BOROUGH OF SOMERVILLE
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2021 AND 2020
A schedule of annual debt service for future principal and interest for serial bonded debt is as follows:
| Cash Basis | |||||
|---|---|---|---|---|---|
| General | Sewer Utility | ||||
| Year | Principal | Interest | Principal | Interest | Total |
| 2022 | $1,625,000.00 |
$351,315.00 |
$60,000.00 |
$28,500.00 |
$2,064,815.00 |
| 2023 | 1,655,000.00 |
303,233.75 |
60,000.00 |
26,700.00 |
2,044,933.75 |
| 2024 | 1,530,000.00 |
250,271.25 |
60,000.00 |
24,300.00 |
1,864,571.25 |
| 2025 | 1,190,000.00 |
203,056.25 |
60,000.00 |
21,900.00 |
1,474,956.25 |
| 2026 | 1,200,000.00 |
172,268.75 |
65,000.00 |
19,500.00 |
1,456,768.75 |
| 2027-2031 | 4,310,000.00 |
473,137.50 |
345,000.00 |
62,000.00 |
5,190,137.50 |
| 2032-2036 | 1,620,000.00 |
98,700.00 |
370,000.00 |
22,400.00 |
2,111,100.00 |
$13,130,000.00 |
$1,851,982.50 |
$1,020,000.00 |
$205,300.00 |
$16,207,282.50 |
|
A schedule of annual debt service for future principal and interest for other debt is as follows:
| Cash Basis | |||||
|---|---|---|---|---|---|
| General NJEIT Loan | General SCIA Lease | ||||
| Year | Principal | Interest | Principal | Interest | Total |
| 2022 | $220,194.13 |
$26,662.50 |
$102,791.80 |
$22,281.98 |
$371,930.41 |
| 2023 | 225,194.13 |
24,412.50 |
109,439.14 |
20,221.89 |
379,267.66 |
| 2024 | 225,194.13 |
21,912.50 |
111,123.76 |
18,092.77 |
376,323.16 |
| 2025 | 230,194.13 |
19,412.50 |
112,846.50 |
15,925.53 |
378,378.66 |
| 2026 | 235,194.13 |
16,662.50 |
119,608.23 |
13,565.55 |
385,030.41 |
| 2027-2031 | 1,200,970.65 |
42,662.50 |
265,477.19 |
44,383.50 |
1,553,493.84 |
| 2032-2036 | 490,388.35 |
5,075.00 |
290,000.00 |
17,450.80 |
802,914.15 |
$2,827,329.65 |
$156,800.00 |
$1,111,286.62 |
$151,922.02 |
$4,247,338.29 |
|
The Borough entered into a capital equipment lease agreement with the Somerset County Improvement Authority – Capital Equipment and Improvement Revenue Bonds, Series 2016 in the amount of $830,000.00 for the Parking Lot Project. The loan obligation was due in twenty annual installments with remaining principal payments spread over a seventeen year period with amounts ranging from $30,000.00 through $65,000.00 and interest rates ranging from 1.27% through 2.45%.
The Borough entered into a capital equipment lease agreement with the Somerset County Improvement Authority – Capital Equipment and Improvement Revenue Bonds, Series 2016 in the amount of $808,000.00 for the Purchase of a Fire Truck The loan obligation was due in twenty bi-annual installments and remaining principal payments spread over an eight year period with amounts ranging from $36,192.28 through $40,477.19 with an interest rate 2.25%.
The SCIA Loans above have been included in the calculation of the Borough's statutory debt condition.