SID PAYMENT CALCULATION

Post date: Jul 25, 2011 12:51:13 PM

Questions have been raised as to how the SID payments are calculated. In response, please remember if the full amount was not paid at the time of the levy (August 12, 2009 or within 50 days thereafter) the account was automatically setup on a 15 year Equal Annual Payment Installment Basis, with the first installment payment due August 12th, 2010 drawing 5% simple interest. If an Annual Payment Installment isdelinquent (not paid by August 12th) there is a 2% penalty amout or a total of 7% thereafter until current. The following are the key factors:

August 12, 2009 = Date of Assessment Levy

August 12, Annually = Date Annual Payment is Due

Principal Balance = Amount remaining after the last payment (Original Levy Amount minus any annual

principal payments made)

ANNUAL PRINCIPAL INSTALLMENT = 1/15 of the Assessment Levy (due annually by August 12th)

Calculation:

PRINCIPAL BALANCE X 5% X Total No.of Days Since Last Payment /365 = Regular Interest

PLUS if delinquent:

EACH PRINCIPAL PAYMENT INSTALLMENT DELINQUENT AMT X 2% X No.of Days Delinquent (Past Aug.12th) /365 = Penalty Interest per Installment

Total Payment = Annual Principal Payments (1/15 of initial levy) PLUS Regular Interest and

PLUS total of Delinquent Penalty Interest Installments = TOTAL AMOUNT DUE

Interest of 5% always is calculated on the remaining balance from the date of the last payment

in accordance with NE State Statute 31-753 which also covers the 2% delinquency penalty.

Please be guided by the following post concerning delinquent assessments and possible

foreclosure action in accordance with with NE State Statutes 77-1917-01:

https://sites.google.com/site/jlakeorg/sid-1-news-info/sid-news/delingquentassessmentpayments