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OFFICE OF AUDITOR OF STATE STATE OF IOWA - page 17 / 39

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(2)

(3)

Deposits

The Power Plant’s deposits in banks at December 31, 2003 were entirely covered by federal

depository insurance the Code of Iowa. depositories to insure

or by the State Sinking Fund in accordance with Chapter 12C of This chapter provides for additional assessments against the there will be no loss of public funds.

The Power Plant is authorized by statute to invest public funds in obligations of the United States government, its agencies and instrumentalities; certificates of deposit or other evidences of deposit at federally insured depository institutions approved by the Board of Trustees, prime eligible bankers acceptances; certain high rated commercial paper; perfected repurchase agreements; certain registered open-end management investment companies; certain joint investment trusts; and warrants or improvement certificates of a drainage district.

The Power Plant had no investments meeting the disclosure requirements of Governmental Accounting Standards Board Statement No. 3.

Revenue Notes

Annual debt service requirements to maturity for revenue note indebtedness are as follows:

2004

2.35%

$

80,000

58,470

138,470

2005

2.70

85,000

56,590

141,590

2006

3.10

85,000

54,295

139,295

2007

3.40

85,000

51,660

136,660

2008

3.65

90,000

48,770

138,770

2009

3.85

95,000

45,485

140,485

2010

4.05

95,000

41,828

136,828

2011

4.25

100,000

37,980

137,980

2012

4.40

105,000

33,730

138,730

2013

4.55

110,000

29,110

139,110

2014

4.70

115,000

24,105

139,105

2015

4.85

120,000

18,700

138,700

2016

5.00

125,000

12,880

137,880

2017

5.10

130,000

6,630

136,630

  • (a)

    The notes will only be redeemed from the future earnings of the enterprise activity and note holders hold a lien on the future earnings of the funds.

  • (b)

    Sufficient monthly transfers shall be made to a separate sinking account for the purpose of making the note principal and interest payments when due.

  • (c)

    At the time of delivery of the notes, $141,590 shall be deposited into a principal and interest reserve account. These funds shall be used for the payment of principal and interest on the notes if, for any reason, funds on deposit in the sinking account are insufficient to pay such when due.

Year

Ending

Interest

December 31,

Rates

Total

$ 1,420,000

520,233

1,940,223

The resolution providing for the issuance of the revenue notes includes the following provisions.

Principal

Interest

Total

16

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