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

Certificates of Participation

Certificates of participation are not direct obligations of the City, but are part of a special financing arrangement utilized to fund the construction of a baseball stadium facility. The certificates of participation are to be repaid with hospitality fees. 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 - 2019

$

$

525,000 $ 550,000 575,000 605,000 635,000 2,870,000 5,760,000 $

270,117 245,117 218,392 189,921 159,375 295,750 1,378,672

$

$

795,117 795,117 793,392 794,921 794,375 3,165,750 7,138,672

C. MBCCHC

Long-term debt outstanding at June 30, 2010 in the MBCCHC was as follows:

Revenue Bonds: Series 2001B

Notes Payable: Operator Loan Key Money Loan

1,000,000

0.00

09/27/15

$

1,000,000

500,000

0.00

09/27/15

300,000

Revenue Bonds

$

1,300,000

Final Maturity Date

Amount

04/01/36

$

21,045,000

Original Issue Amount

$

23,500,000

Interest Rates

4.00 - 5.25%

The revenue bonds are to be repaid from revenues derived from the operation of the convention center hotel. The revenue bonds are secured by a first mortgage on the convention center hotel and have a limited guarantee provided by the City, subject to annual appropriation, to replenish amounts withdrawn from the debt service reserve accounts. Annual debt service requirements to maturity for the revenue bonds are as follows:

430,000

1,068,926

1,498,926

450,000

1,049,576

1,499,576

470,000

1,028,426

1,498,426

490,000

1,005,866

1,495,866

2,850,000

4,636,362

7,486,362

3,665,000

3,820,425

7,485,425

4,740,000

2,750,738

7,490,738

6,115,000

1,369,988

7,484,988

1,425,000

74,812

1,499,812

21,045,000 $

17,892,085

$

38,937,085

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

  • -

    60 -

$

$

Total

1,496,966

Principal

Interest

410,000 $

1,086,966 $

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