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Complete Report - Fayette County Government

Complete Report - Fayette County Government

C. Interfund

C. Interfund Receivables, Payables and Transfers The purpose of interfund receivables and payables is to meet temporary cash flow requirements and timing differences between receiving and recognizing certain revenues. At June 30, 2012, there were no interfund receivables or payables balances between the County and the Water System. During fiscal year 2012, the System was charged $700,785 for administrative overhead costs by the County. This reimbursement represented the Water System's pro rata share of general government operating expenditures including administration, finance, budgeting, purchasing, information systems, human resources and marshal services. This amount was transferred by the System to the County's General Fund during the fiscal year. D. Long-Term Debt Revenue Bonds: As certain construction needs arise that cannot be paid for out of existing cash reserves, the County issues revenue bonds to raise the necessary monies to fund those capital projects. With revenue bonds, the government pledges income derived from the acquired asset to pay debt service. The various bond indentures may contain significant limitations and restrictions on annual debt service requirements, maintenance of and flow of moneys through various restricted accounts, minimum amounts to be maintained in various sinking funds, and minimum revenue bond coverages. Management believes the County is in compliance with all such significant financial limitations and restrictions. 1. Water Revenue Bonds The Water System (the "System") has pledged future water customer revenues, net of specified operating expenses, to repay $60.04 million in revenue bonds. Proceeds from the outstanding bonds provided financing for various construction projects and the refunding of prior bonds. These bonds are payable solely from the System's customer net revenues and have varying maturity dates through 2032. As a general rule, annual principal and interest payments on the bonds have been scheduled so that total debt service amount is fairly consistent from one year to the next. By design, the total annual debt service payment is in the range of $5.8 million for the next several years. The total principal and interest remaining to be paid on the bonds is $82,399,379. Principal and interest paid on outstanding bonds in the current year was $5,440,539 and " net revenues" as defined by the bond ordinance were $7,944,325. a) Series 1996A Water Revenue Bonds In January 1997, the County issued $10,245,000 in Series 1996A Water Revenue Bonds. Depending upon the specific year, the amount maturing ranged from $25,000 to $920,000 with the longest maturity being twenty-four years (i.e., October 1, 2020) from the date of issuance. Interest rates for the various maturities ranged from 3.6% to 5.5%. After redeeming the $25,000 in bonds that mature on October 1, 2012, there will remain a balance of $245,000 outstanding on this series. - 51 -

The Series 1996A Bonds were issued for the purpose of refunding the outstanding Series 1986 Bonds and constructing a water tank on Highway 92 North. b) Series 2002 Water Revenue Bonds In July 2002, the County issued $22,670,000 in Series 2002 Water Revenue Bonds. Depending upon the specific year, the amount maturing ranged from $50,000 to $2,250,000 with the longest maturity being thirty years (i.e., October 1, 2032) from the date of issuance. Interest rates for the various maturities ranged from 3.25% to 5.125%. After redeeming the $1,480,000 in bonds that mature on October 1, 2012, there will remain a balance of $17,165,000 outstanding on this series. The Series 2002 Bonds were issued for the purpose of refunding the outstanding Series 1992A Bonds and constructing the New Hope Road water line, and the Ellis Road water tank and pump station. c) Series 2009 Water Revenue Bonds In August 2009, the County issued $36,340,000 in Series 2009 Water Revenue Bonds. Depending upon the specific year, the amount maturing ranged from $85,000 to $4,415,000 with the longest maturity being roughly twenty years (i.e., October 1, 2029) from the date of issuance. Interest rates for the various maturities ranged from 2.0% to 5.0%. After redeeming the $1,750,000 in bonds that mature on October 1, 2012, there will remain a balance of $31,305,000 outstanding on this series. The Series 2009 Bonds were issued for the purpose of refunding the Series 1998 Revenue Bonds, paying off seven loans from the Georgia Environmental Facilities Authority (GEFA) and providing additional funding for the Lake Mcintosh Reservoir Project. d) Series 2012A Water Revenue Bonds In April 2012, the County issued $8,070,000 in Series 2012A Water Revenue Bonds. Depending upon the specific year, the amount maturing ranged from $100,000 to $3,660,000 with the longest maturity being less than thirteen and a half years (i.e., October 1, 2025) from the date of issuance. Interest rates for the various maturities ranged from 3.0% to 5.0%. The first maturity on the 2012A Series occurs on October 1, 2016. The Series 2012A Bonds were issued for the purpose of providing funding for the Crosstown Water Treatment Plant Upgrades, the South Fayette Water Treatment Plant Upgrades and the associated engineering and program management costs. e) Schedule of Revenue Bond Activity The following includes a summary of Water System revenue bond transactions for the fiscal year ended June 30, 2012: - 52-

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