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Home My WebLink AboutRES.1509.10-18-1999BILL NO. 99-240 RESOLUTION NO.1-�" A RESOLUTION APPROVING A DEBT STATEMENT FOR THE CITY OF CAPE GIRARDEAU, MISSOURI. WHEREAS, Section 6.14 of the Charter of the City of Cape Girardeau, Missouri, requires the preparation of a debt statement prior to the adoption of an ordinance calling an election at which the question of incurring any "indebtedness" is submitted to the voters; and WHEREAS, although the term "indebtedness" means general obligation bonds under Missouri law, the City Council nevertheless deems it desirable to prepare and publish in accordance with the requirements of Section 6.14 of the Charter a debt statement prior to the holding of an election providing for the issuance of any bonds, notes or other obligations of the City; and WHEREAS, the City Manager has prepared, sworn to and filed for public inspection in the office of the City Clerk, detailed information pertaining to all outstanding obligations of the City and such other information that is set out in Section 6.14 of the City Charter; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CAPE GIRARDEAU, MISSOURI, AS FOLLOWS: Section 1. The City Council approves the Debt Statement attached hereto. Section 2. The City Clerk is hereby authorized and directed to forward to the County Clerk of Cape Girardeau County, Missouri, a copy of the Debt Statement, in order to provide for the publication of the Debt Statement with the Notice of Bond Election relating to the proposed authorization of $8,500,000 principal amount of sewerage system revenue bonds, as set out in Section 6.14 of the Charter. Section 3. The officers of the City, including the Mayor and City Clerk, are hereby authorized and directed to take such actions as they may deem necessary or advisable in order to carry out and perform the purposes of this Resolution. Section 4. This Resolution shall be in full force and effect from and after its passage and approval. PASSED by the City Council and APPROVED byAhe Mayor thisi LRday of October, 1999. Summary of Outstanding Obligations General Obligation Bonds 1993 GO Refunding Bonds State Revolving Fund Bonds 1991A Sewer SRF Bonds 1993A Sewer SRF Bonds 1995D Sewer SRF Bonds 1996D Sewer SRF Bonds 1998B Water SRF Bonds Revenue Bonds 1992 Waterworks System Revenue Bonds 1993 Sewer Refunding Bonds 1995 Waterworks Refunding Revenue Bonds Leasehold Revenue Bonds 1993 CGPFA Bonds Certificates of Participation 1993 Certificates of Participation 1994 Certificates of Participation 1997A Certificates of Participation 1997B Certificates of Participation CITY OF CAPE GIRARDEAU Debt Statement October 15, 1999 Outstanding Debt Average Principal Service Coupon Balance Reserves 4.96% 2,395,000 535,000 3.93% 2,130,000 2.29% 414,000 2.91% 11,419,301 2.23% 13,535,000 3.72% 25,495,000 52, 993, 301 6.81% 2,780,000 5.28% 875,000 99,000 5.01% 8,710,000 1,115,000 12,365,000 1,214,000 4.72% 5,425,000 1,765,500 Net Debt Authorized Outstanding By 1,860,000 Public Vote 2,130,000 Public Vote 414,000 Public Vote 11,419,301 Public Vote 13,535,000 Public Vote 25,495,000 Public Vote 52,993,301 353,000 2,780,000 Public Vote 776,000 Public Vote 7.595.000 Public Vote 3,659,500 Council Election 5.11% 2,685,000 379,500 2,305,500 Council Election 5.62% 2,535,000 353,000 2,182,000 Council Election 4.94% 2,205,000 280,000 1,925,000 Council Election 4.97% 615,000 76,500 538,500 Council Election $345,811,885 8,040,000 1,089,000 6,951,000 Debt limitation - 20 percent of total assessed value TOTAL CURRENT OUTSTANDING OBLIGATIONS $81,218,301 $4,603,500 $76,614,801 Proposed Obligations Sewer System 8,500,000 8,500,000 TOTAL OUTSTANDING OBLIGATIONS AFTER ISSUANCE OF PROPOSED OBLIGATIONS $89,718,301 $4,603,500 $85,114,801 Computation of Legal Debt Margin Assessed Value $345,811,885 Legal Debt Margin: Debt limitation - 20 percent of total assessed value $69,162,377 Debt applicable to limitation: Total bonded debt 2,395,000 Less: Debt service available for repayment of general obligation bonds 535,000 Total debt applicable to limitation 1,860,000 Legal Debt Margin $67,302,377 The information contained in this debt statement is taken almost exclusively from the 1999-2000 Annual Budget for the City of Cape Girardeau which was adopted by the City Council on June 21, 1999 by Ordinance No. 2540. All information contained in that Annual Budget is incorporated herein by reference. CITY OF CAPE GIRARDEAU Debt Statement October 15, 1999 Summary of Annual Debt Service Payments by Bond Issue General Leasehold Obligation Bonds State Revolving Fund Bonds Revenue Bonds Revenue Bonds Certificates of Participation Current Projected Projected 1995 1993 Annual Principal & Total Annual 1992 Water Sewer Principal & Interest on Principal & 1993 1991A 1993A 1995D 1996D 1998B Water Refunding Refunding 1993 1993 1994 1997A 1997B Interest Due Proposed Bonds Interest Due 06-30-00 463,488 240,484 43,770 82,097 853,436 1,975,509 415,524 296,954 122,716 3,038,243 362,506 69,943 298,797 95,135 8,358,599 - 8,358,599 06-30-01 461,805 244,704 42,615 1,261,996 852,186 1,957,784 542,168 515,468 150,631 823,225 466,148 393,255 351,262 106,510 8,169,956 0 8,169,956 06-30-02 463,555 243,149 42,809 1,332,430 1,400,899 1,965,189 574,968 516,728 150,131 806,500 504,588 394,475 354,150 102,670 8,852,240 207,188 9,059,428 06-30-03 458,875 241,149 42,721 1,407,862 1,380,424 1,970,434 609,043 512,678 149,238 473,200 539,588 384,835 346,190 103,750 8,619,984 286,250 8,906,234 0630-04 458,125 238,694 42,552 1,498,270 1,353,834 1,978,815 642,910 513,628 157,938 218,250 571,838 379,443 342,716 99,500 8,496,510 289,113 8,785,623 06-30-05 461,250 240,581 42,307 1,593,646 1,331,384 1,984,695 671,563 514,258 155,783 504,000 715,700 373,215 533,750 215,250 9,337,380 291,863 9,629,243 06-30-06 241,731 41,982 1,709,004 1,307,484 2,007,992 1,219,508 163,293 366,133 69,250 7,126,375 304,500 7,430,875 06-30-07 237,144 41,577 1,829,340 1,352,409 2,018,570 1,260,020 630,125 351,750 7,720,934 311,800 8,032,734 06-30-08 237,188 42,062 1,964,652 1,322,044 2,055,963 1,305,520 80,845 7,008,274 323,875 7,332,149 06-30-09 236,494 41,436 2,109,936 1,295,044 2,033,651 1,286,520 76,768 7,079,847 340,613 7,420,460 0630-10 235,063 41,695 1,730,202 1,266,429 2,039,130 1,289,000 62,360 6,683,878 356,900 7,040,778 06-30-11 232,894 40,838 1,061,590 1,236,169 2,016,141 1,290,750 5,878,382 382,738 6,261,120 06-30-12 234,988 40,893 1,044,522 1,208,675 2,056,970 2,409,750 6,995,797 392,900 7,388,697 06-30-13 235,975 40,826 1,032,618 1,174,906 2,071,728 4,556,053 407,725 4,963,778 0630-14 230,856 40,637 1,015,843 1,145,181 3,046,571 5,479,089 427,100 5,906,189 0630-15 40,326 1,004,211 1,169,181 3,005,712 5,219,431 620,913 5,840,344 06-30-16 987,692 1,133,400 2,969,361 5,090,453 690,225 5,780,678 06-30-17 976,298 1,101,120 2,926,940 5,004,357 712,738 5,717,095 0630-18 1,067,240 2,888,359 3,955,599 1,699,463 5,655,062 0630-19 1,026,758 1,026,758 1,728,688 2,755,446 06-30-20 1,656,450 1,656,450 2,767,098 3,571,092 669,244 23,642,208 23,978,202 42,969,515 3,456,174 12,930,779 1,049,728 5,863,418 3,160,366 3,231,395 2,647,865 722,815 130,659,898 11,431,042 142,090,940 Repayment Sources: Hotel/Motel Tax Sewer Fees Sewer Fees Sewer Fees Sewer Fees Water Fees Water Fees Water Fees Sewer Fees Sewer Fees Hotel/Motel Tax Solid Waste Fees Internal: General Fund Sewer Fees Restaurant Tax SRF Subsidy SRF Subsidy SRF Subsidy SRF Subsidy SRF Subsidy Solid Waste Fees Restaurant Tax Sewer Conn. Fees ServiceChgs Revenue SRF Subsidy Real Estate Tax Capital Imp. Capital Imp. Capital Imp. General Fund Water & Sewer Lease Pmts. Capital Imp. Sales Tax Sales Tax Sales Tax Revenues Special Hotel/Motel Tax Sales Tax Street Tax Assessments Restaurant Tax Asses ants General Fund Capital np. Revenue Sales'Tax STATE OF MISSOURI ss Michael G. Mi -� ,,-COUNTY OF CAPE GIRARDEAU ) r° O On this 15th day of October, 1999, before me appeared Michael G. Miller, to me personally known, who, being by me duly sworn, did say that he is the City Manager of the City of Cape Girardeau, Missouri, a Municipal Corporation . -" .. 4f $0 -Slate. of Missouri, and that the seal affixed to the foregoing instrument is the seal of said City, and that the information contained herein is true and correct according to the best of his knowledge and belief. IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal, at my office in Cape Girardeau, Missouri, the day and year first above written. .-M1yCgprCrissi6n Expires: /' , " • . No4¢mberr79; 2,960 Gayle Colad • f GAYLE CONRAD NOTARY PUBLIC STATE OF MISSOURI CAPE GIRARDEAU COUNTY MY COMMISSION EXP NOV 19,2000