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Notes to the Consolidated Financial Statements
For the year ended December 31, 2014
[tabular amounts in thousands of dollars]
22
City of Surrey
10. Debt
2014
2013
Debenture debt (i)
$ 201,435
$ 206,356
Loans payable (ii)
40,541
39,223
$ 241,976
$ 245,579
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 2014
Net debt 2013
General Capital Fund
$ 212,335
$
10,900
$
201,435
$ 206,356
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.