City of Polk City
Lisa Shifflett’s Public Records Request made on 07/28/11
08/01/11
What existing debt items are not being refinanced into this $10.5 M bond? 1) The 2007 USDA bond for the construction of the Polk City Government Center, 2) The DEP loan, and 3) The Old National lease for the trucks.
What is the approximate balance of that remaining debt not being refinanced, including interest?
Current debt should be determined by the principal amount only, as that would be the amount due if we were to pay the loans off today. Per your request I have listed the balances for the principal debt only, and then the principal and interest together for each.
Just the principal without any interest is 1) The 2007 USDA bond = $1,643,641.00, 2) The DEP loan = $2,764,300.18, and 3) The Old National Lease for the trucks = $38,983.99
Balances including principal and interest are 1) The 2007 USDA bond = $2,755,499.09, 2) The DEP loan = $3,659,953.51, and 3) The Old National Lease for the trucks = $41,097.00.
In addition to the approximate $702 K annual payment on the proposed $10.5 bond, what additional annual payments will be required on the remaining debt service not being included in this refinance? 1) The 2007 USDA bond = $102,089.00/year to FY37, 2) The DEP Loan = $100,000.00/year to FY14 and then increases to $174,208.00/year to FY33, 3) The Old National lease for the trucks = $16,439.00/year to FY13, and then $8,219.00 in FY14.
**** Adding these 3 remaining annual payments totaling $218,528 to the new $10.5 M bond debt annual payment of roughly $702,000, will bring the annual debt payment to roughly $920,528. According to Pam Lawson and Attorney Tom Cloud in the meeting on July 27th, the current debt payment per year is $821,000. If my calculations are correct, buy adding this new debt to the remaining 3 debt items not being refinanced, the city's annual payment will INCREASE BY $99,528 PER YEAR. The whole reason the city has been trying to push this refinance was to LOWER the annual debt payments to allow the city to "save" money. If the annual payment is that much higher, how is the city saving any money anywhere? Why are they increasing the debt by nearly 3 fold and burdening the current residents and the next generation? They keep blaming the previous administration for the financial mess the city is in, but this one bond move will make the previous debt mess look like child's play. WHAT ARE THEY THINKING?!?!?! ******
What is the approximate total debt figuring in the remaining debt not being refinanced, plus the new $10.5 million bond debt plus interest? Using my balances from the 2nd question above plus Lisa’s amortization given to us at the meeting on 07/27/11, the total = $27,500,335.66. **I used Lisa’s total payments for 30 years = $21,043,786.06 for the $10.5mil bond calculation, as I (Pam Lawson) have not done any of my own calculations on that amount as I have not received any documentation showing that the debt will in fact be up to that amount yet. All I know at this point is that the amount is set not to exceed $10.5mil.
Are there any restrictions on the use of these funds to pay off the impact fee monies, plus penalties, owed to the county, similarly like were stipulated in the proposed BB&T deal that fell through last year? The past due impact fees due to Polk County will be paid for by the new bond. I am not aware of any penalties due to the County. As far as restrictions, the bond has already been designated to pay off certain loans and to fund certain projects.
Regarding the impact fee money owed to the county: What is the current amount owed, including penalties, if any? The paper has printed some information on this issue that implies there may be more money due now, due to some penalties on top of the roughly $500 K that was originally owed. Is this correct? If so what are the terms the county is now requesting? $531,198.90 is the amount past due for the Polk County impact fees. I am not aware of any penalties. We are not aware that the County is requesting any terms.
Pamela Lawson,
Finance Director
(answers in red)
OMG. THEY ARE OUT OF THEIR MINDS. IS THERE ANY WAY TO STOP THIS?
ReplyDeleteI HAVE BEEN WATCHING THIS FOR ABOUT 2 YRS NOW. WHAT IS IT THAT THIS COUNCIL IS GAINING FROM THIS? THEY CERTAINLY ARE NOT LOWERING ANY PAYMENTS, ONLY INCREASING THE DEBT TO THE CITIZENS OF POLK CITY.
THIS GROUP SHOULD BE ASHAMED , ALL IN THE NAME OF SAVING THE CITY.
HOW WILL WE EVER BEABLE TO CONTINUE TO PAY THIS DEBT AND WHY WOULD WE WANT TO?
WHERE IS THE COUNTY. GUESS THEY HAVE DECEIDED THEY TOO ONLY CARE ABOUT THE MONEY. THEY CERTAINLY ARE NOT LOOKING OUT FOR THEIR RESIDENTS.
YOU KNOW THAT THE CITY IS GOING TO CONTINUE TO RAISE RATES ON ANY THING AND EVERY THING THEY CAN TO RAISE REVNUE.
GOD HELP US ALL.
Wonder if any of this information will find it's way to Kevin Bouffard's column in the Ledger? Think everyone should see this frivolous financial mess.
ReplyDeleteThanks for the info. There is NO realistic thinking way that a prudent person could justify the action of this council. The smartest person is good ole Tom, the more problems this council can cause the more money he makes.
ReplyDelete