village of wellington, florida

NOTE 6. LONG-TERM DEBT (Continued)Changes in Long-Term Liabilities (Continued)Governmental Activities (Continued)Future debt service requirements to maturity are:Principal Interest TotalYear Ending September 30:2010 $ 235,000 $ 205,950 $ 440,9502011 250,000 193,825 443,8252012 260,000 181,075 441,0752013 275,000 167,700 442,7002014 285,000 153,344 438,3442015 - 2019 1,670,000 519,313 2,189,3132020 - 2022 1,225,000 88,944 1,313,944Total Loan Payable, Series 2001A $ 4,200,000 $ 1,510,151 $ 5,710,151$6,290,000 Florida Municipal Loan CouncilIn November 2002, the Village entered into a loan agreement with the Florida Municipal Loan Council for$6,290,000 (Series 2002C). Proceeds from the loan are to be used for capital improvements including butnot limited to parks and recreation improvements, road extension improvements, and surface watermanagement projects. Interest, at rates ranging from 3.00% to 5.25% is payable annually on November 1.The remaining principal is payable in annual installments of $255,000 to $480,000 with the final paymentdue in November 2022. At September 30, 2009, the outstanding balance was $4,935,000.Future debt service requirements to maturity are:Principal Interest TotalYear Ending September 30:2010 $ 255,000 $ 244,288 $ 499,2882011 265,000 231,288 496,2882012 280,000 219,063 499,0632013 290,000 207,663 497,6632014 300,000 193,988 493,9882015 - 2019 1,765,000 708,094 2,473,0942020 - 2023 1,780,000 192,938 1,972,938Total Loan Payable, Series 2002C $ 4,935,000 $ 1,997,322 $ 6,932,322Pledged RevenueThe Village has pledged future public service tax revenues to repay $15,670,000 in Public Service TaxRevenue Bonds, Series 1999 and $9,995,000 in Public Service Tax Revenue Refunding Bonds, Series 2005,respectively. Proceeds from the 1999 bonds provided funds for construction of infrastructure andrecreational projects under the Village’s Capital Improvement Plan. Proceeds of the 2005 bonds were usedto refund a portion of the Public Service Tax Revenue Bonds, Series 1999. The bonds are payable solelyfrom public service tax revenues and are payable through 2019. Annual principal and interest payments on45