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

Proceeds of the $10,050,000 tax increment revenue bonds, series 2006B are received when eligible project costs are incurred. Accordingly, an additional $475,179 of proceeds will be received by the City.

Storm Water Revenue Bonds

Storm water revenue bonds pledge income derived from acquired or constructed assets to pay debt service. The storm water revenue bonds were issued to finance drainage improvement projects. Annual debt service requirements to maturity for the storm water revenue bonds are as follows:

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

553,845

325,551

879,396

569,685

309,711

879,396

586,050

293,346

879,396

602,958

276,438

879,396

3,288,702

1,108,276

4,396,978

3,803,905

593,073

4,396,978

2,111,866

85,199

2,197,065

12,053,225

$

3,330,160 $

15,383,385

$

$

Total

874,780

Principal

Interest

536,214 $

338,566 $

Hospitality Fee Revenue Bonds

Hospitality fee revenue bonds pledge hospitality fee collections to pay debt service. The hospitality fee revenue bonds were issued to provide funds to extinguish the MBCCHC’s Series 2001A revenue bonds. Annual debt service requirements to maturity for the hospitality fee revenue bonds are as follows:

585,000

2,516,525

3,101,525

615,000

2,486,081

3,101,081

645,000

2,453,925

3,098,925

685,000

2,419,406

3,104,406

4,870,000

11,492,644

16,362,644

10,085,000

9,533,112

19,618,112

12,300,000

6,735,250

19,035,250

15,695,000

3,336,500

19,031,500

3,625,000

181,251

3,806,251

49,660,000 $

43,700,019 $

93,360,019

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

$

$

Principal

Interest

555,000 $

2,545,325

$

Total

3,100,325

Note Payable

The note payable was issued in conjunction with the purchase of a forty acre parcel of land. The note is secured by a portion of the purchased acreage and is to be repaid by the Capital Improvements Fund. Annual debt service requirements to maturity for the note payable are as follows:

Principal

Interest

Total

Year Ending June 30, 2011

$

1,947,500 $

94,941

$

2,042,441

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