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Debt Management Plan
<br />The City’s Debt Policy was affirmed by formal Council actionin 2015, and is included in Appendix A.
<br />A major highlight of this policy includes confining the city’s borrowing to capital improvementswhich
<br />have a life that is greater than orequal to the length of debt service.
<br />The City currently has threetypes of debt; 1) general obligation facility debt,2) general obligation tax
<br />increment financing debt, and 3) general obligation taxable housing debt.Facility debt accounts for the
<br />debt service on city campus facilities,as well as a park renewal program. Tax increment financing debt
<br />provides for redevelopment in the City’s Twin Lakes Redevelopment Area,and the housing debt accounts
<br />for debt issued to financea public/private partnership with a local townhome association’s improvements.
<br />The city will have sixgeneral obligation debt issues outstanding atthe beginning of 2016. They are
<br />depicted below.
<br />PrincipalNet InterestDate of FinalEligible
<br />DescriptionOutstandingRateMaturityCall Date
<br />Series 27 City Hall, PW Bldg.$3,200,0003.72%3/1/20193/1/2013
<br />Series 28 Skating Center945,0003.31%3/1/20183/1/2016
<br />Series 29 Housing Bonds840,0005.06%3/1/20253/1/2020
<br />Series 31 Fire Station/Park Impr.8,800,0002.45%3/1/20283/1/2023
<br />Series 32 Park Improvement14,400,0002.11%3/1/20283/1/2023
<br />Series 33 Twin Lakes TIF3,060,0002.47%3/1/20323/1/2027
<br />Total$31,245,000
<br />The following table depictsthe City’s combined debt service payments by year.
<br />YearPrincipleInterestTotal
<br />20162,660,000848,8213,508,821
<br />20172,760,000789,2013,549,201
<br />20182,880,000729,5473,609,547
<br />20192,675,000666,0713,341,071
<br />20201,900,000603,8812,503,881
<br />20212,020,000540,7862,560,786
<br />20222,050,000472,9872,522,987
<br />20232,135,000400,8732,535,873
<br />20242,175,000330,1622,505,162
<br />20252,245,000262,2512,507,251
<br />20262,190,000194,4752,384,475
<br />20272,270,000128,6412,398,641
<br />20282,335,00013,3812,348,381
<br />2029230,000253,888483,888
<br />2030235,000252,781487,781
<br />2031240,00060,703300,703
<br />2032245,00062,978307,978
<br />$31,245,000$6,611,428$37,856,428
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