HomeMy WebLinkAboutNC Comprehensive Report (Finance) (62)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
Long -Term Debt, (Continued)
Community Development Commission 2004 Tax Allocation Bonds
In June 2004, the Commission issued $5,860,000 Tax Allocation Bonds to finance a
portion of the cost to construct a fire station, library, and community art center. The
bonds consist of $3,045,000 in serial bonds, which mature from 2005-2015 in amounts
ranging from $220,000 to $330,000, and $1,085,000 in term bonds, which matures in
fiscal year 2033. Interest is paid semi-annually on February 1 and August 1, at interest
rates ranging from 1.50% to 5.50%.
The annual debt service requirements for the 2004 Tax Allocation Bonds outstanding are
as follows:
Fiscal Year Principal Interest Total
2013 $ 295,000 199,750 494,750
2014 305,000 188,540 493,540
2015 315,000 176,340 491,340
2016 330,000 163,425 493,425
2017 - 149,400 149,400
2018 149,400 149,400
2019 149,400 149,400
2020 - 149,400 149,400
2021 149,400 149,400
2022 - 149,400 149,400
2023 149,400 149,400
2024 149,400 149,400
2025 149,400 149,400
2026 149,400 149,400
2027 345,000 149,400 494,400
2028 360,000 134,150 494,150
2029 380,000 114,150 494,150
2030 400,000 94,150 494,150
2031 420,000 74,150 494,150
2032 445,000 49,150 494,150
2033 465,000 29,150 494,150
Total $4,060,000 2,866,355 26 355
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