76 / 140
66
For the year ended December 31, 2015
[tabular amounts in thousands of dollars]
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
City of Surrey
11. DEBT (CONTINUED)
ii) Loans payable
Loans payable by Surrey City Development Corporation are as follows:
2015
2014
Demand loan, Grove LP, in the form of bankers’ acceptances bearing a stamping fee of
2.25% plus interest at the monthly bankers’ acceptance rate, secured by the underlying
property and repayable on the sale of the development
$
-
$ 2,998
Croydon Drive Development LLP Loan payable, RBC, bearing interest at RBP plus 0.75%
per annum, secured by the underlying property and repayable on the earlier of the
receipt of commercial financing and May 31, 2015
-
5,059
Murray Latta loan payable, Bank of Montreal, 7-year term maturing May 1, 2020, payable
in monthly payments of $22,942, including interest calculated at a rate of 3.86% per
annum, secured by a mortgage on the commercial property
4,138
4,253
Boundary Park loan payable, Citizen’s Bank of Canada, 10-year term maturing January
1, 2023, payable in monthly payments of $77,625, including interest calculated at a rate of
4.05% per annum, secured by a mortgage on the commercial property
13,624
14,000
Cedar Hills loan payable, Citizen’s Bank of Canada, 10-year term maturing November 1,
2022, payable in monthly payments of $78,497, including interest calculated at a rate of
3.95% per annum, secured by a mortgage on the commercial property
13,840
14,231
$ 31,602
$ 40,541
Sinking fund installments and mortgage payments on net outstanding debenture debt and loans payable over the next five years and
thereafter are as follows:
Sinking fund installments and
actuarial adjustments
Loan payments
Total
2016
$
5,323
$
917
$
6,240
2017
5,536
954
6,490
2018
5,757
993
6,750
2019
5,988
1,033
7,021
2020
6,227
1,074
7,301
2021 and thereafter
167,485
26,631
194,116
Total
$
196,316
$
31,602
$
227,918
Interest charges on debt are as follows:
2015
2014
Cash for interest payments
$
8,097
$
8,097
Change in interest accrued
-
(5)
Total interest expense
$
8,097
$
8,092