2025 Annual Comprehensive Report

8. Other Financing Agreements On October 10, 2023, the City entered into a Master Installment Purchasing Agreement with JP Morgan Chase Bank for $3,020,000 to purchase new Self-Contained Breathing Apparatus (SCBA) equipment for the Fire Department. The term of the agreement is 15 years, with a fixed interest rate of 4.26%, resulting in $1,014,214 in future interest expense. On July 14, 2023, the City purchased a parcel of land for the Coliseum for $400,000 with an initial payment due immediately at closing and a promissory note in the amount $320,000, payable annually on August 1 st in the amount of $80,000 with the final payment due on August 1, 2026. On June 29, 2023, the City purchased a parcel of land for the Coliseum for $210,000 that included $60,000 at closing and the remainder with a promissory note in the amount $150,000 payable annually on September 1 st in the amount of $50,000 with the final payment due on September 1, 2025.

Governmental Activities Annual Requirements

Total

Interest

Principal 202,000 202,000 202,000 202,000 201,000 1,005,000 804,000 2,818,000

Fiscal Year

2025-26 2026-27 2027-28 2028-29 2029-30

$

$

115,744 107,139 98,534 89,929 81,345 278,284 68,501 839,476

$

317,744 309,139 300,534 291,929 282,345

2031-2035 2036-2039

1,283,284 872,501 3,657,476

$

$

$

Annual Requirements Business Activities

Fiscal Year

Principal 130,000 80,000 210,000

Interest

Total

2025-26 2026-27

$

$

$

130,000 80,000 210,000

$

$

$

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