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partnerships in issue at full face value as of that date as
follows:
Partnership Godley Realty CPSI
Monroe $376,078 $38,750
Charlotte 237,753 16,500
Rocky Mount 278,528 9,000
Clinton 75,399 None
GMA None 1,550
Total 967,758 65,800
As of December 31, 1989, adjusted balance sheets of Godley Realty
and CPSI showed accounts receivable of the housing partnerships,
with Godley Realty and CPSI as payors, as follows:
Project Godley Realty CPSI
Monroe $359,487 $32,750
Charlotte 241,222 11,500
Rocky Mount 284,103 None
Clinton 81,049 None
Total 965,861 44,250
In order to finance the acquisition and construction of
Charlotte, Monroe, and Rocky Mount, bonds were issued by the
local public housing agency as the construction lender. To
secure the payment of the bonds, the housing partnerships, the
local nonprofit housing development corporation, and a trustee
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