HomeMy WebLinkAboutNC Comprehensive Report (Finance) (58)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
Long -Term Debt, (Continued)
2003 A HUD 108 Bond
The City issued $6,900,000 of HUD 108 Bonds, Series A on August 7, 2003 to provide
funds for the construction of a fire station. The bonds mature annually through 2024 in
the amount ranging from $170,000 to $635,000 beginning in 2005. The interest of the
bonds is payable semi-annually on each February 1 and August 1, commencing
February 1, 2004.
The annual debt service payments for the bonds outstanding are as follows:
Fiscal Year Principal Interest Total
2013 $ 280,000 274,117 554,117
2014 305,000 260,227 565,227
2015 325,000 244,850 569,850
2016 350,000 227,967 577,967
2017 380,000 209,233 589,233
2018 410,000 188,528 598,528
2019 440,000 165,847 605,847
2020 475,000 141,044 616,044
2021 510,000 113,975 623,975
2022 545,000 84,640 629,640
2023 590,000 52,770 642,770
2024 635,000 18,066 653,066
Total $5,245,000 1,981,264 7,226,264
Capital Leases
A five year contract was entered into on March 16, 2012 for various energy efficient
improvements, such as the installation of a new cooling town with variable speed fans
(Civic Center), boiler replacement (Civic Center and Police Station), VFD (Police
Station), and rooftop package unit replacement (Public Works, Police Station and MLK
Community Center). Quarterly payments in arrears of principle and interest are $43, 101.
The final payment will be made in 2025. The balance at June 30, 2012 on this contract
was $1,645,577.
A ten year contract was entered into on December 15, 2004 for the purchase of an
800MHZ Regional Communication System to provide communication for law
enforcement and public safety personnel. Annual payment of principal and interest are
$194,713. The balance at June 30, 2012 was $459,591.
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