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City of Muskegon
Quarterly Budget Reforecast and 2004 Proposed Budget
2004 Debt Service Requirements
Average Original Outstanding
Year Interest Amount Balance Principal Interest Total Final
Bond Issue Fund Issued Rate of Issue 12/31/03 Due 2004 Due 2004 Due 2004 Maturity
Existing Debt Issues:
DDA G.O. Refunding Bonds DDA Debt Service 2001 4.681% 4,005,000
3,670,000
180,000
160,492
340,492
2018
DDA Promissory Note with Muskegon County DDA Debt Service 1989 0.000% 1,000,000
1,000,000
- - - 2019
Muskegon Building Authority Bonds (City Hall) General 1996 4.186% 1,545,000
205,000
205,000
8,816
213,816
2004
LDFA Tax Increment Bonds (Smartzone) LDFA III 2002 0.000% 4,725,000
4,725,000
- 205,147
205,147
2025
MTF Street Improvement Bonds Major Streets 2002 0.000% 2,245,000
1,895,000
350,000
45,138
395,138
2008
MTF Street Improvement Bonds Major Streets 1998 4.290% 1,950,000
890,000
205,000
37,188
242,188
2007
State of Michigan Urban Land Assembly Loan Public Improvement 1999 0.000% 1,276,000
1,126,000
150,000
- 150,000
2009
Muskegon County Wastewater Contract * Sewer 2002 0.000% 6,990,000
3,938,249
122,705
190,018
312,723
2008
Muskegon County Wastewater Contract * Sewer 1996 5.189% 8,034,263
1,948,674
984,562
80,061
1,064,623
2005
Sidewalk Special Assessment Bonds Sidewalk 1996 4.273% 1,155,000
90,000
65,000
3,896
68,896
2005
Sidewalk Special Assessment Bonds Sidewalk 2000 5.114% 825,000
590,000
90,000
25,885
115,885
2005
Capital Improvement Bonds (Sidewalks) Sidewalk 2003 3.623% 1,575,000
1,575,000
105,000
49,724
154,724
2005
Sidewalk Special Assessment Bonds (Sidewalk Portion - 65.89%) Sidewalk 1998 4.033% 1,495,000
780,000
108,719
18,275
126,993
2005
Sidewalk Special Assessment Bonds (Bluffton Bay Portion - 34.11%) Special Assessment 1998 - - 56,282
9,460
65,742
2005
Water Filtration Improvement Revenue Bonds Water 1999 4.570% 9,575,000
8,445,000
420,000
361,380
781,380
2019
Water Filtration Improvement Revenue Bonds Water 1993 5.430% 5,465,000
900,000
- 40,500
40,500
2013
51,860,263
31,777,923
3,042,267
1,235,980
4,278,247
Anticipated Debt Issues:
Water Revenue Bonds Water 2003 2.500% 10,800,000
- - - - 2024
To Fund Water Filtration Plant Improvements
10,800,000
- - - -
62,660,263
$ 31,777,923
$ $ 3,042,267
1,235,980
$ 4,278,247
$
Recap By Fund: Total Budgeted
General $ 213,816
213,816
$
Major Streets 637,326
637,326
Sidewalk Improvement 466,498
466,498
Public Improvement 150,000
150,000
Water 821,880
821,880
Sewer * 1,377,346
566,365
DDA 340,492
340,492
LDFA III (Smartzone) 205,147
205,147
Special Assessment 65,742
65,742
$ 4,278,247
3,467,266
$
* The Sewer Fund budget includes funding for only 41.12% of the total principal and interest requirements for these issues. The remaining 58.88% is paid directly to Muskegon County
by S.D. Warren Co., the major wastewater user in the City. The City remains legally obligated for payment of the entire debt in event of nonpayment by S.D. Warren.