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DEBT SERVICE FUNDS <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 />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 />Year Principal Interest Total <br />2025 3,124 31 3,155 <br />Total $3,124 $31 $3,155 <br /> <br />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 has been <br />paid in full at the end of 2023. The final year of the assessment payments will be in 2025. <br /> <br /> <br />84