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City of Muskegon
SCHEDULE OF INDEBTEDNESS - CONTINUED
December 31, 2003
Annual
Date Amount Interest Date of Interest
of Issue of Issue Rate Maturity 2002 2003 Payable
Enterprise fund debt:
Water supply system bonds 10/1/1993 $ 5,465,000
0.00% 05/01/03 $ - $ - $ -
($16,537 unamortized discount) 0.00% 05/01/04 - - 40,500
0.00% 05/01/05 - - 40,500
0.00% 05/01/06 - - 40,500
0.00% 05/01/07 - - 40,500
0.00% 05/01/08 - - 40,500
0.00% 05/01/09 - - 40,500
0.00% 05/01/10 - - 40,500
0.00% 05/01/11 - - 40,500
4.50% 05/01/12 450,000
450,000
30,375
4.50% 05/01/13 450,000
450,000
10,121
900,000
900,000
364,496
Water supply system bonds 3/2/1999 $ 9,575,000
3.75% 05/01/03 405,000
- -
($77,117 unamortized discount) 3.85% 05/01/04 420,000
420,000
361,380
3.95% 05/01/05 435,000
435,000
344,704
4.05% 05/01/06 455,000
455,000
326,899
4.05% 05/01/07 470,000
470,000
308,168
4.05% 05/01/08 490,000
490,000
288,728
4.10% 05/01/09 510,000
510,000
268,350
4.20% 05/01/10 535,000
535,000
246,660
4.30% 05/01/11 555,000
555,000
223,493
4.35% 05/01/12 130,000
130,000
208,733
4.40% 05/01/13 155,000
155,000
202,495
4.50% 05/01/14 635,000
635,000
184,798
4.55% 05/01/15 665,000
665,000
155,381
4.60% 05/01/16 695,000
695,000
124,268
4.65% 05/01/17 730,000
730,000
91,310
4.75% 05/01/18 765,000
765,000
56,169
4.75% 05/01/19 800,000
800,000
19,000
8,850,000
8,445,000
3,410,536
Contractual obligation for 11/6/2002 $ 6,990,000
1.80% 07/01/03 146,078
- -
County wastewater debt retirement - refunding bonds * 2.00% 07/01/04 122,705
122,705
190,018
2.25% 07/01/05 116,862
116,862
187,564
5.00% 07/01/06 1,244,580
1,244,580
184,934
5.00% 07/01/07 1,232,894
1,232,894
122,705
5.00% 07/01/08 1,221,208
1,221,208
61,060
4,084,327
3,938,249
746,281
Contractual obligation for 5/1/1996 $ 8,034,263
5.00% 07/01/03 1,005,013
- -
County wastewater debt retirement * 5.10% 07/01/04 984,562
984,562
80,061
5.70% 07/01/05 964,112
964,112
27,475
2,953,687
1,948,674
107,536
TOTAL ENTERPRISE FUND DEBT $ 16,788,014
$ 15,231,923
$ 4,628,849
General long-term debt:
Building authority limited tax bonds 1/1/1996 $ 1,545,000
4.20% 12/01/03 $ 195,000
$ - $ -
of 1996 (city hall renovations) 4.30% 12/01/04 205,000
205,000
8,816
400,000
205,000
8,816
Special assessment improvement bonds 1/1/1996 $ 1,155,000
4.20% 12/01/03 120,000
- -
of 1996 (sidewalks) 4.30% 12/01/04 65,000
65,000
3,896
4.40% 12/01/05 25,000
25,000
1,100
210,000
90,000
4,996
Special assessment improvement bonds 10/1/1998 $ 1,495,000
3.85% 04/01/03 170,000
- -
of 1998 (sidewalks) 3.90% 04/01/04 165,000
165,000
27,735
3.95% 04/01/05 165,000
165,000
21,259
4.00% 04/01/06 165,000
165,000
14,700
4.00% 04/01/07 130,000
130,000
8,800
4.00% 04/01/08 95,000
95,000
4,300
4.00% 04/01/09 60,000
60,000
1,200
950,000
780,000
77,994
* Note: 58.88% of this debt is guaranteed and paid by an industrial user.
City of Muskegon
SCHEDULE OF INDEBTEDNESS - CONTINUED
December 31, 2003
Annual
Date Amount Interest Date of Interest
of Issue of Issue Rate Maturity 2002 2003 Payable
General long-term debt--continued:
Special assessment improvement bonds 12/1/2000 $ 825,000
4.50% 04/01/03 $ 85,000
$ - $ -
of 2000 (sidewalks) 4.55% 04/01/04 90,000
90,000
25,885
4.60% 04/01/05 85,000
85,000
21,883
4.65% 04/01/06 85,000
85,000
17,951
4.70% 04/01/07 90,000
90,000
13,860
4.80% 04/01/08 85,000
85,000
9,705
4.90% 04/01/09 85,000
85,000
5,583
5.00% 04/01/10 70,000
70,000
1,746
675,000
590,000
96,613
Capital improvement bonds 3/1/2003 $ 1,575,000
0.00% 06/01/03 - - -
of 2003 (sidewalks) 2.00% 06/01/04 - 105,000
49,724
2.00% 06/01/05 - 105,000
47,624
2.00% 06/01/06 - 105,000
45,524
2.38% 06/01/07 - 110,000
43,168
2.88% 06/01/08 - 110,000
40,280
3.13% 06/01/09 - 115,000
36,902
3.50% 06/01/10 - 120,000
33,005
3.50% 06/01/11 - 120,000
28,805
3.70% 06/01/12 - 125,000
24,393
3.80% 06/01/13 - 130,000
19,610
3.90% 06/01/14 - 135,000
14,508
4.00% 06/01/15 - 145,000
8,975
4.05% 06/01/16 - 150,000
3,038
- 1,575,000
395,553
State of Michigan urban land 12/15/1999 $ 1,276,900
0.00% 10/31/03 150,000
- -
assembly loan 0.00% 10/31/04 150,000
150,000
-
0.00% 10/31/05 150,000
150,000
-
0.00% 10/31/06 150,000
150,000
-
0.00% 10/31/07 200,000
200,000
-
0.00% 10/31/08 200,000
200,000
-
0.00% 10/31/09 276,900
276,900
-
1,276,900
1,126,900
-
Michigan transportation fund refunding bonds 10/1/2002 $ 2,245,000
2.00% 06/01/03 350,000
- -
($7,119 unamortized premium) 2.00% 06/01/04 350,000
350,000
45,138
2.25% 06/01/05 370,000
370,000
37,475
2.50% 06/01/06 385,000
385,000
28,500
2.88% 06/01/07 400,000
400,000
17,937
3.13% 06/01/08 390,000
390,000
6,093
2,245,000
1,895,000
135,143
Michigan transportation fund bonds 11/1/1997 $ 1,950,000
4.05% 12/01/03 200,000
- -
4.10% 12/01/04 205,000
205,000
37,188
4.15% 12/01/05 215,000
215,000
28,781
4.20% 12/01/06 230,000
230,000
19,860
4.25% 12/01/07 240,000
240,000
10,200
1,090,000
890,000
96,029
TOTAL GENERAL LONG-TERM DEBT $ 6,846,900
$ 7,151,900
$ 815,144
TOTAL PRIMARY GOVERNMENT LONG-TERM DEBT $ 23,634,914
$ 22,383,823
$ 5,443,993
City of Muskegon
SCHEDULE OF INDEBTEDNESS - CONTINUED
December 31, 2003
Annual
Date Amount Interest Date of Interest
of Issue of Issue Rate Maturity 2002 2003 Payable
Discretely presented component unit debt:
Downtown Development Authority 8/10/1989 $ 1,000,000
0.00% 08/30/19 $ 1,000,000
$ 1,000,000
$ -
promissory note to Muskegon County 1,000,000
1,000,000
-
Downtown Development Authority 9/1/2001 $ 4,005,000
4.00% 06/01/03 170,000
- -
refunding bonds 4.00% 06/01/04 180,000
180,000
160,492
4.00% 06/01/05 185,000
185,000
153,192
4.00% 06/01/06 200,000
200,000
145,492
4.00% 06/01/07 200,000
200,000
137,492
4.00% 06/01/08 210,000
210,000
129,292
4.20% 06/01/09 220,000
220,000
120,472
4.25% 06/01/10 230,000
230,000
110,964
4.35% 06/01/11 240,000
240,000
100,857
4.45% 06/01/12 245,000
245,000
90,187
4.55% 06/01/13 260,000
260,000
78,821
4.65% 06/01/14 270,000
270,000
66,628
4.75% 06/01/15 280,000
280,000
53,700
4.85% 06/01/16 300,000
300,000
39,775
5.00% 06/01/17 315,000
315,000
24,625
5.00% 06/01/18 335,000
335,000
8,375
3,840,000
3,670,000
1,420,364
Local Development Finance Authority 11/1/2002 $ 4,725,000
0.00% 11/01/03 - - -
Smartzone Bonds 0.00% 11/01/04 - - 205,147
($8,597 unamortized discount) 0.00% 11/01/05 - - 205,147
0.00% 11/01/06 - - 205,147
3.25% 11/01/07 80,000
80,000
205,147
3.50% 11/01/08 80,000
80,000
202,547
3.63% 11/01/09 80,000
80,000
199,747
3.88% 11/01/10 80,000
80,000
196,847
3.88% 11/01/11 80,000
80,000
193,747
4.00% 11/01/12 180,000
180,000
190,647
3.90% 11/01/13 240,000
240,000
183,447
4.05% 11/01/14 305,000
305,000
174,087
4.05% 11/01/15 325,000
325,000
161,736
4.15% 11/01/16 340,000
340,000
148,572
4.25% 11/01/17 355,000
355,000
134,462
4.35% 11/01/18 375,000
375,000
119,376
4.45% 11/01/19 395,000
395,000
103,062
4.60% 11/01/20 400,000
400,000
85,486
4.60% 11/01/21 255,000
255,000
67,086
4.60% 11/01/22 265,000
265,000
55,356
4.85% 11/01/23 280,000
280,000
43,166
4.85% 11/01/24 295,000
295,000
29,586
4.85% 11/01/25 315,000
315,000
15,278
4,725,000
4,725,000
3,124,823
Local Development Finance Authority 11/22/1994 $ 1,475,000
6.00% 06/01/03 100,000
- -
6.00% 06/01/04 100,000
- -
6.00% 06/01/05 125,000
- -
6.00% 06/01/06 125,000
- -
6.00% 06/01/07 125,000
- -
5.50% 06/01/08 125,000
- -
5.50% 06/01/09 125,000
- -
825,000
- -
TOTAL DISCRETELY PRESENTED COMPONENT UNIT DEBT $ 10,390,000
$ 9,395,000
$ 4,545,187
TOTAL REPORTING ENTITY LONG-TERM DEBT $ 34,024,914
$ 31,778,823
$ 9,989,180