2019 Comprehensive Annual Financial Report (CAFR)

5. General Obligation Bonds Debt Service Requirements to Maturity are:

Governmental Activities Annual Requirements Principal Interest 22,345,000 $ 10,781,149 $

Total 33,126,149 31,778,754 31,595,656 27,929,080 25,057,523 108,107,486 69,136,039

Fiscal Year 2019-20

$

2020-21 2021-22 2022-23 2023-24 2024-29 2029-34 2034-39

21,815,000 22,465,000 19,690,000 17,565,000 80,960,000 56,205,000 42,960,000

9,963,754 9,130,656 8,239,080 7,492,523 27,147,486 12,931,039 3,781,763

46,741,763 $ 284,005,000 $ 89,467,450 $ 373,472,450

6. Limited Obligation Bonds On October 7, 2014, the City issued $24,450,000 in Limited Obligation Bonds Series 2014 bearing interest payable semiannually at fixed rates from 2.0% to 5.0% on April 1 and October 1, with final maturity in 2040. The original issue premium amounted to $1,587,051. The proceeds of these bonds were used to retire the $24,000,000 limited obligation notes issued on June 1, 2012. The proceeds of the note were used for coliseum improvements. On February 14, 2018, the City issued $43,450,000 in Limited Obligation Bonds Series 2018 bearing interest payable semiannually at fixed rates from 2.0% to 4.0% on February 1 and August 1, with final maturity in 2043. The proceeds of these bonds were used to retire the 2014 Installment Financing Agreements with PNC Bank issued in November 2014, and additional proceeds needed for acquiring, constructing and equipping the Steven Tanger Center for the Performing Arts. On November 1, 2018 the City issued $20,645,000 tax-exempt Limited Obligation Bonds Series 2018A bearing interest payable semiannually at fixed rates of 3.25% to 5.00% on April 1 and October 1, with final maturity in 2044. On November 1, 2018, the City issued $11,450,000 taxable Limited Obligation Bonds Series 2018B bearing interest payable semiannually at fixed rates of 3.32% to 4.31% on April 1 and October 1, with a final maturity in 2031. The proceeds of the Series 2018 bonds were used together with any other available funds to repay the 2016 limited obligation notes, prepay the outstanding 2010 Certificates of Participation and pay for additional improvements to the City’s Coliseum Complex. The property is pledged as collateral for the debt while the debt is outstanding. In the event of default, the City agrees to pay to the purchaser, on demand, interest on any and all amounts due and owing by the City under the related Limited Obligation Bond agreement.

Governmental Activities Annual Requirements

Business-Type Activities Annual Requirements

Fiscal Year

Principal

Interest

Principal

Interest

Total

2019-20 2020-21 2021-22 2022-23 2023-24 2024-29 2029-34 2034-39 2039-44

$

1,680,000 $

2,535,880 $

$

1,583,022 $ 5,798,902

1,745,000 1,805,000 1,855,000 1,935,000 10,955,000 11,625,000 13,015,000 9,445,000

2,182,698 2,118,976 2,066,711 1,989,565 8,672,827 6,333,855 3,823,215 1,130,782

1,280,000 1,315,000 1,350,000 1,390,000 7,650,000 9,095,000 10,960,000 10,410,000

1,583,022 1,549,792 1,513,156 1,473,520 6,671,632 5,229,112 3,363,897 1,047,206

6,790,720 6,788,768 6,784,867 6,788,085 33,949,459 32,282,967 31,162,112 22,032,988

$ 54,060,000 $ 30,854,509 $

43,450,000 $ 24,014,359 $ 152,378,868

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