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Water and Sewer Projects Debt Service (Article 46 Sales Tax) - Recommended
<br />Fiscal Years 2013 -18
<br />Debt Service
<br />Current
<br />Fiscal Year
<br />2012 -13
<br />Fiscal Year
<br />2013 -14
<br />Fiscal Year
<br />2014 -15
<br />Fiscal Year
<br />2015 -16
<br />Fiscal Year
<br />2016 -17
<br />Fiscal Year
<br />2017 -18
<br />Total Available Funds
<br />Dedicated to
<br />Debt Service (FY 12 -18)
<br />Article 46 Sales Tax Budget (for Debt Service)
<br />750,000
<br />769,500
<br />789,293
<br />809,382
<br />829,773
<br />850,469
<br />$ 4,798,417
<br />Annual Debt Service as a % of Economic
<br />2014 -2015 - $5,186,000
<br />Development's Share of Article 46 Sales Tax
<br />Buckhorn EDD- (Efland Sewer to Mebane) - $3,436,000
<br />274,880
<br />274,880
<br />274,880
<br />$
<br />Eno EDD - $1,750,000
<br />140,000
<br />Proceeds
<br />60.00%
<br />60.00%
<br />60.00%
<br />60.00%
<br />60.00%
<br />60.00%
<br />Projected Debt Financing
<br />2012 -13 - $4,256,046
<br />Buckhorn EDD Phase 2 - $4,256,046 340,484 340,484
<br />340,484
<br />340,484
<br />340,484
<br />$
<br />2013 -2014 - $0
<br />2014 -2015 - $5,186,000
<br />Buckhorn EDD- (Efland Sewer to Mebane) - $3,436,000
<br />274,880
<br />274,880
<br />274,880
<br />$
<br />Eno EDD - $1,750,000
<br />140,000
<br />140,000
<br />140,000
<br />$
<br />2015 -2016 - $2,500,000
<br />Buckhorn- Mebane EDD Phase 3 & 4 - $2,500,000
<br />200,000
<br />200,000
<br />$
<br />2016 -2017 - $0
<br />2017 -2018 - $0
<br />Projected Annual Debt Service - 340,484 340,484
<br />755,364
<br />955,364
<br />955,364
<br />Available Article 46 Sales Tax Proceeds for
<br />Debt Service 750,000 429,016 448,809
<br />54,018
<br />(125,591)
<br />(104,895)
<br />L
<br />Note: Since the obligation for the Article 46 Sales Tax runs for 10 years, without renewal, the General Fund would be obligated to pay
<br />the debt service.
<br />Assumptions:
<br />$ 960,000 of annual debt service = $ 10,000,000 of debt issued at current interest rates for 15 years
<br />$ 800,000 of annual utility debt service = $10,000,000 of debt issued at current interest rates of 20 years
<br />1,702,418
<br />1
<br />824,640
<br />420,000
<br />400,000
<br />105
<br />
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