CITY OF FARMINGTON DEBT SERVICE REPORT

Transcription

1 CITY OF FARMINGTON DEBT SERVICE REPORT

2 47TH DISTRICT COURT FACILITY CITY OF FARMINGTON HILLS BUILDING AUTHORITY BONDS BOND SCHEDULE DATE OF ISSUE: March 3, 2017 $1,400,300 Description: The purpose of this bond issue was to finance the 2003 construction of the 47th District Court house which is located in the Farmington Hills City campus. This represents the City of Farmington's share. Source: General Fund FISCAL DUE OCT 1 DUE APRIL 1 DUE APRIL 1 PRINCIPAL YEAR INTEREST PRINCIPAL INTEREST & INTEREST , , , , , , , , , , , , OUTSTANDING 8, , , , PRINCIPAL DUE APRIL 1 INTEREST DUE OCTOBER 1 AND APRIL 1 FUND GENERAL DEBT SERVICE FUND

3 2003 GENERAL OBLIGATION CAPITAL IMPROVEMENT SEWER BONDS (UNLIMITED TAX) DATE OF ISSUE: MARCH 1, 2003 $900,000 Description: The purpose of this bond issue was to fund the City's portion of the Federal Grant program to line the sewer interceptor that runs from the City detention basin along 8 Mile Road to Detroit Waste Water treatment plant. It was a rehab program that provided an additional years to the sewer interceptor. Source: Water and Sewer Rates % 55, , , % 55, , , % 55, , , % 60, , , % 60, , , OUTSTANDING 285, , , PRINCIPAL DUE NOVEMBER 1 INTEREST DUE NOVEMBER 1 AND MAY 1 FUND WATER & SEWER

4 2005 CAPITAL IMPROVEMENT BOND LIMITED TAX GENERAL OBLIGATION DATE OF ISSUE: JULY 12, 2005 $1,500,000 Description: The purpose of this bond issue was to finance improvements of parking lots associated with the Downtown center improvement project. Riley Park and the Sunquist Pavilion were funded separately through donations. The remainder of the parking lot, landscaping, and lighting improvements were paid for by the 2005 Capital Improvements bond. Source: Transfer from Capital Improvements Fund and Special Assessment % 150, , , % 155, , , OUTSTANDING 305, , , PRINCIPAL DUE NOVEMBER 1 INTEREST DUE NOVEMBER 1 AND MAY 1 FUND SPECIAL ASSESSMENT DEBT FUND

5 Source: Act 51 Revenues 2007 MICHIGAN TRANSPORTATION FUND BONDS DATE OF ISSUE: MARCH 26, 2007 $1,450,000 Description: The purpose of this bond issue was to finance the total reconstruction of Shiawassee Road from Orchard Lake Road to the east intersection of Farmington Road % 125,000 18, , % 130,000 13, , % 140,000 8, , % 145,000 2, , OUTSTANDING 540, , , PRINCIPAL DUE SEPTEMBER 1 INTEREST DUE MARCH 1 AND SEPTEMBER 1 FUND MTA DEBT (UP UNTIL ) FUND MAJOR STREET FUND ( AND BEYOND)

6 2009 GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS (GENERAL OBLIGATION LIMITED TAX) DATE OF ISSUE: JUNE 30, 2009 $1,000,000 Description: The purpose of this bond issue was to finance approximately half of the cost associated with the streetscape improvements along Grand River from School Street to Farmington Road. Source: DDA Tax Increment Tax Finance Revenues % 45,000 31,714 76, % 50,000 29,576 79, % 50,000 27,201 77, % 55,000 24,826 79, % 55,000 22,214 77, % 60,000 19,601 79, % 65,000 16,721 81, % 65,000 13,601 78, % 70,000 10,481 80, % 70,000 7,069 77, % 75,000 3,656 78, OUTSTANDING 660, , ,661 PRINCIPAL DUE MAY 1 INTEREST DUE NOVEMBER 1 AND MAY 1 FUND STREETSCAPE DEBT SERVICE FUND

7 2011 GENERAL OBLIGATION CAPITAL IMPROVEMENT BONDS (GENERAL OBLIGATION LIMITED TAX) DATE OF ISSUE: JUNE 6, 2011 $2,215,000 Description: The purpose of this bond issue was to finance Slocum water main reimbursements (2009), Grand River water main reimbursements (2009), water control systems, Hawthorne Street water main (2012), Floral Park sewer collection system (2012), Thomas Street water main replacement (2011), Grove Street water main replacement (2014), and Warner/Oakland sewer lining (2014). Source: Water and Sewer Rates % 75,000 76, , % 80,000 73, , % 85,000 70, , % 90,000 66, , % 100,000 63, , % 160,000 57, , % 170,000 51, , % 180,000 44, , % 185,000 37, , % 190,000 29, , % 195,000 21, , % 205,000 13, , % 205,000 4, , OUTSTANDING 1,920, ,644 2,529,644 PRINCIPAL DUE NOVEMBER 1 INTEREST DUE NOVEMBER 1 AND MAY 1 FUND WATER & SEWER

8 2012 SPECIAL ASSESSMENT BONDS (TAXABLE) DATE OF ISSUE: NOVEMBER 15, 2012 $400,000 Description: The purpose of this bond issue was to finance a portion of the costs of construction improvements within the Drakeshire Special Assessment District. Source: Special Assessment District % 80,000 4,800 84, OUTSTANDING 80,000 4,800 84,800 PRINCIPAL DUE JUNE 1 INTEREST DUE DECEMBER 1 AND JUNE 1 FUND DRAKESHIRE SA DEBT SERVICE FUND

9 2013 CAPITAL IMPROVEMENT BONDS (LIMITED TAX GENERAL OBLIGATION) DATE OF ISSUE: MARCH 18, 2013 $1,300,000 Description: The purpose of this bond issue was to finance a portion of the Grove, Oakland and Warner Streets projects. Source: DDA Tax Increment Tax Finance Revenues and Special Assessments % 65,000 32,445 97, % 65,000 31,470 96, % 65,000 30,333 95, % 65,000 29,033 94, % 65,000 27,603 92, % 65,000 26,075 91, % 65,000 23,800 88, % 70,000 21,525 91, % 70,000 19,075 89, % 70,000 16,625 86, % 20,000 14,175 34, % 95,000 13, , % 95,000 10, , % 95,000 6, , % 100,000 3, , OUTSTANDING 1,070, ,108 1,376,108 PRINCIPAL DUE MAY 1 INTEREST DUE NOVEMBER 1 AND MAY 1 FUND GROVE STREET SA DEBT SERVICE FUND

10 2013 OTHER POST EMPLOYMENT BENEFIT BONDS (LIMITED TAX GENERAL OBLIGATION) DATE OF ISSUE: DECEMBER 3, 2013 $7,910,000 Description: The purpose of this bond issue was to finance the unfunded actuarial accrued liability of the City's Other Post Employment Benefit Obligations. Source: Property Tax Levy and Water and Sewer Rates % 65, , , % 70, , , % 220, , , % 405, , , % 435, , , % 465, , , % 500, , , % 535, , , % 575, , , % 615, , , % 665, , , % 715, , , % 770, , , % 825,000 97, , % 885,000 50, , OUTSTANDING 7,805,000 4,556,984 12,361,984 PRINCIPAL DUE JUNE 1 INTEREST DUE DECEMBER 1 AND JUNE 1 FUND LTGO BOND (OPEB) DEBT SERVICE FUND

11 2013 OTHER POST EMPLOYMENT BENEFIT BONDS (LIMITED TAX GENERAL OBLIGATION) DATE OF ISSUE: DECEMBER 3, 2013 $7,910,000 95% General Fund Allocation ($7,514,500) Description: These bonds were issued to finance the unfunded actuarial accrued liability of the City's Other Post Employment Benefit Obligations. Source: General Fund Transfer % 61, , , % 66, , , % 209, , , % 384, , , % 413, , , % 441, , , % 475, , , % 508, , , % 546, , , % 584, , , % 631, , , % 679, , , % 731, , , % 783,750 93, , % 840,750 48, , OUTSTANDING 7,357,750 3,950,013 11,307,763 PRINCIPAL DUE JUNE 1 INTEREST DUE DECEMBER 1 AND JUNE 1 FUND LTGO BOND (OPEB) DEBT SERVICE FUND

12 CITY OF FARMINGTON FISCAL YEAR PROPOSED BUDGET 2013 OTHER POST EMPLOYMENT BENEFIT BONDS (LIMITED TAX GENERAL OBLIGATION) DATE OF ISSUE: DECEMBER 3, 2013 $7,910,000 5% Water and Sewer Fund Allocation ($395,500) Description: These bonds were issued to finance the unfunded actuarial accrued liability of the City's Other Post Employment Benefit Obligations. Source: Water and Sewer Rates % 3,250 19,880 23, % 3,500 19,780 23, % 11,000 19,657 30, % 20,250 19,250 39, % 21,750 18,450 40, % 23,250 17,548 40, % 25,000 16,525 41, % 26,750 15,362 42, % 28,750 14,065 42, % 30,750 12,627 43, % 33,250 11,059 44, % 35,750 9,154 44, % 38,500 7,105 45, % 41,250 4,899 46, % 44,250 2,536 46, OUTSTANDING 387, , ,145 PRINCIPAL DUE JUNE 1 INTEREST DUE DECEMBER 1 AND JUNE 1 FUND LTGO BOND (OPEB) DEBT SERVICE FUND

13 Source: Water and Sewer Rates 2015 CAPITAL IMPROVEMENT BONDS (LIMITED TAX GENERAL OBLIGATION) DATE OF ISSUE: AUGUST 18, 2015 $1,500,000 Description: The purpose of this bond issue was to finance the costs of acquiring, constructing, furnishing and equipping sanitary sewer system improvements, including lift station improvements, sewer interceptor main improvements, sewer main lining and all related improvements % 65,000 42, , % 65,000 40, , % 65,000 38, , % 70,000 36, , % 70,000 34, , % 70,000 32, , % 75,000 30, , % 75,000 27, , % 75,000 25, , % 80,000 23, , % 80,000 21, , % 85,000 18, , % 85,000 15, , % 90,000 13, , % 95,000 10, , % 95,000 6, , % 100,000 3, , OUTSTANDING 1,340, ,188 1,760,188 PRINCIPAL DUE MAY 1 INTEREST DUE NOVEMBER 1 AND MAY 1 FUND WATER & SEWER