HomeMy WebLinkAboutNC Comprehensive Report (Finance) (55)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
Long -Term Debt, (Continued)
Changes in long-term liabilities for the Successor Agency year ended June 30, 2012 are
as follows:
Classification
Amount Due Amount Due
Balance at Balance at Within Beyond
July 1. 2011 Additions Deletions June 30, 2012 One Year One Year
Successor Agency:
1999 Tax Allocation Bonds $ 3,835,000 3,835,000 135.000 3,700,000
2004 Tax Allocation Bonds 4,060,000 4,060,000 295,000 3,765,000
2005 Series A and B Tax
Allocation Bonds 23,560,000 23,560,000 3,200,000 20,360,000
2011 Tax Allocation Bonds $ 39,660,000 39,660,000 325,000 39,335.000
Total Bonds $ 71.115,000 71,115,000 3,955,000 67,160,000
National City Joint Powers Financing Authority (NCJPFA) Lease Revenue
Refunding Bonds
The NCJPFA issued $3,115,000 of refunding bonds on September 28, 2010 to provide
funds for the advance refunding of the previously issued bonds. Interest on the bonds is
payable semiannually on each April 1 and October 1, commencing April 1, 2011. The
bonds are special obligations of NCJPFA secured by a pledge of revenues which consist
of lease payments received by NCJPFA, as lessor, from the City, as lessee.
The annual debt service payments for the bonds are as follows:
Fiscal Year Principal Interest Total
2013 $ 415,000 75,225 490,225
2014 430,000 62,550 492,550
2015 445,000 49,425 494,425
2016 460,000 35,850 495,850
2017 475,000 21,825 496,825
2018 490,000 7,350 497,350
Total $2,715,000 252,225 2,967,225
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