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DEBT SERVICE FUNDS <br /> <br />Year Principal Interest Total <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 $570,000 $25,168 $595,168 <br /> <br />Notes –Canabury Square (Fund 362), Canabury Condos (Fund 375), & Fleur Royale (Fund 463) <br />The City has one outstanding note (Canabury Square) with Ramsey County. In addition, there are two <br />notes (Canabury Condos and Fleur Royale) with Ramsey County that have been paid in full. These were <br />notes were issued in 2009 and 2010 for housing improvement projects at Canabury Condos, Canabury <br />Square Condos, and Fleur Royale. The City has pledged assessments levied for these projects to repay <br />these notes and is projected to produce 100% of the revenue to repay these notes. <br /> <br />The Fleur Royale note had a final maturity date of 2020. Since there are remaining City funds in Fleur <br />Royale (Fund 463), a transfer to the General Fund was included in the 2022 budget for $7,000 and a <br />transfer of $5,979 is included in the 2023, bringing the fund balance to zero and closing out the fund. <br /> <br />Canabury Condos had a final maturity of 2021. Due to the timing of assessments for Canabury Condos, <br />a small interfund loan from Fund 463 to Fun 375 was approved in 2020. This interfund loan (currently <br />$7,972.03) will be paid off by 2024 when the final assessments are received for Canabury Condos. <br /> <br />Canabury Square has a final maturity of 2025. The repayment schedule for Canabury Square is below: <br /> <br />Year Principal Interest Total <br />2023 7,356 323 7,679 <br />2024 7,504 176 7,680 <br />2025 3,124 31 3,155 <br />Total $17,984 $530 $18,514 <br /> <br /> <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 /> <br /> <br />82