FY 17 Annual Report

OUTSTANDING MUNICIPAL INDEBTEDNESS

2017

CITY OF SPENCER, IOWA

OUTSTANDING JUNE 30, 2017

OUTSTANDING JULY 1, 2016

ISSUED DURING YEAR

REDEEMED DURING YEAR

GENERAL OBLIGATION BONDS G.O. BONDS

1,892,767.71 60,000.00

3,132,000.00 115,000.00

460,767.71

1,700,000.00

INTERNAL LOANS

-

55,000.00

T.I.F. AGREEMENTS * Non-Annual Approp.

2,308,330.99 6,065,550.00

- -

228,115.77 88,183.04

2,080,215.22 5,977,366.96

Annual Approp.

**

TOTAL G.O. DEBT

11,620,880.99

460,767.71

2,071,298.81

4,032,982.93

REVENUE BONDS SRF 2008 WTP IMP SRF 2010 CSI IMP SRF 2016 WTP IMP

1,092,000.00 6,358,000.00

- -

69,000.00 309,000.00

3,320,636.70 6,049,000.00 1,023,000.00

-

3,320,636.70

7,450,000.00

3,320,636.70

378,000.00

10,392,636.70

TOTAL REVENUE DEBT

TOTAL DEBT

$

14,425,619.63

CONSTITUTIONAL DEBT LIMIT (Applies only to property tax backed bonds/debt)

January 1, 2015 100% Valuation $744,941,794

X 5%

#

$

37,247,090

Debt Subject to Constitutional Debt Limit

#

$

4,032,982.93

Constitutional Debt Capacity Utilized (as of 6/30/17)

##

10.83%

* T.I.F. Agreements are shown here for debt capacity calculations only. For detailed information concerning individual agreements, refer to the T.I.F. section of the report.

** T.I.F. Agreements entered into in FY15 and after are subject to Appropriation by the City Council on an annual basis. In determining annual Debt Capacity, only the amount due in a given year is attributable to that year's constitutional debt capacity limit. Agreements entered into in FY16 will not affect the City's Debt Capacity until FY18 or after. Annual Appropriation Totals are not included in Total Outstanding June 30 totals since they are not included in the Debt Limit valuations.

DEBT SERVICE