Memo Debt Service Plan 2014} F
CITY OF
Ot e 0
MINNESOTA
DATE: 28 October 201
T : Lori Johnson, City Administrator
MEMORANDUM
FROM: Dan Jordet, Administrative Services Director
: Debt Service Plan for 201
The attached four schedules show the status of the City's bonded indebtedness at the beginning of
2014 and walk through the payments to be made during 2014 to arrive at total bonded debt at the end
of 2014. The City will start the year with $ 45,730,000 in outstanding bonded debt and will end the year
with $ 44,536,000 in bonded debt, assuming that no additional debt must be acquired or issued.
Schedule `i shows the Original Sales value of each debt issue and the Erle of that debt outstanding at
the end of 2013. In this schedule the date for the final principal and interest payment is in the second
column from the right.
Schedule 2 shows the amount of outstanding principal to be paid on each of the issues. Fire issues
will Hulce no principal payment in 2014 under the refinancing plan developed for that debt.
Schedule 3 shovers the amount of principal and interest to be paid for each outstanding bond. Even if no
principal payments are made, interest payments must be made on a semi -annul basis according to all
of the bond covenants. In 2014, the City will pay $ 1,150,000 in principal and $ 1,666,018.76 in
interest.
Schedule 4 sorts the payments ents bar sources of funding.
In the process of selling each of these bond issues the Council would have adopted the.00venants
promising to pay the amounts due on the specified due dates. No additional annual activity need
necessarily be taken. However, in order to fully understand, monitor and effectively manage the City's
debt position it is important that the Council be kept informed of the status on repayments and the plans
to fulfill requirements for future payments. To that end, Finance will be developing cash flog
projections for each of the debt service funds prior to the adoption of the 2014 budget.
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