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9.
Certificates of Participation
In September 2010, the Greensboro Center City Corporation (GCCC) issued $7,000,000 Certificates of Participation
payable annually at a fixed rate of 3.0% to 5.25% through FY 2031. Pursuant to installment purchase agreements, the
City will make installment payments sufficient to pay the scheduled debt service on all certificates. Principal and
interest requirements will be provided by appropriation in the year in which they become due. These payments will be
appropriated in the Hotel/Motel Occupancy Tax Special Revenue Fund. Certificates were issued for the Coliseum
Complex Aquatic Center purposes.
Certificates of Participation of the GCCC have been issued in prior years for parking facilities, expansion and
improvements to the War Memorial Coliseum Complex, and equipment purchases. All certificates are matured, except
those relating to the Coliseum Complex – Aquatic Center. Principal is payable annually in varying amounts through FY
2031.
Certificates of Participation Debt Service Requirements to Maturity are:
Fiscal Year
Principal
Interest
Total
2016-17
290,000
$
270,775
$
560,775
$
2017-18
305,000
259,175
564,175
2018-19
315,000
246,975
561,975
2019-20
330,000
234,375
564,375
2020-21
340,000
221,175
561,175
2021-26
1,925,000
893,725
2,818,725
2026-31
2,425,000
395,064
2,820,064
5,930,000
$
2,521,264
$
8,451,264
$
Governmental Activities
Annual Requirements
10.
Lease-Purchase and Other Financing Agreements
The City has entered into lease-purchase and other financing agreements for certain energy improvements, and land
payable monthly and quarterly through 2026. Principal and interest requirements will be provided by an appropriation in
the year in which they become due.
The City entered into a $30,000,000 Installment Financing Agreement with PNC Bank in November 2014 for the
purchase of land and improvements for the Steven B. Tanger Center for the Performing Arts. The outstanding balance
of $12,147,306 includes the retirement of another short-term Master Installment Agreement of $11,500,000 entered into
in FY 2013-2014 with Bank of America for project land acquisition. The current Installment Financing Agreement
bears interest at 68.5% of 1 Month LIBOR plus 42 basis points, maturing in 2018.
The City has an outstanding Master Lease Agreement totaling $3,977,220 as of June 30, 2016, with PNC Bank for
certain energy improvements, at a fixed tax-exempt rate of 4.38%, maturing in 2022. In addition, the City has in place a
Master Lease agreement with Bank of America at a fixed interest rate of 3.765%, maturing in 2020. This agreement, of
which $1,157,227 is outstanding as of June 30, 2016, was issued for Coliseum energy improvements.
The City has a grand total of $17,281,753 in master lease agreements and installment financings to finance energy
improvements, property acquisitions, and other improvements. The City also has a total of $3,212,729 in capital leases
primarily for information technology systems.
In 2015, the City issued $3,578,000 HUD Section 108 Series 2015A notes and refinanced Series 2002A, 2003A and
2006 S. Elm Street interim notes. These notes bear interest as fixed rates ranging from 2.78 to 8.12% maturing in 2026.
Total notes outstanding as of June 30, 2016 for HUD funding are $4,822,000 with an original commitment of
$10,461,000.