FY 17 Annual Report

CITY OF SPENCER, IOWA Debt Service Fund

2017

2013 GO - W 18TH / W 4TH / REFUNDING

#732

1

BOND INFORMATION

Principal payable 6/1, beginning June 1, 2014. Interest payable 6/1 and 12/1, beginning December 1, 2013. Original Principal Amount: $2,245,000

These bonds were issued to pay costs to current refund, on June 1, 2013 $980,000 of the City's outstanding General Obligation Purpose Bonds, Series 2006C and $100,00 of the City's outstanding General Obligation Street Improvement Bonds, Series 2007C. The 2006C Bonds were used for improvements along Highway 71 when Menards was built and the 2007C Bonds were used for street improvements in the Deerfield Park subdivision. In addition, a portion of the Bonds will pay for the cost of constructing street improvements along W 18th Street and W 4th Street in conjunction with the West Beltway Project. The remaining portion of the Bonds will pay for costs for park improvements in Deerfield Park, utilizing TIF revenues. At the time of issuance, the present value of the savings due to the refunding of the two bonds was calculated to be $73,742.67.

FY 2017 PAYMENTS

PRINCIPAL PAYMENT

INTEREST PAYMENT

OTHER FEES

TOTAL PAYMENT

380,000.00

11,750.00

500.00

392,250.00

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

125,000 270,000 100,000 100,000 100,000

7,950 6,700 4,000 2,850 1,500

132,950 276,700 104,000 102,850 101,500

695,000 570,000 300,000 200,000 100,000

4.41% 4.41% 4.41% 4.41% 4.41%

Totals as of 6/30/2017

695,000.00

23,000.00

718,000.00

-

The bonds are NOT subject to early redemption.

DEBT SERVICE