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DEBT SERVICE FUNDS <br />2015A Refunding Bonds (Fund 320) <br />The 2015A Refunding Bonds were issued for projects in TIF District 5-1 (St. Jude). The repayment of <br />these bonds are from tax increment revenues from TIF District 5-1(460), a Capital Projects Fund. A <br />transfer from TIF District 5-1(460) to the 2015A Debt Service fund (320) is made each year for the debt <br />service payment. Tax increment revenues are projected to produce 100% of the revenue to repay <br />these bonds. The final maturity date on these bonds is in 2026. The repayment schedule is below: <br />Principal Interest Total <br />2021 $130,000 $16,053 $146,053 <br />2022 135,000 13,403 148,403 <br />2023 135,000 10,703 145,703 <br />2024 145,000 7,903 152,903 <br />2025 145,000 4,894 149,894 <br />2026 145,000 1,668 146,668 <br />Total $835,000 $54,624 $889,624 <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 had a final maturity date of 2020. Canabury Condos has a final maturity of 2021, and <br />Canabury Square has a final maturity of 2025. The final year of assessment payments are 2024 for <br />Canabury Condos and 2025 for Canabury Square. <br />Year Principal Interest Total <br />2021 $19,135 $787 $19,922 <br />2022 7,212 468 7,680 <br />2023 7,356 323 7,679 <br />2024 7,504 176 7,680 <br />2025 3,124 31 3,155 <br />Total $44,331 $1,785 $46,116 <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 -9/3/2020 73