|
Debt Management Plan
<br />The City’s Debt Policy was affirmed by formal Council actionin 2015, and is included inAppendix 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 or equal 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 2018. They are
<br />depicted below.
<br />PrincipalNet InterestDate of FinalEligible
<br />DescriptionOutstandingRateMaturityCall Date
<br />Series 27 City Hall, PW Bldg.$1,630,0003.72%3/1/20193/1/2013
<br />Series 28 Skating Center325,0003.31%3/1/20183/1/2016
<br />Series 29 Housing Bonds700,0005.06%3/1/20253/1/2020
<br />Series 31 Fire Station/Park Impr.7,575,0002.45%3/1/20283/1/2023
<br />Series 32 Park Improvement12,560,0002.11%3/1/20283/1/2023
<br />Series 33 Twin Lakes TIF3,035,0002.47%3/1/20323/1/2027
<br />Total$25,825,000
<br />The following table depictsthe City’s combined debt service payments by year.
<br />YearPrincipleInterestTotal
<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 />20282,335,00061,2782,396,278
<br />2029230,00023,888253,888
<br />2030235,00017,781252,781
<br />2031240,00010,950250,950
<br />2032245,0003,675248,675
<br />$25,825,000$4,447,247$30,272,247
<br />75
<br />
<br />
|