HomeMy WebLinkAboutNC Comprehensive Report (Finance) (57)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
.(7) Long -Term Debt, (Continued)
2002 General Obligation Bonds
The City issued $6,000,000 of general obligation bonds, Election of 2002, Series A on
April 24, 2003 to provide funds for a new public library. The bonds mature annually
through August 1, 2028 in the amounts ranging from $120,000 to $425,000 beginning
August 1, 2003. The interest of the bonds is payable semi-annually on each February 1
and August 1, commencing February 1, 2004. The interest rate of the bonds ranges from
3.70% to 6.10%. The bonds are payable solely from and secured by ad valorem taxes of
all property subject to taxation by the City. The bonds are subject to optional and
mandatory early redemption provisions.
The annual debt service payments for the bonds outstanding are as follows:
Fiscal Year Principal Interest Total
2013 $ 185,000 213,889 398,889
2014 200,000 204,870 404,870
2015 210,000 197,075 407,075
2016 220,000 188,580 408,580
2017 230,000 179,580 409,580
2018 240,000 170,030 410,030
2019 255,000 159,725 414,725
2020 265,000 148,673 413,673
2021 280,000 136,850 416,850
2022 295,000 124,235 419,235
2023 310,000 110,770 420,770
2024 330,000 96,370 426,370
2025 345,000 81,010 426,010
2026 365,000 64,634 429,634
2027 385,000 47,291 432,291
2028 405,000 29,022 434,022
2029 425,000 9,828 434,828
Total $4,945,000 2,162,432 7,107,432
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