2015 City of Surrey Annual Report
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS City of Surrey
For the year ended December 31, 2015 [tabular amounts in thousands of dollars]
11. DEBT
2014
2015
Debenture debt (i)
$
201,435
$
196,316
Loans payable (ii)
40,541
31,602
$
241,976
$
227,918
i) Debenture debt Pursuant to security issuing by-laws under authority of the Community Charter, the City obtains debt instruments through the Municipal Finance Authority of British Columbia (MFA) to finance certain capital expenditures. Gross amount of the debt less sinking fund installments and actuarial adjustments to date are as follows:
Sinking fund installments and actuarial adjustments
Gross debt
Net debt 2015
Net debt 2014
General Capital Fund
$ 212,335
$ 16,019
$ 196,316
$ 201,435
Current borrowing includes:
MFA Issue
Issue Date
Term (yrs.)
Maturity
Interest Rate Refinancing Date*
116
April 4, 2011
25
April 4, 2036
4.20%
April 4, 2021
121
October 4, 2012
25
October 4, 2037
2.90%
October 4, 2022
126
September 26, 2013
30
September 26, 2043
3.85% September 26, 2023
*On the Refinancing Date, the City has the option to retire the debt early or refinance the borrowing at a new interest rate.
65
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