|
I CITY OF MONTE VISTA, COLORADO
<br /> NOTES TO THE BASIC FINANCIAL STATEMENTS
<br /> December 31, 2011
<br /> I
<br /> GOVERNMENTAL ACTIVITIES:
<br /> Sales Tax Revenue Bonds Payable
<br /> On April 8, 2008,the City advance refunded and defeased(debt legally satisfied)the outstanding principal balance
<br /> of$1,790,000 in Sales Tax Revenue Bonds, Series 1996 with an average interest rate of 5.19%with the issuance of
<br /> $3,680,000 in Sales Tax Revenue Refunding and Improvement Bonds Series 2008 with an average interest rate of
<br /> 4.64%. The defeased bonds were paid in full on the call date of December 1, 2008. The remaining proceeds were
<br /> I deposited to the Capital Projects Fund for the purpose of paving and resurfacing streets,providing curb and gutter
<br /> and surface drainage,participating in sidewalk improvements, and such other related improvements recommended
<br /> by the one cent tax committee and approved by the City Council. Bonds are secured by a first lien on one-half of
<br /> I the City's 2% sales tax, which is required to be deposited into the Capital Improvement Fund. The bonds are paid
<br /> out of the Debt Service Fund.
<br /> I The City advance refunded the 1996 Series bonds to reduce its total debt service payments over the next ten years
<br /> by$211,648 and to obtain an economic gain (difference between the present values of the debt service payments on
<br /> the old and new debt) of$2,260.
<br /> IThe annual debt service for the bonds is as follows:
<br /> PRINCIPAL INTEREST TOTALS
<br /> I 2012 $ 130,000 $ 149,500 $ 279,500
<br /> 2013 135,000 143,520 278,520
<br /> 2014 140,000 137,310 277,310
<br /> I 2015 150,000 130,870 280,870
<br /> 2016 155,000 123,970 278,970
<br /> 2017-2021 895,000 505,310 1,400,310
<br /> 2022-2026 1,125,000 279,450 1,404,450
<br /> I2027-2028 520,000 36,110 556,110
<br /> $ 3,250,000 $ 1,506,040 $ 4,756,040
<br /> ICapital Leases Payable
<br /> I The City entered into a $235,475 capital lease payable to Kansas State Bank of Manhattan, payable in five annual
<br /> installments of$50,662, beginning June 1, 2011, at 3.54% interest, for the purchase of a street sweeper. Final
<br /> payment is due in 2015. Payments are made from the Capital Improvement Fund.This asset is recorded in the
<br /> I capital assets of the government-wide financial statements at $235,475, less accumulated depreciation of$3,570 at
<br /> December 31, 2011.
<br /> The annual debt service for the capital leases payable is as follows:
<br /> IPRINCIPAL INTEREST TOTALS
<br /> I 2012 $ 43,810 $ 6,852 $ 50,662
<br /> 2013 45,431 5,231 50,662
<br /> 2014 47,112 3,550 50,662
<br /> I 2015 48,460 1,807 50,267
<br /> $ 184,813 $ 17,440 $ 202,253
<br /> I
<br /> I 35
<br />
|