FY 17 Annual Report

CITY OF SPENCER, IOWA Debt Service Fund

2017

2012 G.O. - W. BELTWAY / FIRE STA. REFUNDING

#713

1

BOND INFORMATION

Principal payable 6/1, beginning June 1, 2013. Interest payable 6/1 and 12/1, beginning December 1, 2012. Original Principal Amount: $1,565,000

These bonds were issued to provide funds to current refund on June 1, 2012, $765,000 of the City's outstanding General Obligation Fire Station Improvement Bonds, Series 2005A, and for constructing certain street and bridge improvements known as the "West Beltway Project." The West Beltway Project is a joint construction project between the City of Spencer and Clay County. At the time of issuance, the present value of the savings due to the refunding of the Fire Station Bond was calculated to be $56,456.28.

FY 2017 PAYMENTS

PRINCIPAL PAYMENT

INTEREST PAYMENT

OTHER FEES

TOTAL PAYMENT

250,000.00

5,275.00

500.00

255,775.00

PRINCIPAL AND INTEREST OUTSTANDING

Payments

Principal Outstanding Beginning of Fiscal Year

Fiscal Year

Coupon Rate

Paid from Property Tax Revenue

Principal

Total

Interest

2018

135,000

2,025

137,025

137,025

135,000

1.50%

Totals as of 6/30/2017

135,000.00

2,025.00

137,025.00

137,025.00

The bonds are NOT subject to early redemption.

DEBT SERVICE