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DEBT SERVICE FUNDS <br />Notes –Canabury Square (Fund 362), Canabury Condos (Fund 375), & Fleur Royale (Fund 463) <br />The City has three outstanding notes with Ramsey County. These were notes were issued in 2009 and <br />2010 for housing improvement projects at Canabury Condos, Canabury Square Condos, and Fleur <br />Royale. The City has pledged assessments levied for these projects to repay these notes. This <br />assessment revenue is projected to produce 100% of the revenue to repay these notes. The Fleur <br />Royale note has a final maturity date of 2020. The other two notes have a maturity date of 2025. <br />Year Principal Interest Total <br />2020 $26,829 $1,258 $28,087 <br />2021 19,135 787 19,922 <br />2022 7,212 468 7,680 <br />2023 7,356 323 7,679 <br />2024-2025 10,306 208 10,514 <br />Total $70,838 $3,044 $73,882 <br />Interfund Loan –Canabury Square (Fund 362) <br />In 2018, the City called the 2009A GO Taxable Housing Improvement Bonds that were issued for housing <br />improvement projects at Canabury Square. The bonds were called in order to realize interest savings <br />and to allow the residents to prepay special assessments that were levied for the project. An interfund <br />loan from the Water/Sewer Capital Project Fund (604) replaced the bonds. The interfund loan is at an <br />interest rate of 4%. There is not a set repayment schedule for the interfund loan but payments are <br />made monthly based on the available cash in the fund. Housing improvement assessments are <br />projected to produce 100% of the revenue to repay this interfund loan. The final year of the assessment <br />payments will be in 2025. <br />DRAFT DOCUMENT 60