HomeMy WebLinkAboutNC Comprehensive Report (Finance) (56)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
Long -Term Debt, (Continued)
2011 Tax Allocation Bonds
In February 2011, the Commission issued $39,660,000 in Tax Allocation Bonds for the
purpose of fund redevelopment and low and moderate income housing projects within the
Project Area. The bonds consist of $9,790,000 in serial bonds which mature from 2012-
2021 in amounts ranging from $325,000 to $1,825,000, $5,830,000 in term bonds which
mature in fiscal year 2024, and $24,040,000 terms bonds which mature in 2032. Interest
is paid semi-annually on February 1 and August 1, at interest rates ranging from 3.00% to
5.75%.
Fiscal Year Principal Interest Total
2013 $ 325,000 2,565,031 2,890,031
2014 325,000 2,555,281 2,880,281
2015 320,000 2,542,281 2,862,281
2016 315,000 2,529,481 2,844,481
2017 1,145,000 2,515,700 3,660,700
2018 1,255,000 2,458,450 3,713,450
2019 1,315,000 2,395,700 3,710,700
2020 1,445,000 2,329,950 3,774,950
2021 1,520,000 2,254,088 3,774,088
2022 1,825,000 2,166,688 3,991,688
2023 1,930,000 2,061,750 3,991,750
2024 1,890,000 1,936,300 3,826,300
2025 2,010,000 1,813,450 3,823,450
2026 2,140,000 1,682,800 3,822,800
2027 2,285,000 1,533,000 3,818,000
2028 2,505,000 1,373,050 3,878,050
2029 2,880,000 1,197,700 4,077,700
2030 3,095,000 996,100 4,091,100
2031 3,635,000 779,450 4,414,450
2032 3,635,000 525,000 4,160,000
2033 3,865,000 271,250 4,136,250
Total $39,660,000 38,482,500 78,142.500
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