| Capital Projects Funds and Debt Service Funds | |||||||
| Fund-based | Governmental-based | ||||||
| 1. | On January 1, 2010, approval was obtained to begin construstion of a new city hall. As a result | ||||||
| of this approval, $2,800,000 in 5-year serial bonds,which a face interest rate of 7%, were sold | |||||||
| at 104 (an effective rate of 6%). Principal and interest payments are made semiannually beginning | |||||||
| July 1, 2010.The premium is to be used for debt payments for principal and interest. | |||||||
| January 1, 2010 | |||||||
| CPF | GT | ||||||
| DSF | |||||||
| 2. | On January 3, 2010, a $2,800,000 contract with GoodBuild Construction was signed for the construction. | ||||||
| January 3, 2010 | |||||||
| CPF | GT | ||||||
| 3. | On June 30, 2010, a bill for $1,400,000 was received from GoodBuild as a result of one-half of the work on the construction being completed. | ||||||
| June 30, 2010 | |||||||
| CPF | GT | ||||||
| CPF | GT | ||||||
| 4. | On July 1, 2010, the first debt payment for capital project bond was made. | ||||||
| July 1, 2010 | |||||||
| DSF | GT | ||||||
| 5. | On July 15, 2010, the bill from GoodBuild was paid , less a 10% retainage to ensure performance. | ||||||
| July 15, 2010 | |||||||
| CPF | GT | ||||||
| 6. | On October 1, 2010, a bill for $1,400,000 was received from GoodBuild in recognition of the completion of work on the city hall addition | ||||||
| Oct. 1, 2010 | |||||||
| CPF | GT | ||||||
| CPF | GT | ||||||
| 7. | On November 3, 2010, after approval by the city inspectors, all amounts owed to GoodBuild were paid. | ||||||
| Nov. 3, 2010 | |||||||
| CPF | GT | ||||||
| 8. | On January 1, 2011, the next payment on the capital project bond was made. | ||||||
| Jan. 1, 2011 | |||||||
| DSF | GT | ||||||
| 9. | On August 1, 2012, the city entered into a capital lease agreement to purchase new equipment for its road crews. The agreement called for an initial | ||||||
| payment of $12,000, with eight more equil annual payments of $15,000 beginning August 1, 2013. The city’s normal cost of borrowing is 8%. The | |||||||
| initial payment was made as agreed and the equipment was purchased. The General Fund handled all activities related to this transaction. | |||||||
| Aug. 1, 2012 | |||||||
| GF | GT | ||||||
| 10. | On August 1, 2013, the first annual payment is made on the capital lease agreement. | ||||||
| Aug. 1, 2013 | |||||||
| DSF | GT | ||||||
| 11. | On December 31, 2013, depreciation of $300,000 is recorded as appropriate for all govermental capital assets. | ||||||
| Dec. 31, 2013 | |||||||
| DFS | GT |
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