Source: Goldman Sachs & Co., 10/06/99.
‘(a) Paid to Goldman Sachs & Co. pursuant to the terms of the Forward Delivery Bond Purchase Contract between the Port of Seattle and Goldman Sachs & Co. dated December 23, 1997, as amended, extended and restated by an Extended Forward Delivery Bond Purchase Contract dated March 5, 1999.
3. Debt Service
Table 15 summarizes the estimated debt service requirements of the Bonds. The term of the bonds is 30 years, with payments during the capitalized interest period equal to interest only. Principal will be repaid over the remaining years.
As required by the Resolution, debt service on the Bonds must be paid solely from Project revenues and available Bond proceeds (i.e.,Capitalized Interest Fund. Debt Service Reserve Fund). Annual debt service requirements are projected to increase from $11.1 million in 2000 to $32.8 million in 2028.
The interest earned on the Debt Service Reserve Fund ("DSRF") will flow to the Project Contingency Account until Project Completion. Following Project Completion,, all interest earned will be held in the DSRF for the term of the Bonds. In addition, the Port will require the Lessee to provide a security instrument equal to 98 percent of the next six month's Rent (other than Special Improvements Rent), plus the first six month's of Special Improvements Rent to provide security for rental payments.
