HomeMy WebLinkAboutNC Comprehensive Report (Finance) (63)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
Long -Term Debt, (Continued)
Community Development Commission 2005 Tax Allocation Bonds
In January 2005, the Commission issued 2005 Tax Allocation Bonds Series A & B, in the
aggregate principal amount of $27,940,000 and $9,840,000, respectively. The bonds were
issued for the purpose of refunding the 2001 Tax Allocation Refunding Bonds Series A &
B. Interest on the bonds is payable semiannually on August 1 and February 1,
commencing August 1, 2005, at rates ranging from 2.9% to 5.25% per annum.
The annual debt service requirements for the 2005 Tax Allocation Bonds outstanding are
as follows:
Fiscal Year Principal Interest Total
2013 $ 3,200,000 1,021,743 4,221,743
2014 3,345,000 869,536 4,214,536
2015 3,505,000 706,808 4,211,808
2016 3,670,000 533,690 4,203,690
2017 760,000 444,693 1,204,693
2018 790,000 415,813 1,205,813
2019 825,000 385,003 1,210,003
2020 855,000 352,003 1,207,003
2021 890,000 317,803 1,207,803
2022 570,000 277,753 847,753
2023 595,000 253,528 848,528
2024 780,000 227,943 1,007,943
2025 815,000 194,013 1,009,013
2026 855,000 153,263 1,008,263
2027 555,000 110,513 665,513
2028 435,000 81,375 516,375
2029 250,000 58,538 308,538
2030 200,000 45,413 245,413
2031 210,000 34,913 244,913
2032 220,000 23,888 243,888
2033 235,000 12,338 247,338
Total $23,560,000 6,520,570 30,080,570
Defeasance of Debt
As of June 30, 2012, the outstanding balance of defeased debt is as follows:
1998 Tax Allocation Bonds $10,165,000
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