FY 17 Annual Report

CITY OF SPENCER, IOWA Debt Service Fund

2017

2010 SRF - WTP BUILD AMERICA BONDS

1

BOND INFORMATION

Principal payable 6/1, beginning June 1, 2013. Interest payable 6/1 and 12/1, beginning June 1, 2011. Original Principal Amount: $7,500,000

These bonds were issued through the Iowa Finance Authority's State Revolving Loan Fund, utilizing the Federal Build America Bond program. As part of the Build America Bond program, the City received an annual interest subsidy from the Federal Government. The proceeds of the bond were used to construct the Phase I of the Combined Sewer Separation project, which included a new equalization basin located at the Wastewater Treatment Plant, a new pumping station and new overflow collection system along the Little Sioux River.

FY 2017 PAYMENTS

PRINCIPAL PAYMENT

INTEREST PAYMENT

OTHER FEES

TOTAL PAYMENT

309,000.00

190,740.00

15,895.00

515,635.00

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 2026 2027 2028 2029 2030 2031 2032

319,000 330,000 340,000 351,000 363,000 375,000 387,000 399,000 412,000 426,000 440,000 454,000 469,000 484,000 500,000

181,470 171,900 162,000 151,800 141,270 130,380 119,130 107,520 95,550 83,190 70,410 57,210 43,590 29,520 15,000

500,470 501,900 502,000 502,800 504,270 505,380 506,130 506,520 507,550 509,190 510,410 511,210 512,590 513,520 515,000

- - - - - - - - - - - - - - -

6,049,000 5,730,000 5,400,000 5,060,000 4,709,000 4,346,000 3,971,000 3,584,000 3,185,000 2,773,000 2,347,000 1,907,000 1,453,000

3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25%

984,000 500,000

Totals as of 6/30/2017

6,049,000.00

1,559,940.00

7,608,940.00

-

Principal of the bond may be prepaid in whole or in part, at the option of the Issuer, on any date prior to maturity upon thirty days notice to the Iowa Finance Authority.

DEBT SERVICE