- Home
- Government
- Departments A - N
- Finance
- Transparency Portal
- Debt Service Requirements
Debt Service Requirements
Debt Service Requirements 2019 Though 2020
- Local Government Name: City of Westland
- Local Unit Code: 822310
- Current Fiscal Year End Date: 30 June, 2020
- 2018 Fire Truck Lease to Purchase
- City of Westland Building Authority Refunding Bonds
- Michigan Municipal Bond Authority SQWIF 30-14-01
- Michigan Municipal Bond Authority SRF 5398-01
- City Hall Lease Purchase
- TIFA - City Hall & Fire Station Bonds
- 2014 DDA - Farmers Market Bonds
- 2014 CIP Bonds
- 2015 CIP Bonds
- Section 108 Loan
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 June 2020 | $90,600 | $20,319 | $110,920 |
| 30 June 2021 | $93,708 | $17,212 | $110,920 |
| 30 June 2022 | $96,922 | $13,998 | $110,920 |
| 30 June 2023 | $100,247 | $10,673 | $110,920 |
| 30 June 2024 | $103,685 | $7,235 | $110,920 |
| 30 June 2025 | $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 and 911 Fund
| Years Ending | Principal | Interest | Total |
|---|---|---|---|
| 30 June 2020 | $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 and Sewer Revenue
| Years Ending | Principal | Interest | Total |
|---|---|---|---|
| 30 June 2020 | $125,000 | $39,180 | $164,180 |
| 30 June 2021 | $130,000 | $36,055 | $166,055 |
| 30 June 2022 | $130,000 | $32,805 | $162,805 |
| 30 June 2023 | $135,000 | $29,555 | $164,555 |
| 30 June 2024 | $140,000 | $26,180 | $166,180 |
| 30 June 2025 | $140,000 | $22,680 | $162,680 |
| 30 June 2026 | $145,000 | $19,180 | $164,180 |
| 30 June 2027 | $150,000 | $15,555 | $165,555 |
| 30 June 2028 | $155,000 | $11,805 | $166,805 |
| 30 June 2029 | $155,000 | $7,930 | $162,930 |
| 30 June 2030 | $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 and Sewer Revenue
| Years Ending | Principal | Interest | Total |
|---|---|---|---|
| 30 June 2020 | $25,000 | $8,445 | $33,445 |
| 30 June 2021 | $30,000 | $7,820 | $37,820 |
| 30 June 2022 | $30,000 | $7,070 | $37,070 |
| 30 June 2023 | $30,000 | $6,320 | $36,320 |
| 30 June 2024 | $30,000 | $5,570 | $35,570 |
| 30 June 2025 | $30,000 | $4,808 | $34,808 |
| 30 June 2026 | $30,000 | $4,070 | $34,070 |
| 30 June 2027 | $30,000 | $1,660 | $31,660 |
| 30 June 2028 | $35,000 | $2,570 | $37,570 |
| 30 June 2029 | $35,000 | $1,695 | $36,695 |
| 30 June 2030 | $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 June 2020 | $100,000 | $26,910 | $126,910 |
| 30 June 2021 | $100,000 | $24,310 | $124,310 |
| 30 June 2022 | $115,000 | $21,515 | $136,515 |
| 30 June 2023 | $115,000 | $18,525 | $133,525 |
| 30 June 2024 | $120,000 | $15,470 | $135,470 |
| 30 June 2025 | $125,000 | $12,285 | $137,285 |
| 30 June 2026 | $130,000 | $8,970 | $138,970 |
| 30 June 2027 | $135,000 | $5,525 | $140,525 |
| 30 June 2028 | $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 June 2020 | $680,000 | $668,477 | $1,328,069 |
| 30 June 2021 | $705,000 | $648,069 | $1,328,394 |
| 30 June 2022 | $725,000 | $623,394 | $1,322,113 |
| 30 June 2023 | $755,000 | $597,113 | $1,321,913 |
| 30 June 2024 | $785,000 | $566,913 | $1,312,663 |
| 30 June 2025 | $825,000 | $527,663 | $1,311,413 |
| 30 June 2026 | $865,000 | $486,413 | $1,308,163 |
| 30 June 2027 | $905,000 | $443,163 | $1,302,913 |
| 30 June 2028 | $955,000 | $397,913 | $1,305,163 |
| 30 June 2029 | $1,000,000 | $350,163 | $1,300,163 |
| 30 June 2030 | $1,050,000 | $300,163 | $1,297,663 |
| 3 June 2031 | $1,105,000 | $247,663 | $1,297,413 |
| 30-Jun-32 | $1,160,000 | $192,413 | $1,291,513 |
| 30 June 2033 | $1,220,000 | $131,513 | $1,253,731 |
| 30 June 2034 | $1,285,000 | $33,731 | $1,285,000 |
| Totals | $14,020,000 | $6,214,758 | $19,566,281 |
2014 DDA - Farmers Market Bonds
- Issued April 2014
- $3,290,000
- Payments to come from DDA fund
| Years Ending | Principal | Interest | Total |
|---|---|---|---|
| 30 June 2020 | $295,000 | $51,438 | $346,438 |
| 30 June 2021 | $305,000 | $45,169 | $350,169 |
| 30 June 2022 | $310,000 | $37,544 | $347,544 |
| 30 June 2023 | $320,000 | $29,019 | $349,019 |
| 30 June 2024 | $325,000 | $20,219 | $345,219 |
| 30 June 2025 | $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 June 2020 | $225,000 | $148,875 | $373,875 |
| 30 June 2021 | $225,000 | $144,375 | $369,375 |
| 30 June 2022 | $250,000 | $137,625 | $387,625 |
| 30 June 2023 | $250,000 | $130,125 | $380,125 |
| 30 June 2024 | $250,000 | $122,625 | $372,625 |
| 30 June 2025 | $275,000 | $115,124 | $390,124 |
| 30 June 2026 | $275,000 | $104,125 | $379,125 |
| 30 June 2027 | $300,000 | $93,125 | $393,125 |
| 30 June 2028 | $300,000 | $83,750 | $383,750 |
| 30 June 2029 | $350,000 | $74,000 | $424,000 |
| 30 June 2030 | $350,000 | $60,000 | $410,000 |
| 30 June 2031 | $400,000 | $46,000 | $446,000 |
| 30 June 2032 | $400,000 | $30,000 | $430,000 |
| 30 June 2033 | $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 June 2020 | $465,000 | $398,125 | $863,125 |
| 30 June 2021 | $485,000 | $374,875 | $859,875 |
| 30 June 2022 | $515,000 | $350,625 | $865,625 |
| 30 June 2023 | $535,000 | $324,875 | $859,875 |
| 30 June 2024 | $565,000 | $298,125 | $863,125 |
| 30 June 2025 | $590,000 | $269,875 | $859,875 |
| 30 June 2026 | $625,000 | $240,375 | $865,375 |
| 30 June 2027 | $640,000 | $220,063 | $860,063 |
| 30 June 2028 | $665,000 | $198,463 | $863,463 |
| 30 June 2029 | $690,000 | $175,188 | $865,188 |
| 30 June 2030 | $710,000 | $150,175 | $860,175 |
| 30 June 2031 | $740,000 | $123,550 | $863,550 |
| 30 June 2032 | $765,000 | $95,800 | $860,800 |
| 30 June 2033 | $800,000 | $65,200 | $865,200 |
| 30 June 2034 | $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 June 2020 | $48,000 | $9,046 | $57,046 |
| 30 June 2021 | $48,000 | $9,641 | $57,641 |
| 30 June 2022 | $48,000 | $8,413 | $56,413 |
| 30 June 2023 | $48,000 | $7,185 | $55,185 |
| 30 June 2024 | $48,000 | $5,945 | $53,945 |
| 30 June 2025 | $48,000 | $4,676 | $52,676 |
| 30 June 2026 | $48,000 | $3,379 | $51,379 |
| 30 June 2027 | $48,000 | $2,035 | $50,035 |
| 30 June 2028 | $47,000 | $674 | $47,674 |
| Totals | $431,000 | $50,995 | $481,995 |