WS - D - Tiffin FS - FY 2023

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 2024 $ 2,165,000 $ 468,878 $ 426,588 $ 67,054 $ 2,591,588 $ 535,932 2025 2,075,000 420,393 432,588 62,969 2,507,588 483,362 2026 2,150,000 372,068 440,588 58,829 2,590,588 430,897 2027 2,185,000 321,885 447,588 54,606 2,632,588 376,491 2028 1,885,000 270,868 454,588 50,310 2,339,588 321,178 2029-2033 6,690,000 740,923 2,389,941 184,381 9,079,941 925,304 2034-2038 1,605,000 129,300 2,464,943 65,021 4,069,943 194,321 Total $ 18,755,000 $ 2,724,315 $ 7,056,824 $ 543,170 $ 25,811,824 $ 3,267,485 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, 2023, the City paid principal of $310,000 and interest of $120,180 on the bonds. The outstanding principal balance at June 30, 2023, was $3,675,000. 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, 2023, the City paid principal of $45,000 and interest of $38,000 on the bonds. The outstanding principal balance at June 30, 2023, was $905,000. 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, 2023, the City paid principal of $385,000 and interest of $85,530 on the bonds. The outstanding principal balance at June 30, 2023, was $3,370,000. 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, 2023, the City paid principal of $560,000 and interest of $136,000 on the bonds. The outstanding principal balance at June 30, 2023, was $6,240,000. 19