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Complete Report - Fayette County Government

Complete Report - Fayette County Government

Fayette

Fayette County, Georgia Water System Renewal and Extension Account Schedule of Changes in Restricted Assets For the Fiscal Year Ended June 30, 2012 Beginning Balance, July 1, 2011 $ 6,570,929 Increases: Interest Earned $ 8,446 Transfers From Water System Revenue Fund 401,637 Total Increases $ 410,083 Decrea ses: Capital Outlay Expenditures $ 561,227 Total Decreases $ 561,227 Ending Balance, June 30, 2012 $ 6,419,785 - 71-

Fayette County, Georgia Water System Sinking Fund Accounts Comments For The Fiscal Year Ended June 30, 2012 The various bond resolutions require the creation of accounts designated as the "Fayette County Water System Sinking Fund" for the purpose of receiving and disbursing funds for principal and interest on the revenue bonds and for maintaining designated reserves. The resolutions require substantially equal monthly transfers into these accounts which are sufficient to pay the principal of and int erest on the revenue bonds as they become due and payable. In addition, the monthly transfers into this account shall be sufficient to create and maintain a reserve of $5,655,863 by April 1,2017. The required debt service reserve is an amount equal to the highest debt service due in any future period. Disbursements made from the Sinking Fund are restricted to payment for: a) Interest on the bonds; b) Principal on the bonds; c) Optional redemption ofthe bonds prio r to maturity; d) Purchase of bonds in the open market at a price not to exceed the authorized call price for such issue; e) Paying agent fees; f) Charges for investment services; and g) Transfer of excess moneys in the Sinking Fund to the Revenue Fund. - 72-

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