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5.
General Obligation Bonds/Anticipation Notes Debt Service Requirements to Maturity are:
Fiscal Year
Principal
(1)
Interest
Total
2016-17
43,083,007
$
4,396,393
$
47,479,400
$
2017-18
12,205,000
3,762,445
15,967,445
2018-19
12,645,000
3,184,311
15,829,311
2019-20
12,760,000
2,761,683
15,521,683
2020-21
13,195,000
2,355,193
15,550,193
2021-26
49,015,000
7,332,609
56,347,609
2026-31
23,530,000
2,541,263
26,071,263
2031-34
2,540,000
219,000
2,759,000
168,973,007
$
26,552,897
$
195,525,904
$
(1)
Bond Anticipation Notes of $31,023,007 included are scheduled to mature in Fiscal 2017.
Governmental Activities
Annual Requirements
6.
Limited Obligation Bonds
On October 7, 2014, the City issued $24,450,000 in Limited Obligation Bonds Series 2014 bearing interest payable
semiannually at fixed rates from 2.0% to 5.0% on June 1 and December 1, with final maturity in 2040. The original
issue premium amounted to $1,587,051. The proceeds of these bonds were used to retire the $24,000,000 limited
obligation notes issued on June 1, 2012. The proceeds of the note were used for coliseum improvements.
Fiscal Year
Principal
Interest
Total
2016-17
610,000
$
957,768
$
1,567,768
$
2017-18
630,000
933,368
1,563,368
2018-19
655,000
908,168
1,563,168
2019-20
685,000
881,968
1,566,968
2020-21
720,000
847,718
1,567,718
2021-26
4,025,000
3,798,990
7,823,990
2026-31
4,955,000
2,872,954
7,827,954
2031-36
5,880,000
1,942,352
7,822,352
2036-40
5,700,000
561,946
6,261,946
23,860,000
$
13,705,232
$
37,565,232
$
Governmental Activities
Annual Requirements
7.
Special Obligation Bonds
On November 17, 2005, the City issued $8,400,000 in Special Obligation Bonds Series 2005 bearing interest payable
semiannually at fixed rates from 3.75% to 5.0% on June 1 and December 1, with final maturity in 2020. The original
issue premium amounted to $224,026. The proceeds of these bonds were used for the construction of a solid waste
transfer station along with related equipment and improvements.
A portion of the Local Option Sales Tax is pledged for payment of debt service on the Bonds. Certain financial
covenants are contained in the bond order, among the most restrictive of which provide the City maintain a long-term
debt service ratio, as defined, of not less than 2.0. The coverage ratio at June 30, 2016 is 22.80. The City demonstrated
compliance with bond covenants during Fiscal Year 2015-16.