HomeMy WebLinkAboutNC Comprehensive Report (Finance) (60)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
Long -Term Debt, (Continued)
Morgan Towers Note Payable
The note payable is secured by a deed of trust and is payable to GMAC. The original
note was dated March 1, 1978 in the amount of $5,125,000. Payments of principal and
interest at 6.5% aggregating $30,005 are made monthly with the final payment due
August 1, 2019. The unpaid principal portion of the note at June 30, 2010 was
$2,481,662. The note is insured by HUD and is secured by substantially all property and
equipment of the Morgan Towers Enterprise Fund.
The annual principal payments of the note payable outstanding are as follows:
Fiscal Year Principal Interest Total
2013 $ 233,124 126,936 360,060
2014 248,736 111,324 360,060
2015 265,395 94,665 360,060
2016 283,170 76,890 360,060
2017 302,136 57,924 360,060
2018 322,368 37,692 360,060
2019 343,957 16,103 360,060
2020 59,507 503 60,010
Total $2.058,393 522.037 2.580.430
Community Development Commission 1999 Tax Allocation Bonds
In June 1999, the Commission issued $5,050,000 in Tax Allocation Bonds for the Q
Avenue Redevelopment project. The bonds consist of $1,085,000 in serial bonds which
mature from 2000 to 2010 in amounts ranging from $45,000 to $125,000, and $1,425,000
in term bonds which mature in 2019, and $2,540,000 in term bonds which mature in
2029. Interest is payable semi-annually on February 1 and August 1, at interest rates
ranging from 3.30% to 4.50%.
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