2021 Annual Comprehensive Financial Report

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. On October 29, 2019, the City issued $29,685,000 in Taxable Limited Obligation Bonds Series 2019 bearing interest payable semiannually at fixed rates from 1.88% to 3.51% on May 1 and November 1, with final maturity in 2044. The proceeds of these bonds were used to build a new downtown parking deck. On February 27, 2020, the City issued $12,755,000 in Limited Obligation Bonds Series 2020A bearing interest payable semiannually at fixed rates from 2.25% to 5.00 on May 1 and November 1, with final maturity in 2039. The proceeds are being used to fund two new fire stations as well as improved firefighting training facilities and equipment. On January 28, 2021, the City issued $35,780,000 in Taxable Limited Obligation Bonds Series 2021 bearing interest payable semiannually at fixed rates from 0.20% to 2.68% on May 1 and November 1, with final maturity in FY2046. The proceeds of these bonds are being used to build a new downtown parking deck. 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 2,445,000 2,495,000 2,575,000 2,660,000 2,740,000 15,090,000 14,590,000 15,170,000 4,985,000 62,750,000

Interest

Principal 2,210,000 3,525,000 3,590,000 3,655,000 3,730,000 19,995,000 22,950,000 26,885,000 21,095,000 107,635,000

Interest

Total

2021-22 2022-23 2023-24 2024-25 2025-26 2027-31 2032-36 2037-41 2042-46

$

$

2,627,526 2,543,261 2,434,115 2,326,395 2,214,415 9,293,071 6,204,977 2,798,446 420,650 30,862,856

$

$

3,105,637 3,050,537 2,989,851 2,923,733 2,850,498 12,890,021 9,942,460 6,010,727 1,417,360 45,180,824

$

10,388,163 11,613,798 11,588,966 11,565,128 11,534,913 57,268,092 53,687,437 50,864,173 27,918,010

$

$

$

$

246,428,680 $

5. Combined Enterprise System Revenue Bonds and Anticipation Notes The City has participated in the capital markets by issuing over $400 million Combined Enterprise System Revenue Bonds since 1995, to fund the on-going capital improvement program of the City’s water and sanitary sewer utility. Certain maturities of the debt through 2009 have been defeased, by placing the proceeds of the new bonds in an irrevocable trust to provide for all future debt service payments on the old debt. Accordingly, the trust account assets and the liability for the defeased bonds are not reflected in the City’s financial Statements. At June 30, 2021, $130,700,000 of Combined Enterprise System Revenue Bonds is considered defeased. The Combined Enterprise System is currently comprised of only the City’s water and sanitary sewer system. Principal and interest requirements will be provided by an appropriation

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