Agenda 12/03/2018 PELICAN BAY SERVICES DIVISION
Municipal Services Taxing and Benefit Unit
NOTICE OF PUBLIC MEETING MONDAY, DECEMBER 3, 2018
THE BUDGET COMMITTEE OF THE PELICAN BAY SERVICES DIVISION
WILL MEET ON MONDAY, DECEMBER 3rd AT 9:00 AM AT THE PBSD
OFFICE LOCATED AT 801 LAUREL OAK DRIVE, SUITE 302, NAPLES,
FL.
AGENDA
1. Pledge of Allegiance
2. Roll call
3. Agenda approval
4. Approval of 08/22/2018 meeting minutes
5. Audience comments
6. EOY 2018 results and related effects on the FY 2019 budget
7. Update on LT capital project planning
8. *Proposed PBSD funding policy change
9. Old Business
10. New Business
11. Adjourn
*indicates possible action items
ANY PERSON WISHING TO SPEAK ON AN AGENDA ITEM WILL RECEIVE UP TO THREE(3) MINUTES
PER ITEM TO ADDRESS THE BOARD. THE BOARD WILL SOLICIT PUBLIC COMMENTS ON
SUBJECTS NOT ON THIS AGENDA AND ANY PERSON WISHING TO SPEAK WILL RECEIVE UP TO
THREE(3) MINUTES. THE BOARD ENCOURAGES YOU TO SUBMIT YOUR COMMENTS IN WRITING
IN ADVANCE OF THE MEETING. ANY PERSON WHO DECIDES TO APPEAL A DECISION OF THIS
BOARD WILL NEED A RECORD OF THE PROCEEDING PERTAINING THERETO, AND THEREFORE
MAY NEED TO ENSURE THAT A VERBATIM RECORD IS MADE,WHICH INCLUDES THE TESTIMONY
AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. IF YOU ARE A PERSON WITH A
DISABILITY WHO NEEDS AN ACCOMMODATION IN ORDER TO PARTICIPATE IN THIS MEETING
YOU ARE ENTITLED TO THE PROVISION OF CERTAIN ASSISTANCE. PLEASE CONTACT THE
PELICAN BAY SERVICES DIVISION AT (239) 597-1749 OR VISIT
PELICANBAYSERVICESDIVISION.NET.
BUDGET COMMITTEE
PELICAN BAY SERVICES DIVISION
AUGUST 22,2018
The Budget Committee of the Pelican Bay Services Division met on Wednesday,August 22,at
9:00 a.m. at the SunTrust Bank Building, located at 801 Laurel Oak Drive, Suite 302, Naples,
Florida 34108. In attendance were:
Budget Committee Ken Dawson
Mike Shepherd, Chairman Nick Fabregas (absent)
Joe Chicurel Rick Swider
Pelican Bay Services Division Staff Mary McCaughtry, Operations Analyst
Neil Dorrill, Administrator Lisa Jacob,Associate Project Manager
Marion Bolick, Operations Manager Barbara Shea, Recording Secretary
Also Present
None
APPROVED AGENDA (AS PRESENTED)
1. Pledge of Allegiance
2. Roll call
3. Agenda approval
4. Audience comments
5. Long term needs
a. Project identification
1. Sidewalks
2. Lake bank remediation
3. Stormwater collection structures/piping
4. Shop/office replacement
5. Other
b. Cost identification
c. Borrowing methods/timing
d. Recommendations
6. PBSD Funding Stream
a. Ad valorem vs. non-ad valorem
b. ERU assignments for commercial members
c. Recommendations
7. Other Business
8. New Business
9. Adjourn
1
Budget Committee of the Pelican Bay Services Division
August 22,2018 Minutes
ROLL CALL
Mr. Fabregas was absent and a quorum was established.
AGENDA APPROVAL
Mr. Dawson motioned, Dr. Chicurel seconded to approve the agenda as
presented. The motion carried unanimously.
AUDIENCE COMMENTS
None
UPDATE ON THE PROPOSED PBSD FY19 BUDGET
Mr.Shepherd updated the committee on FY19 budget related issues including(1)the FY19
budget was approved by the BCC at its June workshop, and final approval is expected in
September, (2) ABB's current estimate for lake bank remediation for lake 2-9 is $340,000; the
FY19 includes an accrued amount of$500,000, and (3) the lowest bid to complete the Gulf Park
Dr. cut-through project is $73,000;the FY19 budget includes $40,000 for this project.
LONG-TERM FINANCING
Mr. Shepherd commented on the growing consensus of PB residents for the PBSD Board
to obtain long-term financing for large projects which would address our 40-year old failing
infrastructure. To obtain long-term financing,the PBSD Board would need to specifically identify
those projects to be financed and quantify the total amount of funds to complete them. Mr.
Shepherd suggested that any project with an estimated cost exceeding$1 million dollars should be
included in our long-term financing package.
Mr. Dorrill commented on his recent conversations with Mr. Nick Casalanguida, Deputy
County Manager,who is on board with providing assistance to the PBSD with long-term financing.
He suggested using a "commercial paper equivalent" as the financing tool with an approximate
pay-back of seven years. This financing tool was suggested because the related administrative
fees are much lower than are associated with issuing a municipal bond. To obtain this financing,
engineering analyses to quantify the total funding would be necessary in order to get the issue
"sized." Mr. Dorrill commented that the "borrower" would be Collier County. The committee
suggested that Mr.Dorrill explore(with County staff)alternate financing terms(preferably at least
10 years).
Mr. Dawson expressed concerns over engineering estimates for a group of projects to be
funded through long-term financing, which may, in fact, result in inadequate funding resulting
from projects being completed over 5-10 years, with increasing costs.
LONG-TERM NEEDS
SIDEWALKS
Mr. Dorrill commented that the County has no funding model to replace sidewalk
infrastructure. He commented on recent discussions with Mr. Casalanguida which indicate that
the County would be agreeable to some level of cost sharing to replace sidewalks in Pelican Bay.
Mr. Dorrill commented that his next meeting with Mr. Casalanguida is scheduled for Aug. 30,and
2
Budget Committee of the Pelican Bay Services Division
August 22, 2018 Minutes
he requested that Mr. Shepherd attend this meeting. Mr. Dorrill suggested that it would be ideal
to obtain a sidewalk cost sharing commitment from the County as soon as possible.
Mr. Shepherd commented that the PBSD Board, at their Sept. board meeting, will vote on
whether to approve a proposal by ABB to estimate the cost to replace all PB pathways with six-
foot concrete sidewalks, not to exceed $40,000. Mr. Shepherd suggested that ABB also explore
whether the County would require any additional sidewalks be added to a proposed replacement
pathway project.
LAKE BANK REMEDIATION
Mr. Shepherd provided a 2017 schedule entitled"PBSD—Lake Bank Improvement Needs"
of the ten worst PBSD lakes needing immediate lake bank remediation attention, with associated
cost estimates utilizing four different methods of remediation. He also provided a copy of ABB's
cost estimate of approximately$340,000 for lake bank remediation of lake 2-9,which incorporates
three different methods of remediation.
STORMWATER COLLECTION STRUCTURES/PIPING
Mr. Shepherd provided ABB's rough estimate of cost of approximately $400,000 to
identify and inspect all stormwater drainage pipes in Pelican Bay. Mr. Dorrill suggested that the
PBSD could do an"invitation-to-bid" for this project,which may lower the cost. He commented
that the PBSD and the County have not come to an agreement on who is responsible for the
stormwater drainage pipes from PB roads to the"first lake,"and suggested that if the PBSD takes
over this responsibility, then we would need some level of cost sharing from the County to be
provided through an annual appropriation.
SHOP/OFFICE REPLACEMENT
Mr. Shepherd commented that Ms. Jacob has contacted an architect (Q. Grady Minor) to
develop an estimate of cost for replacing our existing maintenance shop, and would incorporate
space for office staff. He provided a document entitled, "Space planning for 6200 Watergate
Way," developed by Mr. Bolick, which detailed all required features for a facility to house both
Field Operations and Administration.
OTHER
Mr. Dorrill suggested that a reconstruction of the beach dune swale would cost at least $1
million dollars and should be considered as an addition to the list of projects to be financed.
CONCLUSIONS
Mr. Shepherd commented that the committee has identified four projects and suggested
that the PBSD Board move forward with obtaining estimated total costs. Mr. Dorrill suggested
that we move forward on pathways more quickly. By consensus, the committee agreed to
concentrate on sidewalk replacement for now.
PBSD FUNDING STREAM
Mr. Shepherd commented on how the PBSD funds its operations through two parallel
streams of funds collected through ad-valorem taxation and an annual assessment, calculated via
ERUs,with no requirement to keep the funds collected separate. He commented that a number of
3
Budget Committee of the Pelican Bay Services Division
August 22,2018 Minutes
our commercial members, during our FY19 budget discussions, had requested that the PBSD
Board take a second look at the methodology for funding our operations.
Mr. Shepherd commented on his research into PBSD allocations of ERUs to commercial
members and noted the following:
• 6%of PB residents use the golf course (there are 450 full-time golf club members).
• The golf course is comprised of 220 acres and is considered unimproved property by the
County Appraiser's Office.
• Commercial members are allocated 5.75 ERUs per acre.
• Commercial unimproved property is allocated 1 ERU per acre.
• The PBSD has control over its`ERU assignment methodology."
• Since the golf course (17% of PB land) is considered unimproved property, "the Club" is
receiving a huge "preference."
• The PBSD maintains 20 of the lakes on the golf course.
• The Club's shop area is incorrectly listed as unimproved property.
• The County's park is listed as unimproved property.
• The acreage at 6200 Watergate Way, owned by the County, is incorrectly listed as
unimproved property.
• If the ad-valorem tax income stream were increased, the ERU income stream were
decreased, and the "unimproved property irregularities" were corrected, then the majority
of commercial members would most likely be placated.
Mr. Dorrill suggested that it would be helpful to review the original report which created
the existing methodology for our two streams of revenue, including the ERU allocation
methodology. He stated that staff would attempt to locate this report and provide it to the
committee members.
Mr. Dorrill commented that the PBSD administers the assessment roll. He will follow up
on a possible administrative correction to the Club's shop area and County property at 6200
Watergate Way listings as unimproved land (a correction would provide an additional $40,000
annually to the PBSD). Mr.Dorrill commented that a change to the revenue stream formula would
require BCC approval.
ADJOURNMENT
The meeting was adjourned at 10:30 a.m. (
Mike Shepherd, Chairman
Minutes approved [ 1 as presented OR I 1 as amended ON I 1 date
4
Agenda items#6,7,8
Page 1 of 8
Budget Committee Meeting — Preparation Commentary
First, some commentary on EOY 2018 results.... It is too early to be formulating any
final thoughts on the PBSD 2018 budget results, as the county is still in the process of
entering closing journal entries for everything from Fleet Maintenance charges to
transfers to the Tax Collector, BUT it would appear that we probably have a decent
surplus going into 2019.... For once, the gods were shining on us.
An analysis was provided at the November full PBSD board meeting, giving an early
glimpse of those favorable variances for our most significant Account 109.
Account 778 is essentially an accrual account on auto pilot and Account 320 does not
represent enough money to justify a serious amount of energy in preliminary
examination.
We will eventually need to take a close look at the Capital Project Account 322. For
example, we had anticipated paying for IRMA related street light and sign damage in
FY2018. Because of the sluggishness in municipal government which we have all
become accustomed to, those contracts and payments did not get executed until just
recently. The work is still in the hopper and the charges will eventually come due this
year, but because of the unfortunate timing of those flows, an uninformed observer
might improperly conclude that we are awash in money. Such a conclusion would be
premature. As soon as we get firmly along with those originally intended spending
plans, we will take a final look at 2018 and gauge how the results might inform our
planning for future budgets, specifically FY 2020.
One thing we will need to do after we have an accurate understanding of our 2018
results is to "doctor up" our final approved budget for FY2019, both to correct any
unintentional errors which found their way into the "official" county version, but also to
repurpose any carry forward surplus to areas where the funds can be effective. For
example, our budget for Reclaimed Water in FY2018 was $131,200. We had
approved a final budget for FY2019 of exactly the same amount. Somehow during the
final paperwork shuffling at the county, the budget line for Reclaimed Water was
restated as zero ($0). Clearly, we will need to make a budget amendment to correct
this. Likewise, we had planned to spend $40k from Account 322 in FY2018 for the
Gulf Park cut. The final bill will be closer to $80k and fall into FY2019, generating a
overrun and timing complication.
Again, these considerations will need to wait until we have an authentic understanding
of any actual surplus from 2018. Our choices will be to let the money "ride" and
become part of the carry forward for FY2020, OR make a budget amendment to
enhance any operational lines which might be viewed, in hindsight, as anemic, OR
make a budget amendment to add dollars to specific project accounts (like the Gulf
Park cut through).
Agenda items#6,7,8
Page 2 of 8
As an aside, any funds which we do redirect to specific Capital Projects will remain in
those projects until they are officially closed. This distinction will become more
meaningful when we begin talks regarding the impact on the 2020 Special
Assessment. In any event, these discussions will form the basis of some future
meetings... but not this meeting.
This meeting has two goals.... First to provide a FYI update on the LT Capital
Project planning /funding which we discussed at the 8/22/2018 Budget Committee
meeting, and second (and most importantly), to propose a significant policy
recommendation regarding how we fund the PBSD.
First, the FYI part.... at the August meeting, we agreed that five projects facing the
Services Division in the immediate future are too expensive to manage through our
normal, short term funding mechanisms. These initiatives are restated in the attached
LT Project Summary (Exhibit 1). We agreed that the first important step for advancing
these projects is to competently characterize the cost. Exhibit 1 shows the activity
which our staff and others are currently pursuing to develop those costs, and includes
an estimate of when we will be in a position to move forward with funding
recommendations. We should be positioned to examine funding proposals early next
year....
In anticipation of this schedule, Neil Dorrill has been working with his counterparts at
the county to begin identifying the various funding mechanisms available to us and he
will likely be making recommendations during the first quarter of next year.
The early contours of our funding strategy are beginning to take shape, and would
lead us to opening a "line of credit" with a local bank. The County would coordinate
the "offering" to any interested banks and thereby create competition to provide the
most attractive terms (interest rate, amortization period, ease of access, repayment,
etc.) Because we are an affluent community with essentially unlimited taxing authority,
the county believes that we will find several local banks anxious to participate, with
very attractive proposals.
The plan might be something along the following lines:
• An open credit line for $25M, more than enough to satisfy the funding needs for
our five major initiatives, along with a cushion for inevitable unknowns.
• Funds could be accessed at times and in amounts of our choosing.... In other
words, as fast as we can actually execute our plans. This is important because
some of the intended projects could be on-going for several years. We would
only need to borrow (and pay for) funds at a rate which we could actually
metabolize.
Agenda items#6,7,8
Page 3 of 8
• Loan amortization schedule likely based on a fixed rate over 10-20 years,
ideally with a renewal or maintenance option.
• PBSD would introduce a new budget line in to amortize the credit line.
• Issuance costs would be on the order of$50,000 or less, far lower than the cost
of raising the money in the municipal bond market
From an administrative standpoint, we already have the authority to open such a line
of credit with an affirmative vote of the Division Board of Directors.
The second goal of this meeting, and the real meat for our deliberation, regards a
proposal for modifying the basic funding techniques which the PBSD uses to raise
money for on-going needs.
At the August meeting, we reviewed the basic underpinnings of our two distinct
funding streams... an ad valorem stream based on the taxable value of each property
in Pelican Bay, PLUS a non-ad valorem stream.
The non-ad valorem stream assesses each residential owner a fixed amount which
does not vary with property value. Commercial properties are assessed in accordance
with an arbitrary formula based on the acreage and "improvement level" of the parcel.
This non-ad valorem stream places a regressive burden on residential owners. The
arbitrary burden for commercial properties results in some perverse assessments
which are often difficult to justify and complicate the business plan for many of those
members. At the time we approved our FY2019 special assessment, we made a
commitment to those commercial members to reexamine the legitimacy of this funding
technique. The current funding model has been in effect since 1993, the last time a
significant change in methodology was adopted. The characteristics for FY2018 are
displayed in Exhibit 2.
In the course of our analysis, we identified two parcels which were being incorrectly
assessed because of incorrect categorization between improved and unimproved
property. We also observed that substantial acreage owned by The Club was
classified as unimproved, thus providing a legacy advantage not shared by other
commercial property owners.
We looked at "revenue neutral" effects which would result from rebalancing our
funding between the two existing streams, ranging from 100% ad valorem to 100%
non-ad valorem, with several stops in between.
Based on the examination at that August meeting and the take-away commentary, I
have assembled an incremental compromise proposal, with the following attributes:
Agenda items#6,7,8
Page 4 of 8
• Changes the current formula for assigned ERU's to commercial properties from
1.0 ERU per unimproved acre / 5.75 ERU per improved parcel TO 1.75 ERU
per unimproved acre / 5.5 ERU per improved parcel. This change serves to
incrementally balance the equity between the two defined usage categories
(improved and un-improved) and also serves to increase the total number of
ERUs (with a resulting reduction in the charge per ERU).
• Administratively corrects the categorization of two improved properties which
have benefited from inaccurately being categorized as un-improved properties
(i.e. 5.5 ERU per acre in lieu of 1.75 ERU per acre).
• Raises the mill rate for our ad valorem stream to a level which is suitable for
funding our "accrual" needs (i.e. Street Lighting, Lake Bank Remediation,
Beach Renourishment, etc) and simultaneously reduces the non-ad valorem
assessment to a level required to fund our on-going operational needs, loan
amortization (if any), and supplements to the ad valorem fund during extended
periods of declining property values. The rebalancing would be made in such a
way as to keep the aggregate funds generated unchanged compared to the
funds raised by existing methods (in other words, a revenue neutral proposal).
These simultaneous changes result in several moving financial parts, the combined
effects of which for FY2018 are shown on the attached Exhibits 3 and 4. The total
PBSD burden for all commercial and institutional members would be reduced. The
total PBSD burden would also be reduced on residential properties with modest
taxable values, accompanied by a corresponding increase in total burden placed on
properties with high taxable values (and which are presumably owned by residents of
better than average financial means). Notably, even with the proposed changes, the
overall method of raising PBSD funds retains it's historically "regressive" nature. Entry
level homes would still pay as much as 0.4% of taxable value annually, while homes
with the highest valuations would be burdened with levies of less than 0.1%.
The Club experiences a modest erosion of it's historical ERU preference, but remains
well positioned relative to that of a fully "improved parcel". The increase per golf
member would seem to be a tolerable $119 per year.
Summary: This funding proposal is incremental in nature, directionally provides
welcome relief for commercial and institutional members and reduces
regressivity for residential members.
co co
Kt
k /
LO Rip
E)
co MI CD k k k 0 CD 0
2 \ E / / k % 0
\ 0 CD CD o m 9 0
\ 2 2 2 ^ G
w2
k 0) c c
k \ N $ \ \
a) / / G E
> a § f j
■ q \ ° » . CO
E ± O ,
E CO
= ®
m
% %
>
,_ \ @ -a as § \ (I) o
c G
E \ § a \ / / \
/ I \ ( # 0)
c Zu q ' T \
o . ° _ \ E \ 0
§ 0 otS to /
R 2 % / co ? 2
S > < \ co Q \ \
03 < ° co /
[ (13/ \
ic
= \ \
E 0 <
0 f 2 \ -
m % 2 # \ \ 0
\ E >
E ^ o
o 0 =
\ / E CO \ \
a / c n CO
c / ° & Q
/ \ \ [ \ E .E /
2 CO e ° Cl..
m u g 0 ;
CO CO
�
o
(fl CO
4# CD
0 CT
CO
as
ca
13
C M CO LU CO O (n (() LU N Nr- CO CO O V O) O (O O N- co r N V CO LU u) O 6)
c (O V Nap N- N M O0) Cn CO (n 41 00 N- N O N N 69 6) 6) N- O V 41 CO CO V CO O) (O L N-
O N- co (O N CO c- u) O) N O) c- N LU I- c- V V O c- CO CO V 41 CO N CO I- O (O T- Cr O O T-
Q N (O M M (n O N (M V O Cfl O O CO N N V O M M V (n N M T- I9 O N N N O N V (O
e- (A (A N 6 69(A(A V 6 69 N 69 64 b9 69 69 N 69 69 O N 6 CO (O O
co Ul CO 01
• 69 69 69 69 EA 64 EA EA EA EFJ 69 CO CO V 69 69 O Th- U5
N w (A (A
69 N O (n CO V N CO (n (n 0 I- V I- (n co co V CO V O V V V co I- O V ((U M I- O r (O M
MV N (n 6) CM (n CO 0 N N N- O) (O N CO O O CO (A((1 CT V O CO O CO O M O u) V (n O
E 5 V co co T- M O O) O ,- N ,- V V O (n co V (O O N CO CO Cn V M O N- LID N c- N- CO M 0-
0
d Q' O (O M (. ui O M P') V O u5 I- r N ,- N V N- N M V V M u5 O) I- O) r N V N 6
as L UJ 6) O 69 N 69(A(A M CO (A N 69(A (A EA(A N O (A 69(A CO 04 (0
LO N.-
T4
T4 O (A 69 (A(A(A (A A(A(A A (A (A O CO T-
N j O
coW ta 69.
LL co LU
C CO
O) O (9
U) G _
T O O Cn M V N O CO co co O M CO O N- O N CO N O O V O O O N- O (O LU O
CO (A M 69 69 T- CO 6) CO CD N M M N- O N (n CO 69 N (n 69 V O) M(A O (A(A CO O 69 CO N O
C — co N Cr (n N- O r O r CO (A u) V co N co V V I� r CO V
Q 03 E V OOO 69 69 6969 N fh 69 6969 69 eA 69 O 64 (A O
t.- a) (A b9 69(A (A (A M N CVO
C N O C 69 Eft LO '
N j o
O
N y ccaa
U) O O O O CD (fl C C CO r V (O CO N (O r CO O V O (n O SO O O O O O O O O V 1- O
O O)69(A O O O O V M O) M V O M O (A N N- CO O (A O N 69 69 V W O_ V V O
Q OO) in0C) c- 0 cO O 0 O) O c- 0 O O V O O V LU N O O LU
COO CON NM V co O N (6 V V O O (O Cfl V N O O O O) V N M N.
OO C C ' N V O 4) O CO N- M O N- N N u) N- co O co r O r co (O CO co (O O
N y N M M I� r N- V u) O V M V (C O O M CO NM 000 CO N- N V V O)
CD ,a N M Lc O O N N N M N- M O O N r LU O u9 V O CN O
C (l O CO 69(A O(A 69(A(A M V (A (A(A (A(A(A 609 c- O O N V N 00O
›- LL 01 O(A 69(A O O O
b9
ll. .r-+ 1... 69 O
C N n M O N- O N O O r O O O (n N O O O O (O O N O 0 0 O O CO N V V O O O)
C N = N- r O O (n O O O) M O N O N- (O O M (f) O O I- c- V O (O M 0 0 .- I- CO N N O N
L
O I- W O O) O V M O CO O O N M IU O N I� M C V O (n I: r O Ti N V O V CO CO V r
N N M M T- N (() N CV c- M M CO
N . N uo NM6( CO
> V M
O N
O (O O O N O N O CO (n a1 O N CO M O 1� V co CO V V I� N 10
CD M r CA
'` k O O O O (n 0 0 0 0 0 0 0 0 C) O O O O O O O O O O O O N O (O u7 O
Q 0 0 0 N 46 O c- N M CO O O O O O N M V (n CO O O O O r N CO
O) W O O N O O O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 C) 0 O O 7N N
O O O O O O O O O O O V N O O O d' V V V V V V O 0 0 O O
M O CO LO 0 0 0 0 0 0 0 0 N N N N N N N N N M O O N O O O O
T O O) CO ((1 O O O O O O O O O O O O O O O O O O O N CA O O O) 0 0 0
03 W co
O O i- CO CO co co co co 0 co N- r N- r r r r r r r r r r O O M r
V O O O O O M M N N N N N N N N N N N N N N O M O N N N
T-
M a 0 0 0 N V V V V V V V CO O CO O (O O O O O CO (O O O O O CO
C O O O M (O O O0 CO CO CO CO CO O O CO CO O CO O O CO Oa) O (n CO CO O O NC-Z1
CU
V@
U C
N a)
d T ^ co TD :0"d
O O U ^ a ,-a)
Y )co N N a Q'
N0 9 a
C 7 Y •O ^ a O N
x ~ m C i a z E U 0 U
G 9 C 9 m N @ CO N NS p a) a) a)
CL m c a) a CO L N U U U
UCL CL Ct.
'a N M V ((] C N w a O . Y
@
O a Y Y
N UUU E (n -) D CO Z m `C
L-
W U U Oc co @N co co u) co Tf6 C 0 a a m
CL CO
a3
CO E
caaaad � E 5 C a) a) o 0 0 0 C.
om a a) a) a) c
@ a) m a) m a) a) m o L c c N u) (LJ) v) u) O) n a `m Y a. (>>a CO 2m E CO
c (a c m U U U 0 0 U >.0 (n (a (a 0 c (� m V i v
3 Oa (C CC co m C � a) a) ma (CE co E rn
" _ a . an. aaaam m � ain (n n � 0 0 0 0 0 oC� m 3d 9 c m (tea U
c m r c > L ` c C z ' cn tn cn in en w d Y 4) m m m u)
E L) c) C F- a) a) a) a) a) a) m (a m > m 0 c U
` Y Y Y Y Y U Q I- w O) cn N E a) a) a) a) a) Q (6 .c (� 7 O N _ IS .@. 1
EO .N.. .O a) (a (6 (a (a (a @ CD 7 O O O -C O N @ @ (a @ • @ C CO 0 L a) 7 O 7 O O O
UlYdli (� 222222o_ 1CO522QU > > s � � inz5 0 0 0 I- Ce CD CO CD F- I- I-
O N LO co M M N co O M r ua y R N r O N r O<00100)(4)M M r CO V(O O) CO M 0
49 CO CD M CO V.O CO CO(O r 0)CO O r CO M CO EA sr co sr V V(0 sr O CO CO_ (O EO
U r Y s r CO r r r CO M R 7 co CO.0)E9 CO r 7 1�40 CO 0) 1� (O 4' Co M to
C49 M M y N� V OV 0i 49 fA My(p._E9 (O M M V �. O) O)
�. E9• ''E9 69 E9 E9 69 f9 69 E- 49 NU 69 0 69 E9 EA
C)0 y C
N. 0 C M O 0 O)u)CO O)O r CO(0 r 0)4-V M M r CO 00 N-CO 0 V 0) 14-CU 0) (O(0 CO 0)
CO CO 0) (0 CO 0 M CO`CO(0 V CO(O CO 0)0 69(O 0 CO 0)M 0 r CO N U)U)( CO M (O
0
0 48 O CO V n N CO O]N(n N M(n N O N N 4-M O 0)V ()(0 y 0)r M V N 4-
4 (1) C4 w N sir t7 N N 0 Oi M M C0 4 (p CO CO O co r C) M (O co 0) V O 4)
M O
co 1O fA 69 eSd9 69 EA iM 6 r AE79 6EA EA EA FA O d
69 9 EH »E969 X6EA N N EA
EA EA <0 r
_(O CO
(O
9 E9 69
E i_ - <6
a
LI Ul
R 69 O)CO 0)r CO M r N CO O)O O CO CO N 01 M O N O O N CO 0)(0 V r N 0 O(p M CO r
CO 0 CO 0)N CO 4—M N-0 CO 61.M-O O CO(O CO CO 0 69 0)CO CO 0)(0 CO r CO O) CO(O r 0) CO M
IN CO<f V CO V N M(D CO'4 CO_CO CO r r O tD O r O N CO CD On O)r m 0 N CO
V4) 0-' Op O N 4—O C N M O,—(X)M( N y(p N N M M N r M CO. M CO V9 N CO V O
CO
C E a 0 w N-69 69 69 69 f9 CO CO EA 69 69(A 69(A 69 4-CO E9 E9 E9 CO (0 (9 r M 0
CO b E9 69 (9 E9 69 69 69(9 69 CO EA
T.
Q O .,; 69 69
4l �
R N
10 )
69
(0 O
0 40 0 0 r CO CO M 0)00 r CO er CO CO O r r O O(O O O O(O O O M 0 M CO MI st
M01 1
�` % _ (O Ofl d3 T V r 4'1 (O CO CO CO (O V fA (O E9(O W(0 N-CO fA Vi CO O.�M V M CO
G a E CO Nv r--N.a CO,0100 CO 0 CO Cr.:a s— co co V O r�
12 CU
N E 0 NrN Q) 69 _ EA EA O N R O r r
(q co EA fA E9 EA 69 E9 E9 69 E9 69 69 NI V9 E9 69 69 O CO 7
O 0 69 49
> >j0 CO EA (9
4
W a a
a m
wo COs-O r CO(C)r C)r 4-U)r 0 M CO 0)r Op O O O CO O M CO(C) O of 0 N O N
> > N CO p)O En r O CO 4-0 4-CO O M CO sr Is-O Cr)O u]y T.v,v,r. O O (n
4) y�' 7 O)0)V CO M U)(p(O CO CO V(O N-(0 co O'—M O 40 0 r M(7 M (((CO0 (0 40 r O)
4C y` CO CO co N(O CO M ,_ 4' V M CO
0 O r
t
CO O co Y O M CO CO m M CO t0 4O r M 0 0 0 0(O O(O O O CO (O r r O
k 4,O N co(O CO'4 N M O V.C0 O O CO 4-O CO(0 O r O O C4 43 N CO(p O CO (0 M N M
(p 0'-MO V LLO(O•-4-N7OC NMO(O NOOK "O rN N V 00,) MO�f
4 N T 4- CO
U
y Q
1 M CO(p M CO 40 Op 40 CO N N-(0(O 0 7 0 O(0 O r M r N 7 U) y U)OD 0) 0 (O 0)
(O sr N(O r N M(O O)(p(0 Op(O CO r N O N N C9 01 a)N-0.r(O M
bi r co CO'—(O 4-4')CO CO O V.CO(O N V.sr 7 0 V. CO 40 V(p OO CO CO r O (O 4-V 0 0
C .r0 N CO M M(0 0 V M y(O O 0D OO N N 4'CA M C)7(p M M O_ rN C) CO N a co CO sr cO
CO M
49 E9 CO CO FA�69 CO 69 CO 69 E9 fA fA EA CO _ EA f9 CO )p
Q fA E9 E9 E9 69 49 E9(A E9 E9 69 f9 69 '— (0 U)
CO (9
C
47 N
�.� NObMYNM(O(OO rd'r(OMM�(O�Oy Cr V CO 1--CO V(O M N- CO r (O M
4) CO V CO(p 0 01 0 CO CO CO CO r 0 0 CO 0 0 0 CO EA N O)V O CO CO M O1 CO CO(O V (O O
N a V E 7 V M(O 3-M CO O)y 3-N4-...1:16..O(A C)4'N CO �CO CO.N V M Co r s- N 4-r CO M NI
W 0: (O co)M(O W co-C)R co Lc,� N5N R6N M7 M O 0) rrn rN V' N W
N C� y \ 0)EA fA CO 69 V9 69 CO 0 69 N fA fA 69 69 CO O_fA V9 iN CO CO EA CO CO ^ r
(/) G O w EA 69 (A(A 69 E9 E9 69 69 EA M 69 69 CA (9 69 69 .4 V
y CO C; W 0 E9
N = a.co O 6v
C
} O
LL a EA 0 0 MN 110-01 O O OO CO 0 M CO O r 0 CO(0 CO O 0 V
0 O CO N.0(O (O
(0
4 > _ C9 69014-y O)COO N M CO r 0 CV LO(O 69 CV N6970)CO 69 CO E9 69 CO 090 0
y L E M EA N-9 NEA V9 ro0 n0 r 9 69 VV z-.;
9 V99 Ny A r
0 aLc) do E ( dN69V0) v v
A EA "' �
.yG 69
03
O
>a o
0 M m
(0 r r
4) OO O0 CO O 0(O r 4'(0(ON(O r(00 C O (p 0(O O0 O OO O) CO O (C)
V .0 41 0)E9 E90)CO(O CO Cr CO 0)M Cr CO Cr, CO E9 CO r (OO 690 CO E9(A 4' 0)0 4' 61 3- �
•` L5 CO (O0?(n co CD sr.O(0O C O)O) 4-Ul OO V OD O
x 40 N CO M R y CO N (0 V 0 0 0 0 V N O 0 y T 7 N M r
Z.3
CO sr O EO O)CO r M CO r CO CO(p r M CO 00 r O r co n (0 CO sr co
DO 4-
ED
N W N N MMNN�7NOOMa COO OM (O NM NO
N C)(OO4-4-o N NNM C E9 C0 N Nr (0CJ (p V O M N (CO
O
>) >--0 O 69 69 E9 69 E9 EA 69 V.CO'—yr 69 E9 E9 69 E9 E9 CD N 69 (9 Ee CO CO CO (O
m 69 49 fA E9 6
619 u5
C
CO N
O M W 0400 00ryCO ONOrO��0 (OC)U) 0 0 Oto m CO O CO M (O
() = O EO CO W CO(O CO 7 M 0 CO sr COOD COM 0)(O CON r 0 O O O CO O O)O_C 0) 0 (O
CO N CO(n 01 N)CO O V s-O CO O 0)O)O)(O 4-(O O O V N CO O C)O •f (O CO O?
) (b> N O-M 0OD0)6 N (OC V OOO(OO V N O R CJ y CD(0 O)
LO.. N O 6
I; CO r r V'O(O O)0 N-C)CO r CO CO(0 O r M (0 CO r V.O r CO V. CO U) N 00)_ 0 0)
CO d7 r co.Co r r _V:(O O CO M 7(O(O CO O M co CO co N co O _
N O r V M(OO o6 N N M r-*a• 0O Nr r NO 69949 � 69 6 V V L
44,•E co co 69 EA 69 69 69 69 69 69 CO R 69 (O E9 E9 69 CO E9 E9(9� 69 (p O (O
99 �Hi rM CO 69 (A
O. 69 69
r CO IN M CO r C)CO CO O)IN 0 0 0 U)CO OO O CO O 10 0)CO 0 O 00 0 CO E) 04 sr N N O N
r r co Oo(OO(O O)M404-R co e-CD CO M(OOO r'-70(n CO O co
W <Oi6 V Mo(G(ri(O NCi Ir(O(ON-O rev CD crit 1-0'4' 4'7 0 vM(M' v .--• y
COua CO M CO N(ON CO N CO co( O
N
N.G
Z
CO(O y N CO N C)(O(O 0)O N CO CO O r 7 V.M(p V r N co N(1 O
O 0000(00000 K)000000_000 OOOOO O_ NO CD r N M
000 N EO O4-NM(00000 O N M a(O COO y
O O CO O O O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 40 0 '—CO CO
CO CD OD00000000�N(000d'�7sT���O pO Ny0 C 000
U CO O(0(p 0 0 0 0 0 0 0 0 NN CO CO CO CO CO CO CO C) O
L coO)O co0000000000000000000 CO ,.T3 CD OO) N 000
(O CO r M M C)CO M CO CO CO r r r r r r r r r r r r r >CO (�)r > CO_CO CO
D. V O O O O O M C)CO CO CO CO CO CO CO CO CO CO CO N N (O N
O O O CO V V V'4'7 V 4'(0 CO(0 CO CO CO(0 0(O(0 C0(0 CO V.
OO 0 M 000(0 CO COO000 CO CO 60(0(0(0(0(0(0(0 CO (C) (0(0 CO CO CO
11
15
N N
A 2
O N 0
N
P„
448iw u— dm CC 11 ma ac E
_ 4�la O a d m o
c - c c n, o 0. 46 a > Toa
K ~ <4 m .... nz E 000 a, o
C •- cam2 ..,4 0 m o d > > o. 'e a w
ry m U U U LL O
O (0 ' E c C Cl.88 0 0 T l0 [O t0 4 - d a CA 4)
o a m v p Y 8~ E E m a a a 0 E o c-o a
CO CO V(p C N (1) [0 OIT, Y
` N N y(� 4) p U '0 N .'. C (0 (0 Cl. A w , 0o 40
d L O C CO 0 0 0 0 O (0 (4 •
j 0.O.O '0 14 d 4) c E 4)
�aaaaa�c� 0 m 4T) 0 0 0 0 0 aim CL m =%«`? m 0 _
m m d d d d o c t-(7)
t s z c m `m Y a (a m m E v m m w a C
(, c m DD m m m m m m m v `-q m m ) 0 481 0 d E `� `-1 m m Ti i> c m;
o� ov CO m u)u)n(34a 4348 (D CD w Sa a c TTT 77 g
d c 10 40 a a a a a a 0 `y C c M•c'L'F 'F,'w- 4,a y. ? 41 m m m U OC h w w 03
E0owl- 00004) 4) !0 <9 <0 m 0c 0 o mmm Y r° o(p > n
�'�� � � �? ao ddmdm ° (nom a �m i, c
E v 9 m. 0 -g` § c % o p'c o m (D % (D % (D c m p t m
p m m m m m m y
Uma :i�2 M 2 M 2 Max(n�M of o 4<�3�Z5 z C 5I CL C) 4 c�cDc� 0 �� z
o
❑ ' E
m> E
mco a w o 0 0 0 0
O W U6 o N co co O
CO 0 O O
* m O Ux5 am °a O O o O O N
F- :z
N C) O.e. rn
N
as caCU 69
in 0.1 o .. o o o d . 0 0 0 0 c 0
C W0 CO N UO O CO CO CO N
N0
O % C co r O o CO M o
Q E2 O o, E t ) i i N N N
U U
F- a M O o O F- O 0 ,n co i-. co o
,a O N- ,- N. U) •i G V r UO N V
_ _ r N- CD N- O v N-
0 N V U) U) N co M O Ln M
W
69 69 69
N. O O O M CO O 7 s' M O O)
'O 0) O r N (A r O 0 co co CO CO
Ll) Up n M r
U) U) U) M ril ro Ln
12 ti
T c- O) V CO o CO
On LO LO O O O o No o O) O)
OLNN69N69 N N N a UV r C) s- r O 0
Cp9 U) UrN- 6 CO o
LN UUUo ) UNM
; a U)
`a C
aa
acs
N C t6 O
co
G C
G
z.,co O v m Ln o O O M
l0 a+ e E. N CO N o N W O r N
CO UT ++ d _
C
.fl L \ U3 U) coM o 03 69 69 3 C O Lri. CO O
C _
E v fo R a U)
O N a+
a c a
N N O d o co m co C co co Un N- V CO
N .a co co m o vOv oo
N-
(1)
co co r (6 r Lo Uv n O
el 69 UU)
Q Cn C r M 4 cn N
C CD U) co w r O r
N N CO
N- U) U)
O▪ C
C I-
N 7 d
• LL E
• a W `J,'
r V CO CO
cO•0 3 U) Ln COU) coMf) co0 E ZA W V N O '7 V 0 0
N
O O C. [p U 5 UU) C) N 03 0 N 69. .-
ca
o
•N Oa U) H;