Debt service requirements to maturity are as follows:
| Years |
Governmental Activities Revenue Debt |
|
|---|---|---|
| Principal | Interest | |
| 2026 |
$
280,000
|
$
113,253
|
| 2027 | 290,000 | 100,681 |
| 2028 | 305,000 | 87,665 |
| 2029 | 320,000 | 73,870 |
| 2030 | 330,000 | 59,519 |
| 2031-2033 | 1,090,000 | 86,441 |
| Total |
$
2,615,000
|
$
521,429
|
Tax Increment Financing Bonds
Tax increment financing bonds are payable from incremental taxes derived from a separately created tax increment financing district.
The County has pledged future Nebo Road No. 1 Allocation Area TIF revenues to repay TIF bonds issued in 2012. Proceeds from the bonds provided financing to finance certain infrastructure improvements, including improvements to roads, streetlights, sewer and storm water in connection with the development of a Chevrolet/Cadillac car dealership and a Kia car dealership. The bonds are payable from the TIF revenues and loan payments from Nebo Road Land Partners 1, LLC and are payable through 2034. The total principal and interest remaining to be paid on the bonds is $1,736,250. Principal and interest paid for the current year was $181,782.
The County has pledged future Park Twoson Allocation Area and New Twoson Allocation Area TIF revenues to repay revenue bonds issued in 2014. Proceeds from the bonds provided financing for funds loaned to Mursix Corporation to finance all or a portion of the cost of acquisition, construction or installation of land, improvements, buildings, structures, machinery, equipment or furnishings for advanced manufacturing facilities and refund the 2010 bonds. The bonds are payable from the TIF revenues and loan payments from the company and are payable through 2034. The total principal and interest remaining to be paid on the bonds is $2,889,019. Principal and interest paid for the current year was $324,602.
The County has pledged future Daleville Redevelopment Allocation Area TIF revenues to repay TIF bonds issued in 2015. Proceeds from the bonds provided financing for infrastructure projects, including a splash pad and to fund a debt service reserve. The bonds are payable solely from the TIF revenues and are payable through 2040. The total principal and interest remaining to be paid on the bonds is $3,688,572. Principal and interest paid for the current year was $325,100.
The County has pledged future PRL Allocation Area TIF revenues to repay TIF bonds issued in 2015. Proceeds from the bonds provided financing for the infrastructure improvements in or serving the PRL Allocation Area and to fund a debt service reserve. The bonds are payable from the TIF revenues and revenues generated in the ABB Community Revitalization Enhancement District and are payable through 2030. The total principal and interest remaining to be paid on the bonds is $1,102,639. Principal and interest paid for the current year was $253,925.
The County has pledged future Morrison Road Allocation Area TIF revenues to repay TIF bonds issued in 2021. Proceeds from the bonds provided for financing for various infrastructure improvements in or serving the Morrison Road Allocation Area and to fund a debt service reserve. The bonds are payable solely from the TIF revenues and are payable through 2040. The total principal and interest remaining to be paid on the bonds is $6,830,415. Principal and interest paid for the current year was $156,240.