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Proposed Debt Service

Restructured Terms
Outstanding Debt: $ 101,155,000.00
Less: Debt Forgiveness: $ (10,115,500.00)
$ 91,039,500.00 Par Value of new debt
Interest Rate: 3.75%
Term (years): 30
Due at Maturity: $ 50,281,964.58
Less: Sinking Fund: $ (14,524,819.37) {A}
Amount to be Refinanced: $ 35,757,145.21 {B}

Year
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Interest
3,413,981.25
3,373,255.55
3,321,956.17
3,270,656.80
3,219,357.42
3,168,058.05
3,116,758.67
3,065,459.30
3,014,159.92
2,962,860.55
2,911,561.17
2,860,261.80
2,808,962.42
2,757,663.05
2,706,363.67
2,655,064.30

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Principal
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33

Total Payment Due


$
4,781,964.58
$
4,741,238.88
$
4,689,939.51
$
4,638,640.13
$
4,587,340.76
$
4,536,041.38
$
4,484,742.01
$
4,433,442.63
$
4,382,143.26
$
4,330,843.88
$
4,279,544.51
$
4,228,245.13
$
4,176,945.76
$
4,125,646.38
$
4,074,347.01
$
4,023,047.63

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Notes
{A}: Debt Service is fixed at $4,500,000. Beginning in 2020,
the total Principal and Interest due to the debt holders drops
below the fixed debt service expense item. The variance
between these numbers will be placed in a sinking fund,
which will grow for 24 years and be used to retire a portion
of the balloon payment due at maturity.
{B}: $50,000,000 is due at 12/31/2044. A portion of that
amount ($14,524,819.37) is available immediately as it
represents the balance of the sinking fund at 12/31/2044.
The remaining amount ($35,757,145.21) will be refinanced.

Annual Debt
Unpaid and Capitalized
Service Paid
Debt Service
4,500,000.00 $
281,964.58
4,500,000.00 $
241,238.88
4,500,000.00 $
189,939.51
4,500,000.00 $
138,640.13
4,500,000.00 $
87,340.76
4,500,000.00 $
36,041.38
4,500,000.00 $
4,500,000.00 $
4,500,000.00 $
4,500,000.00 $
4,500,000.00 $
4,500,000.00 $
4,500,000.00 $
4,500,000.00 $
4,500,000.00 $
4,500,000.00 $
-

Sinking Fund
$
$
$
$
$
$
$
15,257.99
$
66,557.37
$ 117,856.74
$ 169,156.12
$ 220,455.49
$ 271,754.87
$ 323,054.24
$ 374,353.62
$ 425,652.99
$ 476,952.37

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

Principal
Outstanding
89,953,481.25
88,585,497.92
87,217,514.58
85,849,531.25
84,481,547.92
83,113,564.58
81,745,581.25
80,377,597.92
79,009,614.58
77,641,631.25
76,273,647.92
74,905,664.58
73,537,681.25
72,169,697.92
70,801,714.58
69,433,731.25

2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043

$
$
$
$
$
$
$
$
$
$
$
$
$
$

2,603,764.92
2,552,465.55
2,501,166.17
2,449,866.80
2,398,567.42
2,347,268.05
2,295,968.67
2,244,669.30
2,193,369.92
2,142,070.55
2,090,771.17
2,039,471.80
1,988,172.42
1,936,873.05

$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33
1,367,983.33

$
$
$
$
$
$
$
$
$
$
$
$
$
$

3,971,748.26
3,920,448.88
3,869,149.51
3,817,850.13
3,766,550.76
3,715,251.38
3,663,952.01
3,612,652.63
3,561,353.26
3,510,053.88
3,458,754.51
3,407,455.13
3,356,155.76
3,304,856.38

$
$
$
$
$
$
$
$
$
$
$
$
$
$

4,500,000.00
4,500,000.00
4,500,000.00
4,500,000.00
4,500,000.00
4,500,000.00
4,500,000.00
4,500,000.00
4,500,000.00
4,500,000.00
4,500,000.00
4,500,000.00
4,500,000.00
4,500,000.00

$
$
$
$
$
$
$
$
$
$
$
$
$
$

$
$
$
$
$
$
$
$
$
$
$
$
$
$

528,251.74
579,551.12
630,850.49
682,149.87
733,449.24
784,748.62
836,047.99
887,347.37
938,646.74
989,946.12
1,041,245.49
1,092,544.87
1,143,844.24
1,195,143.62

$
$
$
$
$
$
$
$
$
$
$
$
$
$

68,065,747.92
66,697,764.58
65,329,781.25
63,961,797.92
62,593,814.58
61,225,831.25
59,857,847.92
58,489,864.58
57,121,881.25
55,753,897.92
54,385,914.58
53,017,931.25
51,649,947.92
50,281,964.58

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