2010 - Monterey Regional Water Pollution Control Agency

MONTEREY REGIONAL WATER POLLUTION CONTROL AGENCY
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2010 AND 2009
Bonded Debt
In 2003, the Agency issued revenue refunding bonds in the amount of $11,430,000. Interest is payable June 2004
through June 2017 at a weighted average interest rate of 3.57%. Principal payments commenced on June 30,
2004. A portion of the proceeds from the bonds were used to refund the balance of the 1993 revenue refunding
bonds ($4,405,000). The remaining balance of the proceeds was used to refund a portion of the 1994 capital
appreciation waste water contract revenue bonds.
In 2006, the Agency issued revenue bonds in the amount of $9,780,000. Interest is payable semiannually
beginning December 1, 2006 through June 1, 2026 at a weighted average interest rate of 4.77%. Principal
payments begin on June 30, 2014. The bonds were issued to finance the construction of a biosolid dewatering
facility, a new cogeneration facility, and the Salinas pump capacity enhancement project.
The outstanding general obligation bonded debt is as follows:
Bonds
Bonds
Issue Maturity Interest Original Outstanding Outstanding
Date Date Rate Issue July 1, 2009 Issued Redeemed June 30, 2010
2003 2017 3.57% $ 11,430,000 $ 7,525,000 $ - $ 1,150,000 $ 6,375,000
2006 2026 4.77% 9,780,000 9,780,000 - - 9,780,000
$ 17,305,000 $ - $ 1,150,000 $ 16,155,000
Debt Service Requirements to Maturity
The bonds mature through 2027 as follows:
Year ending June 30 Principal Interest Total
2011 $ 1,075,000 $ 761,313 $ 1,836,313
2012 1,030,000 707,563 1,737,563
2013 1,050,000 656,063 1,706,063
2014 980,000 611,438 1,591,438
2015 1,135,000 569,788 1,704,788
2016-2020 4,875,000 2,173,350 7,048,350
2021-2025 4,960,000 1,020,500 5,980,500
2026-2030 1,050,000 52,500 1,102,500
16,155,000 $ 6,552,513 $ 22,707,513
Premium, net of amortization 464,088
Total $ 16,619,088
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