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<br />G.O. TAX INCREMENT BONDS OF 1998A
<br />Function: Deb� �ervice
<br />Supervisor: Director of Finance and Administrative Services
<br />Fund#: 325
<br />Activity#: 46300
<br />Activilv �cane
<br />Issuance of $3,100,000 General O�ligation Tax Incrernent Bonds dated Mairch l, 1998
<br />were to finance various pub�ic i�nprovements within TIF District No. 2. T�e
<br />improvements were generally the relocated 14�' Street projeci and the Round Lake Road
<br />intersection im�rovements project. The seventeen year bonds rnature on February l,
<br />2015. The City defeased these bo�ds in 2005 and issued refunding bonds in 2Q04. This
<br />significantly reduced the interest cost over the life o�tl�e bo�ds.
<br />Obiectives
<br />i. Make debt paytnents as scheduled in a timely mar�er.
<br />Issues
<br />1. Watch market conditions for opporiunities to refund or fund balances to pay off
<br />t�e bonds as soon as possihie to sa�e interest expe�se.
<br />Measurable Worlcload Data
<br />N/A
<br />Bud�et Commentary
<br />Tax increment revenue is t�e z�nain revene�e source. A transfer is made from the EDA TI�'
<br />district No. 2{Round Lake) eacl� tiFx�.e a pay�xient is due. Annual debt payments, in#erest,
<br />and fiscal agent fees are the only expenditures budgeted 'an 2012.
<br />Bud�et SummaE-y
<br />Function: Oeht Service Deoartment: GO Tax Increment 8orsds of 1998A
<br />Acfual Aclual Budget Amended Actuai Proposed Adopted % Change
<br />Aciitity FY 2009 �Y 2030 FY 2011 FY 2411 613012Qt1 FY 2U12 FY 20i2 11 vs 12
<br />Re�enues
<br />I�teress lncome 1 53 - - - - - -
<br />TtanSfer 278,425 � 28i,525 284,375 2&4,375 - 29G,fi98 - fl.82°/
<br />%ta1 Re+,enues $ 278,A26 $ 284,578 $ 284,375 $ 284,375 $ - $ 2&6,69& $ - 6.82%
<br />ExqendiWres
<br />�Bond Principa{ 225,000 235,OOD 245,Q0(i 245,fl00 2A5,000 255,4DD - 4.08%
<br />Bond InIerest 52,875 46,075 38,875 38,875 38,875 3T,2�i8 - -19.62%
<br />Fiscal Agerns' Fees 450 45(3 SOQ 500 450 450 -1a.D0°/a
<br />Tofal Eupendiheres $ 278,A25 $ 28i,525 $ 284,375 � 2&4,375 $ 2&9,325 $ 286,698 $ - 0.82%
<br />Furxl6alarice-danuaryl 2,020 2,fl21 2,074 2,074 2,�74 2,074
<br />Extess Fieeenue OLerExpendit�res 1 53 (264,325} - -
<br />Fund Balance-Oecember3i $ 2,02i $ 2,074 $ 2,074 $ 2,074 $ (282,251) $ 2,07A $ -
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