COG Comprehensive Annual Financial Report

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

Governmental Activities Annual Requirements Principal (1) Interest

Fiscal Year 2018-19

Total 71,429,847 19,295,008 19,183,011 18,880,128 15,648,612 60,015,539 26,311,632 10,175,200

$

65,106,922 $

6,322,925 $

2019-20 2020-21 2021-22 2022-23 2023-28 2028-33 2033-37

14,595,000 15,025,000 15,175,000 12,400,000 49,430,000 22,260,000 9,360,000

4,700,008 4,158,011 3,705,128 3,248,612 10,585,539 4,051,632

815,200

$

203,351,922 $

37,587,055 $ 240,938,977

(1) Bond Anticipation Notes of $50,621,922 included are scheduled to be refinanced in Fiscal 2019.

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. 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 B. Tanger Center for the Performing Arts.

Governmental Activities Annual Requirements

Business-Type Activities Annual Requirements

Fiscal Year

Principal

Interest

Principal

Interest

Total

2018-19 2019-20 2020-21 2021-22 2022-23 2023-28 2028-33 2033-38 2038-43

$

655,000 $

908,168 $

$

1,525,857 $ 3,089,025

685,000 720,000 745,000 760,000

881,968 847,718 818,918 804,018

1,583,022 1,583,022 1,549,792 1,513,156 6,912,948 5,551,000 3,770,053 1,551,366

3,149,990 4,430,740 4,428,710 4,427,174 22,151,288 22,146,718 22,146,481 17,454,186

1,280,000 1,315,000 1,350,000 7,410,000 8,770,000 10,555,000 12,770,000

4,400,000 5,305,000 6,385,000 2,965,000

3,428,340 2,520,718 1,436,428 167,820

$

22,620,000 $ 11,814,096 $

43,450,000 $ 25,540,216 $ 103,424,312

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