|
Notes to Basic Financial Statements For the Fiscal Year Ended June 30,2004 '
<br /> Debt service requirements for principal and interest for governmental bonds and notes payable in future fiscal '
<br /> years are as follows:
<br /> Fiscal Year Principal Interest Total '
<br /> 2005......... $ 2,826,086 $ 1,529,481 $ 4,355,567 ,
<br /> 2006......... 2,716,985 1,407,681 4,124,666
<br /> 2007......... 2,563,109 1,268,804 3,831,913
<br /> 2008......... 2,539,452 1,132,387 3,671,839
<br /> 2009......... 2,455,696 960,345 3,416,041
<br /> 2010......... 2,451,950 847,439 3,299,389
<br /> 2011......... 2,438,900 730,388 3,169,288
<br /> 2012......... 2,425,427 613,235 3,038,662
<br /> 2013......... 2,282,727 528,284 2,811,011
<br /> 2014......... 2,287,327 410,318 2,697,645
<br /> 2015......... 2,259,684 309,882 2,569,566
<br /> 2016......... 2,250,784 197,886 2,448,670
<br /> 2017......... 1,702,384 97,595 1,799,979 '
<br /> 2018......... 293,984 48,172 342,156
<br /> 2019......... 295,184 35,450 330,634
<br /> 2020......... 237,184 23,969 261,153 '
<br /> 2021......... 231,991 13,857 245,848
<br /> 2022......... 195,000 4,388 199,388
<br /> Total.........$ 32,453,854 $ 10,159,561 $ 42,613,415 '
<br /> During fiscal year 2004,the Town issued bonds and notes totaling$4,830,000 for land acquisition,public safety, '
<br /> equipment and public works projects. The Town also issued$120,000 in MWPAT notes for septic repair projects.
<br /> The Town receives subsidy assistance for the Massachusetts Water Pollution Abatement Trust(MWPAT). ,
<br /> Principal and interest on the outstanding bonds for MWPAT is subsidized over the life of the bonds to assist the
<br /> Town in the repayment of this future debt. During fiscal year 2004,the Towns subsidy totaled approximately
<br /> $44,000. Future subsidies total approximately$507,000. The amount of MWPAT bonds outstanding at June 30,
<br /> 2004,totaled$1,153,854. '
<br /> Advanced Refunding-November 1,2003
<br /> The Town issued$16,725,000 in general obligation refunding bonds to advance refund$16,345,000 of certain
<br /> general obligation bonds. The net proceeds of$18,109,487(after receipt of premium totaling$1,516,750 and
<br /> payment of$132,263 in underwriting fees,insurance and other issuance costs)were used to purchase U.S. '
<br /> government securities. Those securities were deposited in an irrevocable trust with an escrow agent to provide
<br /> for all future debt service payments on the bonds. As a result,the bonds are considered defeased and the liability
<br /> for those bonds has been removed from the governmental activities column on the statement of net assets. The
<br /> Town advance refunded the bonds to reduce its total debt service payments over the next thirteen years by
<br /> approximately$845,000 and to obtain an economic gain(difference between the present values of the debt service
<br /> payments on the old and new debt)of approximately$638,000.
<br /> Town of Mashpee,Massachusetts 36 Basic Financial Statements '
<br />
|