Capital Projects Funds and Debt Service Funds
1. On January 1, 2010, approval was obtained to begin construstion of a new city hall. As a result
of this approval, $2,800,000 in 5-year serial bonds, which a face interest rate of 7%, were sold
at 104 (an effective rate of 6%). Principal and interest payments are made semiannually beginning
July 1, 2010.The premium is to be used for debt payments for principal and interest.
January 1, 2010
CPF GT
DSF
2. On January 3, 2010, a $2,800,000 contract with GoodBuild Construction was signed for the construction.
January 3, 2010
CPF GT
3. On June 30, 2010, a bill for $1,400,000 was received from GoodBuild as a result of one-half of the work on the construction being completed.
June 30, 2010
CPF GT
CPF GT
4. On July 1, 2010, the first debt payment for capital project bond was made.
July 1, 2010
DSF GT
5. On July 15, 2010, the bill from GoodBuild was paid , less a 10% retainage to ensure performance.
July 15, 2010
CPF GT
6. On October 1, 2010, a bill for $1,400,000 was received from GoodBuild in recognition of the completion of work on the city hall addition
Oct. 1, 2010
CPF GT
CPF GT
7. On November 3, 2010, after approval by the city inspectors, all amounts owed to GoodBuild were paid.
Nov. 3, 2010
CPF GT
8. On January 1, 2011, the next payment on the capital project bond was made.
Jan. 1, 2011
DSF GT
9. On August 1, 2012, the city entered into a capital lease agreement to purchase new equipment for its road crews. The agreement called for an initial
payment of $12,000, with eight more equil annual payments of $15,000 beginning August 1, 2013. The city's normal cost of borrowing is 8%. The
initial payment was made as agreed and the equipment was purchased. The General Fund handled all activities related to this transaction.
Aug. 1, 2012
GF GT
10. On August 1, 2013, the first annual payment is made on the capital lease agreement.
Aug. 1, 2013
DSF GT
11. On December 31, 2013, depreciation of $300,000 is recorded as appropriate for all govermental capital assets.
Dec. 31, 2013
DFS GT