02-08-17 Regular Meeting of the La Porte Area Water Authority

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DRAFT VI. CONTRACT REVENUE BONDS PAYABLE, DEBT SERVICE REQUIREMENTS AND BOND RESOLUTION REQUIREMENTS On May 13, 2010, the La Porte Area Water Authority issued $4.085 million in Contract Revenue Refunding Bonds, Series 2010, with an average interest rate of 2.773% to purchase U.S. Government State and Local Government Series securities that were placed in an irrevocable trust for the purpose of generating resources for all future debt service payments for $2.95 million of unlimited tax bonds. As a result, the refunded bonds are considered to be defeased and the liability has been removed from the statement of net position. The bonds are payable from the net revenue of the Authority. The bonds are in $5,000 denominations, Interest is payable on March 15 and September 15 each year to maturity. The Authority is in compliance with all significant requirements and restrictions contained in the bond resolution. None of the Refunded Bonds are outstanding at September 30, 2016. Bonds payable at September 30, 2016, are comprised of the following issue: Amount Interest Outstanding Rate $ 320,000 2.25-4.00% Maturity Date March 15, 2017 Payment Dates March 151 September 15 Bonds payable activity for the year ended September 30, 2016 was as follows: Amounts Beginning Retirements & Ending Due within Bonds Payable Balance Additions Adjustments Balance One Year Contract revenue refunding $ 990,000 $ - $ 670,000 $ 320,000 $ 320,000 Premium on bonds 25,238 - 17,359 7,879 - $ 1,015,238 $ $ 687,359 $ 327,879 $ 320,000 As of September 30, 2016, the debt service requirements on contract revenue bonds outstanding are as follows: Fiscal Year Total Ending Principal Interest Requirements Y 2017 $ 320,000 $ 6,400 $ 326,400 $ 320,000 $W VY4 6,400 $ 326,400 16