FY 17 Annual Report
CITY OF SPENCER, IOWA Debt Service Fund
2017
T.I.F. INTERNAL LOAN
1
BOND INFORMATION
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.
FY 2017 PAYMENTS
PRINCIPAL PAYMENT
INTEREST PAYMENT
OTHER FEES
TOTAL PAYMENT
55,000.00
5,750.00
-
60,750.00
PRINCIPAL AND INTEREST OUTSTANDING
Payments
Principal Outstanding Beginning of Fiscal Year
Fiscal Year
Coupon Rate
Paid from Property Tax Revenue
Principal
Total
Interest
2018
60,000
3,000
63,000
60,000
5.00%
Totals as of 6/30/2017
60,000.00
3,000.00
63,000.00
-
The bonds are NOT subject to early redemption.
DEBT SERVICE
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