FY 17 Annual Report

CITY OF SPENCER, IOWA Debt Service Fund

2017

REDLG LOAN - E911 COMUNICATIONS

#710

1

BOND INFORMATION

Principal payable July 15, beginning July 2015. Interest payable - These are no interest loans. Original Principal Amount: $360,000

This loan was issued on behalf of the E-911 Emergency Communications Board to pay for equipment costs related to the construction of the new Communications Center. The loan was issued through Spencer Municipal Utilities through the US Department of Agriculture's Rural Development Loan Program. The proceeds will be repaid to Spencer Municipal Utilities and used to establish a revolving loan fund for the community. While the City issued the debt and is legally responsible if the E-911 Communication Center Board would default, the principal payments will be paid annually by the Communications Board to the City of Spencer who will in turn pay SMU.

FY 2017 PAYMENTS

PRINCIPAL PAYMENT

INTEREST PAYMENT

OTHER FEES

TOTAL PAYMENT

36,000.00

-

-

36,000.00

PRINCIPAL AND INTEREST OUTSTANDING

Payments

Principal Outstanding Beginning of Fiscal Year

Fiscal Year

Coupon Rate

Paid from Property Tax Revenue

Principal

Total

Interest

2018 2019 2020 2021 2022 2023 2024 2025

36,000 36,000 36,000 36,000 36,000 36,000 36,000 36,000

- - - - - - - -

36,000 36,000 36,000 36,000 36,000 36,000 36,000 36,000

288,000 252,000 216,000 180,000 144,000 108,000 72,000 36,000

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%-

Totals as of 6/30/2017

288,000.00

-

288,000.00

-

The bonds are NOT subject to early redemption.

DEBT SERVICE