FY 17 Annual Report

CITY OF SPENCER, IOWA Debt Service Fund

2017

T.I.F. INTERNAL LOAN

1

BOND INFORMATION

Principal payable 6/1, beginning June 1, 2014. Interest payable 6/1 and 12/1, beginning December1, 2013. Original Principal Amount: $270,000

The City loaned money internally from the Capital Improvement Reserve Fund to prepay the Bonds initially issued to fund improvements associated with the Hy-Vee development. The purpose was to reduce the amount of interest being paid on the bonds and to better utilize excess cash reserves in the Capital Improvement Reserve.

FY 2017 PAYMENTS

PRINCIPAL PAYMENT

INTEREST PAYMENT

OTHER FEES

TOTAL PAYMENT

55,000.00

5,750.00

-

60,750.00

PRINCIPAL AND INTEREST OUTSTANDING

Payments

Principal Outstanding Beginning of Fiscal Year

Fiscal Year

Coupon Rate

Paid from Property Tax Revenue

Principal

Total

Interest

2018

60,000

3,000

63,000

60,000

5.00%

Totals as of 6/30/2017

60,000.00

3,000.00

63,000.00

-

The bonds are NOT subject to early redemption.

DEBT SERVICE