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The 2017 Certificates of Obligation are paid 79% through ad valorem tax revenue and 21%
through golf course revenue. The original issue was $1,743,000, payable through the Bank of
New York Mellon Trust Company, and are callable beginning August 15, 2024.
The 2019 General Obligation Bonds are paid 100% through ad valorem tax revenue. The
original issue was $3,625,000, payable through the Bank of New York Mellon Trust Company,
and are callable beginning August 15, 2028.
The 2022 General Obligation Bonds are paid 78% through utility revenue and 22% through golf
course revenue. The original issue was $3,230,000, payable through the Bank of New York
Mellon Trust Company, and are callable beginning August 15, 2031.
Debt Service Fund Detail
Proposed Proposed
ACCT 2025 2026 2027
Debt Service Revenue
Ad Valorem Tax
05-500-555000 Ad Valorem Tax transfer $ 895,543 $ 760,249 $ 891,020
Total Ad Valorem Tax $ 895,543 $ 760,249 $ 891,020
Miscellaneous Revenue
05-500-565120 Water Fund Payments $ 25,424 $ 25,438 $ 25,424
05-500-565125 HCGC Payments $ 109,869 $ 109,919 $ 109,865
Total Miscellaneous Revenue $ 135,293 $ 135,357 $ 135,289
Total Debt Service Revenue $ 1,030,836 $ 895,606 $ 1,026,309
Debt Service Expenses
Debt Service
05-650-655001 Principal $ 786,771 $ 798,585 $ 805,010
05-650-655002 Interest $ 108,771 $ 97,585 $ 86,010
05-650-655003 Bank Fees $ 2,000 $ 2,000 $ 2,000
Total Debt Service $ 897,542 $ 898,170 $ 893,020
Total Debt Service Expenses $ 897,542 $ 898,170 $ 893,020
Net Total Debt Service $ 133,294 $ (2,564) $ 133,289
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