FY 17 Annual Report

CITY OF SPENCER, IOWA Debt Service Fund

2017

2016 SRF - WTP IMPROVEMENTS

1

BOND INFORMATION

Principal payable 6/1, beginning June 1, 2018. Interest payable 6/1 and 12/1, beginning December 1, 2016. Original Principal Amount: Estimated to be $3,900,000. Borrowed as of June 30, 2017: $3,320,636.70

These bonds were issued through the Iowa Finance Authority's State Revolving Loan Fund to finance the improvements made at the Wastewater Treatment Plant. The City also utilized the State's Sponsored Project program wherein the City increased the principal and reduced the interest and will utilize the one for water quality projects. The final amount of principal borrowed will be determined once the project is complete in the fall of 2017.

FY 2017 PAYMENTS

PRINCIPAL PAYMENT

INTEREST PAYMENT

OTHER FEES

TOTAL PAYMENT

-

14,485.77

14,485.77

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 2033 2034 2035 2036 2037

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

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

1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75%

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

Totals as of 6/30/2017

-

-

-

-

DEBT SERVICE