WS - C - City of Tiffin 2024 - Auditor's Report - Final

City of Tiffin Notes to Basic Financial Statements NOTE 3 – LONG-TERM DEBT (CONTINUED) Annual debt service requirements to maturity for general obligation notes, general obligation bonds, and revenue notes of the City are as follows. Year Ending G.O. Bonds and Notes Revenue Notes Total June 30, Principal Interest Principal Interest Principal Interest 2025 $ 2,245,000 $ 594,393 $ 432,588 $ 62,969 $ 2,677,588 $ 657,362 2026 2,565,000 531,443 440,588 58,829 3,005,588 590,272 2027 2,625,000 459,885 447,588 54,606 3,072,588 514,491 2028 2,345,000 386,368 454,588 50,310 2,799,588 436,678 2029 2,030,000 316,955 462,588 45,940 2,492,588 362,895 2030-2034 7,275,000 687,568 2,428,941 161,326 9,703,941 848,894 2035-2039 1,070,000 79,950 1,963,355 42,137 3,033,355 122,087 Total $ 20,155,000 $ 3,056,562 $ 6,630,236 $ 476,117 $ 26,785,236 $ 3,532,679 A. General Obligation Bonds On December 20, 2017, the City issued $5,140,000 of general obligation corporate purpose bonds to provide funds for various improvement projects and land acquisition. The bonds bear interest rates ranging from 3.00% to 3.15% per annum and mature on June 1, 2033. During the year ended June 30, 2024, the City paid principal of $320,000 and interest of $110,880 on the bonds. The outstanding principal balance at June 30, 2024, was $3,355,000. On April 4, 2018, the City issued $1,100,000 of general obligation corporate purpose bonds to provide funds for acquisition of a fire truck for use by the municipal fire department. The bonds bear interest rates of 4.00% per annum and mature on June 1, 2038. During the year ended June 30, 2024, the City paid principal of $45,000 and interest of $36,200 on the bonds. The outstanding principal balance at June 30, 2024, was $860,000. On September 4, 2019, the City issued $4,500,000 of general obligation corporate purpose bonds to provide funds for various improvement projects and land acquisition. The bonds bear interest rates ranging from 2.00% to 2.35% per annum and mature on June 1, 2031. During the year ended June 30, 2024, the City paid principal of $390,000 and interest of $77,830 on the bonds. The outstanding principal balance at June 30, 2024, was $2,980,000. On August 25, 2020, the City issued $7,670,000 of general obligation urban renewal and refunding bonds to provide funds for various improvement projects and refunding previous bond issues. The bonds bear interest rates at 2.00% per annum and mature on June 1, 2035. During the year ended June 30, 2024, the City paid principal of $750,000 and interest of $124,800 on the bonds. The outstanding principal balance at June 30, 2024, was $5,490,000. On March 9, 2021, the City issued $2,510,000 of general obligation annual appropriation refunding bonds to refund previous bond issues. The bonds bear interest rates at 2.00% per annum and mature on June 1, 2028. During the year ended June 30, 2024, the City paid principal of $350,000 and interest of $36,700 on the bonds. The outstanding principal balance at June 30, 2024, was $1,485,000. 21