X hits on this document

741 views

0 shares

0 downloads

0 comments

71 / 171

CITY OF MYRTLE BEACH, SOUTH CAROLINA NOTES TO FINANCIAL STATEMENTS June 30, 2010

Year Ending June 30, 2011 2012 2013 2014 2015 2016 - 2020 2021 - 2025 2026 - 2030 2031 - 2033

2,455,000 $

2,179,171

$

4,634,171

2,545,000

2,069,578

4,614,578

2,655,000

1,952,179

4,607,179

2,770,000

1,828,601

4,598,601

2,335,000

1,703,903

4,038,903

9,630,000

7,070,664

16,700,664

11,325,000

4,665,539

15,990,539

9,440,000

1,828,124

11,268,124

2,625,000

233,999

2,858,999

45,780,000 $

23,531,758 $

69,311,758

$

$

Principal

Interest

Total

Certificates of Participation

Certificates of participation are not direct obligations of the City, but are special financing arrangements utilized to fund the expansion of the convention center and infrastructure improvements. The certificates of participation are to be repaid by the Public Facilities Corporation Fund with lease payments and hospitality fees received from the City. See Note 17 for additional information. Annual debt service requirements to maturity for the certificates of participation are as follows:

Principal

Interest

Total

Year Ending June 30, 2011 2012 2013 2014 2015 2016 - 2020 2021 - 2023

$

180,000 1,000,000 1,570,000 1,615,000 1,690,000 5,930,000 855,000 12,840,000

$

$

$

350,318 445,975 405,725 349,000 283,100 623,362 82,650 2,540,130

$

$

530,318 1,445,975 1,975,725 1,964,000 1,973,100 6,553,362 937,650 15,380,130

Tax Increment Revenue Bonds

Tax increment revenue bonds were issued to provide funds to finance the costs of certain capital improvements within the City’s designated redevelopment areas. The tax increment revenue bonds are to be repaid by the property taxes generated in association with increased assessed values of property within the redevelopment areas. Annual debt service requirements to maturity for the tax increment revenue bonds are as follows:

610,000

2,739,629

3,349,629

940,000

2,706,686

3,646,686

980,000

2,663,186

3,643,186

1,020,000

2,617,680

3,637,680

5,920,000

12,281,816

18,201,816

7,515,000

10,648,815

18,163,815

9,600,000

8,521,009

18,121,009

21,174,821

3,566,644

24,741,465

2,095,000

55,517

2,150,517

$

580,000 $

2,770,867

$

3,350,867

$

50,434,821

$

48,571,849

$

99,006,670

Total

Principal

Year Ending June 30, 2011 2012 2013 2014 2015 2016 - 2020 2021 - 2025 2026 - 2030 2031 - 2035 2036

  • -

    57 -

Interest

Document info
Document views741
Page views744
Page last viewedFri Dec 09 08:10:41 UTC 2016
Pages171
Paragraphs8630
Words35233

Comments