75 / 140
65
For the year ended December 31, 2015
[tabular amounts in thousands of dollars]
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
City of Surrey
11. DEBT
2015
2014
Debenture debt (i)
$
196,316
$
201,435
Loans payable (ii)
31,602
40,541
$
227,918
$
241,976
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:
Gross debt
Sinking fund
installments and
actuarial adjustments
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.