Debt Service Req. 2019-20

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Debt Service Requirements
Local Government Name: City of Westland
Local Unit Code: 822310
Current Fiscal Year End Date: 30-Jun-20
2018 Fire Truck Lease to Purchase
Issued March 2018
$ 680,000
Payments to come from the Capital Improvement Fund
Years Ending Principal Interest Total
30-Jun-20 $ 90,600 $ 20,319 $ 110,920
30-Jun-21 $ 93,708 $ 17,212 $ 110,920
30-Jun-22 $ 96,922 $ 13,998 $ 110,920
30-Jun-23 $ 100,247 $ 10,673 $ 110,920
30-Jun-24 $ 103,685 $ 7,235 $ 110,920
30-Jun-25 $ 107,242 $ 3,678 $ 110,920
Totals 592,404 73,115 665,520
City of Westland Building Authority Refunding Bonds
Issued November 2005
$ 3,970,000
Payments to come from General Fund & 911 Fund
Years Ending Principal Interest Total
30-Jun-20 $ 500,000 $ 10,000 $ 510,000
$ - $ - $ -
Totals $ 500,000 $ 10,000 $ 510,000
Michigan Municipal Bond Authority SQWIF 30-14-01
Issued April 2010
$2,556,586
Payments to come from Water & Sewer Revenue
Years Ending Principal Interest Total
30-Jun-20 $ 125,000 $ 39,180 $ 164,180
30-Jun-21 $ 130,000 $ 36,055 $ 166,055
30-Jun-22 $ 130,000 $ 32,805 $ 162,805
30-Jun-23 $ 135,000 $ 29,555 $ 164,555
30-Jun-24 $ 140,000 $ 26,180 $ 166,180
30-Jun-25 $ 140,000 $ 22,680 $ 162,680
30-Jun-26 $ 145,000 $ 19,180 $ 164,180
30-Jun-27 $ 150,000 $ 15,555 $ 165,555
30-Jun-28 $ 155,000 $ 11,805 $ 166,805
30-Jun-29 $ 155,000 $ 7,930 $ 162,930
30-Jun-30 $ 162,183 $ 4,055 $ 166,238
Totals $ 1,567,183 $ 244,975 $ 1,812,158
Michigan Municipal Bond Authority SRF 5398-01
Issued January 2010
$594,000
Payments to come from Water & Sewer Revenue
Years Ending Principal Interest Total
30-Jun-20 $ 25,000 $ 8,445 $ 33,445
30-Jun-21 $ 30,000 $ 7,820 $ 37,820
30-Jun-22 $ 30,000 $ 7,070 $ 37,070
30-Jun-23 $ 30,000 $ 6,320 $ 36,320
30-Jun-24 $ 30,000 $ 5,570 $ 35,570
30-Jun-25 $ 30,000 $ 4,808 $ 34,808
30-Jun-26 $ 30,000 $ 4,070 $ 34,070
30-Jun-27 $ 30,000 $ 1,660 $ 31,660
30-Jun-28 $ 35,000 $ 2,570 $ 37,570
30-Jun-29 $ 35,000 $ 1,695 $ 36,695
30-Jun-30 $ 32,794 $ 820 $ 33,614
Totals $ 337,794 $ 50,847 $ 388,641
City Hall lease purchase
Issued January 2014
$1,600,000
Payments to come from TIFA transfer
Years Ending Principal Interest Total
30-Jun-20 $ 100,000 $ 26,910 $ 126,910
30-Jun-21 $ 100,000 $ 24,310 $ 124,310
30-Jun-22 $ 115,000 $ 21,515 $ 136,515
30-Jun-23 $ 115,000 $ 18,525 $ 133,525
30-Jun-24 $ 120,000 $ 15,470 $ 135,470
30-Jun-25 $ 125,000 $ 12,285 $ 137,285
30-Jun-26 $ 130,000 $ 8,970 $ 138,970
30-Jun-27 $ 135,000 $ 5,525 $ 140,525
30-Jun-28 $ 145,000 $ 1,885 $ 146,885
Totals 1,085,000 135,395 $ 1,220,395
TIFA - City Hall & Fire Station Bonds
September 30, 2013
$16,500,000
Payments to come from TIFA Fund
Years Ending Principal Interest Total
30-Jun-20 680,000 $ 668,477 $ 1,328,069
30-Jun-21 705,000 $ 648,069 $ 1,328,394
30-Jun-22 725,000 $ 623,394 $ 1,322,113
30-Jun-23 755,000 $ 597,113 $ 1,321,913
30-Jun-24 785,000 $ 566,913 $ 1,312,663
30-Jun-25 825,000 $ 527,663 $ 1,311,413
30-Jun-26 865,000 $ 486,413 $ 1,308,163
30-Jun-27 905,000 $ 443,163 $ 1,302,913
30-Jun-28 955,000 $ 397,913 $ 1,305,163
30-Jun-29 1,000,000 $ 350,163 $ 1,300,163
30-Jun-30 1,050,000 $ 300,163 $ 1,297,663
30-Jun-31 1,105,000 $ 247,663 $ 1,297,413
30-Jun-32 1,160,000 $ 192,413 $ 1,291,513
30-Jun-33 1,220,000 $ 131,513 $ 1,253,731
30-Jun-34 1,285,000 $ 33,731 $ 1,285,000
Totals 14,020,000 6,214,758 # 19,566,281
2014 DDA - Farmers Market Bonds
Issued Aprill 2014
$3,290,000
Payments to come from DDA fund
Years Ending Principal Interest Total
30-Jun-20 $ 295,000 $ 51,438 $ 346,438
30-Jun-21 $ 305,000 $ 45,169 $ 350,169
30-Jun-22 $ 310,000 $ 37,544 $ 347,544
30-Jun-23 $ 320,000 $ 29,019 $ 349,019
30-Jun-24 $ 325,000 $ 20,219 $ 345,219
30-Jun-25 $ 335,000 $ 10,469 $ 345,469
$ $
Totals 1,890,000 193,856 # 2,083,856
2014 CIP Bonds
Issued September 2015
$5,000,000
Payments to come from Water Fund
Years Ending Principal Interest Total
30-Jun-20 $ 225,000 $ 148,875 $ 373,875
30-Jun-21 $ 225,000 $ 144,375 $ 369,375
30-Jun-22 $ 250,000 $ 137,625 $ 387,625
30-Jun-23 $ 250,000 $ 130,125 $ 380,125
30-Jun-24 $ 250,000 $ 122,625 $ 372,625
30-Jun-25 $ 275,000 $ 115,124 $ 390,124
30-Jun-26 $ 275,000 $ 104,125 $ 379,125
30-Jun-27 $ 300,000 $ 93,125 $ 393,125
30-Jun-28 $ 300,000 $ 83,750 $ 383,750
30-Jun-29 $ 350,000 $ 74,000 $ 424,000
30-Jun-30 $ 350,000 $ 60,000 $ 410,000
30-Jun-31 $ 400,000 $ 46,000 $ 446,000
30-Jun-32 $ 400,000 $ 30,000 $ 430,000
30-Jun-33 $ 400,000 $ 15,000 $ 415,000
Totals 4,250,000 1,304,749 # 5,554,749
2015 CIP Bonds
Issued June 2015
$11,400,000
Payments to come from Water Fund (85.1%) Sanitation Fund (14.9%)
Years Ending Principal Interest Total
30-Jun-20 465,000 $ 398,125 $ 863,125
30-Jun-21 485,000 $ 374,875 $ 859,875
30-Jun-22 515,000 $ 350,625 $ 865,625
30-Jun-23 535,000 $ 324,875 $ 859,875
30-Jun-24 565,000 $ 298,125 $ 863,125
30-Jun-25 590,000 $ 269,875 $ 859,875
30-Jun-26 625,000 $ 240,375 $ 865,375
30-Jun-27 640,000 $ 220,063 $ 860,063
30-Jun-28 665,000 $ 198,463 $ 863,463
30-Jun-29 690,000 $ 175,188 $ 865,188
30-Jun-30 710,000 $ 150,175 $ 860,175
30-Jun-31 740,000 $ 123,550 $ 863,550
30-Jun-32 765,000 $ 95,800 $ 860,800
30-Jun-33 800,000 $ 65,200 $ 865,200
30-Jun-34 830,000 $ 33,200 $ 863,200
Totals 9,620,000 3,318,513 # 12,938,513
Section 108 Loan
Issued September 2015
$575,000
Payments to come from Community Development Block Grant Funds
Years Ending Principal Interest Total
30-Jun-20 48,000 $ 9,046 $ 57,046
30-Jun-21 48,000 $ 9,641 $ 57,641
30-Jun-22 48,000 $ 8,413 $ 56,413
30-Jun-23 48,000 $ 7,185 $ 55,185
30-Jun-24 48,000 $ 5,945 $ 53,945
30-Jun-25 48,000 $ 4,676 $ 52,676
30-Jun-26 48,000 $ 3,379 $ 51,379
30-Jun-27 48,000 $ 2,035 $ 50,035
30-Jun-28 47,000 $ 674 47,674
Totals 431,000 50,995 # 481,995