Operating Budget 2025-2026

DEBT SERVICE INFORMATION (continued)

•

2017 General Obligation Bond ($4,740,000) due in annual installments ranging from $170,000 to $300,000 with final maturity payment due March 1, 2037. Interest is paid semi-annually on March 1 and September 1 at rate of 2.98 percent. This bond was issued to upgrade the Hospital Pump Station System (Water and Sewer Fund) and fund various recreation projects and infrastructure improvements (General Fund). 2020 General Obligation Refunding Bond and New Money ($7,590,000) due in annual installments ranging from $125,000 to $585,000 with final maturity payment due March 1, 2040. Interest is paid semi-annually on March 1 and September 1 at rates of 2.00 to 5.00 percent. This bond was issued to refund a 2009 General Obligation bond related to General Fund capital projects and fund several recreation and infrastructure projects. 2020B General Obligation Bond ($14,210,000) due in annual installments ranging from $505,000 to $950,000 with final maturity payment due March 1, 2040. Interest is paid semi-annually on March 1 and September 1 at rates of 2.00 to 5.00 percent. This bond was issued to fund the construction of a new Police Department building on Clay Street. 2020C Taxable General Obligation Bond ($9,590,000) due in annual installments ranging from $360,000 to $675,000 with final maturity payment due March 1, 2040. Interest is paid semi annually on March 1 and September 1 at rates of 1.75 to 2.375 percent. This bond was issued to fund the construction of the Midtown Parking Garage (Midtown Special Service District Fund). 2024 Taxable General Obligation Bond ($14,800,000) due in annual installments ranging from $285,000 to $1,115,000 with final maturity payment due June 30, 2044. Interest is paid semi annually on March 1 and September 1 at rates of 4.00 to 5.00 percent. This bond was issued to fund various General Fund, Stormwater Fund and Water and Sewer capital projects.

$

3,365,000

•

$

6,740,000

•

$

12,625,000

•

$

9,230,000

•

$

14,800,000

Total Bonded Debt

$

57,255,000

The allocation of bonded long-term debt to funds is determined based on the Town's intention for repayment of the debt. The allocation of debt by fund and account group is as follows:

General Obligation

General

Water & Sewer

Special Revenue

Bonds

Fund

Fund

Fund

Total

2011C

$

60,490

$

299,510

$

- - - - - -

$

360,000

2012 2015 2017

1,720,000 8,056,875 2,310,000 6,740,000 12,625,000

-

$ 1,720,000 $ 8,415,000 $ 3,365,000 $ 6,740,000 $ 12,625,000 $ 9,230,000 $ 14,800,000 $ 57,255,000

358,125 1,055,000

2020A 2020B 2020C

- - -

-

9,230,000 1,420,000

2024

4,155,000

9,225,000

$ 35,667,365

$ 10,937,635

$ 10,650,000

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