DEBT SERVICE BUDGET Local governments traditionally issue debt to pay for capital projects for several reasons. First, the cost of these projects is normally too high to absorb into an annual budget. Second, due to inflationary increases, the cost of delaying a project until it can be financed on a pay-as-you-go basis can approach the costs of financing. Third, financing spreads the cost of the project to future populations who also benefit from the use of the facility or improvement paid for with the borrowed funds. The revenue sources pledged to debt costs are diverse. There are two outstanding "general obligation" bond issues, which are funded through voter-approved property tax levies. Debt service issues from enterprise agencies pledge a specific unique source such as water and sewer charges, or airport rents and landing fees. The County has also issued long-term debt, which pledges other "non-ad valorem revenue" sources including sales taxes, state revenue sharing, interest earnings, and other miscellaneous fees and charges. The Loan Pool and Courthouse Bonds utilize non-ad valorem revenue sources as the primary pledge. In FY16 the County executed its option to retire the 22 and 26 Loan Pool funds, saving approximately $1.1 million in avoided interest payments in future fiscal years. The FY17 total debt service budget is approximately $728.6 million, which is 3.2% less than the FY16 debt service budget of $752.8 million. The decrease in debt service is primarily due to the $11 million net decrease in the Aviation debt service budget related to the reserve for future debt and $9 million decrease in the Port debt service budget related to the repayment of the series 211C bonds in FY16. Additional decreases of almost $7, is attributable to the early repayment in FY16 of the 22 and 26 Loan Pool funds. The remaining variances in debt service budgets reflect programmed changes in debt service schedules. This section is organized in the following manner: Page Debt Service Budget 6-1 Debt Service Budget Fund Summary 6-2 Debt Service Budget Appropriations Overview 6-3 Debt Service Budget Revenue Summary 6-4 Bonded Debt Per Capita 6-6 Debt Service - Bond Issue Descriptions 6-7 6-1
DEBT SERVICE FUND SUMMARY GENERAL DEBT SERVICE FY16 Revised FY17 Libraries General Obligation Bonds 11,949,65 11,949,5 Parks/Land Preservation General Obligation Bonds 23,938,73 22,9,7 22 Loan Pool 28,74 25 Loan Pool 625,93 634,24 26 Civic Arena Refunding Bonds 36,88,26 33,998,13 26 Loan Pool 415,35 27 Loan Pool 2,84,12 1,33, 21 Courthouse Bonds 25,77,11 25,95,74 Subtotal General Debt Service 11,89,89 96,718,31 Less Transfers (18,88,73) (16,54,74) Total General Debt Service (Net of Transfers) 83,1,16 8,177,57 ENTERPRISE DEBT SERVICE Aviation Bonds 546,25,25 535,154,84 Port Everglades Bonds 43,716,49 34,124,9 Water/Wastewater Bonds 79,844,23 79,97,43 Subtotal Enterprise Debt Service 669,81,97 648,377,17 Total All Debt Funds (Including Transfers) $77,9,86 $745,95,48 Less Transfers (18,88,73) (16,54,74) TOTAL DEBT SERVICE (Net of Transfers) $752,812,13 $728,554,74 6-2
OVERVIEW OF FY17 DEBT SERVICE APPROPRIATIONS Water/Waste Water, 1.62% Port Everglades, 4.58% General Fund Non-Ad Valorem,.26% Courthouse Bonds, 3.48% General Obligation, 4.68% Civic Arena, 4.56% Aviation, 71.82% FY17 FY17 FY17 FY17 Debt Service Reserves Transfers Total Libraries General Obligation Bonds 11,949,5 11,949,5 Parks/Land Pres. General Obligation Bonds 22,9,7 22,9,7 25 Loan Pool 634,24 634,24 26 Civic Arena Refunding Bonds 14,2,89 4,, 15,995,24 33,998,13 27 Loan Pool 784,5 545,5 1,33, 21 Courthouse Bonds 15,715,53 1,19,21 25,95,74 Aviation Bonds 127,277,25 47,877,59 535,154,84 Port Everglades Bonds 23,797,91 1,326,99 34,124,9 Water/Wastewater Bonds 36,145,38 42,952,5 79,97,43 TOTAL DEBT SERVICE $253,27,9 $475,346,84 $16,54,74 $745,95,48 6-3
FY17 DEBT SERVICE REVENUE SUMMARY GENERAL DEBT SERVICE Total Taxes Charges Libraries General Obligation Bonds 11,949,5 12,357,89 Parks/Land Pres. General Obligation Bonds 22,9,7 23,753,7 25 Loan Pool 634,24 26 Civic Arena Refunding Bonds 33,998,13 27 Loan Pool 1,33, 21 Courthouse Bonds 25,95,74 Total General Debt Service $96,718,31 $36,111,59 $ ENTERPRISE DEBT SERVICE Aviation 535,154,84 113,455,68 Port Everglades 34,124,9 35,55,95 Water/Wastewater 79,97,43 35,87,93 Total Enterprise Debt Service $648,377,17 $ $184,877,56 TOTAL DEBT SERVICE $745,95,48 $36,111,59 $184,877,56 6-4
FY17 DEBT SERVICE REVENUE SUMMARY (continued) Intergov Other Less 5% Transfers Fund Balance 1, (618,39) 2, 38, (1,189,59) 298,59 624,24 1, 4,3,89 (2,19) 26,194,43 4,, 2, (1,) 1,311, 2,697,15 13,22,59 9,988, $ $7,393,28 ($2,9,17) $39,425,2 $15,797,59 26,62,82 3,86,22 391,83,12 37, (1,796,5) 288,9 (14,45) 42,952,5 $26,62,82 $4,465,12 ($1,81,5) $ $434,782,17 $26,62,82 $11,858,4 ($3,819,67) $39,425,2 $45,579,76 6-5
As seen in the following charts, Broward County continues to maintain favorable General Obligation Debt ratios. BONDED DEBT PER CAPITA (as of October 1st) General Fiscal Year Obligation Debt Population General Obligation Debt Per Capita 1997 355,1, 1,56,376 235.67 1998 335,34, 1,542,412 217.41 1999 314,655, 1,579,359 199.23 2 292,88, 1,623,18 18.45 21 45,175, 1,653,52 245.4 22 368,2, 1,678,572 219.35 23 334,95, 1,71,251 196.38 24 492,14, 1,722,43 285.72 25 611,65, 1,742,157 351.6 26 577,775, 1,747,655 33.6 27 535,92, 1,741,657 37.71 28 493,615, 1,739,78 283.73 29 446,33, 1,738,93 256.79 21 393,665, 1,748,66 225.2 211 356,215, 1,753,162 23.18 212 328,5, 1,771,99 185.48 213 38,39, 1,783,773 172.89 214 287,335, 1,79,952 16.44 215 265,235, 1,784,715 148.61 216 242,25, 1,83,93 134.17 217 217,64, 1,827,367 119.1 RATIO OF BONDED DEBT TO ASSESSED VALUE General Obligation Debt Ratio Debt/ Property Value Fiscal Year Assessed Value 1997 355,1, 57,33,947,84.62% 1998 335,34, 6,431,721,329.55% 1999 314,655, 64,855,561,395.49% 2 292,88, 69,579,998,9.42% 21 45,175, 74,984,33,876.54% 22 368,2, 81,987,37,728.45% 23 334,95, 91,14,63,162.37% 24 492,14, 11,79,83,191.48% 25 611,65, 113,935,918,177.54% 26 577,775, 132,,679,684.44% 27 535,92, 157,396,26,36.34% 28 493,615, 175,937,539,663.28% 29 446,33, 166,433,893,384.27% 21 393,665, 148,81,59,176.26% 211 356,215, 129,964,271,186.27% 212 328,5, 126,414,14,99.26% 213 38,39, 127,87,774,573.24% 214 287,335, 132,15,781,266.22% 215 265,235, 14,996,733,219.19% 216 242,25, 15,678,233,275.16% 217 217,64, 162,958,452,859.13% 6-6
Libraries 27A General Obligation Refunding Bonds To refinance a portion of the Series 21A General Obligation Bonds, which provided funding to construct, renovate, improve, and equip new and expanded libraries. The debt service costs for those projects are supported with ad valorem taxes. Ad Valorem Taxes 11,765,992 12,346,42 12,357,89 Interest Income 11,76 9, 1, Less 5% (617,77) (618,39) Fund Balance 451, 212, 2, Total 12,228,68 11,949,65 11,949,5 Principal 8,65, 9,8, 9,54, Interest 3,297,5 2,864,65 2,44,5 Other Costs 2,335 5, 5, Transfer to Parks & Land GO Refunding Bonds 16, Total 11,965,385 11,949,65 11,949,5 County voters authorized issuance of $139.9 million in General Obligation Bonds in March 1999 to construct, renovate, improve, and equip libraries countywide. Bonds were issued in 21. A portion of the 21A General Obligation Bonds were refunded in May 27. The refunding generated savings of more than $4 million over the original debt. The refunded rate is 5.25 percent, and interest payments are scheduled semi-annually in January and July. The Series 21A bonds were repaid in fiscal year 212, leaving remaining payments on the Series 27A bonds. The debt will be completed in fiscal year 221. 6-7
Parks and Land Preservation Series 27B and 212 General Obligation Refunding Bonds These Bonds provided funding to purchase and restore various forms of environmentally sensitive lands, and for the renovation and expansion of Broward County regional and neighborhood parks. The debt service costs are funded by ad valorem taxes and interest income. Ad Valorem Taxes 23,784,696 25,157,39 23,753,7 Interest Income 39,737 41,27 38, Less 5% (1,259,93) (1,189,59) Transfer from Libraries GO Refunding Bonds 16, Fund Balance 154, 298,59 Total 23,994,433 23,938,73 22,9,7 Principal 14,56, 15,35, 14,945, Interest 9,37,8 8,628,73 7,95,7 Other Costs 3,52 5, 5, Total 23,934,32 23,938,73 22,9,7 County voters authorized the issuance of General Obligation Bonds in November 2 for parks projects and land acquisitions not to exceed $4 million. Up to $2 million was approved for land acquisition and up to $2 million was approved for park system expansion and improvements. In 24, $187,77, was issued for 2 years. In 25, $154,135, was issued for 2 years, for a total of $341,95, of debt. The bond issue was reduced from the $4 million authorized by voters due to the accrual of tax dollars, which occurred in the period after the voter approval and before the debt was issued. A portion of the Series 24 Parks and Land Preservation General Obligation Bonds was refunded in FY7, yielding a savings exceeding $2.6 million over the term of the loan. Interest rates of the refunded series range between 4.6 and 4.16 percent. The Series 24 bonds were fully refunded in fiscal year 212 and the Series 25 bonds were repaid in fiscal year 216, leaving remaining payments on the Series 27B and 212 bonds. A portion of the Series 24 and 25 Parks and Land Preservation General Obligation Bonds was refunded in FY12, yielding a present value savings of $11.4 million over the term of the loan. Interest rates of the refunded Series range between 2 and 5 percent. The debt will be completed in fiscal year 225. 6-8
22 Loan Pool To fund the purchase of new voting equipment and the completion of the Women s Detention Facility. The loan also refinanced the 1992 Loan Pool, which provided for a wide variety of replacement and new equipment needs. Debt was repaid using non-ad valorem revenues. Interest Income 168 Transfer from General Fund 279,52 28,74 Total 279,688 28,74 Principal 185, 195, Interest 88,519 79,74 Other Costs 3,986 6, Total 277,55 28,74 Improvement and refunding revenue bonds were issued in April 22 for $33.9 million to fund the purchase of new voting equipment and a portion of the cost of completing the Women s Detention Facility, and to refund Broward County s portion of the Series 1992C First Florida Loan. The bonds issued for voting equipment were repaid in FY12. The debt service issued for the Women's Detention Facility was repaid in FY16. The debt was callable and saved approximately $25, in future interest payments. 6-9
25 Loan Pool To refinance a portion of the 2 loan attributable to the completion debt for the Civic Arena Project. The cost is entirely supported by payments from the Broward County Civic Arena. Interest Income (73) Reimbursement from Arena Operator 621,228 62,93 624,24 Transfer from Arena Debt Service Fund 4,5 5, 1, Total 625,655 625,93 634,24 Principal 3, 315, 335, Interest 321,228 35,93 289,24 Other Costs 6,557 5, 1, Total 627,785 625,93 634,24 The Florida Panthers are obligated by various agreements to pay the debt service associated with this borrowing. A portion of the 2 Loan attributable to the completion debt for cost increases on the Broward County Civic Arena was refunded in FY5. Refunding has yielded savings of $482, over the previous loan. Interest paid on the refunding averages 5 percent. Payments will be concluded in fiscal year 228. 6-1
26 Civic Arena Refunding Bonds To refinance the 1996 Broward County Civic Arena Bonds. The 26 Civic Arena Refunding Bonds are primarily payable from the Professional Sports Franchise Facilities Taxes, the Professional Sports Franchise Sales Tax Rebate, a portion of the County's share of arena operating income, and investment earnings. These bonds are backed by a secondary pledge of County non-ad valorem revenues to cover debt service shortfalls if necessary. Interest Income 5,925 9, 6, Guaranteed Rent Payment 3,992,225 3,995,53 3,997,89 Less 5% (2,23) (2,19) Transfer from Two Cent Tourist Tax Revenue Fund 26,765,54 24,483,96 26,194,43 Transfer from Convention Center 24 Bonds Fund 43,898 Fund Balance 6,996, 7,8, 4,, Total 37,83,12 36,88,26 33,998,13 Principal 7,45, 7,41, 7,755, Interest 6,947,225 6,585,53 6,242,89 Other Costs 4,45 4, 5, Transfer to Convention and Visitor's Bureau 13,799,86 18,83,73 15,985,24 Transfer to Two Cent Tourist Development Tax Fund 1,6, Transfer to 25 Loan Pool 4,5 5, 1, Reserve for Arena Trustee 4,, 4,, Total 29,41,35 36,88,26 33,998,13 The Civic Arena is a multi-purpose sports and entertainment facility, which serves as the home ice of the Florida Panthers Hockey Club (a National Hockey League franchise). The Civic Arena Bonds are secured with three primary pledged revenue sources. The Professional Sports Franchise Facilities Tax is a two percent transient lodging tax ("Bed Tax") imposed on the same base as Tourist Development Taxes. The Professional Sports Franchise Sales Tax Rebate consists of $2 million received annually from the Florida Department of Revenue for facilities associated with new professional sport franchises. These two revenues are transferred from the Two Cent Tourist Tax Revenue Fund. The guaranteed rent payment paid by the arena operator from operating revenues is the annual amount equal to the difference between $1 million and the actual amount of debt service on the Civic Arena Bonds. Surplus two cent tourist taxes are transferred to the Convention and Visitor's Bureau Fund for marketing the destination in accordance with Florida Statutes. Payments will be concluded in fiscal year 228. Interest payments are paid semi-annually in March and September and are based on interest rates ranging from 4 to 5.998 percent. 6-11
26 Loan Pool To provide a portion of the funds needed to construct a fire station in the Pembroke Park/West Park area. Interest Income 178 Transfer from Fire Rescue Fund 415,35 415,35 Total 415,528 415,35 Principal 25, 26, Interest 16,848 15,85 Other Costs 5,439 4,5 Total 416,287 415,35 In June 26, the Series 26 First Florida Refunding Bonds were issued to partially finance the Pembroke Park/West Park Fire Station. The total issuance amount is $5,3,. The debt service was callable and therefore was retired in FY16. This action saved approximately $825, in future interest payments. 6-12
27 Loan Pool To refund the 1997 Loan Pool debt service, which provided funding for the construction and expansion of corrections facilities and to assist the Housing Finance Authority in the purchase of an office building. Non-ad valorem revenues continue to be pledged toward the repayment of this debt. Interest Income 27,386 2, 2, Less 5% (1,) (1,) Reimbursement from Housing Finance Authority 13, Fund Balance 2,84, 2,65,12 1,311, Total 2,997,386 2,84,12 1,33, Principal 835, 72, 75, Interest 91,625 58,32 3, Other Costs 2,827 4,5 4,5 Reserve for Future Debt Service 1,31,3 Transfer to General Capital Outlay Fund 545,5 Total 929,452 2,84,12 1,33, In May 27, the Series 27 First Florida Refunding Bonds were issued to refinance the 1997 First Florida Loan Pool bonds, with a net savings of $571,35. The total issuance amount is $9,2,. Interest payments are made semi-annually in January and July based on rates ranging between 3.7 to 4.38 percent. The bonds issued for the Housing Finance Authority office building were repaid in FY15. Debt service will continue through FY17 for construction and expansion of correction facilities. The remaining balance of the reserve established in FY9 will be transferred to the General Capital Outlay fund upon final payment of all related debt in FY17. 6-13
21 Courthouse Bonds To provide financing for the construction of a replacement Courthouse. Half-cent sales tax revenues are pledged for the repayment of these bonds. Interest Income (1,769) Annual Rebates from the Federal Government 2,697,148 2,697,15 2,697,15 Transfer from General Fund 8,615,1 8,97,57 9,842,73 Transfer from Court Facility Fee Fund 4,5, 4,217,39 3,377,86 Fund Balance 9,531, 9,885, 9,988, Total 25,341,389 25,77,11 25,95,74 Principal 3,535, 3,965, 4,165, Interest 11,917,63 11,747,78 11,544,53 Other Costs 6,9 5, 6, Reserve Trustee Debt Service Payment 9,989,33 1,19,21 Total 15,459,53 25,77,11 25,95,74 The County issued $218 million in revenue bonds in June 21. The bonds will be retired in October 24. Interest payments are paid semi-annually in October and April and are based on interest rates ranging from 2.5 to 6.556 percent. The 21 Courthouse Bonds were issued to complete the funding package for the replacement of the outdated central and west wings of the existing main courthouse. The bonds are supplementing existing funds from General Capital Outlay. The total cost of the replacement courthouse and parking garages is projected at $319 million. This debt service is funded primarily with transfers from the General Fund, the Court Facility Fee Fund, and annual rebates from the federal government. 6-14
Aviation Debt Service To provide funds for the expansion and improvement of airport facilities, runways, and land at the Fort Lauderdale/Hollywood International Airport. FY15 FY16 Revised FY17 Passenger Facility Charges 32,614,447 34,23,63 34,892,74 State Grants 18,69,562 21,682,42 6,62,82 Federal Grants 24,5,737 137,254,93 2,, Interest Earnings 87,57 3,52,37 3,86,22 Operating Revenue 7,399,664 69,29,41 78,562,94 Fund Balance 243,439,489 28,82,49 391,83,12 Total 389,939,469 546,25,25 535,154,84 Interest 76,552,471 75,14,41 73,417,25 Principal 48,15, 51,315,5 53,84, Other Debt Service Costs 2, Reserve for Future Debt Service Payments¹ 31,27,93 279,177,1 Debt Service Coverage Reserve 17,285,47 26,52,33 Debt Service Reserve 11,238,39 12,18,16 Total 124,567,471 546,25,25 535,154,84 ¹ This represents funding for future principal and interest payable on Airport System Revenue Bonds issued for the South Runway Expansion project. The total amount of outstanding debt as of FY16 is $1,98,, (based on current debt). Airport System Revenue Bonds, Series 21J2 provided $149.2 million toward a new joint-use facility to house the 12 rental car company services and to provide additional public parking. Interest paid on the Series J2 bonds ranges from 5.8 percent to 6.9 percent. Principal and interest payments continue until calendar year 221. Airport System Revenue Bonds, Series 24L provided $142 million toward pedestrian bridges and exit roadways. Interest paid on the Series L bonds ranges from 3. percent to 5. percent. Principal and interest payments for Series L continue until calendar year 227. $41.2 million of the $111.1 million outstanding principal was refunded in Series 212P. 6-15
Airport System Revenue Refunding Bonds, Series 29O refunded the outstanding debt on Series 28N. Interest paid on the Series O bonds ranges from 2. percent to 5.375 percent. Principal and interest payments for Series O will be paid from airport system revenues and continue until calendar year 229. Airport System Revenue Bonds, Series 212P refunded the outstanding debt on the following bond series, resulting in net present value savings of approximately $39.9 million over 15 years: Airport System Revenue Refunding Bonds, Series 1998E, issued for $75.6 million, which defeased the outstanding debt of Series B Airport System Revenue Bonds, Series 1998G issued for $63.5 million Airport System Revenue Bonds, Series 21J1 (taxable) issued for $136. million Passenger Facility Charge/Airport System Revenue Convertible Lien Bonds, Series 1998H issued for $126.6 million Passenger Facility Charge/Airport System Revenue Convertible Lien Bonds, Series 21I issued for $41.9 million Part of Airport System Revenue Bonds, Series 24L issued for $142. million Interest paid on the Series P bonds ranges from 3. percent to 5. percent. Principal and interest payments continue until calendar year 226. Airport System Revenue Bonds, Series 212Q provided $621.3 million toward the South Runway Expansion project, terminal renovations, ground transportation facilities, maintenance building, utilities, taxiway repairs and land acquisition. Interest paid on the Series Q bonds ranges from 3. percent to 5. percent. Principal and interest payments continue until calendar year 242. Airport System Revenue Bonds, Series 213A-B-C provided $431.7 million for the balance of the runway 9R/27L project, Terminal 4 (Concourse G and ramp), Terminal 1 (Concourse A), terminal renovations, and ground transportation land and facilities. Interest paid on the Series A-B-C bonds ranges from 1.25 percent to 5.5 percent. Principal and interest payments continue until calendar year 243. Airport System Revenue Bonds, Series 215A-B provided $418 million toward Terminal 4 (Concourse G and the Federal Inspection Services (FIS)), terminal renovations, Concourse A (T-1), ground transportation facilities, utilities, public safety facility, rehabilitation of the Rental Car Center/garages and terminal roadways. Principal and interest payments continue until calendar year 245. Airport System Revenue Bonds, Series 215C refunded the outstanding remaining debt on the Airport System Revenue Bonds, Series 24L, resulting in net present value savings of approximately $8.3 million. Interest paid on the Series 215C bonds ranges from 2. percent to 5. percent. Principal and interest payments continue until calendar year 225, two years earlier than the Series 24L that was refunded. Airport System Revenue Bonds, Series 217A will provide approximately $247 million toward terminal renovations, Concourse A (T-1), Concourse G (T-4), FIS (T-4) and design for additional gates. Principal and interest payments are expected to continue until calendar year 246. The Aviation Department anticipates future financing of approximately $53 million through FY2 for Concourse G (T-4), terminal renovations, Concourse A (T-1), FIS, utilities, and additional gates. 6-16
Port Everglades Debt Service Debt issues provide funds for the expansion and improvement of Port facilities and defeasance of prior bond issues. Debt service is funded from Port revenues. Operating Revenues 32,239,87 45,437,36 35,55,95 Interest Income 373,335 58, 37, Less 5% (2,3,87) (1,796,5) Total 32,613,142 43,716,49 34,124,9 Principal 2,945, 21,815, 13,2, Interest 11,294,87 11,21,1 1,254,51 Other Debt Service Costs 373,335 553,4 523,4 Reserves 1,326,99 1,326,99 Total 32,613,142 43,716,49 34,124,9 The Port Facilities Refunding Revenue Bonds, Series 28 were issued in the amount of $46,16, to refund the outstanding Subordinate Port Facilities Refunding Revenue Bonds, Series 1998 with an outstanding principal of $43,16,, to fund a deposit to the Debt Service Reserve Fund, and to pay a portion of the termination payment related to the termination of the 1998 Interest Rate Swap. Interest paid on the Series 28 bonds is a 3.642 percent synthetic fixed rate per the interest rate swap agreement. The Series 28 bonds are due to retire in fiscal year 227. The Port Facilities Revenue Bonds, Series 29A (Non-AMT) (the "Series 29 Bonds") were issued by the County to fund the Terminal 18 expansion project and miscellaneous infrastructure improvements throughout the Port. The issue amount was $83,235,. Interest paid on the Series 29 bonds ranges from 3. percent to 6. percent. The Series 29 bonds are due to retire in fiscal year 229. The Port Facilities Refunding Bonds, Series 211A (the Series 211A Bonds ) in the amount of $12,37,; Port Facilities Refunding Bonds, Series 211B (the Series 211B Bonds ) in the amount of $1,695,; and Port Facilities Refunding Bonds Series 211C (the Series 211C Bonds ) in the amount of $54,195, (collectively, the Series 211 Bonds ) were issued to (i) refund and defease all or a portion of the Series 1998B, 1998C, and Series 1989A Bonds, (ii) fund the cost of a municipal bond debt service reserve insurance policy, and (iii) pay certain costs of issuance and expenses relating to the Series 211 Bonds, including the premium for a municipal bond insurance policy. Interest paid on the Series 211 bonds ranges from 1.98 percent to 5. percent. The Series 211 bonds are due to retire in fiscal year 227. In fiscal year 216, the repayment of Series 211C bonds occurred. 6-17
Water & Wastewater Debt Service To provide funds for the expansion and improvement of water and wastewater facilities. Debt service is supported by the net revenue of the water and wastewater fund, which includes user charges and interest income. Operating Charges 36,966,79 35,87,32 35,87,93 Interest Income 29,749 288,9 288,9 Less 5% (14,45) (14,45) Fund Balance 43,629,46 43,699,46 42,952,5 Total 8,886,999 79,844,23 79,97,43 Principal 13,875, 14,8, 14,34, Interest 23,346,91 21,998,77 21,739,38 Other Costs 35,638 66, 66, Reserves 43,699,46 42,952,5 Total 37,257,539 79,844,23 79,97,43 The water and wastewater debt service budget includes debt service payments for the following bond issues: The Series 29A Bonds totaling $11,295, are comprised of Current Interest Bonds due serially on October 1, from 216 to 221 with interest at 2.5% to 4%. The Series 212A Bonds totaling $136,125, are comprised of $46,795, of Current Interest Bonds due serially on October 1, from 216 to 233 with interest at 1.% to 5.%, and $89,33, of Term Bonds due on October 1, 237 with interest at 5%. The Series 212B Bonds totaling $11,92, are comprised of Current Interest Bonds due serially on October 1, from 218 to 227 with interest at 4.% to 5.%. The Series 212C Bonds totaling $25,76, are comprised of Current Interest Bonds due serially on October 1, from 216 to 218 with interest at.44% to 1.9%. The Series 215A Bonds totaling $42,255, were issued to refund the 25 Bonds and are comprised of Current Interest Bonds due serially on October 1, from 228 to 23 with interest at 5%. The Series 215B Bonds totaling $157,555, were issued to refund a portion of the 29A Bonds and are comprised of Current Interest Bonds due serially on October 1, from 221 to 234 with interest at 3% to 5%. 6-18