Debt Service Req. 2016-17

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Debt Service Requirements
Local Government Name: City of Westland
Local Unit Code: 822310
Current Fiscal Year End Date:

   30-JUNE-17

 

2004 Michigan Transportation Bond
IssuedSeptember 2004
$ 3,000,000
Payments to come from Major Road Fund &
Local Development Finance Authority Fund (LDFA)
Years Ending Principal Interest Total
30-Jun-17 $ 300,000 $ 28,688 $ 328,688
30-Jun-18 $ 300,000 $ 17,625 $ 317,625
30-Jun-19 $ 300,000 $ 6,000 $ 306,000
$ $ $
Totals $ 900,000 $ 52,313 $ 952,313
City of Westland Building Authority Refunding Bonds
Issued November 2005
$ 3,970,000
Payments to come from General Fund & 911 Fund
Years Ending Principal Interest Total
30-Jun-17 $ 405,000 $ 79,700 $ 484,700
30-Jun-18 $ 405,000 $ 62,100 $ 467,100
30-Jun-19 $ 445,000 $ 45,900 $ 490,900
30-Jun-20 $ 500,000 $ 38,900 $ 538,900
$ - $ - $ -
Totals $ 1,755,000 $ 226,600 $ 1,981,600
Recycling Bins (Tax Exempt Lease)
Issued June 2009
$ 1,054,326
Payments to come form Refuse Millage (General Fund)
Years Ending Principal Interest Total
30-Jun-17 $ 137,890 $ 16,985 $ 154,875
30-Jun-18 $ 146,136 $ 8,739 $ 154,875
Totals $ 284,026 $ 25,724 $ 309,750
1998 Water & Sewer System Revenue Bonds
Issued June 1998
$3,225,000
Payments to come from Water & Sewer Revenue
Years Ending Principal Interest Total
30-Jun-17 $ 250,000 $ 22,500 $ 272,500
30-Jun-18 $ 250,000 $ 11,250 $ 261,250
Totals $ 500,000 $ 33,750 $ 533,750
Michigan Municipal Bond Authority SQWIF 30-14-01
Issued April 2010
$2,556,586
Payments to come from Water & Sewer Revenue
Years Ending Principal Interest Total
30-Jun-17 $ 115,000 $ 51,055 $ 166,055
30-Jun-18 $ 115,000 $ 48,180 $ 163,180
30-Jun-18 $ 120,000 $ 45,305 $ 165,305
30-Jun-19 $ 125,000 $ 42,305 $ 167,305
30-Jun-20 $ 125,000 $ 39,180 $ 164,180
30-Jun-21 $ 130,000 $ 36,055 $ 166,055
30-Jun-22 $ 130,000 $ 32,805 $ 162,805
30-Jun-23 $ 135,000 $ 29,555 $ 164,555
30-Jun-24 $ 140,000 $ 26,180 $ 166,180
30-Jun-25 $ 140,000 $ 22,680 $ 162,680
30-Jun-26 $ 145,000 $ 19,180 $ 164,180
30-Jun-27 $ 150,000 $ 15,555 $ 165,555
30-Jun-28 $ 155,000 $ 11,805 $ 166,805
30-Jun-29 $ 155,000 $ 7,930 $ 162,930
30-Jun-30 $ 162,183 $ 4,055 $ 166,238
Totals $ 2,042,183 $ 431,819 $ 2,474,002
Michigan Municipal Bond Authority SRF 5398-01
Issued January 2010
$594,000
Payments to come from Water & Sewer Revenue
Years Ending Principal Interest Total
30-Jun-17 $ 25,000 $ 10,320 $ 35,320
30-Jun-18 $ 25,000 $ 9,695 $ 34,695
30-Jun-19 $ 25,000 $ 9,109 $ 34,109
30-Jun-20 $ 25,000 $ 8,445 $ 33,445
30-Jun-21 $ 30,000 $ 7,820 $ 37,820
30-Jun-22 $ 30,000 $ 7,070 $ 37,070
30-Jun-23 $ 30,000 $ 6,320 $ 36,320
30-Jun-24 $ 30,000 $ 5,570 $ 35,570
30-Jun-25 $ 30,000 $ 4,808 $ 34,808
30-Jun-26 $ 30,000 $ 4,070 $ 34,070
30-Jun-27 $ 30,000 $ 1,660 $ 31,660
30-Jun-28 $ 35,000 $ 2,570 $ 37,570
30-Jun-29 $ 35,000 $ 1,695 $ 36,695
30-Jun-30 $ 32,794 $ 820 $ 33,614
Totals $ 412,794 $ 79,970 $ 492,764
City Hall lease purchase
Issued January 2014
$1,600,000
Payments to come from TIFA transfer
Years Ending Principal Interest Total
30-Jun-17 $ 90,000 $ 35,490 $ 125,490
30-Jun-18 $ 90,000 $ 33,150 $ 123,150
30-Jun-19 $ 100,000 $ 30,810 $ 130,810
30-Jun-20 $ 100,000 $ 28,210 $ 128,210
30-Jun-21 $ 100,000 $ 25,610 $ 125,610
30-Jun-22 $ 115,000 $ 23,010 $ 138,010
30-Jun-23 $ 115,000 $ 20,020 $ 135,020
30-Jun-24 $ 120,000 $ 17,030 $ 137,030
30-Jun-25 $ 125,000 $ 13,910 $ 138,910
30-Jun-26 $ 130,000 $ 10,660 $ 140,660
30-Jun-27 $ 135,000 $ 7,280 $ 142,280
30-Jun-28 $ 145,000 $ 3,770 $ 148,770
Totals 1,365,000 248,950 $ 1,613,950
TIFA - City Hall & Fire Station Bonds
September 30, 2013
$16,500,000
Payments to come from TIFA Fund
Years Ending Principal Interest Total
30-Jun-17 605,000 $ 719,869 $ 1,324,869
30-Jun-18 630,000 $ 694,669 $ 1,324,669
30-Jun-19 655,000 $ 668,477 $ 1,323,477
30-Jun-20 680,000 $ 648,069 $ 1,328,069
30-Jun-21 705,000 $ 623,394 $ 1,328,394
30-Jun-22 725,000 $ 597,113 $ 1,322,113
30-Jun-23 755,000 $ 566,913 $ 1,321,913
30-Jun-24 785,000 $ 527,663 $ 1,312,663
30-Jun-25 825,000 $ 486,413 $ 1,311,413
30-Jun-26 865,000 $ 443,163 $ 1,308,163
30-Jun-27 905,000 $ 397,913 $ 1,302,913
30-Jun-28 955,000 $ 350,163 $ 1,305,163
30-Jun-29 1,000,000 $ 300,163 $ 1,300,163
30-Jun-30 1,050,000 $ 247,663 $ 1,297,663
30-Jun-31 1,105,000 $ 192,413 $ 1,297,413
30-Jun-32 1,160,000 $ 131,513 $ 1,291,513
30-Jun-33 1,220,000 $ 33,731 $ 1,253,731
30-Jun-34 1,285,000 $ $ 1,285,000
Totals 15,910,000 7,629,296 # 23,539,296
Lease Police Cars
September 2013
$493,680
Payment to come from General Fund
Years Ending Principal Interest Total
30-Jun-17 $ 166,758 $ 2,238 $ 168,997
-
Totals $ 166,758 $ 2,238 $ 168,997
2014 DDA - Farmers Market Bonds
Aprill 1, 2014
$3,300,000
Payments to come from DDA fund
Years Ending Principal Interest Total
30-Jun-17 $ 250,000 $ 99,750 $ 349,750
30-Jun-18 $ 250,000 $ 91,000 $ 341,000
30-Jun-19 $ 250,000 $ 82,250 $ 332,250
30-Jun-20 $ 275,000 $ 73,500 $ 348,500
30-Jun-21 $ 275,000 $ 63,876 $ 338,876
30-Jun-22 $ 275,000 $ 54,250 $ 329,250
30-Jun-23 $ 300,000 $ 44,626 $ 344,626
30-Jun-24 $ 325,000 $ 34,126 $ 359,126
30-Jun-25 $ 325,000 $ 22,750 $ 347,750
30-Jun-26 $ 325,000 $ 11,376 $ 336,376
Totals 2,850,000 577,504 # 3,427,504
2014 CIP Bonds
September 2015
$5,000,000
Payments to come from Water Fund
Years Ending Principal Interest Total
30-Jun-17 $ 175,000 $ 160,375 $ 335,375
30-Jun-18 $ 200,000 $ 156,875 $ 356,875
30-Jun-19 $ 200,000 $ 152,875 $ 352,875
30-Jun-20 $ 225,000 $ 148,875 $ 373,875
30-Jun-21 $ 225,000 $ 144,375 $ 369,375
30-Jun-22 $ 250,000 $ 137,625 $ 387,625
30-Jun-23 $ 250,000 $ 130,125 $ 380,125
30-Jun-24 $ 250,000 $ 122,625 $ 372,625
30-Jun-25 $ 275,000 $ 115,124 $ 390,124
30-Jun-26 $ 275,000 $ 104,125 $ 379,125
30-Jun-27 $ 300,000 $ 93,125 $ 393,125
30-Jun-28 $ 300,000 $ 83,750 $ 383,750
30-Jun-29 $ 350,000 $ 74,000 $ 424,000
30-Jun-30 $ 350,000 $ 60,000 $ 410,000
30-Jun-31 $ 400,000 $ 46,000 $ 446,000
30-Jun-32 $ 400,000 $ 30,000 $ 430,000
30-Jun-33 $ 400,000 $ 15,000 $ 415,000
Totals 4,825,000 1,774,874 # 6,599,874
2015 CIP Bonds
June 2015
$11,400,000
Payments to come from Water Fund (85.1%) Sanitation Fund (14.9%)
Years Ending Principal Interest Total
30-Jun-17 410,000 $ 453,775 $ 863,775
30-Jun-18 425,000 $ 437,375 $ 862,375
30-Jun-19 445,000 $ 420,375 $ 865,375
30-Jun-20 465,000 $ 398,125 $ 863,125
30-Jun-21 485,000 $ 374,875 $ 859,875
30-Jun-22 515,000 $ 350,625 $ 865,625
30-Jun-23 535,000 $ 324,875 $ 859,875
30-Jun-24 565,000 $ 298,125 $ 863,125
30-Jun-25 590,000 $ 269,875 $ 859,875
30-Jun-26 625,000 $ 240,375 $ 865,375
30-Jun-27 640,000 $ 220,063 $ 860,063
30-Jun-28 665,000 $ 198,463 $ 863,463
30-Jun-29 690,000 $ 175,188 $ 865,188
30-Jun-30 710,000 $ 150,175 $ 860,175
30-Jun-31 740,000 $ 123,550 $ 863,550
30-Jun-32 765,000 $ 95,800 $ 860,800
30-Jun-33 800,000 $ 65,200 $ 865,200
30-Jun-34 830,000 $ 33,200 $ 863,200
Totals 10,900,000 4,630,038 # 15,530,038
Section 108 Loan
1-Sep-15
$575,000
Payments to come from Community Development Block Grant Funds
Years Ending Principal Interest Total
30-Jun-17 48,000 $ 4,157 $ 52,157
30-Jun-18 48,000 $ 3,810 $ 51,810
30-Jun-19 48,000 $ 3,463 $ 51,463
30-Jun-20 48,000 $ 3,116 $ 51,116
30-Jun-21 48,000 $ 2,769 $ 50,769
30-Jun-22 48,000 $ 2,422 $ 50,422
30-Jun-23 48,000 $ 2,075 $ 50,075
30-Jun-24 48,000 $ 1,728 $ 49,728
30-Jun-25 48,000 $ 1,381 $ 49,381
30-Jun-26 48,000 $ 1,034 $ 49,034
30-Jun-27 48,000 $ 687 $ 48,687
30-Jun-28 47,000 340 47,340
Totals 575,000 26,981 # 601,981