|
CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2019
<br />
<br />
<br />
<br />
<br />CURRENT REFUNDING
<br />
<br />On July 18, 2019, the City issued $2,480,000 of General Obligation Bonds, Series 2019A. On August 1, 2019,
<br />the City used $604,000 of the proceeds and $121,000 of cash on hand to advance refund the 2020 through 2026
<br />maturities of the General Obligation Improvement Bonds, Series 2010A. The City refunded the Series 2010A
<br />bonds to reduce its total debt service payments over the last seven years of the bond by $36,086 and to obtain
<br />an economic gain (difference between the present value of the debt service payments on the old and new debt)
<br />of $29,815.
<br />
<br />On August 1, 2019, the City also used $827,000 of the proceeds from the Series 2019A bonds and $318,000 of
<br />cash on hand to advance refund the 2020 through 2027 maturities of the General Obligation Improvement
<br />Bonds, Series 2011A. The City refunded the Series 2011A bonds to reduce its total debt service payments over
<br />the last eight years of the bond by $94,007 and to obtain an economic gain (difference between the present
<br />value of the debt service payments on the old and new debt) of $70,007.
<br />
<br />Annual debt service requirements to maturity for long-term debt are as follows:
<br />
<br />Year Ending
<br />December 31 Principal Interest Principal Interest
<br />2020 $1,215,000 $391,183 $445,000 $165,438
<br />2021 1,285,000 357,438 450,000 156,487
<br />2022 1,175,000 323,370 475,000 146,212
<br />2023 1,210,000 288,826 495,000 134,412
<br />2024 1,235,000 252,520 510,000 122,062
<br />2025 1,265,000 214,951 530,000 109,313
<br />2026 1,105,000 178,639 555,000 95,700
<br />2027 1,020,000 146,754 580,000 80,081
<br />2028 915,000 119,498 605,000 62,975
<br />2029 940,000 93,494 635,000 43,787
<br />2030 830,000 67,734 655,000 23,025
<br />2031 685,000 45,056 305,000 4,876
<br />2032 505,000 26,994 - -
<br />2033 405,000 12,988 - -
<br />2034 205,000 3,331
<br />Total $13,995,000 $2,522,776 $6,240,000 $1,144,368
<br />G.O. Improvement Bonds
<br />Governmental Activities
<br />G.O. Tax Increment Bonds
<br />
<br />61
|