Page 88 - 2018 Comprehensive Annual Financial Report - City of Winston-Salem

General Obligation Bonds Debt Service Requirements to Maturity are:

Governmental Activities
Fiscal Year Principal Interest
2019 $ 10,260,000 $ 6,775,991
2020 10,950,000 6,488,952
2021 10,910,000 6,133,641
2022 10,855,000 5,648,792
2023 11,365,000 5,155,402
2024-2028 50,310,000 18,292,426
2029-2033 40,640,000 9,091,043
2034-2037 29,250,000 2,100,687
Total $ 174,540,000 $ 59,686,934

Special Obligation Bonds
The City issued special obligation bonds in scal years 1996, 2003, and 2011 to fund solid waste disposal capital projects.
The City issued special obligation bonds in scal year 2006 to advance refund the Special Obligation Bonds Series 1995
and to fund improvements to the Alliance Science and Technology Business Park municipal service district, now known
as Wake Forest Innovation Quarter. The City issued special obligation bonds in scal year 2010 to nance the City’s
purchase of the land and construction cost of a downtown ballpark. The City issued special obligation bonds in scal year
2013 to refund the Special Obligation Bonds Series 2002, to partially refund the Special Obligation Bonds Series 2005, and
to make infrastructure capital improvements to the Wake Forest Innovation Quarter. The bonds are payable exclusively
from pledged revenues.

Special Obligation Bonds Debt Service Requirements to Maturity are:
Governmental Activities Business-type Activities
Fiscal Year Principal Interest Principal Interest
2019 $ 590,000 $ 288,575 $ 1,313,693 $ 488,162
2020 615,000 264,975 1,338,693 448,054
2021 640,000 240,375 1,358,694 405,596
2022 670,000 214,775 1,383,693 363,313
2023 700,000 184,225 1,403,693 320,230
2024-2028 2,470,000 548,625 5,259,525 977,811
2029-2033 1,890,000 200,737 3,642,049 19,941
Total $ 7,575,000 $ 1,942,287 $ 15,700,040 $ 3,023,107

Stormwater Fee Revenue Bonds
In scal year 2013, the City issued stormwater fee revenue bonds to nance and reimburse the City for improvements to
the City’s stormwater facilities. The revenues, net of operating expenses, of the stormwater management system are
pledged as security for these bonds. Stormwater fee revenue bonds outstanding at June 30, 2018 were $10,105,000 with
interest rates ranging from 3.0% to 5.0%, which are payable over the next 15 years. A trust agreement dated April 1, 2013,
between the City and US Bank, as trustee, authorizes and secures all outstanding stormwater fee revenue bonds. Certain
nancial covenants are contained in the trust agreement including a requirement that the City maintain a long-term debt
service coverage ratio on all stormwater fee revenue debt of not less than 1.2. The City was in compliance with all
covenants for the scal year ended June 30, 2018, and the ratio was 3.9. The principal and interest remaining to be paid
on the bonds is $12,823,701. Principal and interest paid in the scal years ended June 30, 2018 and 2017 were $853,343
and $851,751, respectively.

82 2018 AN NUAL R E P O R T