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<br />AUTHORIZED REVENUE BONDS
<br />
<br />Purpose
<br />Waterworks and Sewer System
<br />Improvements
<br />
<br />Date
<br />Authorized
<br />4-7-84
<br />
<br />Amount
<br />Authorized
<br />$6,200,000
<br />
<br />A mount
<br />Heretofore
<br />Issued
<br />$1,170,000
<br />
<br />A mount
<br />Being
<br />Issued
<br />$1 ,320,000
<br />
<br />Unissued
<br />Balance
<br />$.3,710,000
<br />
<br />ANTICIPATED ISSUANCE OF VOTED REVENUE BONDS
<br />
<br />The City anticipates the issuance of additional debt of approximately $2,500,000 in late 1988 and the
<br />balance of the authorized revenue bonds in the spring of 1989. The City plans a bond election in the
<br />spring of 1988, amount of which has not been determined.
<br />
<br /> VALUE OF SYSTEMS*
<br />Fiscal Year Ended 9-.30-87 9-.30-86 9-.30-85 9-30-84 9-.30-83
<br /> (Unaudited)
<br />Waterworks System $ 5,.302,440 $ 4,560,200 $3,197,06.3 $3,169,658 $3,167,411
<br />Sewer System 9,463,512 8,352,85t 7,117.672 .3,.359.613 .3 347 745
<br />Total Value $14,765,952 $12,913,051 $10,314,735 $6,529,271 $6;515;156
<br />Reserve for Depreciation $ 1,109,406 $1,011,107
<br />Waterworks System $ 1,242,092 $1,075,569 $ 975,711
<br />Sewer System 1.405.490 1,237,789 1.119.470 1. 062.922 1009 827
<br />Total Depreciation $ 2,647,582 $ 2,347,195 $2,195,039 $2,074,029 $1 ;nt5;538
<br />Value After Depreciation $12.118.370 $10.565.856 $8.119.696 $4.455.242 $4.529.618
<br />* Value of Systems includes land, buildings and system costs, but excludes all personal property costs.
<br /> CITY'S EQUITY IN SYSTEM
<br />Fiscal Year Ended 9-30-87 9-30-86 9-30-85 9-30-84 9-30-83
<br /> (Unaudited)
<br />Waterworks and Sewer System $15,188,496 $ 9,405,599 $8,133,675 $7,906,648 $7,778,627
<br />Less Reserve for
<br />Depreciation 3.827.096 3.303.473 3361 469 .3.172.712 3,015,166
<br />$11,361,400 $ 6,102,126 ~ $4,733,936 $4,763,461
<br />Plus Construction Fund 646 .487 4838 885 3.834.936 196.687 -0-
<br />Net Plant $12,007,887 $10;941 ;'01 i $8,607,142 $4,930,623 $4,763,461
<br />Plus Net Working Capital 2 145391 1.816.827 2831 553 2.821,919 1.572.9't2,
<br />Total $14;153;278 $12,757,838 m,438,695 $7,752,542 $6,336,410
<br />Revenue Bond Debt $ 2,740,000 $ 2,685,000 $2,7';,000 $2,785,000 $2,035,000
<br />Less Interest and Sinking
<br />Fund and Reserve Fund 567.586 404.366 405.116 404.787 283.629
<br />Net Revenue Debt $ 2,172,414 $ 2,280,634 $2,349,884 $2,380,21.3 $1,751,371
<br />City's Equity in System $11,980,864 $10,477,204 $9,088,811 $5,372,329 $4,585,039
<br />Percentage City's Equity
<br />In System 84.6596 82.1296 79.4696 69.3096 12.36%
<br />
<br />- 17-
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