ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 105
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 10 - Long-Term Debt (Continued)
$8,584,894. The bond reflects a fixed interest rate of 3.21% with payments due annually.
Events of default include non-payment of amounts due (principal and interest), failure to
perform bond covenants without remedy within a 30-day period and bankruptcy or
receivership for longer than 90 days. Upon an event of default, registered owners of not
less than 25% of aggregate principal outstanding can appoint a trustee to represent them
in legal proceedings related to the rights of the bondholders. In no case, however, shall any
holder, trustee or receiver have the right to declare the bonds immediately due and payable.
Note Payable (Direct Placement)
The City contracted with United Southern Bank to provide financing in the amount of
$1,805,500 over a five year period. The purpose of the financing is 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. Principal and interest for the current year are $380,491.
Events of default include non-payment of amounts due (principal and interest), failure to
perform bond covenants without remedy within a 30-day period and bankruptcy or
receivership for longer than 90 days. Upon an event of default, the holder of the note may
declare all amounts for that fiscal year due and payable including application of the default
interest rate of 12%. In no case, however, shall any holder, trustee or receiver have the
right to declare the bonds immediately due and payable.
The net pension liability will be liquidated through employer contributions by the funds
where the employees are paid, primarily the General Fund and Water and Sewer Fund.
Note 11 - Inter-fund Transactions
Interfund transfers at September 30, 2020 consist of the following:
Transfe rs In
Sale s Tax
Capital
Proje cts
Ge ne ral
Fund
Transfe rs Out
General Fund
Community Redevelopment
Stormwater
Impact Fee
Greenwood Cemetery
Total Gov e rnme ntal Funds
Water and Sewer
Water Impact
Sewer Impact
Total Ente rprise Funds
Total Transfe rs
$
-
$
4,418
1,146
5,564
$
543,250
1,800,000
5,638
9,221
1,814,859
$ 1,820,423
293,250
250,000
-
Stre e t
Improv e me nt
543,250
88
$
370,000
$
110,000
260,000
Community
Re de v e lopme nt
379,791
$
370,000
379,791
-
$
379,791
Total
Transfe rs
$
783,041
250,000
260,000
4,418
1,146
1,298,605
1,800,000
5,638
9,221
1,814,859
$ 3,113,464
