ACFR FY 2022 FINAL BOOK - Flipbook - Page 113
City of Eustis, Florida
FINANCIAL SECTION
NOTES TO FINANCIAL STATEMENTS
Note 12 - Long-Term Debt (Continued)
Governmental Activity Liabilities
The following is a summary of all long-term liabilities of the governmental funds at September 30,
2022:
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Note Payable - 2018
The City contracted with United Southern bank to provide financing for $800,000 over five years�
The purpose of the funding is to acquire a pierce Fire Ladder Truck� The five-year financing
agreement is at a fixed interest rate of 2�29%, with the value of the equipment to be used as the
collateral to support the loan� principal and interest are paid annually, commencing April 2018�
principal and interest for the current year are $163,664�
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Note Payable - 2016
The City awarded a contract to U�S� bancorp Government Leasing and Finance, Inc� to finance
a pumper Fire Truck� The five-year financing agreement for $437,550 is at a fixed interest rate
of 2�01%, with the value of the truck will be used as collateral to support the loan� principal and
interest are paid annually, commencing January 2017� principal and interest for the current year
are $92,857�
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CRA Loan
In September of FY 2020, City contracted with USb bank to provide financing for $3,000,000 for
the CRA - Community Redevelopment Trust Fund projected three large land blocks located at
City of Eustis Downtown purchase� The five-year loan is at a fixed interest rate of 2�875%, with a
balloon payment at the end of the loan term� principal and interest payments of $16,512 will be
paid monthly, commencing October 2020� principal and interest for the current year are $148,611�
Business-Type Activity Liabilities
The following is a summary of all long-term liabilities of the proprietary funds on September 30, 2022:
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Florida Department of Environmental Protection State Revolving Loan Agreement
The FY 2000 loan SRF 50710p agreement of $5,852,495 and the 2012 loan agreement of $5,264,258
are for the wastewater treatment plant and secured by gross revenues derived yearly from the
operation of the water and sewer system after payment of the operation and maintenance expense
and the satisfaction of all senior obligations� Net available revenue of $3,230,233, fewer debt
payments of $270,916, provided a debt coverage of 4�91� The loan agreement’s first payment was
on may 15, 2001, with the final payment due on November 15, 2020� principal and interest are
$193,540; with semi-annual payments of $193,540, the loan matured in FY 2021�
FY 2012 loan CRF 350302 agreement with the total amount of $3,105,003; the first payment was
on march 15, 2013, with the final payment due September 15, 2032� principal and interest are
$238,468, with semi-annual payments of $157,730� Another 2012 loan SRF 350300 agreement with
a total amount of $292,989, the first payment was on march 15, 2013, with the final payment due
September 15, 2032� principal and interest are $16,192, with semi-annual payments of $8,074�
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provisions of the loan mandate that rates of the water and sewer system will be enough to provide
coverage of 1�15 times the sum of the semiannual payments, utilities will not provide any free
Annual Comprehensive Financial Report | September 30, 2022
113