CAFR 2017

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

Governmental Activities Annual Requirements

Principal (1) 14,300,000 32,982,315 14,595,000 15,025,000 15,175,000 52,660,000 28,580,000 12,210,000 185,527,315

Fiscal Year

Interest

Total

2017-18 2018-19 2019-20 2020-21 2021-22 2022-27 2027-32 2032-37

$

$

6,309,739 5,244,421 4,595,113 4,060,849 3,606,188 11,992,499 5,041,337 1,295,500 42,145,646

$

20,609,739 38,226,736 19,190,113 19,085,849 18,781,188 64,652,499 33,621,337 13,505,500 227,672,961

$

$

$

(1) Bond Anticipation Notes of $18,497,315 included are scheduled to mature 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.

Governmental Activities Annual Requirements

Fiscal Year

Principal 630,000 655,000 685,000 720,000 745,000 4,205,000 5,125,000 6,120,000 4,365,000 23,250,000

Interest

Total

2017-18 2018-19 2019-20 2020-21 2021-22 2022-27 2027-32 2032-37 2037-40

$

$

933,368 908,168 881,968 847,718 818,918

$

1,563,368 1,563,168 1,566,968 1,567,718 1,563,918 7,825,090 7,825,754 7,824,972 4,696,508 35,997,464

3,620,090 2,700,754 1,704,972

331,508

$

$

12,747,464

$

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, 2017 is 24.51. The City demonstrated compliance with bond covenants during Fiscal Year 2016-17.

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