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DEBT SERVICE FUNDS
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<br />Overview
<br />Debt Service funds are used to account for the accumulation of resources used for the payment of principal,
<br />interest, and fiscal charges for the various City debt issues.
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<br />The City maintains an “AA+” rating from Standard & Poor’s for the City’s general obligation debt.
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<br />Outstanding Debt:
<br />The City has two bond issues outstanding. These bonds are the 2014A Bonds and the 2015A Bonds. In addition,
<br />the City has one note outstanding with Ramsey County, and two interfund loans in the Debt Service funds.
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<br /> 2014A Bonds (Fund 310)
<br />The 2014A Bonds were issued for the construction of the Public Works Facility. The repayment of this
<br />bond is from the Water/Sewer Equipment Replacement Fund (604). A transfer from the Water/Sewer
<br />Equipment Replacement Fund to the 2014A Debt Service fund (310) is made each year for the debt
<br />service payment. These bonds are callable in 2023. The final maturity date on these bonds is in 2034.
<br />The repayment schedule is below:
<br />Year Principal Interest Total
<br />2026 170,000 57,800 227,800
<br />2027 175,000 52,625 227,625
<br />2028 185,000 47,225 232,225
<br />2029 185,000 41,675 226,675
<br />2030 190,000 36,050 226,050
<br />2031 200,000 29,700 229,700
<br />2032 210,000 22,000 232,000
<br />2033 220,000 13,400 233,400
<br />2034 225,000 4,500 229,500
<br />Total $1,760,000 $304,975 $2,064,975
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<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 is from the tax increment revenues in 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 these
<br />bonds. The final maturity date on these bonds is in 2026. The repayment schedule is below:
<br />Year Principal Interest Total
<br />2026 145,000 1,668 146,668
<br />Total $145,000 $1,668 $146,668
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<br />Notes –Canabury Square (Fund 362), Canabury Condos (Fund 375), & Fleur Royale (Fund 463)
<br />The City had three notes (Canabury Condos, Fleur Royale, Canabury Square) with Ramsey County that
<br />have been paid in full. These were notes were issued in 2009 and 2010 for housing improvement
<br />projects at Canabury Condos, Canabury Square Condos, and Fleur Royale. The City has pledged
<br />assessments levied for these projects to repay these notes and is projected to produce 100% of the
<br />revenue to repay these notes.
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