ACFR FY 2022 FINAL BOOK - Flipbook - Page 114
FINANCIAL SECTION
City of Eustis, Florida
NOTES TO FINANCIAL STATEMENTS
Note 12 - Long-Term Debt (Continued)
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service; all connections are mandatory and consistent with applicable laws� The government
shall not allow any competing services within the city limits and the government must use its
best efforts to collect all rates, fees, and other charges�
Water and Sewer Revenue Bonds, Series 2016
On November 3, 2016, the City issued $7,680,000 in Water and Sewer Revenue bonds to finance
the costs of certain improvements to the City’s combined water and sewer systems� principal
and interest for 2022 were $551,056, equal to 4�20% of the current year’s pledged revenue� The
remaining outstanding principal and interest will be $5,950,000� The bond reflects a fixed interest
rate of 3�21%, with payments due annually�
Note Payable
The City contracted with United Southern bank to provide financing for $1,805,500 over five years�
The funding aims to acquire various water and sewer vehicles and equipment� The five-year financing
agreement is at a fixed interest rate of 1�79%, with the value of the equipment to be used as the collateral to support the loan� The principal payment for the current year is $361,000; the loan matured
during the year ended September 30, 2022�
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Annual Comprehensive Financial Report | September 30, 2022