1. Buffalo Hills Golf Course Lease%`rite nf' Tl�li�Y.�►11
Vl�.,' Vl 11Q11�11JC11
Charles A. Harball Office of City Attorney
City Attorney 312 First Avenue East
P.O. Box 1997
Kalispell, MT 59903-1997
MEMORANDUM
TO: Mayor Pamela B. Kennedy
and Kalispell City Council
FROM: Charles Harball, City Attorney
Myrt Webb, Interim City Manager
Tel 406.758.7708
Fax 406.758.7771
charball@kalispell.com
SUBJECT: Buffalo Hills Golf Course — Renegotiation of Lease
MEETING DATE: July 20, 2009 — Council Work Session
The City of Kalispell negotiated- and signed- a 20 year lease with the Kalispell Golf
Association [KGA1 for the Buffalo Hills Golf Course municipal property in 1997. Although
there still remains 8 years on the lease, the KGA is interested in renewing the lease for at
least another 20 years from this current year. The reason for this is that the KGA desires
to make some substantial capital improvements to the course which will require financing.
This financing will not be available to the KGA without considerably more than 8 years
remaininp, on the lease.
As some members of Council will recall, as in 1997, any lease of this property must
be approved by 2/3 of the Council and then sent to the electors for a vote at the next regular
or primary election. This is to meet the requirements of MCA 7-8-4201(b) for municipal
property held in trust for a specific purpose, as this property is. August 20, 2009 happens
to be the deadline for placing matters on the ballot this November.
The City staff has been discussing the current lease and possible changes to that
lease with the staff of KGA. The City staff is also in the process of reviewing the leases of
other municipal golf courses to try to make some reasonable and prudent comparisons of
specific terms and formulas utilized in the industry.
The purpose of the workshop is to allow the KGA to present their project and the
condition of their business to the Council. With this information, staff will be looking to
Council for its direction in further negotiations of the lease agreement with KGA.
Respectfully itted,
Charles Harball, City Attorney
Myrt Webb, Interim City Manager
THIS LEASE, made and entered into as of the 18t day of April,
1997, by and between the City of Kalispell, Montana, a Municipal
Corporation, hereinafter referred to as LESSOR, and the Kalispell
Golf Association, a Montana Corporation, hereinafter referred to as
LESSEE,
W I T N E S S E T H:
For and in consideration of the mutual covenants and promises
hereinafter set forth, the parties hereto agree as follows:
1. PROPERTY: LESSOR hereby leases to LESSEE and LESSEE
hereby leases and hires from LESSOR those certain premises and all
appurtenances thereto situated in Kalispell, Flathead County,
Montana, as follows:
All of that property owned by LESSOR and commonly known,
referred to and utilized as the Kalispell City Golf
Course. Attached as Exhibit "All is a map with the
subject premises outlined. Attached is Exhibit "g" which
identifies the boundary and fence line between the golf
course and the north portion of the old Lawrence Park.
The total area consists of approximately 240 acres.
j:\wp\golf.lee 1
THIS LEASE, made and entered into as of the ist day of April,
1997, by and between the City of Kalispell, Montana, a Municipal
Corporation, hereinafter referred to as LESSOR, and the Kalispell
Golf Association, a Montana Corporation, hereinafter referred to as
LESSEE,
W I T N E S S E T H:
For and in consideration of the mutual covenants and promises
hereinafter set forth, the parties hereto agree as follows:
1. PROPERTY: LESSOR hereby leases to LESSEE and LESSEE
hereby leases and hires from LESSOR those certain premises and all
appurtenances thereto situated in Kalispell, Flathead County,
Montana, as follows:
All of that property owned by LESSOR and commonly known,
referred to and utilized as the Kalispell City Golf
Course. Attached as Exhibit "A" is a map with the
subject premises outlined. Attached is Exhibit "B" which
identifies the boundary and -fence line between the golf
course and the north portion of the old Lawrence Park.
The total area consists of approximately 240 acres.
J:\wp\go1f.1se 1
2. TERM: TO HAVE AND TO HOLD the above rented premises
during the full term of twenty (20) years, which term shall begin
upon the date of approval of this lease as required by section 7-8-
4201 (2)(b) MCA, retroactive to April 1, 1997, and shall terminate
upon the expiration of said full twenty year term, unless
terminated sooner as hereinafter provided.
3. GROSS _______RECEIPTS: For purposes of this Lease "Gross
Receipts" shall be defined as all gross receipts obtained by LESSEE
from the operation of the driving range (golf ball rentals),
membership fees (season passes), the sale of green fee punch cards
and other green fees. All other receipts shall not be defined as
gross receipts under the provisions of this lease and shall be and
remain the sole income of LESSEE.
4. RENT: LESSEE shall pay to LESSOR, as rent, a sum to be
determined annually as herein provided, payable for the preceding
year, on or before the 30th day of June, commencing with June 30,
1998...and continuing on the 30th day of June throughout the term of
this Lease.
The annual rent for the full term of this lease shall be
based upon Gross Receipts, as defined in § 3, hereof, and be
calculated as set forth in Exhibit "C", attached hereto and for
purposes of this Agreement made a part hereof.
j:\wp\go1f.1se 2
Said rent payment shall be mailed or delivered to LESSOR at
the Kalispell City Hall. All prior rents due by LESSEE to LESSOR
under that certain Lease dated July 1, 1988 are hereby deemed and
agreed to be paid in full and let it be known and agreed that upon
approval of this agreement as provided in § 2, hereof, this lease
shall supersede any and all Leases between the Kalispell Golf
Association and the City of Kalispell.
5. USE --- oT-_LEASED—PREMISES: LESSEE shall use the leased
premises for the primary purpose of operating a municipal golf
course; however, LESSEE shall also encourage members of the general
public to utilize said premises for such other purposes as cross-
country skiing, sledding and jogging, subject however, to
reasonable rules and regulations regarding the conduct of such
activities as may be promulgated from time to time by LESSEE.
LESSEE agrees to observe all Federal, State and municipal laws and
regulations including those related to human and equal, rights and
in particular Bureau of Outdoor Recreation, or its successors,
regulations.
maintain the above described premises in as good a condition as the
same are in at this time, or as good as they may be put by LESSOR
during the term hereof in case of a casualty loss causing repair or
j:\WP\g01f.1Se 3
reconstruction by LESSOR; and to return said property to LESSOR at
the expiration of said lease in said condition, reasonable wear and
tear and damage by the elements alone excepted. In the event
LESSEE refuses or neglects to keep the above -mentioned premises in
such order and condition hereinabove mentioned, LESSOR shall have,
after first giving ninety (90) days written notice to repair, the
right to declare this lease null and void and of no further force
and effect. In this case the annual payments of rent shall
terminate and LESSEE shall not in any way be responsible for any
future rent payments. LESSEE agrees to maintain and keep in repair
all water lines and pumps on said golf course, and to attend to the
shutting off of the water supply and draining of all pipe lines in
the fall, and to turn the water in to said system in the spring.
7. ALTERATIONS —AND _: LESSEE shall not make any
alterations or improvements to the premises or the appurtenances
located thereon in excess of twenty-five Thousand Dollars
($25,000.00) at any one time without having first received approval
from the LESSOR of the intended alteration or improvement. LESSEE
shall report to LESSOR annually on alterations and improvements
costing less than $25,000.00.
8. UT.1LITIES: During the entire term of this lease LESSEE
shall pay when due for required utilities serving the leased
js\WPlJ01f.1se 4
premises, including but not limited to, electrical, gas, telephone,
water, sewer and garbage services. LESSEE shall also be entitled
to continue use of LESSOR's appropriated water right of the
Stillwater River adjacent to the golf course premises without
charge. LESSEE in using the water from the Stillwater River under
said water rights shall operate and maintain the system and pump
for such purposes.
9. P_ERS.ONAL—PROPERTYu._AND__FIXT MFS : All personal property
hereinbefore or hereinafter obtained in connection with the
operation and maintenance of the Kalispell City Golf Course shall
be the property of LESSEE; provided, however, that all fixtures
that have been or may be installed on the premises and attached
thereto have or will become part of the premises and are the
property of LESSOR.
10. C4ST 4.FOERATS-)N: All costs of operation including the
cost or providing supplies, equipment, tools, labor and other such
items and the entire cost of maintaining and operating the golf
course, the club house and other appurtenances shall be the sole
responsibility of LESSEE.
11. USE QF___CLUBH0.USE-�.__.LFS3-QR: Although LESSEE shall have
the exclusive use and supervision of all buildings on said premises
I
ncluding that structure known as the clubhouse, it is agreed that
j:\wp\go1f.1se 5
LESSOR shall be entitled to use of the clubhouse at any convenient
time to LESSEE upon adequate notice with LESSOR reimbursing LESSEE
for all actual expenses incurred by LESSEE for the reason of any
such use by LESSOR.
12. OO.LF__OOIRSE--- FEES: A schedule of membership fees (season
passes), green fees punch cards and other green fees shall be
presented by LESSEE to LESSOR prior to the first day of April of
each year of this Lease. The schedule for such fees for the 1997
golfing season is attached hereto as Exhibit ..D", and by this
reference made a part hereof.
LESSEE, at its discretion, may from year to year, during the
term of this Lease, increase or decrease its Schedule of Fees, then
in effect, up to ten percent (lot) without prior approval of such
an increase from LESSOR. LESSOR shall not unreasonably
withhold its approval of any proposed Fee Schedule for which its
approval may be required under this Lease.
13. LESSEE._'-S__F-INNAUCIAL__REPORTS : Annually, on or before the
30th day of June, in conjunction with the payment of the annual
rent, LESSEE shall present to LESSOR for review a copy of LESSEE's
annual financial report completed in accordance with generally
accepted accounting principles. The Association's financial records
will be subject to an audit conducted by, and at the option of,
j:\WP\901f.1Se 6
the City (internal staff or contract auditor). The cost of such
audit shall be paid by the City.
14. LESSEE' S LIA.BI7-LITy.._INSURANCE: LESSEE shall obtain and
keep in full force and effect during the term of this lease, full
general liability insurance in the amount of one Million, Five
Hundred Thousand Dollars ($1,500,000.00) with a company licensed to
do business in the State of Montana; and said policy of insurance
shall. name LESSOR as additional named insured. In the event the
Montana legislature increases the limitations on government
liability for damages in tort LESSEE agrees to increase its
liability coverage appropriately. LESSOR shall be furnished with
a certificate that such insurance is in force and the same shall
provide for reasonable notification to LESSOR prior to the same
being canceled. LESSEE agrees to hold LESSOR harmless from any and
all liability of any nature, whatsoever, arising from or out of
LESSEE's possession, use, maintenance, improvement or occupancy of
the property herein described; LESSEE further agrees to defend, at
LESSEE's expense, any action brought against LESSOR arising out of
LESSEE's possession, use, maintenance, improvement or occupancy of
said property.
15. EIRE__INSURANCE: During the full term of this lease,
LESSOR shall maintain its own fire insurance adequate to cover
J:\wplgo1f.1se 7
replacement costs on the improvements on said premises. Should the
premises during the term of this lease suffer damages which are
covered by said fire insurance policy, LESSOR agrees to utilize all
insurance reimbursements therefore, toward rebuilding or repairing
the damaged premises, or toward providing adequate replacement
facilities. The contents of buildings and fixtures located on the
premises shall be insured by LESSEE and shall be in such amounts as
to assure replacement. The parties mutually agree as to waiver of
subrogation rights each with the other.
16. DEFAULT ANDA�ANFfRLTP-= : In the event that:
(a) LESSEE shall default in the payment of any
installment of rent or other sum herein specified and
such default shall continue for thirty (30) days after
written notice thereof; or
(b) LESSEE shall default in the observance or
performance of any other of LESSEE's covenants,
agreements, or obligations hereunder and such default
shall not be corrected within ninety (90) days after
written notice thereof; or
(c) LESSEE shall be declared bankrupt or insolvent
according to law, or, if any assignment shall be made of
LESSEE's property for the benefit of creditors;
j:\wp\goif.Ise 8
LESSOR shall have the right thereafter, when such default
continues, to re-enter and take complete possession of the leased
premises, according to law, and to declare the term of this lease
ended, and to remove LESSEE's effects, without prejudice. 1n doing
so no additional rent payments may be collected from LESSEE;
however, if LESSEE shall default, after reasonable notice thereof,
in observance or performance of any conditions or covenants on
LESSEE's part to be observed or performed by virtue of any of the
provisions in any article of this lease, LESSOR, without being
under any obligation to do so and without thereby waiving such
default, may remedy such default for the account and at the expense
of LESSEE.
17. NaTICE: No notice from LESSOR to LESSEE relating to the
leased premises or the occupancy thereof, shall be deemed duly
served unless personally served upon or mailed to LESSEE,
registered or certified mail, return receipt requested, postage
prepaid, and addressed to LESSEE at its address as follows:
Manager, Kalispell City Golf Course
Post Office Box 1116
Kalispell, Montana 59903
Any notice from LESSEE to LESSOR relating to the leased premises or
the occupancy thereof, shall be deemed duly served, if personally
j:\wp\golf.lse 9
served upon or if mailed to LESSOR by registered or certified mail,
return receipt requested, postage prepaid, and addressed to LESSOR
at the address as follows:
Manager
City of Kalispell
Drawer 1997
Kalispell, Montana 59903-1997
18. EXISTING LEASE: It is mutually understood and agreed
between the parties hereto that no actions taken or not taken by
either party in the negotiation or execution of this agreement
shall constitute a waiver of any rights that either party may now
have or hereafter have relating to or arising out of the existing
Lease between the City of Kalispell and the Kalispell Golf
Association dated July 1, 1988; and, and each party specifically
reserves the right to present any claim or defense to any claim
relating to or arising out of said Lease.
19. TIME OF .ESSENCE .AND..B_INDING_..EFFECT: It is mutually
agreed by and between the parties hereto that the time of payment
shall be an essential part of this lease agreement, and that all of
the covenants and agreements herein contained shall extend to and
be binding upon the parties hereto, and their successors and
assigns.
] : \WP\901f .1$e 10
IN WITNESS WHEREOF, the parties have executed this lease as of
the date first above written.
ATTEST .
_ '4
'Clerk 4'7f�
ATTEST:
Association Secretary
j:\wp\qo1f.1se 11
CITY OF KALISPELL
Manager
KALISPELL GOLF ASSOCIATION
President
' F
L
i
k
s , I
a• ; - ! +�•• I ►i>tJ. '1t Oct
is
L 27 tf GALLON RESERW#R t
•. I9 •e +, ;( t WATER LEVEL
NpN TShI(y'► !
•�aI1120•b j ADD • Ne I to
t8trle4 bi •+t+Srrt C.ai .'
4 4h I
--- i
-, n#rrt AL o $tiCL 5 f
_• r7tLL 20 0 OPA 1
r
f•,•i ,.. = e. �.. � M fiALLON RESERVOIR # i
WATER LEVEL
TED
tW WAs E q�.•% • s
LtV[€ V9 . r
%
ti
+s
'ALVFR t+ff #Ml2AtOKr#Cfi
Lk ns p( I L>
Low Water Line Of
Point Of Beginning.
Of Fence Line Relocation
FENCE LINE RELOCATIr...t KALISPELL MUNICIPAL
GOLF COURSE LAWRENCB PARK
Commencing at the WE career of the hater Dept.
Naintananca Building is Lawrence Park, thence
N 44' 8, 56 feet to the NZ fence corner of the
stater Dept. Site in Lawrence Park, thence M 68'
W, on and along the existing fence line SO feet
to a point. thence D 20' a on and along the
existing fence line 243 test to the point of
beginning of the f4oce line relocation. thence
along the following course*. N 20' 8, 290 feet.
N 3' W, 190 foot, N 88' V. 47 feet. N 29' V.
10) foot to a point on the Lov Water Lin# of the
Stillwater ?Avar, said point on the Low stater
Line of the Stillwater lover being the end of
the fence Tins relocation.
N4Y . All bearings were obtained through the
use of a hand compass. All information Stereos
was obtained on November 18, 1987.
This Section Of Fence
to be Removed
N 68' W- N.E. Fence Corner Water
S � Dept. Site In Lawrence Park
Point On Fence Line ��`_ _ N.C. Corner Water Dept.
Maintenance building Its
Lawrence Park
EXHIBIT "C"
Formula for Calculating Annual Lease Payments
1. in determining lease payments the parties shall utilize a
rolling average of "Gross Receipts" over the previous three
years in calculating the lease payment for a particular year.
2. A minimum base lease payment $13,000 shall be payable so long
as the rolling average of "Gross Receipts" as defined under
3 of the Agreement do not exceed $750,000.00.
3. In the event the rolling average of "Gross Receipts" exceed
$750,000.00 but do not exceed $80,000.00, the Lease Payment
shall be two percent (2t) of said "Gross Receipts".
4. In the event the rolling average of "Gross Receipts" exceed
$850,000.00 the Lease Payment shall be two and one-half
percent (2 %-) of said "Gross Receipts".
Example:
Rolling Average Level 1 Level 2 Level 3
Gross Revenue Base Lease
$0-750,000 $13,000
$750,001-850,000 2%-
$850,000 + 2.5$
is\wp\average.wpd
Exhibit "D"
Buffalo Hill Golf Course
1997 Schedule of Fees
Membership (Season Pass) * 1997 1996
Adult $325 $300
Student (Full -Time College) $150 $150
Junior $100 $100
*$300 if paid by January 31, 1997
Green Fees
18 Hole Championship Course $ 28 $ 28
9 Hole Cameron Course $ 13 $ 13
To increase local daily fee activity and promote early tourism a value season rate of $22 on the
Championship Course and $10 on the Cameron 9 will be in effect during early spring and fall.
June 24, 2009
City of Kalispell
Mr. Myrt Webb, Interim City Manager
P.O. Box 1997
Kalispell, MT 59903
RE: City Lease Payment
Dear Mr. Webb,
On behalf of the Kalispell Golf Association, (KGA) we would like to thank the City of Kalispell
for allowing the KGA the opportunity to manage and operate Buffalo Hill Golf Course.
The Kalispell Golf Association invests all available resources back into Buffalo Hill Golf Course.
For fiscal year ended 12-31-2008, KGA invested $415,000 into course related equipment and golf
course improvements. These improvements enhance the playing conditions and enjoyment for
thousands of local residents and guests that visit the Flathead Valley. Buffalo Hill Golf Course is
a major economic draw to Kalispell and is vital to the local tourism industry, which benefits
hundreds of businesses and individuals in the Flathead Valley.
Attached is the audited financial statement and related lease check in the amount of $25,471. 1
have also included an audited financial statement and a summary report of capital expenditures
for your review.
As always, we appreciate your efforts in passing on this information to the City Council. I am
happy to provide additional information or answer questions regarding the golf course operation
upon your request. Please feel free to give me a call at your convenience.
Sincerely,
Stephen C. Dunfe
General Manager
Enclosures
1176 N. MAIN ST. ® P.O. Box 1116 . KALISPELL, MT 59903-1116 ® (406) 756-4545 ® Fax (406) 756-4550
M O o 0 O
O O
O O O o 0 0 0 0 0 0 0 0 0 0 m co co r (0 co M N N j 00
OOOOOOOOOOOd: d' �fi h t- COO V'"F O� O' O
7000000 W
Oi O
U
i- c`') LO O O
O O
0 0 0 0 0� O O d• O LC) 00 0 Cl) W W 03 co N C M N N I t�
C '..
!.
LO r- rl_ t-
(fl d;r lam: t-
M I OM
Ni N
O c)LO O V' M c) O M 00 0 W M N I- r t- N O (0 (0 CO I (O
OLO r- "I 'IL LO LO O(fl d: r000 N O � 00r 001, OI r
Cc
R '..
NMd dt It
COI M
rr M N N OD cM LO N O to CO LO d'Nr V O(fl(fl r nO
Ca
(OI M
OO CO�MM V' V'MMMM� (O OOOO Oj LO
N N
� C NC N N .i
M I--00O
c) O
O o 00000000000 o N O 000 cl) 0 N 00
C
r (oC O M
ICON V O
OI O
C:) O
OOOOOO00000`00 (000 OON COO V', Oi C)
O O O O O(fl tO OLO OHO CO t` 00(6 LO 00 LO Nt�
7 .
LO MI-i r-
MI' Cl)
OO LO (0 LO O N C)Il_ LO M 00(O Cl) LO � C) O �NCOrI COI (O
0
(.000(D(D ti
N', N
OtO N M r- NOO LO N r CO N O 000 r C r- OI r
E
N d
J5
r Lor OM-4NNM<t ON-(O O''i
Q
LO �
N! N
i C
O
E
0
0o
V CN
Q �
� s
y
V
W �
O
L
O
r
V �
7
O
i E
F- R
Z
7j
C C C C
Q) O N a)
E E E E
0a)ma>
0 0 0 0
`0.o.na
E E E E
2 2 2 2
J J J J
N N O N
7 7 7 7
N a) O a)
W W W W
002S00
:2222
LL U_ Li u=
o6 0 0 0
LL LL LL UL
O o 0 0
c c c c
O O O O
O O 0 O
F- F- F- F-
�% O
Z QQQQ
W W W W
N
N
L
X 00 co 00 (O
O O O O
O o O O
0 '',,,. '>3 N N N N
C
@
�NNcqN-
L r
O tl
a
TI N N N 0
C c c c
F-' oa)a�a)m
p O000
o Ooov CO(O I-- t-
In LO tO 00 0 M tO N M
M WMMLO O, OO
M 1-t1-Cb 00���
O o00'tNOr0
0 0 0 00 N r O O
LO OOMO V'N I-.m
M m m 0 N m OLO
aj O O
Eaa
m o Y Y
0.... w.
o U 7-QQ
0 a 0 0
m
O L N N
CO 0 > O N
Oa m 0 W co m
� C� j
U
U Q.} U� ��
O
o10 N�ww
N
o
aci U_rn
� �C
U
a)C� 0 �t V"06 LL
� a) -0 QN
O
C)-
ro
L
m
a° a`> o0o
0a oo a aSo ooEO
(nU m �o°c0'U
m a
m��0 c�
-0 n N µ N o m m
o
��
co
m 'S U M O m N Y a) •O :- C v`- N m 'O 'O
W C O
o
L
00)0)Ln0 0 0 aa�w co m j- o a) m oo
O O O O
Nm fmmmm O
v
c CLO 3 U OO E 3U) a`) w W m o
o m
Nm �mmmmmm
� CO
o
o U �dUcn�¢ rLnoo °�� `° E E
00 O C O
�
mo �romLO
O N LO N ' t-
CD
U U i U (0 �t M ,Z+
V5
0 0
(O
Cl) It LO CC)
o
2CD
�Od' a)~X V 0)jQ �tpMM��CO O O cU
0N0 �OJMNLou E E U
CAD (�0 zT��M(O(00
O__O NQOOO; O:W
O
ON Cp
mo o 00 it_cl
C
m m C C� Y C N C V C C C �. Q Q
C C 41 C C C C C C
}
m m} N Q Q Z Z
CD O W O O O
Z
Q
SSZ --
m ro
J J Q Z �' Y Y Z
z Z m Z Z Z
J J � J J J
0
LLLL� 0 ��
"0 �� U
}} J}}} w
UU JUUU J
U
UUzzz
O O U c W W W W Z Z W
W W J W W W
00of 2 WW z
z�2i
��
a-
Y>Y0
a-JLUL-JLLU-IUL
O
J JU�Z2
-j
J
LL
QQ
O
2-10
J.wWW w
WW0YWWW
I
cnnnn
OY
��� W E W
w�33:WW66006
nn
Q
a)�W:Qp
W W zPzz m
U
ZLLLLY�
=
L
WH�UQ QJ
-j LL
LL I.
(n
n UJ
ooO
N�W00---
EF
�
Q
Q- U--U20�m
LL WF-F-F-a a����-)P1
QQO>QQQQ
r LLaJ>dd n. UmU
CD
O
o
s _
CD CD 1�_
O��op N04� w�° C) C) 0 »�
ti
aa)i (o O its �ootn
O
000 (O It co
a) N LO LO O00
_o
- UON a(o LO V N �
E a1M�ntOM
O
mwr-CD000
00 p *k k*t N(O ONMM� QQQ
�C
O,d, OOLf)LO co N N
W
a
'� U m �((O((o E�c`rOMM 0)
Ea
Cn C 00
N O O
(C6 (C6 Cp tOMOOO(pNMNNNN O'p 'O W W
t1� X O Nr M MLLrr M r LO LOr r 0 Cn}>->-
cr NaoO'F 000 Cl)
Orrr N
W .�
x a
O
u
Orr
tll� O C
LL '�
O
N
W
CO tLt3
W p
C 00
a)
0)0
C co 0000MOoco
CO 0000 co co co 000000
_
N O C
L W 00000000
(6
O p O 00 C. 00000000000 co CO co O co O O O O O C)
C �,' 0.00000(O(O 000000
C O
O O O O o 0 0 0 0 0 0 0 0 0 CD C) N N N N N N
N N N C:) N O O o N 0 0 0 0 0 N O
L a)E N 0 0 0 0 0 0 0 0 0
U C O O O O O N N N N
•C OM
(4
U
Cd. �.MNNNNN�NNNNN 00NNMMMMM
M LO d- LC7 Un r
O ,6 �NNNNNr
U N OO r
Lj- N
7
\ N r .�-- r r O N N N N N
U.�-r N M M LO Ln Ln Ln CO M W MM W Mrrrrrr
O L \
a) rr -r - - -r
r
�+N
LL
N
00
o U
o
C) o m V
C)R
O
O a)t")
om J
r c
o
O U "O "0 N N N (D
0 0-_---_ -_- �___ �= c c C c c
a) 0 () a) a)
0
�p mot• o
Lo
p m
i0
rmmmmUmmmmmmOmmmOmC7C C C7C
p`mmmmmmmUm
11
Ln
F-
F-
W
J
LL
'Jn
V
J
J
0
LL
LL
M=
W
u
N N a)cD CD(D Co CV co O D) tl- c7 Mrr- V 00r NNr ON rW NM(DO V''V 't 't(D LO N 00 MI 00 to NN
(D(gd.MMM(M O tO(M t-00 Mrr C,O c? N LO r(D M LO N 00 � W r(D O0 0) d70) 0) h h(D O 00<tr OtO tO1 - 0000 Cl)
't0)a)'tcl)I:M LO 0)O)NOO(D(D OM LO I-- N LO 00 M(D r O O N. t-- N N c)4 N N r t� N O) m6 0) LO M(D
C j Mt-00 LO (D NM CO M M 00 (0 O LO t- 0)NhOM(O ONih 0)00 NO 1- (0 MNO 0) -,t mot r"t
R N N N N M(D ti t� 00 occ0 cc 0C r r(D N MOr N<t LO(O(D h00 ccN"mot LO o00)rC (D r(C t
76 rrrr �t LO t) tO LO LO LO LO W MM 000000r rNNNNNNM�t�����<t V'
!. LO O I-I-000(0't MON(D(D(D O d' O r- It m d' h O MMNtOMMC) O O M O M 000N t- 'tO! W (O t--O
oO O N N O O O LO(D OR d' r O� t, O N O WC? LO B h N(D LO � M Nr O 00 h 0 W �00 -4- 00 M"t O'i LO 000)LO
C t- LO d) N LO O_ LO O M to N It O N h O(0 O(0 N LO N M It M O O70 N CDtO 0 h� t- 0) LO CSvi(`M r6i O to l�N
7! t rtl- LO cor LO N It O d' CD 'It NN LO CO V MMN'It NItN00MO r- tl- O)(D r ' Lo <t co
O to 00 N M(D LOrrrrrrr r d'N Nr r-COOr NI �
E M N
Q I r
O
E
N
N
E
m
Z
M
U (6
O M
0 3
m °
c-0
c (o
p E
to
00 a)
� c
�
N
X
UM
it LL
'd *k O a
O — - O
Q) U
O 0)
pt0 C N 0 N
C O p L) i cu p
U U
0) >> N C A
C C U -p N E2 N
Q m U m Om U 7 ° U)
C30U' c �0 n.0 m� m� o �N c m c c c cz
O
mmco c6 Em0 mU NLO Q U CO p O > L
m�Omm m ammmmmU0Mmm0 O m M� UO cO c'cn� iM w0000
U
m co mm mLL mM COM m m MtO 0 m.°cm i i 0000 0)
' OEM co if) ' M(p OOmJ ' m ' (0 rt OO W 0000(DN 00J m ' LO W N MMMMMMU
Q1 Cl) M M N Q7 (O N P- ' Q (D ' N (0 (D 00 O ti 'Co)
O M O (D Q E ' <t h tO O O (O tO �O (D C'
tO N N 00(D r(D � N O LO YtOV t-rt't-- � t-- 0)rn G70)1-1/ N 000(ON CO(O(D(_D OJ N_ N_ N NO
00MMmd10 d700���~<tMNOm mm mm 000 W w r0(OD Cl O r- 000 a 000
N N r N r r N r (O r r (D r N N N N N N N N CDO r M r O N O M O N 0 6) m O N
> > j :5 > > > > > > > > > > > > > > > > > > > > > > m > > N > > > > > > > > > > > > > >
c c Q Q c c c c c c c c c c c c c c c c c c c c c c m c c c c c c c c c c c c c c c c
------------------------ ----------------
CD CD 0 (D z C/)
Z z z z -
J TTJ J J (na.Q 0000000 (/) Q (n
U O- QU U U W Y J J J J J J J w Y w
> c c1� > >-U �OW0000000� �� LL �J J
U° E(n(nUJ U Uz J �O(n(n(n(nUJ(nfn J J-i 0 =0 0 -t
3 3 cco (co�> Z ULLOF}-I}-!!}f}-I}-F}--�}> >U U °U UUUUUU
06 � 'o � c6 W 06 xS 0 W J Z Z Z z z z z z W W W Z U O O Z Z Z Z W
J (o M N f6 J� _t Jt- (LO��������, U -,d I -CO (-
w o, ° c cW� W WU WYOOUOOOOOUP- 2 �W Q)ocp (1) mZZZZW
1- U U �' � I -' J 1- {-� w' U U m m m m O m m J C L J� i U m 0 i J Q Q Q Q
�QQaaUQ U Um Q-XQQQQQQQQaW QQZ�m��z��aaaaQ
U c c c c O Z U U Q F U- W W W W W W W W Z p c F Z U W (6 ° 2 2 2 2 U
emu- M M C �LLp w LLLL a)ZN01-f-�-F t-t-�-0 a� c �mz.a�0 EV �5-. e000OZ
NU c c> >U�(nU(nU� w 3�W�000QQQQ� E c N�� m� cQ c U cQUUUU�
LLM QQ0-UU0-Um ULL JJ W d LL LL LL LL LL LL LL U2 U LL Ua(D d U m a C D M m N N N NJ
E!
O
Z
'..
LO
O
M
LO
O
r
O (D
o0 tO (O (O N
N0) mNt-
OO(D r(D t--N O to
00)O d)00���~
N N r N r r N r t O
r
J CD "t M M M N (O N
Q N(D(D WO tl- LO MO
Y "It V' r tl- Ih O)O D)d)h
�NOM0)0)0)C)0)��
r (D r N N N N N N N N
t- to
J 00
QO
Y^N
HNC
r
M
to (.0
N lnO
(O CV NN
OCOOCD
r O N rR
r- t- (O (O
co 0) 0) co co
NLO nUl)mM
(D OONNNN(D
(D000000
r N 0) 0) 0) 0) N
0).. co W co 00 00 00 co co co M co M co M w M M w m 0000 co 00 co 00 00 00 00 00 W 0000
0 0 0 0 0 0 0 0 0 0 0 0 00 00 N CO O 00 CO 00 CO N N M CO 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O O O O O O O O O O O O O O O O
N N N N N N N N N N N N O O (D CD N O O c,O O O O O N N N N N N N N N N N N N N N N N N N
0J0 N N N N � N N N N N N N N rn 0�0 �(n to to C7 �f�NNNNNN
rNNNrrrrNM LO(\(\ r\ 00� 00 m�� 0) r rNN N M r NNNNN N N N N N NM
N N N M M M M(`M 4 Zt' Z: 44 7 V V V Vim' V.44 f LoL)tn to (n t!') LO LO LO LO LO LO LO
-0-0 _0 _0 _0
F-, Q10 Q1 N0000=c--oo �----ooc0000 � �o �o �0000 �o—oo—oo
U m U U m m m m m m m m m m U m m m m m m m m m m m U U m U m U m m m m U m m m m m m m
O
V
0)
O
a`
O
U
C
(6
c
w
0)
N
7
O
L
O
U
co
O
O_
L2
(6
O
H
w
w
m
J
J
J
W
CL J
(n Q
co
d (D LO
00 LO
a) 0 N
CD
O
N
N
O M co
= O O CD
N
2
m
J
CU
U-
'J
V
J
J
O
J
LL
LL
co
O co
(� O
O
v N
^^ M
.1.i d
� O
i 0
L
V �
t4
L
7j;
Cl) r-r O a r 00 N N md- d• O to N d' tto m 00 r r(O r r OLr)Lf) M O N O CO r 0 O r to(000 rd• d' dt m 00 r(O
mOto(pd,"It (q(q mG�M o)md-OJ M r OO NNm(O MMMOf,I,(pNOt-(oM0(oMm(p(OrrMtorr0000c-
0''.... (. CO 0000 dt<t r(O t,- I: m CO C) 00 to to CT) CO m-t * d• 00 M Co r(o O<t M M C) r "tM U') to CD W (D 't MN(O CD LC)
c Nto Co CO C)Lo(O m d• NN d' N M M to to M N 0 to M 0 M'ct d• m N M Co m to(D d• M N N(O(O N N Mm
to .. rr(O(O tl- cc Cli tO Qc P-mmmmOr r M cc MmOr r M LO tO to LO (O(O(O(O(O n N c cl m_
G o mr rM
m �- d' d' d' 't d' d- 't d' -,t It It to tO Lo to to LO Lo C0 t-- I- r r r r r r 1- r r t- t- r 00 M 00 00 00 00 00 m m m m
C11
IT Co N N O M O N O t- U) O CO Lo r- N O r d' m M 0 LO r d- r to O M r cO r d• N m 0 t- O O to O r I- c) c)tO m M to
+..
comrrl-O7OMOd tOO',I: 'It d:CRN: ofO(OMOO(OMOmtnt,�NOONrd'00(O(OOd'ONihd Omt,rr
C co mco c) tOrmNd'COOhCOOMLOLOd'OOd'm7"t(0m Od'NCOt-MrmC)comwrMN 00CDU') (o
='. oOMmMrto Otn OOr NCOr rt� tO tOr ' Md'Mrd'CO (Or ' (Orr NMtO 00JmM ' COOtO CO
p �t r to .- r r f� r r r t(7 d' .- r N
E (V
Q
i O
N �
O Y
c (6
' N
L N
a) •U
�a
N
O O
0
� U
Lo
I � �
Q 3
N
p' UN
(D O
a) 0 p
O N
2E �o
Q2 t)
c
N O) y O 0) N a) a) a) a) a) a) a) a) a) a) a) m N
N M N O O U (C) O c c C C C c c c c c c c c c rp c
0 0 CO N c 00 � CO (O Wi t: W 0) to CC) O 00 co CO O M O CT to to M o p)
00 N N a) �pQ m �_ CO(O(O to OOr0 O It 0) t- r•N
d' ht�hh r-r N co MN M co co 00 co CD CD
00 0]� U ' ON Co CO MOO NNNNNNO(O NN(DO r(O(O (o NNNMM co �M
NN OmmODN r' 00 CO CO NNNNNNO00 NN 00 ONM oONNNNN(O O0 NN
mm� (`nv �L�MttntnMtnn p00 U')(°ntntntntntn(n�Y�(�tnYoot�n'�Yt,�tntntntn(n�Y �(n
�Yr000�N r00 to C:) o__o 00 C) 0 O 0 OU d' o C) M O_O_U NO UOOOOO,tUO �t0
....,'.. (n Cl) d'� NNNd'0 k0m N0 C, OOmCMMMMO7) 7 pt MM MOO O M(`�')MMMO O (p M
k*koo_c k 'k4'ko sL k k�'k k oo N k�tXk t*kik k�'ki N k k*k � k k k N*k a)****** N* C,
>>(3)m>>>>><>>>>>mma>>>>>>>>> >>> >>>a>C)>>>>> > o>>
c c Q c c c Z Q Q c c c c O c c c c c c c c c O c c c O c c c O c O c c c c c U 0 s m Q
Q i U i i i i i i U i i U U0� elf of
w-t w Z W W JJ J J JJ WZ_ JJ Z_ wwZ Z_J JJJJ Z_Z_ J
mQ m 0]0]000QQQ[� QQ mm QQQQQ Q
U_U_(n �,•m m(n (n C_i U_U_U__U
Q a a w � 0 w Q E w J== w W R E E E E W W d
Len = -j _j (nJ-iPPP PP-i Hf 0a. J Q LnPPPPP n(n W t-
(n(n(n JUDJ �JJUUUUUUJ� UU of a- CQ �UUUUU Q'0' U
J W JJ QJJW W W WwW-10- W WQD_I JQ QW W Wwwmm -t W
a) C C C W- I Q W Q' W W JJJJJ) W Q J J Q w W W 0' Q JJJJJ Q Q Q J
E co c6 m QW>Q wQQWWWWWWQW WWWUr Qn-W WWWWWWWW W
�,,00 c (n0W(n F-OW000OOOWI- 00f---owl- H00000-h w O
Z U U m J W D J Z J J W W W W w w J Z W W Z- J J Z Z W W w w w Z Z D W
¢i--0fQ w<<F-F-i--r��¢w F-rw000w wt-i-���ww r
a`)) a) a W YQE-Y ZYYQQQQQQYZ QQZJYYZ ZQQQQQZZ t- Q
dd Q-o-o-o > 0-CLU)�-t(n O(n(noo22OOwO 000DWWO 09000000 J CIO
OaU)aU)aU) �00~OZ= D==000000=D OODY22> >00000Dco cf) = ZOO
(n (n n q) c c c a) W 0 0 O 0 U (n (n (n (n U W U (n o N U U m-
00 0 0 0'0•0.0 oz o o>�OQ>� o oW�>r>000000�W 000uj >->> w ow00000ww oQ Of oo
�cLJJ=QQQJY=S>UU>J JLL�>UU U U U U� LL J U U LL(n» LL J W 00000Q L.L-10 0
O c:)
O N M M M N N N N N N O N N r' (O N N N M M M
O 00 N t o M 00 CO N N N N N N C) N N C) 04 N N N N N N
E ao 0 00 to Co to to to to to to to to to C) to (n (n � (n Lo to to Lo to
rl-Z t0 O O N O O C:)
O 0 0 0 0 0 0 0 0 0 66 0 0 66666 O_
CY) CT� O rtnmr rr to to to to Lo0 Lo U") rr to to to mtf) Lo
Cn Cn N N N r O Cl) N O O O M co co (o ('M M O co M 66 Cl) Cl) M co Cl) co
"(D" O C)O C)O CD c, c) C)O CO O O C:, 00 OD co 00 co co 00 c0 CC)N CO MN co M00Cn 0000 co co co 00 co 00 0000 co 00 co O 00000
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O O O O O O O O O O O O O O O O O o
N N N N N N N N N N N N N N 0 0 0 0 0 CD c,O CD CD o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N N N N N N
M M m Lo (j)- N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
rNNNNNM(\M(\�rd'a'd• V`' V d'� V to tf)t(7 (n tn(O(ON (D(ON t�t� 00N W EO- �200N 22r �N7�r
r N N N N
CD : : . : : : .-.-.... ... ....J «..� «.
a �w
''., CO m U U U m m Co U m U U m m m m U U U m m m m m m m m Co U U m m U U m m U U U m m m m m U U U U U m
m
J
U-
'Jn
V
J
J_
0
LL
LL
m
V O t� r O O LC) N LO LO V' m m O CO N CO V V mm m W cot-, O (D mO O oo M LO O O CO oO LO LO � O t0 LO I--N
a) MOOM ? d. CO 01 qC0 gOM0(O rMNNIh �t'tO(D«) Cl? "It t�(O(D(q Or 0) Nd' LO 000(`M NOR N OO
U': MOMNNI-O M O (DO (D OO N L0(D LO 00 coOO OM t--N N It O O O O N MM(D M ,I-rt O LONM
C ON It �t LO(C) r- OLO M(DM LO CD r t-- 0 0')00 LO NO CD � LOOO .0LO LO t- M co O MNMMtoMMOrO
t0 MMM(O(D(D M M- O 0) al OOO � N MM M MIS � M(DMrN N NN Nr N N N N N(M rt I' LO LO(C (O r•tiOrr
�p O O O O O O O O O O O O O 0) O O r r O O r r N N N
CO r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r
r r r r r r r r r r r r r r r
N N m M O 00 N O m M r` O O m It r• M V' hd'Om 00mom NNm r` 00 O m w LOO MO r• 0 O(OM ON LO
M O O LO N O M CM M Cl? N (D O O O CM M (D t O LO h O CO LO O r• r M <t 0 0 0 N r r N N r LO O O Cl M M M M r
c-(- no *MMNMC (MM(D-t'tMMLOO,t LO;:NO MMM LOCO- MCDOOOO-tMto tLOOMOOMCDOO
7 ' N N rOr(D V N(D Nt�I- Or N r LOOT` t M 000 N ON�(D OrrN
0 N N' r co W r r M r r r M r
E
O
N
I O
i N
N
C
O
U
N
a
C
O
Q
N
0 ry
(u
a)
_ N
0
o -0
O E
a Y N m
O (D `O Y C
N N N O N Q) N N tU O) N O g N a) N N p U
C C C C C C C C C C C m
m C0 C')m 'mod'^ N ' MLh NN m j mO V' Vim' 3 O
N LO LO(0(D MMLO co Z OO , N co t-MMO 00 00 N O O
'.. O O O O O O (c-:)' M cq - N c',' ND 00 M M co co C (D @ '- r-
co N
C) co
co m co
co 40
LN LN LL �LN OOOU LL)N MO LO LN()�LLI LO C) U00(D L LNONMO UU LLj LOO r, 1 O�MO
00
000O0nLO 0-000rn oom(OD0000lo 00 00 _O (�D O 00000 co �LOO�00�00
OLOOLOLOOO LOLnOto jrMIt V'LOLOV)LOOrM� CO
(Co:rrMM kO
co MMMMLO LO C ECM(M MO O OOrMMMMLO 0Nr ON*MMMM rMMN f NNN Nt- 0
kXk�k'kkk*k Okkkt�k�'k'kkkk*t�tX'k �k�k*kkk�tkkxkkkk XXtk�tk N
c c c c c c c c c U c Q c c c c c c c c c c U c 0 c c Q c c V c c c c c c c c c c N c c c c 00
J J J J-j 00
QQQQQZZ
JJJ
QQQ
j
W Z
-
i i i CU i i i i
w
JJ J J() W z W JJJ W JJ W
QQQQZCO -m QQQ m QQUm
of d U
W W ZZ
mm --
00022--
UC..)U
m
2 (n
UUUU -g 2 T (�UUU}2 2922
22 ClCn
� L� (if J J ry
F- t F- F- i- Q Q
af��
F- F- F-
:D �
J O
rY W� of J 2 w R J z D
F- F- F- F- Q J a a u) J w F- F- F- a. J �F- F- W J
D D W W
CO
U J J - -
Ln
z
i W W W W W W W
CL)J J J J J
W W W W W
W W w
J J J
W W W
J
W
d
W W W W w J m J J - W W W D J � W W Q J w
W Q OJJJ(n W OJJ(n W
J J J J W C O W' 1.. W W W U W W
W W W W d (a U W w d Q
_t (n n.
J d
Z W W ��CK
d d W W
U, �, J
O J
Z '.,., O0M0O LW `W
���
www
J P
oo0o W J,..�~w -DD0z J«$0OYJ-J F-
c ZJ
�JJF-aZZ
Ow
W < C�MPF-P0Q cPPUQJZ
QQQzJww
00000JJ
o00
n0 _jC)LLzU)-1 L) �(�a oo�mZ�
-I W
�(/�(n�z00
OOOOOzzzzzZZ
-t J JQF- (6 w F-Q OJ J Jm �- (6 JJ F--i
mF-F-i'-(n (n
�000 �mT
��
:E
�OOOOZ= @ _�oO wwwoo EOOPow�(nF
C9C9�W��
OOOOOWw o
UUUUUUC�JJUUUJm>JF-JUUUUC�>QULL>UcGUUU(n>UUUQ>Cn
o000 0
�E>
o: 000w>� n oW>�Q a000�>� o00z>�2�=I>E>E�=ww
UU>>2U)LLLL
!.. M M M M M
N N N N N
M M
N N M
N
O
O
M M M M N: 00 (' M C M C 7 (' j O
N N N N U O N N co (OU N N M
O OM t(7ON O OLC') 0f` O
N (D p
r r r
OMO
LO LOOLOO
OON
t(7
MLO L()LO
Or`� O� Oi17 M �O
c0 (O d'
Z j 0 0 0 0 0
0 0 0
O
r
O O O O O O O N 0 0 0 0 00 0 0 O (V �O LOOco
r0) «�L[)L() rMLi�tn r(OM
O O(o ON0 0
to to tl')Ln iO
MMMMM
«')L1')Ln
MMM
U)Lo Lo Lf7OrMM MI�rrMMY
MMM co LODNr �N MMM �rMM �I-N C'4
(\I (�U
r,., 0000 00 00 CO 00 00 00 00 00 00 00 00M M M M 00M M 00 CO 00 Co 00 Co 00 00 Co 00 00 00 Co 00 00 Co 00 00 OD 00 co 00 00 00 00 00 00 00 00 00
O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O
R O O O O O O O O O O O O O O O O O O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
N N N N N N N M C%) M (n M d d d d d LO 00 M 0 0 0 O O O 0) 0) 0 0 0 0 0 N L O U) L O O CO <` r r` r
-0 0-0 'o "O -O 'O '0 '0 O '0
mmmmmCJUU(�mmC�UUmUUUmmmmmmUmUmmUmm0UmmmmUmmmmmmmmmUU
W
J
LL
'Jn
V
J
J_
0
LL
LL
D
m
tO— M O O LO 00 LO W(O(O N h 0 M M tI-- O M N N M O O t r O r tOrr MM 0 r r-r--M,I- M V'r- OMr
Uj NOMO(DOt'tMr r 0NrN0 LO "t MM0MMNMN(D 0 r LO tO d•�I•r rC0 MOOht�O0MMN00N
U' ON Md)P,� 66C 646664 o0 N (O 6 C'7 W 0000 4r,�666 M(O Opt (DN 6(V (D tO tO
C'. 000)M00)N(D d• LO 00(O(O 07 O M M0 Cl) LO � 6) 0) 't N(D MNit OO t-MM"ttl- �tO O(D N t- t- a) O a) tl- rt U)
@!. rNhO0 Q1O)OONOtOCah(D MoJ d)M MO0�000NNMMrNOJO00NMM6?D?6?OC OC OC W "Zt((Iu7t,�II
m NNNNN.M MMM00000) a) a) 00 a) 0 a) O O) O) 00000
m NN N N N N N N N N N NNNM MMM ce)
COco r M(lO
O(D O OO O"t OONN V a) r I- LO G) a' a100 a)M� CO CO MO O7 O7(D O ra) a) a) o O �CO m O CO W 000LO
C (D t`MM I'_MM(D(D V Co t��d'N M V'M"t�N(D O N O M MaI N O O t- t- � u.) 'tO)O tO tO MOO LO
O ':- t-r M r- Nco co N 00 coMNr�t (DMN00 tO d•r MtO Nw �t I-tO Mtn (!) CD V � NOm N(D
0 �r N(O LO r r i�r r r co (Dr NtO LOr r
Q - O
O
E
d
U
U U N O
U O Y
a m a) 00
4) O N r M 0) 0) N N
O) C M O d' C O U 4) O C C -0 LO
00 s f� O O O , 4 M (O rt (O N O N a) co co O d)
O .= d' O (O E O (D O (D N M c' N (O o (M (M U 0
'O N t0 r O 00 ' 00 tO LO (\V
00 M Nt N r M (L) N M N _N 000 -t 't N O
O M�tN d; U U (D M'o CO U U�d' NNtO r- O UU UOOON d• N(NN N t`N
M LO
(O N 4 a) O M IT M� d' N N N (D N O o0 N U) S O N m 0 0) O 00 co I- �t
Y(0 O c00(O It CD (OMM r-- 070(D V Or OMDNONNN co CY)(D NOO �00000oMr �N
Uo C' m r _
B OO tOr W D7 V'04 00 0)000)(D MtOM co 00 (O t t�MM 04 (D d' O tO tO tO-t t- (D a)
N MMD (ON Q O MOON CONNMO Mt- N d) =OMMM E* N
70 > > > > > > > > > > > > > > > > > > > > N > > > > > > > > > > > 2 > > > '2 > o > >
0 c c c c c c c c p O c 0 c U c c c Q c c c c U c —.Soo c c c c c Q Q c c Q c Q c U c c c 0 c Q c
Z J W
U
Z
U
W J Z J
J J J
(n U}�
>�
2i U U p
U U U
[-_j
a-Ot0)
O_ U 0)
o)
W U 0)�
HU)
W W
w
U d J '.C-- '..O_
CL '..�-J
J U S re .•9"- U w W
S U U U
S
� J(n W O O
w
(n O_ O
O�
W J UQ� OJ O_Z
CL W 2>wUW =
Q Q JJJ
> > www m
Q
>
a0U
wU
c
U�
O O
000
Z W z w O Q c c m
0 3 W
c J
Q w J D w w Z
D D 0
D
W Q-1 (a•N p
0�00�0 0 n
J �' •u
�O00o
•��.._.
O n
Y Q �f'Z•(OQQ W W YY1-
(�
U)
J J 000
OJ
(n}J CO F, (6 c0 O
-t CO U) U) (0
Z
(6— 0)
ZJpaO�>�
f- J Q(n c6J W V>-.�C�
Q Q JJJ 0
�Q
OQOYS n-
czy 3�� w N�2�0
�=
O �ZD:o0n_Z><>U)U)
U)
Nz Nz N000 �0 N NOZ
�ZU C> 7 7 (n
W �0
�U�U 7 O 0)
O p p
E Cr
W O -(D
O p>�SUSS2Q
Z(n CnW O_� 7Z JH> O O
N N
�� N� aNZZZ U N N
3p pQ pQ o000 p 0 0
0)0
OQ
F- O 0=2
OpO W O
OS
W OOQU)0
I.L�U(A>UUJU
U)U)Z U-U J JU(nSJ>0000
UtiU UY D�D_'O_'JJUJUJUUUJDJJSU
E'; N UU
U
U
N M N
N N UN
O
co NN
O'� cl)L9 (DN-t 0)
M
N^'
(ND NL?m00 NL?tO V•
NtO tO
�
Z'1 (DO OtO.70 LO
O r M M (D a)
a)
M
r- It
rt O
ONON Nt- 00N It
r N (D O O
000
LO
N
co N
N M D r r t O N—
c0
MO
r Cl)
(M LO M MI- 00 LO It 00 r--
D N co N N M r M t l- lzP N
tO tO tO
M Cl) M
O)
N
�U-''. 00 00 m 0000 000 00 00 00 00 00 00 00 00 co
OOOOO00 00 00 00 OOO OJ M 00M co 00 00 co co co co M 0000 OJ M 000000000000000000000000
O O O O O O O O O O O O O O O O O O O O O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
N N N N N N N N O O O O O O O O o cc 0 0 0 0 O O N N N N N N N N N N N N N N N N N N N N N N N N N
r- r- M M M� M M N N N N N N N N N N N N N N N N N p �r � � N M 4 M M Lo to(O �I`t--t-t-t-W c0 W a)a)O
',. N N N N N N N N 77 r � �-- 22 Q 7� Q Qt Q (O (O tZ` W� r r r r r r r r r r r r r r r r r r r r r r r r N
N N N N N N N N CO (M M M M M M CO CO CO M M CO O') Cr) (M M M M CO M M M M M C) M M M M M Co M M P') M M M CO M Co M
To 'O "O "O — 'o 'O — — 'o -O — = — 'O — — "O "O — = = = — 70 'O 70 a 70-0-0-0-0 — — _0 'o 'a 'o *0 —
'I UmmUO�O]O�C00]000UO]UUm D]UUm�]¢lUmmUUmmo00]0]000UUUCiUUtbtbUUUUUm
m
_1
U
LL
'Jn
V
J
J_
Z
O
LLLL
LL
m
W Ou)O W CDO W r LO Ln V'ON V NNO)rnp t-LO c')ON r LO O O(O O=(D(D(O(O d- O (D O O(M(O OO
y d 1, 0 LO O LOCO LO LO r(0 r NOr(D(O LO LO M MCO000000 � M d' CM r O N O O r (3) V M M M LO O 0) cl) CO M 00(000
Ui Md' O M Cp r r,� I` 00(0 O M('M t` M 4(6 OLO M O Nit N O(O t� MLO 4(b t` Cb MNI LO N_MM I�CO ON _M CO Cb
C 't L0 V 70)O)M(T Oct �t LO r hOOt'- 000)t�CO 000 LO(0(O oO M'tLO M dt NLOM OONarr
N 00)000OOOr -001i t-(C t CM N CTr N N C`jN N M M<t(C (O(C MC'7 to LO(Or . (O(fl�t O CO'7 d' O LO
f6 c�7 CM�-td"d'd'�td'�d'�t-t'tC)Mc)c)iht--(0 OOO)OO) d76) O O 0) O) 0000000C� G O O N co N M m mm
m MMMMCM M C) M CM CO CM M M M M co M co M CM M M M co M M M M CM CO CO M M't <t V' V' V i''t"t �t d" t �td'"t't" t't
O tl- M O LO O w 001't w O 000 It W N OM O O N M M N I- Nr O"t M O O(0 dt M M CD O W U) OOMI�I-- O
! OMN�LOd CO OO O(O� V' ON O� O OO Or O O �t 00)� OR 7 OR Or r-: O r r LO 00000b"? OM O O LO r LOO
C NrLOM d'OOOOI`MMONMMN rYL()O LONNI�NLO re-OO 00 00 't r- 00 LO rt N t` CO Or LO O t` co -It 00
7! 0) co LO u?LO r CO r (D N�00 OhON�-��tr ram.- I-r CO MNhON ' M (00)9I--O
O r M LO Chr r rr (D r rLO LO rr t�(O r LO CO LO
E Crj co CV r
a
O
E
(B
n
d
E
C6
z
E
3
z
CL
_
ro
oU
O
C
'O
CO
=
C)
U
O
y
C
ro
C
m
-in-
U)
to
ro
d
L7
O
C
O
(U
E
O
o
Lo
(n
U
-
0
>
06
>O
U
C
O>
>
d N
''(� U)
(D
O y
i5 :3
V N
w
E L
>
co C
O O
C O
0 ro
(n M
O V-
__ U O
y
U M
N
C C
C 0) N
co C C 0 ti
N O .6 �
C C
O L
U
0 0 d1
M O C M _ N N CL 0) W N
O
N �
O U
0 E
C 4 .O ,C
- >D Q.
� LO N N
rt �t r- ti
r U) f� O LO O co w
O 0 M 'O (0 � N LO LO J LO N
O
CO (O C O
t-: C
O M O yC-
ON<`,pL(f LfjMCO 00
V O O
pY
00 6�i O
NLO <t O �Cb NOO O L(f LN tO CO LOOLOO�LN QNj i
L_O EcNoOY'� M N(0(0(O 00 ACV
LN �6,N
oN
E
tOM Y MOMM
-t co LO LOO CDM M CON
NN 10 m c, (D
p) CO NC)
Cop M tONLO LO C)ONO c) O NO t`
10 10 Or V' Nd' UCOO�r �-r OM CO LLM
C�OOO
OOO N
<t
W �
Y NNMco ID
(U� N c 4t
(0 C700 OL�MO00 MO O OOMM pppOU kt�M EO EC�')M
� E O*Z*****iti � � C*k 7
cMt UMUM
�$ �
00
$* co
i Lit
> > 76 ro >
i�$ �Tt0 L
2 � 2 +R ro > > N 2 > 'O > LL � > > > > > > > O E j > > � > �
> > > O
U(O
2i > � C) N
CQ C C C C U O E02 SUUU
N� E C M U C O SwU C C C C C C C�,Q C CC( C
C C CCU
:C)0 U
Qazz z
:UU � U U wof�
Qzz wz z QQ mmm Q
¢Qa
�
¢w¢ }
UU(1 Cn u)
m
U(nu) �z(n u) UU 2i�� U
UU0
UZU
ww w
W W W F F V) V) (n
�ww z m ro0w W �� z» (n�
(n U) J n W C L L/) T �� J J J w F- H
Er-
F- F
EOE
I aS
W
DDDOOL� 0
C)Q' J ED E W J
W W JJJ = Q W
w
d C7
JJJ W W 0- a- d
UQQQ J J�� o
wdd J OJ O� d
J0'� W UQU�c' w JJ W W W Q d J
W W F-
JJZ
W W
J<J z
Z»> W w w w w
W W W d o> c Q W W W W d CL W > W
W W D
W Q W
p0E-F- H
pF-H U) O W 0U� o� (n(n(n W Op
D D
000
000 Z
(nLU� W W W Z Z Z
(�K��F W W
UJZZ J- C W Z Z W W . J J J W
W W �-U W W F-I- QQY
W W U
W W W Q
F-W
QF F-i-QQZz
�- q QQ YY Q
Qzz
QQ
Q W Q
z p
1JJJoo00 0 a
ps vim~ u�iwZ ZZ oQ
�00 ocn CJ rod0 wp oo www -' OJT
Q
>
���
��� 0
QQQJ J Cn() u1 N
}zzz00DD �0
w - - -cntnC�C�
-t Cn u) OF._.-< w wu) JJ FF-F- O W J
ODD 0x m MW5 (,)00 N=== �?0a0 0 0 WOOz
JJU
JQ'J H
OWO m
��C�C�
O
(D (D
� roC7 cCf O E(n, a,-JC, a)zZ �C�C�C� c� ToZ Q) a) a)zzFZ
O N N O O O 0
O O
z(~i)z CCD
a
Q Q Q Q O O W W O W O
>UUUUU W LLJLL=JULLLLJS>JUJ2LLJ>LL-100-1
O W W O >�> a a W O >Q> W O O >: >� >: Q Q O
>0 YUJJJUUE3
0 0
O 0 Q
U2LU S
r
0O
p 00 U (p Ln Ln -zr O O) Uj
W �00 UNO COO CD LO V'L(j
Coco
C) CO CD O in
NONco COM
r-C)
� LO 00 LO LO
L(j�
N (O LO 'O N p CO (O CO N
O OO
LN t(j
00
p p O
Y LO tO00
O Cl) 00 OOO NO
r r r r
CrJ LO
CD O
LO LO CD
C)p0
LO O LO E N
O a)) a) LO
Y NNMM
LO c�0 CEO LO LO LMO
co Dr tnrU MM 600 il- C')
Cl) Cl)It Cn
M UM L(0
CD 00 CO CO 0000 CO CO CO 0000 CO CO CO 00 CO CO CO CO CO 00 00 co co 00 00 00 co co co 0000 00 co co 00
O O O O O O O O O O O O O O O O O O O O 00 00 00 CO 00 00 00 00 00 00 M CO CO M O O O O CD CD CD CD CD 00 O O CD CD
0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 00 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 1. N N N N N N N N N N N N N N N N N N N N O O O O O O O O O O O O O O N N N N N N N N N N N O N N N N
00 NN d'd' It44 LO (D h N N N N N N N N N N N N NN00��'ct
NNNNNNNNNNNNNNNNNNNN fNN CCOCM't d' �' 00� 0)0)rrrrrr z: rM MN
(h m m m m m m m m m m m m m m m C i M M m It �t �d It V't �It d'<t Nt V't't d'�'t-It �'d'� LO LO LO LO(D
T '0 "O -0 'O "O -0 "O -0 -O 'O 'O a '6 'U - a "O 'O '6 'O "O '6 -0 70 70 'O 10 "O '0
momCo[oUU[o
W
M
J
U
LL
'J
V
J
J
2
O
LL
LL
D
m
T
(7)0)(C) O 0)0)(O; (D
000)NNNh r
(fly COI
d: �
w
w
C) C) OD CO' Cn
LO ONO! O
OOOC)CV 001�-hh V'O of O
OOrr wMr OONh�w� w
Ui wN dt 00 CO N C) CD
t00 wM wd'�'�
OI O
O
00NOOO�
hNhhl h
O
(O N w w LC)C")N_'tLo Om Oli O_
('C)h LO (C) 00(0w OhN
R', (o w r(Mt 0(M' M
h
00LO�r� r
(f')Ow000OOr(o tO rt It
L O co
L O N N-
r r
Vim-
m �� co d' j t
LON
O OMh00MI, w
I-d:
(o (D
rt
w
00
OONmI CO
w-tCON (Dd)ONOh(ONw0mL0
CD O CD N N Oh CD CD Cl)d' O! C)OOrC000(o
MCO w
C O-zt h (O N <t C)
7 OO(O CO hN d'
O I O
O
w
h 0 U) C) h
NhOO O
LO LO CO CD CO N 0)N (D to CO C I O
marhrNN0?Nmr-
O O N (O w (O CO t- M
h
00 (.0 (D C')�-
(O N r r
E M r N N
(O
N N C? N
a
LO
C�c�C
E E E E E
0 0 0 0 0
a CL 0. 0_ n
E E E E E
3: 3:
J J J J J
w w w w w
O
o6 aS o6 nS aS
E
(D LL U: U: LLLL
C LL LL LLLLLL
lu)) 0 0 0 0 0
N O N N !) N
'.... 6
0 0 0 0 0 0 0
o6 0 "O 'o "0 '0
a)cuccm0w
u)�mmmmc6
C)
7-2 N N N N
- O N (O (6 (6 (4
O U U U U U U
0 0 0 0 0 0 0
i �HHt-f-HF-
d
E
(0
Z
U
Z
0
H
U
N
Z
0
U
S
f-
0
w
C(
w
2i
O
=', w O p p p p
ZQQQQ
pp w w w w w
w w w w w w
a)': 00oOoo0O
0 c) (D 0 C) c) 0
m m M M m M
N�����
n
T N N N N N
C c C C c C
�' 0) 0 41 0) N O
m C7 C9 C9 co o C9
d
s
O
� r
C. Q
wa
w
N }
E
d
O
a
CO
O Co
O CO
N�
10 r
N
J
O C
N
N
O
'0
.5
m
C
0
N
0
CL
E
0
.0
O)
O
co
J
O
O
O
O
0
000
C,) LO Or
aO It -t
> >
C: C:UU
O O O
G (DO O
CD M
(7 E 00 O:
0) O O dt L
y U O N N
m o tO CO
c u
d
aE)
>
o 00 co
a.-, o C) 0 0
C N O N N
p 06Q 0)LJ
M (O N
Lp)V 00 co
L
J O
c m In U U
M
C
0)
E
ry
(9
Q.
0)
0
m
C
O
m
CD
O
O
Cl)
to
O
H
UCL
Z w
wJ z
d N Z < Z
Z w w Y d
U u"
(DQ (D° O
JU c c c0Z c cU-
O(n(a U)(`nu�QU)So
Y w 2i� m 0 2i 2 U
U� 0 u)ZU n nQ
c�� c C:>
U 0 u O Oww 0 0>(n
QZ E2
Qaw���pQ
LLC.JQQQ3:LL000
-
r r N M
Cl) Q O h N h Cl) w N
h�rnyy dmOh oh
N CY) d'(co) 2020 {
w m22m C`0N M
�ow0000wwoowww
00 0 C) 0 0 0 C) 0 0 0 C) 0 0
O(f)1� W a�ONTNNOO
iTm
�N((�NNNMMCnN N(Om�
O r Cl) (TiMM(h (n Ln Lo
E E E
T i5
p 'o 10 d 0a_ d
ul m m m m m U U m m m m m m
h
O
U)
0)
Cn
(D
0)
F-
O
M
LO
O
H
o 0 o u) tl Lo Lo Lo Lo t-
00(0mOM000(o
66wNto0tow0d-
�4- m0 LO NNrw V
w co h h w w O w 0
r r r r r r L 02
O O O Lo w O O O O N
O O rt h N N m O O U')
d'h r(0�h�Or- LO
CO (O ' m (O m r
�2 N
c c c c c c
000000w
OO000Oo
OOOo00d.
(Domm o M
LOww(O
O O w w w 00 r O
N N N N_ N_ N r N co00
_O CD O O O O O S O
O O O O O O m N r
> > > > > > > > > >
C C C C C C C C C C
Q
Z
w J
aW�
t- Q W
UUUUUUQU�
Z Z Z Z Z Z J w o
m J
O >- >- >- >- } } y. Cn w
N Z Z Z Z Z Z p w w
E—MMMCLMM<<W
c222222SUU
0000000pZLi
u)UUUUUUJ3:U
22222220<<
O N N N N N N O J m
w
O
C)0(P Q M
m LO w wtinr
C)O w w co coO
�N_N_N_NNNr CO 00O r O wO O O O O O O O. C
O O O O O O-O N
www
w w w w w w w 0 0 0
N O O O O O O O O O O
0 0 0 0 0 0 0 O N N N
d NNNNNNN4d.�;5
E- N tf) Lf) Lf) (n (O (O r
3 (n (O (p (D (O (O (O r r r
O
Z
M
O
�'mcommmm'm'mmm
7]
',. CD N Cl O O CD D) 00 CO CO
',.
M M' M
W N
N CD r OO 00 M 00 (O W N W M
OJ O 00 M 00 M i 00
I`
O to
N.. OO 0000 m OO COM I, W
I�t-� I`
ri r
OI`���r�rt`r� I-
(ROM CO(OMI COI
Cl)
ON
U COOMMMOd' V'N' N
I�M� M
OOP 00
OM'tLO LO 000001l- r-
OOOOOO C;Ln
(66
C d' I-rrC`O C) co C) LO
mLo LO
CO O LO O CO d) LO m ti M 00100
(D OO I-rmi m
<t
LO (D
@'. C OC rcl! (Dm� m
t—m m
N N
M M O LO h Mt(O O) LO O O
NLOMCOrMI OOj
(D
<tr
@ 0om00mmmmmmi m
MMI cori
r
rN��mNNNNN!
NmNNMM M
Cl)
m� rrrrrrrrr r
rr N
rrrrlrl
I mCDM 00(D Mm 01 M
MO) M
M
N It U') t- 0000000 00
M0000 C) 00
I`
0LO
N r m O O m m m O co
I' O f`
_W
m w m O O O O I? O O O
M 0 0 0 0 0 C D
M
O N
d- ISO v I-- Ch(r 00 CV
n(C; c)
co j M_
ONO OUfj00001l- I`
000000 0;
Lo
ri CD
7 N"t0 (DMCD"I LO
CO 1 LO
O-t tO LO OD 0(D -,t 00 (0 LO M
co I-00(D V'M� o)
4
LO
O. ON cor; O)
Qr 0
INN; O)
M M
N N
r r
co 0) h� N- LO N N Lo Lo C)NNI-
N O N .- N
LONN co
NI--N C6:
(D
V �
r r
c
tl0
I
(n
E 0)
NI �
�
@
C
O
cn
C:
sus C a�i Q) m
>> m m>o
_c
(n@ a)
m
S
>'-
L U >
a)
) 00 N E_
(>6 N N N O O�
N O
N
m LO Q.'
Lo
)
LToLTmE ON 0
O �
ZA>
@ �
N
4
f` (D 7 w -4 00 M
co O) O) (D •`- (O (O
!Z 0
*k
o7MV OIL INN
Cl) NIh
N @m MOtO LO
m m M� (T a) (D
00M
N 00
N
N
OO LO LOW (D CDm N1�I�-O
M V' V' V LO O N (C) co M
LON(D0)N I`
LO CY) O N co co
mLO
V OD
V'�t C)ZF C) rto V'�t
N N M r N M N M
tO
t`
LO
rrrr M00000 O
t` N r N r r UCIJ
rM000o
*kkx'k'k�t*k*C*kx'k
41�
> > > > > > > >
c C C a5 C C C C C
> >
C C
>
C
> > > > > > > > > > O
c c C C c c c c c c �,
> > > > > >
C C C C C C
> >
C C
U J
J U
Z
2
Q
N U)
W W
(n U)
U W W
CO
Q W
W
U U Q
U W
U
U J J
Z J J
U J
Q W
?
Z¢ ¢
¢
�¢
WQ°d OU
?�
U` U)
C9
UL W w
�¢
Zw w
�w
Oij W
Z j
Z
Z(n
W(n
(n =
U(n (n
Q J
QJ
Q
WWWWQWnWaQ
wofwO_WQ
JW
J W(n O w
dQ
d
»»ate 0� 0 0
�E-� o� 0
Q�
Z CO JO Of
:D
WZ
W
ECLE E W U CU c c
W oU �U
zU
p=LL (n
'.....' (n U) co Z U)
UW
Q w
U
Q
W W w w V Z OZ 0 0
LL LL LL L_L vI uI N
W UZ �Z
LL y y
wZ
w
2 2 Q 0< 1: 0 m
UUU-)dUUU�
J 0
U` U
U
Z Z Z Z¢ Q
YYYYC9JUJUU
YYJUJU
C7J
EI NLO co M
(D It 'I ' 00
c N
O m (O
y
1- �
O! W M It O O t` h N
co
co N '
f`
N
Z:i N mMOLOLO
mmM Ew mrm(D
00 co
NOO
00
N
NLOLOC;0MONrn
M V'd'<t LO N(0 MM
LONCo0)Nr
tOm ONCDM
d
E
0) to
-,t00
t-t0 , m <t V'
N N M r N M N M
tO
t` V'
CD
tO
t
rM00000'p
r r r r I N r N r r y
N
rM0000
r O N r N r
M >
It N
O
a
CL
CL
y
a@.
at
it
y E
O00
00
co
M
=OOMM
w x
N•; MMMOO co co
000000000
F-
@ CD
U
+�+0
@O
U
++ CC) 00 M
@ MM W 000000000000
U
CO
@ 00000000
@ @ 0
U d m N
MO
00
O O O O O O N_ N N
N N N N N N
3
of 0. N N
L
n. N
Q- O O O O O O O O O O N
O O O O N N O N O O
0. 0 0 0 0 0 0
N N N O N O
'C a)
N N
�
N
M MNOM
4
@N
M
�NNNNO NONNM
M�0 NON
N @ dt"MO
\
Z
O. U 0 0
U O
V (V COI m r M N M r �
U r N M N M r
d' U ~*
22
0 0
. rrrrrrrrr
CO
�.+
M
C)
LO LO LO LO LO tO(O CO I`
O
U) LO LO CO (D Ih
O C ,
ca
CY)I-
N LO
tv
M
N
M
(0
MD
M
to CD
,
_
r' to
mot=
O
H
LO
•"_
O
F'
Lo a)O
-_______-c
LO
-
O _ C
M
_
--_
mmmmmmmm n
� mm
m
mmmmmmmmmmc�
mmmmmm
�° LO
mm
CO O 00
CD
O
J_ v o
U Q
J 0' E
O a)
U
J_ dtm
s
O
0 Q
LL V
LL RT
CO
L
to
to
m
m
R
3
L
U
U
a
LoiLn
y, NrN
corn
00) (D O
OOOOo o
LO LO LO LO LO LO
OOO O
c) LO u) LO
N!
M
p.' O)iO
N nr-�! P,�
hNt-�NNiN
tOh t- hI
��
M
C O O
'...,
LO N d' ;I- d'
0) 0) d' t.- 0) 0)
O co LO to
O
N
L6 OI C
tQ
COON' M
rco corPO
(ON(D COr �-
LO t-II, r
O0(Or t`i
rN! Ni
M
d'
N
co
�'i
i
O LO
O N
O LO O (D
I-ONO1 O
O O O O c) O
LOOOOO� LO
0 0 0! O
OLOO� LO!
N� M
C O O
O
NO(DO I`
LOONO d'
t-LO LO LOOS, N
OOLONN O
LONO
OMN
I`
LO
I`! co
O'. N
O 00 O
LOMd�i M
(fl LOMNMi r
Lb ODr
t`
Mi d'
M
N N r 1 r
N
N
O
E
N
O
' N
(D O a) �r
o'
M LO
r O (O LO � LO (D LO ti Cl) LO t.-
.�- C\dlOprj c�dD••OJ{ MOJ�
c c c c c c c c c c c c c
Z�W W W
J J J
EWUU U UU UU
E' n �W Z NW UW
t6
Zawcan 0 z �wc°i� N wcn 0
O_ U) n ` J Wcj� C, J W Q
>Q{or O- aZ>QH >QI--
c =ZU c 0 ZU c ZU c
I-WZ O �WZ O wZ O
N O�W�: rn U'c�W3: In W� Ln
U ZZCDJU N(D(D -i C7�U
• c U
E m �_ U
7 O N (D
Z t- O(fl LOr M (O LOB MLOr
O(_ONd' (DMd' MMd' (D
r d'd'Nr 0) d'Nr VNr E E
N
X >
N N O 01 on O_
�--' 0000 ~ 000000 ~ 00 ~ N E
'O' CO O N d0000 O 000000 OOOO O 'o
� '.. O � N N N C) � N N N N O M O N O 00 O
(Dr ON OMM LO �NMM LN OM�M LO O N
000- rO It 00 CCD BOO- O CV N
LM Cl) co N co � Cl) LO J
_ LO r LO r LO r
O O
Q' ! (6 M f6 Cl) L6 M (6 � CD
O LO O LO O Lo O — M
LO
m mmmm co0mmm mmm ° r
t- m
O
H
FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2008 AND 2007
KALISPELL GOLF ASSOCIATION
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT.......................................................................................... 1
FINANCIAL STATEMENTS
Statements of Financial Position................................................................................................... 2
Statementsof Activities................................................................................................................ 3
Statements of Cash Flows.............................................................................................................. 4-5
Notes to Financial Statements....................................................................................................... 6-9
SUPPLEMENTARY INFORMATION
Statements of Activities by Department........................................................................................ 10-11
r ;a
x'+ QUt
Junkermier • Clark
Campanella • Stevens • P.C.
Certified Public Accountants and Business Advisors
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
Kalispell Golf Association
Kalispell, Montana
44 2nd Ave.
P.O. Bo
Kalispell, Montana
ph: (406) 755.
fx: (406) 755.
www.jccscpa
We have audited the accompanying statements of financial position of Kalispell Golf Association,
Montana nonprofit corporation, as of December 31, 2008 and 2007, and the related statements of
activities and cash flows for the years then ended. These financial statements are the responsibility of
the Association's management. Our responsibility is to express an opinion on these financial statement,,
based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United State,,
of America. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audil
also includes assessing the accounting principles used and significant estimates made by management, a,�
well as evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of Kalispell Golf Association as of December 31, 2008 and 2007, and the changes in
its net assets and its cash flows for the years then ended in conformity with accounting principles
generally accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the basic financial statements of
Kalispell Golf Association taken as a whole. The statements of activities by department are presented as
supplementary information for the purpose of additional analysis and are not a required part of the basic
financial statements. Such information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, is fairly stated in all material respects to the basic
financial statements taken as a whole.
Junkermier, Clark, Campanella, Stevens, P.C.
March 30, 2009
Bozeman • Great Falls • Helena • Kalispell • Missoula 9 Whitefish
KALISPELL GOLF ASSOCIATION
STATEMENTS OF FINANCIAL POSITION
DECEMBER 31, 2008 AND 2007
ASSETS
2008 2007
CURRENT ASSETS
Cash $ 268,241 $ 407,940
Accounts receivable 94,404 95,821
Inventories 53,149 52,822
Prepaid expenses 2,040 5,291
417,834 561,874
PROPERTY AND EQUIPMENT
Furniture and fixtures
96,659
91,879
Machinery and equipment
1,393,329
1,334,162
Leasehold improvements - building
514,781
457,991
Leasehold improvements - golf course
2,863,000
2,770,577
4,867,769
4,654,609
Less: Accumulated depreciation
(3,003,701)
(2,978,829)
1,864,068
1,675,780
OTHER ASSETS
Deferred compensation account
9,000
91000
TOTAL ASSETS
$ 2,290,902
$ 2,246,654
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Current maturities of long-term debt
$ 58,773 $
-
Accounts payable - trade
18,644
19,373
Accrued expenses:
Property taxes
2,564
3,857
Other
723
350
City lease
25,471
23,946
Salaries and wages
2,939
17,616
Deferred compensation payable
9,000
9,000
Gift certificates
37,824
37,057
Deferred revenue
181,435
178,683
337,373
289,882
LONG-TERM DEBT, LESS CURRENT MATURITIES
86,313
NET ASSETS 1,867,216 1,956,772
TOTAL LIABILITIES AND NET ASSETS $ 2,290,902 $ 2,246,654
See Notes to Financial Statements
2
KALISPELL GOLF ASSOCIATION
STATEMENTS OF ACTIVITIES
FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007
REVENUE, GAINS, AND OTHER SUPPORT
Revenue
Interest income
COST OF SALES
GROSS PROFIT
EXPENSES
Association
Pro shop
Restaurant
Bar
Driving range
Grounds
CHANGE IN NET ASSETS
NET ASSETS - BEGINNING
NET ASSETS - ENDING
2008 2007
$ 2,074,307 $ 2,026,111
9,871 16,634
2,084,178 2,042,745
332,891 315,076
1,751,287 1,727,669
689,879
633,931
61,970
59,004
198,986
195,882
111,172
105,556
95206
7,309
769,630
670,724
1,840,843
1,672,406
(89,556) 55,263
1,956,772 1,901,509
$ 1,867,216 $ 1,956,772
See Notes to Financial Statements
3
KALISPELL GOLF ASSOCIATION
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007
2008 2007
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from members, customers, others,
and all sales, income, and support $ 2,089,113 $ 1,997,046
Merchandise purchased (333,219) (323,647)
Interest (9,219) (57)
Labor costs (876,871) (827,457)
Operating expenses (738,626) _(601,894)
NET CASH PROVIDED BY OPERATING ACTIVITIES 131,178 243,991
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment (415,963) (144,148)
Transfer (to)/from Board restricted funds - 11,250
NET CASH (USED) BY INVESTING ACTIVITIES (415,963) (132,898)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal debt payments (35,914) -
Proceeds from borrowing 181,000 NET CASH PROVIDED BY FINANCING ACTIVITIES 145,086 -
NET INCREASE (DECREASE) IN CASH (139,699) 111,093
CASH - BEGINNING OF PERIOD 407,940 296,847
CASH - END OF PERIOD $ 268,241 $ 407,940
See Notes to Financial Statements
4
KALISPELL GOLF ASSOCIATION
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets
Adjustments to reconcile change in net assets to
net cash provided (used) by operating activities:
Depreciation
(Increase) or decrease in:
Accounts receivable
Inventories
Prepaid expenses
Increase or(decrease)in:
Accounts payable
Accrued expenses
Gift certificates
Deferred revenue
NET CASH PROVIDED BY OPERATING ACTIVITIES
2008 2007
$ (89,556) $ 55,263
227,678
1,416
(328)
3,252
(729)
(14,074)
767
2,752
$ 131,178
See Notes to Financial Statements
5
221,004
(18,186)
(8,571)
(3,342)
7,145
18,191
3,962
(31,475)
$ 243,991
KALISPELL GOLF ASSOCIATION
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
NOTE 1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
The Kalispell Golf Association (the Association or KGA) is a Montana nonprofit corporation formed
to operate and manage the Buffalo Hill Golf Course in the City of Kalispell, Montana. The
Association is governed by a board of directors elected by the members. It is recognized by the IRS
as a Section 501(c)(4) organization.
The Association is supported by member dues and fees paid by approximately 1,000 members and
their guests. Revenue is also derived from the operation of a restaurant and bar, golf pro shop, rental
of carts, and green fees paid by non-member players.
Basis of Accounting
The financial statements are prepared using the accrual basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles
requires management to make estimates and assumptions that effect certain reported amounts and
disclosures. Accordingly, actual results could differ from those estimates.
Cash Equivalents
For purposes of reporting cash flows, the Association considers all highly liquid instruments with
original maturities of three months or less, not subject to withdrawal restrictions or early redemption
penalties to be cash equivalents. As of December 31, 2008 and 2007, the Association had no cash
equivalents.
Accounts Receivable
All accounts receivable are considered fully collectable as of December 31, 2008 and 2007.
Therefore, there is no allowance for doubtful accounts.
Tnventori ee
Restaurant and bar inventories are stated at cost utilizing the first -in, first -out method. Pro Shop
inventory is valued at the average cost of each item on hand.
Deferred Revenue
The Kalispell Golf Association provides discounts for prepayment of annual membership fees.
Prepaid membership and cart fees collected for the future year are recorded as deferred revenues.
Uninsured Cash Balances
The Kalispell Golf Association maintains cash balances at Glacier Bank FSB, Kalispell, which are
federally insured up to $250,000. At certain times of the year, the insurance limits may be exceeded.
n
KALISPELL GOLF ASSOCIATION
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
NOTE 1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Tnn.nmP TaxPc
Kalispell Golf Association has been approved as a tax exempt organization under Internal Revenue
Code Section 501(c)(4). Accordingly, no provision for income taxes is made in the financial
statements. However, the Association can be taxed on certain unrelated business income.
The Association has net operating loss carryforwards totaling approximately $130,071 and $19,370 to
offset future federal and state taxable income, respectively. Portions of these carryforwards will
expire annually through the year 2028 for federal purposes and 2015 for state purposes. Federal net
operating loss carryforwards of $162,202 expired during the current period.
Realization of deferred tax assets is dependent on future earnings, if any, the timing and amount of
which is uncertain. Accordingly, a valuation allowance, in an amount equal to the net deferred tax
assets as of December 31. 2009_ has been estahlished to reflect these uncertainties_ The deferred t»x
asset before valuation allowance is approximately $19,511 for federal purposes and $1,307 for state
purposes.
Property and Equipment
The cost of property and equipment is depreciated over the estimated useful life of the related asset.
Depreciation is computed by the straight-line method. Maintenance and repairs are charged to
operations when incurred. Betterments and renewals are capitalized.
NOTE 2 -- LONG-TERM DEBT
On May 13, 2003, KGA executed a note with Glacier Bank for a loan in the amount of $350,000.
KGA may draw on the note, which expires October 1, 2014, as needed for operating requirements. In
accordance with the terms of the note, the available borrowing capacity is reduced by $30,000
annually through the maturity date of the note. The borrowing capacity at December 31, 2008, was
$200,000. The note is due upon demand. If no demand is made, monthly principal and interest
payments at 6.37% are required if an outstanding balance exists. The note is secured by an
assignment of the lease from the City of Kalispell. At December 31, 2008 and 2007, no outstanding
balance existed.
N
KALISPELL GOLF ASSOCIATION
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
NOTE 2 -- LONG-TERM DEBT (CONTINUED)
On March 15, 2008, KGA executed a note with West One Bank for the purchase of a new fleet of
golf carts in the amount of $181,000. The note is due upon demand. If no demand is made, annual
payments of $67,111.87, including interest at 7%, are to be made beginning October 15, 2008, with a
maturity date of October 15, 2010. The note is secured by the 2008 Yamaha golf fleet consisting of
70 carts. On October 29, 2008, the note was modified to monthly payments beginning November 15,
2008, in the amount of $5,588.75, including interest at 7%, and a maturity date of May 15, 2011.
Future principal payments on the note are as follows:
2009
$ 58,773
2010
63,021
2011
23,292
Total
$ 145,086
NOTE 3 -- PROPERTY AND EQUIPMENT
The additions and disposals of property and equipment during the years ended December 31, 2008
and 2007, are as follows:
Balance
Balance
l/l/2008
Additions
Disposals
12/31/2008
Furniture and fixtures
$ 91,879
$ 4,780
$ -
$ 96,659
Machinery and equipment
1,334,162
261,973
(202,806)
1,393,329
Leasehold improvements:
Buildings
457,991
56,790
-
514,781
Golf course
2,770,577
92,423
-
2,863,000
Total Assets
4,654,609
415,966
(202,806)
4,867,769
Accumulated depreciation
(2,978,829)
(227,678)
202,806
(1003,701)
Net Assets
$ 1,675,780
$ 1,864,068
Balance
Balance
l/l/2007
Additions
Disposals
12/31/2007
Furniture and fixtures
$ 89,611
$ 2,268
$ -
$ 91,879
Machinery and equipment
1,300,246
60,678
(26,762)
1,334,162
Leasehold improvements:
Buildings
415,691
42,300
-
457,991
Golf course
2,731,672
38,905
-
2,770,577
Total Assets
4,537,220
144,151
(26,762)
4,654,609
Accumulated depreciation
(2,784,587)
(221,004)
26,762
(2,978,829)
Net Assets
$ 1,752,633
$ 1,675,780
SUPPLEMENTARY INFORMATION
l—^
00
h
10 10 m m'IT Cl ct 00 O, w2 h V' "'l wct O\O N V UMM w O,
M
'D
CD SO
Moo
^w
oo
N
�[�h It�t O�O'c1'C) hV ID d\�00 N'T V'V hO^00 �0^3.0 �O 00 N'n Opt
cl w V'�a cl hcl ' �O 'O V'n �D 'nh Cl^M MO O�w'ci' O Ow
'n
vi
ct a
N
ct rG CO N U 'O �t �O ct h N �D U M Q\ N N m Q\ D\ O to .-. h o l4 h V
0
U
[�
w M
00
'h n
10 h N N ^� O N N M N N M M^
N m m
w ^ N
�t
w
m
� N
N
F-
64
69
t 1
O V �b M M'
O O
' M O
' 10 M O '
' ' 'n rn � V
' CD 4 c, '
' o rn
O
O
O
M MHO �O �O
o0 N 'n .--.
00 CD
V O
M^
N O
OOM
N 'n
'n CD �w
'n cl N ct
-+'t O O
7 lO cl�
D\O
'n O,
M
lO
M
IO
h M
N w h
O
ty'
N
^ Q\ w 'n
h h O h
M
Ic
D
43
C
^w
M
N [�
�O
--� rn
M" N
^-�
rO
h
�D
h
O
69
FA
w
00
00
.-. O �O r r r N ' r i 0 r r N i N r r i i i r r r r r r _ i
r i r r.0
N
O
O
O
N r-- 00 O 00 h
o0 w 7 'n N w M
O
N
O
N
G
O�
Oi
d,
cd
CG
^
C
Q
L,
69
f/1
Z
h '
h h
O
Cl 0 r r N r r r i r w i h 110 r r r r
M w w D\ h O O V' N N O
O M O
CD M -+
N
[-
O
h
D\
d1 N
h
oc
Vl U M N d' � Dw\
N
N 00
V'
.-.
^-' O ^ V N N M
'n M-+
�D
O
00
m
o
O
N
A
M
O
O
W
V
b h
'ct w
O\
rn
O M' N ' ct N 00 ' ' O' ' ',D h rCN
�o 'n O rh 10 1�0 O V M V1 D\
00 N M Cl
00
N
O
'n
o0 M \O O� N O M h 'ct N `-�
'n M
r
Z
m
O
O^
00
.-. m N
Qi
O
O��
A
Fri
O
O Cl
O
M M ' N ' 00 �O ' ' vl ' ' Vl �O ' ' N ' ' ' ' Ct ' ' ' �D ' ' ' '
.. O N
O
O
W
r
h
1� M�
a,N 00 V 7 D 7 <P M M 00
O
r
O
IW�
�
�V N M ^
^
10
N
rq
N
21
W
ds
�v
iA
h
00 '
00
N V 'n O M M O 'D m .--� w 00 N O M 01 00 V1 [, r r M r �p r r r r
r 00 �p to
O
p,
L.
V1 w
t�
M
l�
M
N I'lln
O� <t 01 O� N 'n w �O O V t� zo w 10 �D Vl U -+ �t ^ R h �D
'n � O� w M O� M O O 7 O �O O [, lc 7 O N^ M M w h
O� --' N
C�
f-
w
O,
C�'
O
O O�
O
O
O O It M --' N t` M V' M �O Vl M O, N N w
00 00 -+
Cl
O
10
^
h
h
M M N N ^ N N
M
w
10
m
10
U
O
H
Q
6A
�i
Cyr
O
a
a.
x
w
x
H
o
�
y U
,C _�
oA N roil cd � U Q' O C � CH C C,' .�? N O;+
C
.D = I4 9
c� c
U
.p/
.'y
v v 3 '� �j- �+ . a..b .� 0 rn w — G
c On C�•{�r
'r7.
W>
O
W a o .� nap ai n '� y 'y v E C7 O ro c c v '�
> ry
C7
a`i
a�i
�iam�¢U�waLlG�v�aS��nSUic7.�7vi000c'v�iwcn�¢xw
w�rx
5
p04
°v�
c4
U C7
w
U
I-- �o O N I` 00 Vl M 'n "t I: �o �o r- �o ,I CD �o r, CD 7 I-- � --� I` 7 ^ ^ O 'n N I,
�oM
^+ M
-+�O
CY I-
[�O.o
�o
^ In "It O I- CDf*1 V1 01 01 O ^ M V Y1 n ClM N , Ch N o0 00 �o M V Vl 00 V c� 'o
I�'Y cl O ll d O[n MO'OO �C C l MM'n oON^oo I��t`n^ ^09llz�
O
'D
N
�O �D
N •n
n
M n m 'n O C' o0 0o — ^ ^-� m O N oO m^ N N n N �n v n m Q� N m m m
N
N -+7'^N
I-
--
'n 10 l- N N N --�^ 'nV
00 N 00 NN
�O
� N
N
F
ss
v3
a @
�o N '
•, s N- ! `c w 4 is
' C, 'D O ' O — ' O 0) ' I- � '
w \ a a `i w % \ !, w
' ' V1 � O C ' t` '7 ^ ^ M ' 'o "
V
Oro
N'n l"Tr
C
10N
'n 0,
N'r
00
o r)
(0�o
N N'n o0
'n N lD oO
M cY ^00 �t
I� to 'o r-
c,OO
(` N
N
I-
N
n
0o O
N N 00
00
M
^
N
n M O+
^
O
O
n
M
D
D
7
O
b9
FH
7 It V V' N V a\ O O M
0)
C
Q
L, 6A b9
Z
O ' W CD�o<I' O 71 ' --' oO d' IN ' O O ' ' ' ' NI ' ' ' 00 ' O ' 'n ' ' ' ' ' O O 'n � 0O V V o0 � D, N •--� Q, rY N Cl O oo [- 10 'n It O O M vi ON
O O --. 0O U .-� 'n V- t` 'n N <t ^ M �o �o 'o DD O r N
I- I` CD�D --� �o .-� - N cV N V m 'n
��i- Q M Eis vj
O 'n •-. I- ' �o ' C, M O ' ' O ' ' h ' ' ' ' ' M ' 'n ' ' ' ' ' ' M O Cl �D N Il-
O O In n 7 vl n lzt D1 �o O 00 M O V O O O M 00 O
rn n O0 00 O .-. V O 'n N 7 N 'n N a, 00 to 00 O
( In 7 10 d� ^-� 7 10 'n N
z W �C cL N N
1�1 F1 W c7d
O�� A
C7 H HHr/ A fq
O, ' oO ' v, 00 V �t ' t� rt ' O O O N 7 r'-W r FM S n V 00 �o O, [- 'r N �o ^ V n Cl O 10 M O ItO
M N lr ^ c0 �o �O o 0 7 O M
a W O F 00 00 M N M V V
W O N N It v
COO DO
W Iq
H
v1 V' 01 1
D\ Vl 'n C, b N CD m m M O 00 n .-, .-� I� .-• In O Io In ' ' In ' 'n ' ' O In V1 m n .... W
H ^ Co m 7 D\ O M o M CM CO h cl ^ M M N M n V ^ V M h M
[- �o M M M W� O n O D\ V O M U .-+ Q\ M �0 7 M 'n �D .-. � M r-;,
G t� V 1 �t M N M --' N O l� oo M Vi -� N .M-i^ cV 'n N N N t� O l-- M O
^ M M N M N N •--M ^•Vl .-+ •--M M O
M M M N I-
cn
N
N
Q
69 69
F
a
o.
w
x
F
ti •a o �x °�vc c YC 5 0 Q
C n OM 3 0
^y U F
o o N o y z
co ro � b v aCi v y .5 c o
Z a°i Z a `oo k o 8 'nr .° .G •� 6 o G �y b E ,; 4 .oC .z' ci 40. ai ro Czw7
Oa rd c Y m a°°i aai :d No a ac`i o n C o `� a C a ai c o adi
moo; S pp; xv)a'�m¢U�o aOQv�aamFv�U C7arnUUvu v)W,ouo x x
a U o w U