communities/development
organizations.
•
(612)792-4227*800-642-6258 Git'(612)792-4236 Faxct@ pelstring@earthlink.net
• The program will be similar to previous years, with four seminars each year,
showcasing six different companies at each seminar. The fee will be consistent with
previous memberships, with a total fee of$3,950 per community/organization for
the year.
We expect to hold our first session in early June and follow with sessions in
September, January and April of each year. We have not selected a site, as yet, but
we anticipate a Southern Metro hotel/conference center, with reasonable access to
the airport.
We have enclosed two copies of executed contracts (one for your files and one to be
returned as evidence of your membership) and a program summary for our review.
We are now located in Fridley, MN. Please note the new address and phone
numbers on the letterhead. Our national watts line is still the same, at (800) 642-
6258.
We look forward to working with you.
• - _-rely,
P, • NG, • ' A CORPORATION
e
I
Patrick W. Pelstring
President
•
• G Y 1
PELSTRING CAPITAL CORPORATION
1200 Osborne Road*Fridley,MN 55432
AGREEMENT FOR PROFESSIONAL SERVICES
between
ELK RIVER EDA
and
PELSTRING CAPITAL CORPORATION
This Agreement, made this th day of 1999, by and between Elk
River EDA (hereinafter referred to as "member") and Pelstring Capital Corporation, a
Minnesota Corporation, (hereinafter referred to as "PCC"), is an agreement for
membership in the Community Venture Network (hereinafter referred to as "CVN").
SECTION I
Professional Services
. PCC shall provide the following services to the member:
A) PCC shall professionally manage the CVN.
1) Provide support staff services and materials at regularly scheduled meetings
of the CVN.
2) Notify members of dates of meetings, prepare agendas and necessary
materials, and conduct all activities relative to the meetings and functions of
the CVN.
B) PCC shall conduct an active outreach program.
1) Emphasize the availability of member's economic development resources to
the business community.
2) Maintain continuous contact with accountants, attorneys, venture capitalists,
business brokers, and the private banking community to generate referrals.
3) Initiate and maintain a business prospecting program.
1111 C) PCC shall recruit prospects/presenters for CVN presentations.
(612)792-4227 800-642-6258 Gito(612)792-4236 Fax ore pelstring@earthlink.net
1) CVN will identify business prospects in one of the following categories:
•
a) "Development stage" companies with existing product lines and
seeking expansion capital.
b) Business acquisitions. New business owners seeking additional equity
or expansion capital.
c) Expansions and/or relocations of existing, profitable businesses.
d) Businesses who will provide high quality jobs
e) Present a minimum of twenty-four (24) business prospects through
four regularly scheduled meetings throughout the year.
D) PCC shall conduct preliminary review and screening of CVN prospects.
1) Assess financial and support service needs of prospects.
2) Prepare uniform summaries of applicants that address prospects' needs.
3) Schedule follow-up meetings with member community to arrange for
• contacts with prospects.
SECTION II
Payment for Services
A) Members/client shall pay, upon execution of this contract, an annual fee of$3,950.
B) PCC shall notify members/client at least 60 days in advance of the end of any
program service year of any changes in annual fees and/or significant program
characteristics.
C) PCC may charge member communities for direct expenses associated with the
performance of this agreement. These direct expenses may include, but are not
limited to travel expenses of prospect and PCC staff for community visits, direct
associated production expenses (i.e. photo copying, tape reproduction, etc.).
Member communities shall be advised of these costs in advance and payment shall
not be due until receipt of a direct invoice.
•
2
i
SECTION III
•
Term of Contract
This is an annual agreement with the service year beginning June 1, 1999 and
ending May 31, 2000.
Either party shall have the right to terminate this agreement upon 60 days written
notice. In case of such notification, PCC shall return to the member, on a pro-rata basis,
the unearned balance of the year's membership fee,
SECTION IV
This agreement may be amended by mutual written consent of both parties hereto
duly exercised and signed by both.
SECTION V
Each party to this agreement binds themselves and their partners, successors,
executors, administrators, and assigns to the other party of this agreement and to the
partners, successors, executors, administrators, and assigns of such other party, in respect
• to all covenants of this agreement. Nothing herein shall be construed as giving any rights
or benefits hereunder to anyone other than the parties to this agreement. PCC reserves
the right to assign their interest in this contract to a related entity, so long as the
performance and terms of the program remain as outlined herein.
In witness whereof, the parties have executed this agreement on the day
of , 1999
Pelstr Trapital Cor tii Elk River EDA
By By
Patrick W. Peistring, President
Its
Attest
Its
•
3
•
PELSTRING CAPITAL CORPORATION
1200 Osborne Roads Fridley,MN 55432
COMMUNITY
VENTURE
NETWORK
• Ar: S
MATCHING BUSINESSES WITH
GREAT COMMUNITIES
(612)792-4227 cf'o 800-642-6258 ci (612)792-4236 Fax t'pelstring@earthlink.net
o ! u ,>
4111 ),
PELSTRING CAPITAL CORPORATION
1200 Osborne Road*Fridley,MN 55432
Overview
Pelstring Capital Corporation is recognized as a leading financial consultant for
companies in the Upper Midwest. The development of businesses is our business.
We use a broad range of sophisticated public and private financing tools to create vital
links between growth-oriented communities and expanding businesses. Through this
process we have assisted hundreds of businesses meet their capital and expansion
needs.
Capabilities
The staff of Pelstring Capital Corporation has extensive, "hands-on" experience in
finance consulting, business development and public affairs. We have provided
funding for companies of all sizes and through various stages of corporate growth.
Our efforts represent companies in a wide variety of industries including
manufacturing, medical technology, biotech, computer software and hardware,
healthcare, communications, agricultural and food processing, recreational,
entertainment and leisure, specialty retail, banking, real estate, and finance.
Professional Services
Our professional services include Location/Economic Analysis, Site Selection,
Community Economic Development, Business Financing, Venture Capital Investment,
•
Loan & Grant Packaging, Revolving Loan Funds, SBA Loan Packaging, Tax
Increment Financing and Real Estate Development.
Clients
Our Client Portfolio represents experience in many industries and includes companies
such as American Telecare, APA Optics, Brown & Bigelow, Cirrus Aviation, Damark
International, Super Valu, Inc. Deflecta-Shield, Excelsior-Henderson Motorcycle,
First Banks (now, US Bank), Heartland Fibers, HOM Furniture, Lund Industries,
Minnesota Sports Federation, Northern Hydraulics and Vallon, Inc.
(612)792-4227$@ 800-642-6258 oto(612)792-4236 Fax*pelstring@earthlink.net
•
Pelstring Capital Corporation
What are clients say, . •
Excelsior-Henderson APA Optics HOM Furniture
Motorcycle Company
$20 million total $ 8.5 million total $ 6.5 million total finance
financing package with finance package with the package with the City of
the City of Belle Plaine City of Aberdeen and the Coon Rapids and the State
U.S.D.A.,and the State of State of South Dakota. of Minnesota.
Minnesota.
• "Their experience in the "Pelstring Capital "Pelstring Capital
public sector gives them Corporation worked with Corporation assisted with
an excellent perspective our company for over a the tax increment financing
for determining what year, researching and a SBA loan for our new
types of financing will financial assistance 175,000 square foot
provide the best fit for packages from several building that now houses
both the company and different cities in four our corporate head
the community. " states for our new fiber quarters, a regional
optics production distribution center and
Daniel Hanlon — facility. They helped me retail showroom. They
Founder, Excelsior- understand the various understood our needs and
Henderson Motorcycle proposals and helped know what doors to open to
Company negotiate what I believe get them met. They saved
was the best financial us a lot of time because
package possible. " they knew what would fly
and what wouldn't. "
Dr. Anil Jain — CEO, Wayne Johanson — CEO,
APA Optics HOM Furniture
COMMUNITY VENTURE NETWORK
PELSTRING CAPITAL CORPORATION
•
INTRODUCTION
AP rincipal reason for economic development in outstate areas is to foster growth of small to
medium sized businesses. Emerging businesses find that the reduced operating costs, lower labor
rates, and unified community support provide the maximum opportunities for successful business
growth.
Many communities have established "revolving loan funds" and/or"equity capital" programs
for. purpose of fostering this type of growth within their communities. Too often,
however,the community and the entrepreneur never find each other.
Community Venture Network(CVN), originally founded in 1991, has been formed to assist
communities in identifying these potential prospects. CVN conducts an active outreach
Program to identify these emerging businesses and educate them on the benefits of seeking
"outstate" community "investments."
CVN
S
SHAT IS "COMMUNITY Community Venture Network is a consortium of
TENTURE NETWORK?" communities with business investment funds or loan funds,
seeking to promote development within their communities.
VHA�IS COMMUNITY CVN seeks to "match" its prospects with its member VENTURE NETWORK'S communities to facilitate the location of the business in the
'URPOSE? community.
1VH0 MANAGES
CVN is professionally managed by Peistring Capes
� based economic development
VENTURE Corporation, a Mmneapo
4ETWORK? Consulting and business fimancing company.
WHAT TYPES OF CVN seeks to identify prospects in one of the following
COMPANIES DOES categories:
COMMUNITY VENTURE
NETWORK RECRUIT? 1. 'Development Stage"companies withexisting
product lines,but seeking expansion
capitaL
2. Business Acquisitions. New business owners seeking
additional equity or expansion capital to complete the
purchase of successful,existing companies.
3. Spin-Offs/Business Expansions. Existing divisions of
• ongoing compan1eS that are available for sale which
might constitute a business opportunity for Community
Venture Network members'existing business base.
HOW DOES COMMUNITY
CVN conducts an active outreach program emphasizing the
VENTURE NETWORK availability of its member community's capital program.
IDENTIFY ITS PROSPECTS? Continual contact is maintained with accountants, attorneys,
venture capitalists, and the private banking community to
generate referrals.
HOW DO MEMBER Pelstring Capital Corporation and its referral sources
COMMUNITIES
conduct a preliminary review and screening of all potential
PARTICIPATE? prospects for CVN communities. All member communities are
invited to attend-prospect presentations, held every three
months. Prospects are given up to 30 minutes to present their
company and proposal Follow-up meetings with individual
communities are then scheduled as requested. All final funding
decisions are made at the sole discretion of the member
community. member
*AT OTHER SERVICES The professional staff of PCC can also directly
ARE AVAILABLE communities hi structuring and negotiating community
THROUGH THE investments and/or loans. The PRG staff will also assist in
COMMUNITY VENTURE coordinating and preparing participatory government and/or
NETWORK? private financing materials.
WHAT DOES IT COST? Each member community pays an annual flee of$3,950. In
addition, a Contingent Fee Agreement is executed by each
company participating in the Cody Venture Network.
This fee depends upon the level of assistance required and the
complexity of the package.
•
•
O
•
•
SERVICES OFFERED
Our Services Include:
Location/Economic Analysis
Loan & Grant Packaging/Business Financing
Venture Capital/Equity Capital Investment
Community Economic Development
Real Estate Development
Tax Increment Financing
Investment and Consulting
SBA Loan Packaging
Manage the Community Venture Network
Facility and Site Selection
• •
PRINCIPAL BIO
Patrick W. Pelstring
Mr. Pelstring, the founder of Pelstring Capital Corporation
has over 20 years of assisting businesses with raising
expansion capital. Mr. Pelstring has taken an active role in
conducting community analysis, labor studies, economic
development marketing programs, and management of
local development companies.
Patrick, who started his career as a commercial loan officer
• for a Twin Cities bank, previously had been the Economic
Development Coordinator for the City of Coon Rapids,
Minnesota. Since starting his consulting and finance
business interests in 1983, he has worked on behalf of over
80 communities in Minnesota, Wisconsin, Iowa, North
Dakota and South Dakota. He has completed over
$500,000,000 of business financing projects in sixteen
states throughout the country.
Mr. Pelstring is a graduate of Bemidji State University and
has conducted advanced studies at the University of
Minnesota, as well as extensive banking, Small Business
Administration, and public finance coursework. Patrick is
often a speaker at public/private finance seminars and
workshops and has appeared on several area television and
radio programs.
•
CLIENT PROFILES
APA Optics
APA Optics, a small publicly held company in Minneapolis, is a research firm
specializing in binary optics and optoelectronics. APA Optics is recognized for
innovation and holds many awards for technological advancements.
After careful consideration of 17 prospective cities in four states, the City of
Aberdeen, South Dakota was selected to be the new home of APA Optics. With
the assistance of Pelstring Capital, APA Optics has completed an$8.5 million
funding package with the City of Aberdeen and the State of South Dakota to
support this new project. APA Optics will create 215 jobs in Aberdeen over the
next five years.
Vallon, Inc.
IDVallon, Inc. is a software development company that focuses on providing
content related products and services to the rapidly growing internet market. The
Company had been privately funded but needed to consider an expansion in
order to reach its full potential. Pelstring Capital convinced Vallon, Inc. to
implement a four-state site search and consider expansion into an outstate
community as part of its funding package.
Pelstring Capital successfully negotiated a $1.7 million incentive package with
the City of Aberdeen and the State of South Dakota. The company currently
employs 22 employees consisting of management personnel, software
development professionals and administrative staff. The company anticipates
hiring an additional 25 to 30 people in 1997, with approximately 50 more new
hires in 1998.
• _.
S
CLIENT PROFILES
Super Valu
Super Valu, a publicly held company, is one of the largest grocery product
distributors in the country. In 1998/99 Super Valu constructed a 550,000 sf
warehouse/distribution center near its corporate headquarters in Hopkins, MN.
Super Valu retained Pelstring Capital to negotiate local tax increment
assistance for this project, as well as future phases of a potential $40M to 50M
redevelopment project. Future phases are anticipated to include additional
office space, dry storage and cold storage distribution space.
Excelsior Henderson
Originally founded in 1876, Excelsior Henderson was one of the "Big Three"
American motorcycle manufacturers and a fierce competitor until 1931. In
• 1993, brothers David and Daniel Hanlon bought the rights to this company and
established a new motorcycle company that will produce an American made,
premium valued, high quality motorcycle. Excelsior Henderson forecasts 4.5%
marketshare and revenues of$250 million within the next five years.
Excelsior Henderson retained the services of Pelstring Capital in order to
secure a site location and financing package. Pelstring Capital conducted a
12 state site search and secured financing totaling $10 million with the City of
Belle Plaine and the State of Minnesota. The company will create
approximately 500 jobs over the next five years.
HOM Furniture
HOM Furniture sought Pelstring Capital's assistance in site location and
structuring a $8.5M consolidation of the company's warehouse and distribution
center into a new 220,000 sf facility in Coon Rapids, MN. The new facility
includes the company's corporate office, a 45,000 sf retail store. Overall, over
• 200 people work out of this location.
MAY c 3 '229
GARRETT GROUP, LLC.
•
April 30, 1999
Mr. Paul T. Steinman
Director of Economic Development
City of Elk River
13065 Orono Parkway
Post Office Box 490
Elk River, MN 55330
Re: Northstar Die Casting, LLC.
Dear Mr. Steinman:
Thank you for taking the time to meet with me to discuss the outstanding loan with
Northstar Die Casting, LLC. As we discussed, Badger Die Casting, LLC. would be willing
to pay off the balance of this loan on the following terms and conditions:
• • New Loan Amount $43,065.22
• Interest Rate 4%
• Loan term 7 years.
• First payment date: May 15th, 1999.
If this is acceptable, please have a new note drafted to reflect the name Badger Die Casting,
LLC. If you have any questions, I can be reached at (414)425-2907.
Very truly yours,
GARRETT GROUP, LLC.
J1166k
Steven Whiting
President
SEW/ML
•
200 SOUTH EXECUTIVE DRIVE • SUITE 101 • I3ROOKFIELD, WI 53005 • PHONE: (414) 789-2773 • FAX: (414) 425-0376
• oft,
Elk
River
May 4, 1999
Mr. Steve Whiting, President
Garrett Group, LLC
200 South Executive Drive
Suite 101
Brookfield, Wisconsin 53005
Dear Mr. Whiting:
Subject: Northstar Die Casting, LLC Micro Loan
This letter is in response to your letter dated April 30, 1999, proposing an
• assumption of the EDA Micro Loan by Badger Die Casting, LLC. Your
proposed terms as outlined in this letter are unacceptable to the Economic
Development Authority.
The primary point of our meeting on Wednesday, April 21, 1999, was that I
indicated I may consider recommending that the EDA reduce the interest rate
on this loan to 5 or 6 percent. I will recommend to the EDA that all other
aspects of the current note remain the same and that there specifically be no
reduction in the current amount of principal and interest due. The EDA's
alternative is to either sue on the personal guaranty or for us to agree upon a
structure which I can then recommend to the EDA. The details I propose are
as follows:
• Loan amount equals all principal and interest due to date - as of
5/1/99, this amount is $44,688.39
• Interest rate of 5.5 percent (reduced from 8.5 percent)
• Loan term equals amount of time remaining on current loan - as of
5/1/99 there would be 47 payments remaining
• First payment due: May 15, 1999
It appears in your best interest to come to terms with this proposal as the
interest continues to accrue at 8.5 percent and the due date for the balloon
• payment on April 1, 2003, continues to draw near.
13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD &Phone: (612)441-7420 • Fax: (612)441-7425
Mr. Steve Whiting
May 4, 1999
Page Two
I will be faxing this letter with a hard copy to follow as I believe it is in your
best interest to respond as soon as possible. If I hear from you by Thursday,
May 6, 1999, I should be able to take a proposal and recommendation to the
Economic Development Authority at its regular monthly meeting on Monday,
May 10, 1999. Otherwise, the issue will wait until the June meeting of the
EDA. The EDA is continuing to pursue its legal avenues of collection until an
agreement can be executed.
I can be reached at (612) 441-4905.
S' ere ,
•aul T. t-' man
Director of Economic Development
Attachment: Northstar Die Casting Amortization Schedule
c: Economic Development Authority
Lori Johnson, Finance Director
• Pat Klaers, City Administrator
411
NORTHSTAR DIE CASTING, LLC
$50,000 EDA MICRO LOAN
• Amortization Schedule
Dated: January 29, 1998 Payable to: City of Elk River
Amount: $50,000.00 Due: First of Each Month
Interest Rate: 8.5%
Term: 60 Months
Loan Payable: April 1, 2003
Payments: Monthly Principal & Interest Starting May 1, 1998
•
Payment Pymnt Total Unpaid Date
Period Rmnq Payment Principal Interest Balance Paid Rec. #
$50,000.00
1-May-98 59 1,257.88 671.66 586.22 49,328.34 5/12/98 8/23/86
1-Jun-98 58 1,025.83 676.42 349.41 48,651.92 6/30/98 31966
1-Jul-98 57 1,025.83 681.21 344.62 47,970.71 7/9/98 32039
1-Aug-98 56 1,025.83 686.04 339.79 47,284.67 9/1/98 32426
1-Sep-98 55 1,025.83 690.90 334.93 46,593.77 9/18/98 32536
1-Oct-98 54 1,025.83 695.79 330.04 45,897.98 11/12/98
1-Nov-98 53 1,133.00 807.89 325.11 45,090.09 11/16/98
1-Dec-98 52 1,133.00 813.61 319.39 44,276.48 12/11/98
•
1-Jan-99 51 1,133.00 819.37 313.63 glign557 1/15/99
1-Feb-99 50 1,025.83 718.01 307.82 42,739.10
1-Mar-99 49 1,025.83 723.09 302.74 42,016.01
1-Apr-99 48 1,025.83 728.22 297.61 41,287.79
1-May-99 47 1,025.83 733.37 292.46 40,554.42
1-Jun-99 46 1,025.83 738.57 287.26 39,815.85
1-Jul-99 45 1,025.83 743.80 282.03 39,072.05
1-Aug-99 44 1,025.83 749.07 276.76 38,322.98
1-Sep-99 43 1,025.83 754.38 271.45 37,568.60
1-Oct-99 42 1,025.83 759.72 266.11 36,808.88
1-Nov-99 41 1,025.83 765.10 260.73 36,043.78
1-Dec-99 40 1,025.83 770.52 255.31 35,273.26
5// [317 0 • C
0