Page 89 - 2018 Comprehensive Annual Financial Report - City of Winston-Salem

Stormwater Fee Revenue Bonds Debt Service Requirements to Maturity are:

Business-type Activities
Fiscal Year Principal Interest
2019 $ 520,000 $ 333,194
2020 545,000 307,194
2021 570,000 285,394
2022 585,000 268,294
2023 610,000 244,893
2024-2028 3,370,000 911,870
2029-2033 3,905,000 367,862
Total $ 10,105,000 $ 2,718,701

Water and Sewer Revenue Bonds
The City issues revenue bonds to fund capital improvement projects for the Winston-Salem/Forsyth County Water and Sewer
System. The revenues, net of operating expenses, of the water and sewer system are pledged as security for the revenue bonds
which were issued in 2009, 2010, 2014, 2015, 2016 and 2017. The trust agreement dated October 1, 1988, between the City and the
Bank of New York, as trustee, authorizes and secures all outstanding 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 utility revenue
debt of not less than 1.1. The City was in compliance with all covenants for the scal year ended June 30, 2018, and the ratio was
1.82. The total principal and interest remaining to be paid on the bonds is $638,585,044. Principal and interest paid in the scal years
ended June 30, 2018 and 2017 were $41,178,298 and $38,447,043, respectively.
On October 19, 2017, the City issued $56,280,000 in Water & Sewer System Revenue Bonds at a net interest cost of 3.31%. The
proceeds will be used for the purpose of nancing the costs of extensions, additions and capital improvements to, or the renewal
and replacement of capital assets of, or purchasing and installing new equipment for the City’s Water and Sewer Utilities System
and to pay the costs of issuing the 2017 Bonds.

Water and sewer revenue bonds outstanding at June 30, 2018, were $426,130,000 with interest rates between .95% and 5.694%
which are payable over the next 29 years.

Water & Sewer Revenue Bonds Debt Service Requirements to Maturity are:
Business-type Activities
Fiscal Year Principal Interest
2019 $ 24,425,000 $ 18,254,325
2020 16,875,000 17,517,796
2021 17,490,000 16,837,005
2022 17,830,000 16,098,711
2023 18,615,000 15,311,876
2024-2028 106,360,000 63,324,771
2029-2033 101,700,000 39,728,234
2034-2038 80,995,000 19,418,176
2039-2043 30,345,000 4,791,950
2044-2047 11,495,000 1,172,200
Total $ 426,130,000 $ 212,455,044

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