FY 18 Annual Report

2012 G.O. - W. Beltway / Fire Station Refunding

Principal payable 6/1, beginning June 1, 2013. Interest payable 6/1 and 12/1, beginning December 1, 2012. Original Principal Amount: $1,565,000

These bonds were issued to provide funds to current refund on June 1, 2012, $765,000 of the City's outstanding General Obligation Fire Station Improvement Bonds, Series 2005A, and for constructing certain street and bridge improvements known as the "West Beltway Project." The West Beltway Project is a joint construction project between the City of Spencer and Clay County. At the time of issuance, the present value of the savings due to the refunding of the Fire Station Bond was calculated to be $56,456.28. Fiscal Year 2018 saw the final payment on this debt. This bond has now bee paid in full.

2010 G.O. - Landfill Refund Revenue Bond

Principal payable 6/1, beginning June 1, 2011. Interest payable 6/1 and 12/1, beginning December 1, 2010. Original Principal Amount: $1,455,000

These bonds were issued to current refund, on June 1, 2010, $1,395,000 of the City's outstanding Landfill Facility Revenue Bonds, Series 2004B, and to current refund, on April 12, 2010, $225,000 of the City's outstanding General Obligation Landfill Facility Improvement Bonds, Series 2006A. At the time of issuance, the present value of the savings due to the refunding of the two bonds was calculated to be $118,018.30.

2010 G.O. - Landfill Refund Revenue Bond

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.

Principal and Interest Outstanding

Principal Outstanding Beginning of Fiscal Year

Payments

Paid from Property Tax Revenue

FISCAL YEAR

Coupon Rate

Principal

Interest

Total

2022 2021 2020 2019

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

1,500.00 2,850.00 4,000.00 6,700.00

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

76,500.00 77,850.00 79,000.00 250,450.00

100,000.00 200,000.00 300,000.00 570,000.00

4.41% 4.41% 4.41% 4.41%

Totals as of 6/30/2018

570,000.00

15,050.00

585,050.00

483,800.00

The bonds are NOT subject to early redemption.

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