FY 17 Annual Report

CITY OF SPENCER, IOWA Debt Service Fund

2017

2008 SRF - WTP IMPROVEMENTS

1

BOND INFORMATION

Principal payable 6/1, beginning June 1, 2010. Interest payable 6/1 and 12/1, beginning December 1, 2009. Original Principal Amount: $1,520,000 These bonds were issued to provide funds to pay a portion of the cost of constructing improvements at the wastewater treatment plant for the City of Spencer. The specific improvements made were the rehabilitation of the secondary digester and cover.

FY 2017 PAYMENTS

PRINCIPAL PAYMENT

INTEREST PAYMENT

OTHER FEES

TOTAL PAYMENT

69,000.00

32,760.00

2,730.00

104,490.00

PRINCIPAL AND INTEREST OUTSTANDING

Payments

Principal Outstanding Beginning of Fiscal Year

Fiscal Year

Coupon Rate

Paid from Property Tax Revenue

Principal

Total

Interest

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

71,000 73,000 76,000 78,000 81,000 83,000 86,000 89,000 92,000 95,000 98,000 101,000

33,248 30,940 28,568 28,106 23,563 20,930 18,233 15,438 12,545

104,248 103,940 104,568 106,106 104,563 103,930 104,233 104,438 104,545 104,555 104,468 104,283

- - - - - - - - - - - -

1,023,000

3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

952,000 879,000 803,000 725,000 644,000 561,000 475,000 386,000 294,000 199,000 101,000

9,555 6,468 3,283

Totals as of 6/30/2017

-

1,023,000.00

230,877.00

1,253,877.00

Bonds MAY be subject to early redemption with prior approval of the Iowa Finance Authority.

DEBT SERVICE