ACFR FY 2023 Final - Flipbook - Page 119
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,
2023:
ï
CRA Loan
In September of FY 2020, the City contracted with USB bank to provide onancing for $3,000,000 for the
CRA - Community Redevelopment Trust Fund projects for three large land blocks located at City of Eustis
Downtown purchase. The ove-year loan is at a oxed interest rate of 2.875%, with a balloon payment at the
end of the loan termÿ principal and interest payments of $16,512 are paid monthly, commencing October
2020ÿ principal and interest for the current year is $198,148ÿ
Business-Type Activity Liabilities
The following is a summary of all long-term liabilities of the proprietary funds on September 30, 2023:
ï
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 with
the average interest rate of 1ÿ6% 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 obligationsÿ Net available revenue of $3,230,233, fewer
debt payments of $270,916, provided a debt coverage ratio of 4.91. The loan agreement9s orst payment was
on May 15, 2001, with the onal payment due on November 15, 2020. Principal and interest are $193,540;
with semi-annual payments of $193,540, the loan matured in FY 2021ÿ
The FY 2012 loan CRF 350302 agreement with the total amount of $3,105,003 with the average interest
rate of 1.45%; the orst payment was on March 15, 2013, with the onal payment due September 15, 2032.
principal and interest are $244,757, with semi-annual payments of $157,730ÿ Another 2012 loan SRF 350300
agreement with a total amount of $292,989 with the average rate of 1.49%; the orst payment was on March
15, 2013, with the onal payment due September 15, 2032. Principal and interest are $16,367, with semi-annual payments of $9,162ÿ
provisions of the loan mandate that rates of the water and sewer system will be enough to provide coverage
of 1ÿ15 times the sum of the semi-annual payments, utilities will not provide any free service; all connections
are mandatory and consistent with applicable lawsÿ The government shall not allow any competing services
within the City limits and the City must use its best efforts to collect all rates, fees, and other chargesÿ
ï
Water and Sewer Revenue Bonds, Series 2016
On November 3, 2016, the City issued $7,680,000 with the annual interest rate of 3ÿ21% in Water and
Sewer Revenue Bonds to onance the costs of certain improvements to the City9s combined water and
sewer systemsÿ This bond is backed by the revenues generated from the City water and sewer services
provided to the community: user fees, connection charges, rate charges, penalties and ones. The total
revenue pledged for water and sewer revenue bonds refers to the total amount of income from the water
and sewer services that is dedicated to paying off the bond obligationsÿ principal and interest for 2023
were $553,456, equal to 4ÿ20% of the current year9s pledged revenueÿ The remaining outstanding principal
and interest is $5,620,000. The bond reflects a oxed interest rate of 3.21%, with payments due annually.
Back to TOC
Annual Comprehensive Financial Report | September 30, 2023
119
