Springbrook Refinancing

Springbrook had petitioned the Capital Resource Corporation for the reissuance of the tax-exempt multi-mode variable rate civic facility revenue bonds (the Springbrook NY, Inc. Project), Series 2010A in the original aggregate principal amount of $25,200,000 and (2) the modification of the tax-exempt multi-mode variable rate revenue bonds (the Springbrook NY, Inc. project), Series 2012A in the original aggregate principal amount of $2,500,000; Tax-exempt multi-mode variable rate revenue bonds (the Springbrook NY, Inc. Project), Series 2017A in the original aggregate principal amount up to $5,550,000; Tax-exempt multi-mode variable rate revenue bonds (the Springbrook NY Inc. Project), Series 2017B in the original aggregate principal amount of up to $500,000; and tax-exempt multi-mode variable rate revenue bonds (the Springbrook NY, Inc. Project), series 2017C in the original aggregate principal amount of up to $4,450,000 issued by the Otsego County Capital Resource Corporation.

The amendments provide for an increase in the interest rates on the Bonds (albeit less of an increase than otherwise required under the Bonds). The increase is due to the change in the corporate tax rate under the 2017 Tax Act and is a requirement of the Bank.