ACFR - FY2021 FINAL 5-13-22 USE THIS ONE - Flipbook - Page 111
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 10 - Long-Term Debt (Continued)
Governmental Activity Liabilities
The following is a summary of all long-term liabilities of the governmental funds at
September 31, 2021:
Note Payable - 2018
The City contracted with United Southern Bank to provide financing for $800,000 over five
years. The purpose of the funding is to acquire a Pierce Fire Ladder Truck. The five-year
financing agreement is at a fixed interest rate of 2.29%, with the value of the equipment to
be used as the collateral to support the loan. Principal and interest are paid annually,
commencing April 2018. Principal and interest for the current year are $163,664.
Note Payable – 2016
The City awarded a contract to U.S. Bancorp Government Leasing and Finance, Inc. to
finance a Pumper Fire Truck. The five-year financing agreement for $437,550 is at a fixed
interest rate of 2.01%, with the value of the truck will be used as collateral to support the
loan. Principal and interest are paid annually, commencing January 2017. Principal and
interest for the current year are $92,857.
CRA Loan
In September of FY 2020, City contracted with USB bank to provide financing for
$3,000,000 for CRA – Community Redevelopment Trust Fund projected three large land
blocks located at City of Eustis Downtown purchase. The five-year financing balloon loan
is at a fixed interest rate of 2.875%. Principal and interest payments of $16,512 will be
paid monthly, commencing October 2020. Principal and interest for the current year are
$198,148.
Business-Type Activity Liabilities
The following is a summary of all long-term liabilities of the proprietary funds on September
30, 2021:
Florida Department of Environmental Protection State Revolving Loan Agreement
The 2000 loan agreement of $5,852,495 and the 2012 loan agreement of $5,264,258 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 obligations. Net available revenue of $3,230,233
fewer debt payments of $270,916, provided a debt coverage of 4.91.
The 2000 loan SRF 50710P agreement’s first payment was May 15, 2001, with the final
payment due on November 15, 2020. Principal and interest are $193,540; with semiannual payments of $193,540, the loan matured in FY 2021. Another 2012 loan CRF
350302 agreement’s first payment was March 15, 2013, with the final payment due
September 15, 2032. Principal and interest are $276,964; with semi-annual payments of
$157,730.
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