64 / 144
54
For the year ended December 31, 2016
[tabular amounts in thousands of dollars]
NOTESTOTHE CONSOLIDATED
FINANCIAL STATEMENTS
CITY OF SURREY
10.
DEBT
2016
2015
Debt (i)
$
190,993
$
196,316
Loans payable (ii)
33,569
31,602
$
224,562
$
227,918
i) 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
2016
Net debt
2015
General Capital Fund
$ 212,335
$ 21,342
$ 190,993
$ 196,316
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.