Complete Document - City of Auburn

City of AuburnOverview of Debt Policy and Outstanding Debt• $49,874 for the purchase of computer system components.• $30,122 for bikeway construction.The items listed above will be financed by the issuance of general obligation warrants and the debtservice will be paid by the General Fund.Future requirements for debt serviceThe following schedule shows the City’s debt service requirements, including both principal andinterest, to maturity for all obligations outstanding as of September 30, 2002. This schedule includesthe debt service requirements for all of the recent issues mentioned above (debt issued throughSeptember 30, 2002).City of AuburnProjected Debt Service Requirements to MaturityPrincipal and InterestAs of September 30, 2002General Specific Proprietary Industrial TotalFiscal Obligation Revenue Source Fund Development ProjectedYear Issues Issues Issues Board Issues Requirements2003 $ 2,425,334 $ 4,038,139 $ 1,602,521 $ 1,289,865 $ 9,355,8592004 2,281,980 4,169,344 1,604,576 1,295,566 9,351,4662005 1,905,998 4,272,486 1,569,606 1,294,865 9,042,9562006 2,049,180 4,307,711 1,561,013 1,577,875 9,495,7802007 1,709,099 4,261,158 1,564,467 2,281,497 9,816,2202008 1,250,892 4,295,789 1,561,580 1,193,730 8,301,9912009 934,169 4,321,995 1,559,943 1,201,830 8,017,9372010 882,370 4,333,494 1,561,908 1,202,930 7,980,7022011 725,274 4,379,624 1,559,907 1,217,330 7,882,1352012 529,668 4,410,554 1,561,279 1,224,180 7,725,6812013 336,735 4,441,461 2,225,097 1,233,780 8,237,0732014 339,430 4,476,899 2,220,399 1,240,830 8,277,5582015 341,200 4,056,734 2,221,580 1,250,330 7,869,8442016 341,640 3,244,709 2,218,284 1,262,503 7,067,1362017 341,240 2,466,406 2,214,875 1,101,100 6,123,6212018 340,000 2,463,763 2,211,750 1,116,500 6,132,0132019 337,920 2,466,250 2,209,750 1,133,200 6,147,1202020 - 2,462,750 2,208,625 940,950 5,612,3252021 - 2,465,250 2,208,125 - 4,673,3752022 - 2,463,250 2,203,125 - 4,666,3752023 - 2,461,750 2,203,375 - 4,665,1252024 - 2,465,500 2,198,625 - 4,664,1252025 - 2,464,000 - - 2,464,0002026 - 2,462,250 - - 2,462,250Totals $ 17,072,130 $ 83,651,264 $ 42,250,410 $ 23,058,861 $ 166,032,665At present, the City has no debt service requirements beyond the year 2026. The above scheduledoes not reflect the non-interest bearing general obligation warrant will mature at the principal amountof $9,400,000 in 2012. As of September 30, 2002, the total remaining sinking fund payments are$6,388,921. The sinking fund payments required each fiscal year are $672,518 through 2011. Thefinal payment in 2012 is $336,259.67