General Obligation Capital Loan Notes - Communications Utility
All general obligation (G O ) bonds and notes have been issued by the City on behalf of the Utility. The G.O. notes require annual principal payments, due December 1, and semiannual interest payments, due June 1 and December 1. lnterest rates throughout the term of the notes are in a range
between 1.30% and 3.80%. The total debt service obligations over the remaining term of the notes are as follows:
Year Ending
2013 2014 2015 2016 2017
2018-2022 2023-2024
Component Unit - G.O. Capital Loan Notes Principal
lnterest $
155,000 165,000 105,000 110,000 I 15,000 650,000 295,000
$ t,595,000 $
47,878 45,242 41,860 39,340 36,370 124,600 16,765
$ 3s2,055 Revenue Capital Loan Notes - Gommunications Utility
The Series 2009 and 2010 revenue capital loan notes require annual principal payments, due December 1, and semiannual interest payments, due June 1 and December 1. lnterest rates throughout the term of the notes are in a range between 3.0% and 4.3o/o. The notes are secured by the future net revenues of the Utility. The bonds mature and bear interest as follows:
Year Ending
2013 201 4 2015 2016 2017
2018-2022 2023-2024
Component Unit - Revenue Capital Loan Notes Principal
lnterest $
1,440,000 1,475,000 1,525,000 1,570,000 1,630,000 5,700,000 460,000
$ t 3,800,000 $
434,310 391,110 346,860 301,110 252,310 51 1,500 29,773
$ 2,266,973
The bond resolution provides certain covenants relating to the collection, segregation, and distribution of revenues from customers; places certain restrictions on the future of borrowing and leasing or disposition of assets; and requires that minimum insurance coverage be maintained.
The Board of Trustees of the Municipal Electric Utility authorized a loan to be extended to the Utility under Resolution No. 2759, 2840, 2939, 2994, and 3086. The December 31
, 2012 outstanding
balance on this loan was $738,090, bearing interest as 3.1%. The Board of Trustees of the Municipal Gas Utility approved a loan to be extended to the Utility under Resolution No. 5077. The December 31,2012 outstanding balance on this loan was $3,000,000, bearing interest a|2.0%.
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