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Series 2013 Bonds <br />Date Principal <br />12/01/20 0.00 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01120� <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20 <br />12/01/20_ <br />12f01/20 <br />12/01/20 <br />12/01/20 <br />Debt Service Coverage Analysis <br />Interest <br />Total <br />Debt Service <br />Based on the operating and annual debt service assumptions set forth in the Five -Year <br />Budget Projections contained in Appendix C to this Official Statement, the ability of the School <br />to generate funds sufficient to pay debt service on the Bonds (but excluding any other fees or <br />reserves payable under the Lease or the Pledge Agreement) is reflected in Table 1 below. Tables <br />2 and 3 reflected below analyze the coverage ratios generated using the enrollments stated <br />therein (with a reduction in operating expenses to reflect such enrollment levels): <br />34 <br />