Page 209 - HurstFY23AnnualBudget

APPROVED BUDGET FISCAL YEAR 2022-2023

SCHEDULE OF REVENUE BOND FUND INDEBTEDNESS
PRINCIPAL AND INTEREST REQUIREMENTS
FISCAL YEAR 2022-2023

The Revenue Bond Fund, also known as the Revenue Bond Interest and Sinking Fund, was
established by ordinance to provide for the payment of revenue bond and certificate of
obligation principal and interest. Revenue Bonds and Certificates of Obligation are a common
capital resource for enterprise activities. Revenue Bonds include legal requirement that
revenues derived from enterprise activity be pledged for the repayment of debt. The same
philosophy is utilized by the City for the repayment of Certificates of Obligation. All existing
debt includes certificates of obligation and general refunding bonds. During FY 2022-2023 the
City will evaluate a debt issuance for a new water tower in our South pressure plane. With
growth in multi-family housing the City is on the verge of needing additional elevated storage
capacity to meet state requirements. With declining debt service, it is anticipated that any
bonds issued for the construction of the new tank will first impact the budget in FY 2023-2024.

Outstanding Principal Interest Total Due in
Description Balance 10-1-22 due in FY 23 due in FY 23 FY 23

1 General Obligation
Refunding Bonds - Issued to achieve savings in debt service
Series 2013 580,000 90,000 20,300 210,300

2 General Obligation
Refunding Bonds - Issued to achieve savings in debt service
Series 2015 720,000 130,000 28,800 158,800

3 Combined Tax and Revenue
Certificates of Obligation - Issued for water and wastewater improvements
Series 2015 820,000 50,000 32,800 82,800

4 General Obligation
Refunding Bonds - Issued to achieve savings in debt service
Series 2016 690,000 110,000 26,450 136,450

5 General Obligation
Refunding Bonds - Issued to achieve savings in debt service
Series 2017 1,920,000 265,000 42,048 307,048

6 Combined Tax and Revenue
Certificates of Obligation - Issued for wastewater improvement projects
Series 2018 1,105,000 65,000 13,018 78,018

7 General Obligation
Refunding Bonds - Issued to achieve savings in debt service
Series 2021 140,000 140,000 448 140,448

Total 5,975,000 950,000 163,864 1,113,864

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