|
Debt Service and Financial Obligations
<br />Description of Bonds and Notes
<br />2003 Sales Tax Revenue Refunding Bonds
<br />These bonds were issued in 2003 at a face amount of $3,830,000 at 2.0% to 3.5% interest. The bonds were used for
<br />refunding the City's 1993 Sales Tax Revenue Bonds which were issued to finance certain capital improvements for the
<br />City including a library facility, a City recreation center and various other capital projects. The source of payment for the
<br />bonds comes from one -cent of the Citv's three and three-eigths cents sales tax.
<br />Year
<br />Interest Amount Principal Amount
<br />Total Payment Principal Balance
<br />2003
<br />2004
<br />2005
<br />2006
<br />2007
<br />2008
<br />2009
<br />2010
<br />2011
<br />2012
<br />2013
<br />121,523 330,000 451,523
<br />97,563 355,000 452,563
<br />90,463 360,000 450,463
<br />83,263 370,000 453,263
<br />75,863 375,000 450,863
<br />66,488 385,000 451,488
<br />54,938 395,000 449,938
<br />43,088 405,000 448,088
<br />29,925 420,000 449,925
<br />15,225 435,000 450,225
<br />3,830,000
<br />3,500,000
<br />3,145, 000
<br />2,785,000
<br />2,415,000
<br />2,040,000
<br />1,655,000
<br />1,260,000
<br />855,000
<br />435,000
<br />Total $678,339 $3,830,000 $4,508,339
<br />
|