FY 18 Annual Report

2018 G.O. - Pederson Park Lighting / Streets

Principal payable 6/1, beginning June 1, 2018. Interest payable 6/1 and 12/1, beginning June 1, 2018. Original Principal Amount: $1,500,000

These bonds were issued for two projects. $700,000 of the bond proceeds were used for the Pederson Park lighting project. At the time of issuance the remaining $800,000 of the bond proceeds were designated for the 4th Ave W - Phase II sewer separation project. Subsequent to the issuance of the debt, the City received a $600,000 CDBG grant for the 4th Aver W project that would negate the need for the bonds. The City will utilize the amount necessary for the 4th Ave W project and any remaining bond proceeds will be utilized on future street projects.

Principal and Interest Outstanding

Principal Outstanding Beginning of Fiscal Year

Payments

Paid from Property Tax Revenue

FISCAL YEAR

Coupon Rate

Principal

Interest

Total

2020 2019 2021 2022 2023 2024 2025 2026 2028 2027

120,000 120,000 120,000 125,000 125,000 130,000 145,000 140,000 135,000 140,000

34,200.00 36,600.00 31,800.00 28,200.00 24,450.00 20,700.00 16,800.00 12,750.00 4,350.00 8,550.00

154,200 156,600 151,800 153,200 149,450 150,700 151,800 152,750 149,350 148,550

154,200.00 156,600.00 151,800.00 153,200.00 149,450.00 150,700.00 151,800.00 152,750.00 149,350.00 148,550.00

1,180,000.00 1,300,000.00 1,060,000.00 940,000.00 815,000.00 690,000.00 560,000.00 425,000.00 145,000.00 285,000.00

2.00% 2.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Totals as of 6/30/2018

1,300,000.00

218,400.00

1,518,400.00 1,518,400.00

Bonds due after June 1, 2025 will be subject to call prior to maturity in whole, or form time to time in part, in any order of maturity and within a maturity by lot on said date or on any date thereafter upon terms or par plus accrued interest to date of call. T.I.F. Internal Loan

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. Fiscal Year 2018 saw the final payment on this loan. The loan has now been paid in full.

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