CAFR 2016

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

Governmental Activities Annual Requirements

Principal (1) 43,083,007 12,205,000 12,645,000 12,760,000 13,195,000 49,015,000 23,530,000

Fiscal Year

Interest

Total

2016-17 2017-18 2018-19 2019-20 2020-21 2021-26 2026-31 2031-34

$

$

4,396,393 3,762,445 3,184,311 2,761,683 2,355,193 7,332,609 2,541,263

$

47,479,400 15,967,445 15,829,311 15,521,683 15,550,193 56,347,609 26,071,263 2,759,000 195,525,904

2,540,000

219,000

$

168,973,007

$

26,552,897

$

(1) Bond Anticipation Notes of $31,023,007 included are scheduled to mature in Fiscal 2017.

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 June 1 and December 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.

Governmental Activities Annual Requirements

Fiscal Year

Principal 610,000 630,000 655,000 685,000 720,000 4,025,000 4,955,000 5,880,000 5,700,000 23,860,000

Interest

Total

2016-17 2017-18 2018-19 2019-20 2020-21 2021-26 2026-31 2031-36 2036-40

$

$

957,768 933,368 908,168 881,968 847,718

$

1,567,768 1,563,368 1,563,168 1,566,968 1,567,718 7,823,990 7,827,954 7,822,352 6,261,946 37,565,232

3,798,990 2,872,954 1,942,352

561,946

$

$

13,705,232

$

7. Special Obligation Bonds On November 17, 2005, the City issued $8,400,000 in Special Obligation Bonds Series 2005 bearing interest payable semiannually at fixed rates from 3.75% to 5.0% on June 1 and December 1, with final maturity in 2020. The original issue premium amounted to $224,026. The proceeds of these bonds were used for the construction of a solid waste transfer station along with related equipment and improvements. A portion of the Local Option Sales Tax is pledged for payment of debt service on the Bonds. Certain financial covenants are contained in the bond order, among the most restrictive of which provide the City maintain a long-term debt service ratio, as defined, of not less than 2.0. The coverage ratio at June 30, 2016 is 22.80. The City demonstrated compliance with bond covenants during Fiscal Year 2015-16.

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