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Water and Sewer Projects Debt Service (Article 46 Sales Tax)
<br />Fiscal Years 2012 -19
<br />Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year I Dedicated to
<br />Debt Service 2012 -13 2013 -14 2014 -15 2015 -16 2016 -17 2017 -18 2018 -19 1 Debt Service (FY 12 -19
<br />Article 46 Sales Tax Budget (for Debt Service)
<br />Annual Debt Service as a % of Economic
<br />Development's Share of Article 46 Sales Tax
<br />Proceeds
<br />750,000 816,000 836,490 857,287 878,398 899,824 921,572 $ 5,959,571
<br />60.00% 60.00% 60.00% 60.00% 60.00% 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 />2013 -2014 - $0
<br />2014 -2015 - $4,530,000
<br />Buckhorn EDD- (Efland Sewer to Mebane) - $4,530,000
<br />362,400
<br />362,400
<br />362,400
<br />Eno EDD - $0
<br />2015 -2016 - $1,000,000
<br />Hillsborough EDD - $1,000,000
<br />80,000
<br />80,000
<br />2016 -2017 - $2,500,000
<br />Buckhorn- Mebane EDD Phase 3 & 4 - $2,500,000
<br />200,000
<br />Eno EDD - $0
<br />2017 -2018 - $0
<br />2018 -19 - $1,750,000
<br />Eno EDD - $1,750,000
<br />Projected Annual Debt Service - 340,484 340,484
<br />702,884
<br />782,884
<br />982,884
<br />Available Article 46 Sales Tax Proceeds for Debt
<br />Service 750,000 475,516 496,006
<br />154,403
<br />95,514
<br />(83,060)
<br />Note: Since the obligation for the Article 46 Sales Tax runs for 10 years, without renewal, the General Fund
<br />would be obligated to pay the
<br />debt service.
<br />Assumptions:
<br />$ 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 />340,484 $ 2,042,902
<br />362,400 $ 1,449,600
<br />80,000 $ 240,000
<br />200,000 $ 400,000
<br />(61,312)1 $ 1,827,069
<br />110
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