Page 4 - 2017 Bonded Debt Summary
P. 4

2007 LEASE REVENUE BONDS (MVU TAXABLE)



                 Original Issue Amount:  $25,765,000
                 Issuance Date:            4/18/2007
                 Maturity Date:            5/1/2038
                 Interest Rates:           5.08% - 5.75%

                 Description:  The 2007 Lease Revenue Bonds (MVU Taxable) were issued in April 2007
                 for the purpose of financing the construction of a City-owned 115kV to 12kV substation,
                 an  115kV  to  12kV  switchyard  adjacent  to  the  substation,  and  other  infrastructure
                 improvements  to support planned  growth of  the City-owned electrical distribution
                 system.

                 Repayment Source:  The repayment source for these bonds is the Electric Utility Fund.


                 Security:  These bonds are secured with bond insurance and a reserve account funded
                 with a surety bond, both purchased through Ambac Assurance Corporation. The bonds
                 are also secured by an asset pool made up of the electric utility system.

                 Debt Service Schedule:  The annual debt service requirements for the Lease Revenue
                 Bonds, 2007 payable outstanding at June 30, 2016, are as follows:


                  YEAR ENDING JUNE 30,         PRINCIPAL            INTEREST           INTEREST RATE
                  2017                         $ 550,000          $1,280,893             5.08%
                  2018                          575,000            1,252,931             5.08%
                  2019                          610,000            1,221,024             5.08%
                  2020                          640,000            1,187,175             5.08%
                  2021                          680,000            1,151,661             5.08%
                  2022-2026*                   3,995,000           5,150,414             5.08%
                  2027-2031*                   5,245,000           3,899,208             5.549%
                  2032-2036*                   6,940,000           2,209,150             5.549%
                  2037-2038*                   3,365,000             292,963             5.75%
                                             $22,600,000          $17,645,419
                 *Represents the total amount due during the specified period.
                 Note: These bonds were refinanced in December 2016 with the 2016 Refunding LRB (Taxable).
   1   2   3   4   5   6   7   8   9