2014 Annual Comprehensive Financial Report

Home Browse Search

City of Louisville Notes to the Financial Statements December 31, 2014 Note 7: Long-term debt (continued) B. Bonds payable — government activities Bonds payable at December 31, 2014 are comprised of the following issues: The 2.0% - 4.25% Series 2004 Limited Tax General Obligation Library Bonds mature annually beginning on December 1, 2004 through December 2022. Remaining debt service at December 31, 2014 was $3,768,893. The 7% 2014 Urban Revitalization District (Louisville Revitalization Commission) Tax Increment Financing Bonds for the DELO Project were issued in the amount of $750,000. The total maximum bond authorization is $4.5 million, which is expected to be issued over the next few years. Payment on the bonds will not commence until the property tax increment generated by the DELO Project is sufficient to support payment. Full payment on the bonds is projected to occur prior to 2031. The District is a blended component unit of the City. The debt does not constitute a direct obligation of the City. C. Bonds payable - enterprise funds On September 13, 2013, the 2003 Series Colorado Water Resources and Power Development Authority Water Resources Revenue loan was refinanced and completely paid on December 1, 2013 with the issuance of $8,355,000 of 2013 Water & Wastewater Enterprise Revenue Refunding Bonds. The interest rate on the refunding bonds is 2.47%. The total dollar value savings from the refinancing is approximately $639,600 over the life of the bonds. The net present value savings at time of issuance was approximately $550,100. Pledged revenues of $10,529,398 were available to pay 2014 debt service on the bonds of $881,655. The remaining debt service on the refunding bonds at December 31, 2014 was $8,813,037. D. Capital lease payable - enterprise funds On November 3, 1994, the City entered into a water rights lease with option to purchase with the City of Greeley, Colorado for $708,457. The interest rate is 4.0% - 5.1%. Payments of both principal and interest are due on April 1st of each year, through 2017. Payments are calculated based on the debt service paid by the Northern Colorado Water Conservancy District. At the end of the lease, title to the three units of Windy Gap Water will transfer to the City. The lease is serviced by the Water & Wastewater Fund. Remaining debt service at December 31, 2014, was $189,491. 56