65 / 144
55
For the year ended December 31, 2016
[tabular amounts in thousands of dollars]
NOTESTOTHE CONSOLIDATED
CITY OF SURREY
FINANCIAL STATEMENTS
10.
DEBT (CONTINUED)
ii) Loans payable
Loans payable by Surrey City Development Corporation are as follows:
2016
2015
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
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
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
13,433
13,840
Term loan, Beedie LP, 5-year term maturing November 1, 2021, payable in monthly
payments of $90,473, including interest calculated at the BA Swap Rate plus 1.60% per
annum, secured by a mortgage on the commercial property
9,727
-
Construction loan, Surrey Centre LPs, in the form of bankers’ acceptances, bearing
interest at the bank’s prime lending rate, secured by the underlying property, and
repayable upon the earlier of the receipt of the net proceeds from sales, take-out
financing, lease prepayments, or upon the maturity date of October 31, 2017
10,409
-
$ 33,569
$ 31,602
Sinking fund installments and mortgage payments on net outstanding debt and loans payable over the next five years and
thereafter are as follows:
Sinking fund installments
and actuarial adjustments
Loan payments
Total
2017
$
5,536
$
11,106
$
16,642
2018
5,757
720
6,477
2019
5,988
748
6,736
2020
6,227
774
7,001
2021
6,476
750
7,226
2022 and thereafter
161,009
19,471
180,480
Total
$
190,993
$
33,569
$
224,562
Interest charges on debt are as follows:
2016
2015
Cash for interest payments
$
8,097
$
8,097
Total interest expense
$
8,097
$
8,097