FY 17 Annual Report

CITY OF SPENCER, IOWA Debt Service Fund

2017

2010 G.O. - LANDFILL REFUND REVENUE BOND

#721

1

BOND INFORMATION

Principal payable 6/1, beginning June 1, 2011. Interest payable 6/1 and 12/1, beginning December 1, 2010. Original Principal Amount: $1,455,000

These bonds were issued to current refund, on June 1, 2010, $1,395,000 of the City's outstanding Landfill Facility Revenue Bonds, Series 2004B, and to current refund, on April 12, 2010, $225,000 of the City's outstanding General Obligation Landfill Facility Improvement Bonds, Series 2006A. At the time of issuance, the present value of the savings due to the refunding of the two bonds was calculated to be $118,018.30.

FY 2017 PAYMENTS

PRINCIPAL PAYMENT

INTEREST PAYMENT

OTHER FEES

TOTAL PAYMENT

150,000.00

12,525.00

500.00

163,025.00

PRINCIPAL AND INTEREST OUTSTANDING

Payments

Principal Outstanding Beginning of Fiscal Year

Coupon Rate

Paid from Property Tax Revenue

Fiscal Year

Principal

Total

Interest

2018 2019

150,000 155,000

8,775 4,650

158,775 159,650

- -

305,000 155,000

2.75% 3.00%

Totals as of 6/30/2017

305,000.00

13,425.00

318,425.00

-

Notes due after June 1, 2016 are subject to call on said date or any date thereafter upon terms of par plus accrued interest to date of call.

DEBT SERVICE