Fiscal Year Special Assessment Collectionsa,c Special Assessment Debt Service Coverage Tax Incrementb Coverage
Principal Interest Coverage Special Assessment Collections Debt Service
Principal Interest Coverage
2016 8,537,227 25,401,000h 4,463,786 0.2859 34,810,024e 18,055,000 16,755,024 1.000
2017 5,896,670 3,192,000 3,233,399 0.9177 37,535,680e,i 16,255,000e,i 21,280,680 1.000
2018 5,590,479 3,545,000 3,088,864 0.8427 23,428,001e,i 14,235,000e,i 9,193,001 1.000
2019 5,608,312 2,427,000 2,942,348 1.0445 25,986,960e,i 17,210,000e,i 8,776,960 1.000
2020 5,280,905 2,080,000 2,818,146 1.0781 27,833,500e,i 19,475,000e,i 8,358,500 1.000
2021 5,397,140 2,119,000 2,698,952 1.1202 25,215,056e,i 17,330,000e,i 7,885,056 1.000
2022 3,342,319 488,000 1,072,389 2.1420 25,462,250e,i 18,115,000e,i 7,347,250 1.000
2023 3,253,687 1,439,235 1,577,199 1.0787 25,798,956e,i 19,045,000e,i 6,753,956 1.000
2024 4,525,650 1,565,000 1,515,565 1.4691 26,032,829e,i 19,915,000e,i 6,117,829 1.000
2025 3,713,905 2,893,000 1,818,454 0.7883 19,136,594 13,600,000 5,536,594 1.000
Notes: Details regarding the city's outstanding debt can be found in the notes to the financial statements.
The City issued $2.015 million dollars of the Energy Independence Program (AB811 Assessments) Limited Obligation Improvement Bonds (Taxable) The special assessment collection will commence during the fiscal year 2009-2010 with the first interest payment paid on March 2, 2010.
b Tax increment bonds are backed by property tax increment based on calculation provided by the Riverside County tax assessor office. Additional information on tax increment can be found in the notes to the financial statements.
The City issued $1.136 million dollars of the Energy Independence Program (AB811 Assessments) Limited Obligation Improvement Bonds (Taxable) The special assessment collection will commence during the fiscal year 2010-2011, in addition, the Palm Desert Financing Authority issued $5.225 million dollars of the Energy Independence Program Variable Rate Demand Lease Revenue Bonds, Series 2009 (Federally Taxable). Interest is paid monthly commencing August 2009 and Principal is paid annually on September 2. The first principa/l payment was paid on September 2, 2010
d A portion of the $50.51 (2007) and $17.915 (2008) million CFD 2005-1 (University Park) was prepaid in the amount of $6.269 Million. The prepaid $6.269M and $2.280 (2004-1) were called during on September 2, 2014.
The total amount payable for the bonded obligations is disbursed by the State of California Department of Finance to the City of Palm Desert Successor Agency. The annual collection equal the annual obligations.
The City called the $5.225 Million Energy Independence Program Variable Rate Demand Lease Revenue Bonds, Series 2009 (Federally Taxable) in full on September 2, 2014 in the amount of $4.485 Million. The Energy Fund used the remaining $5.225 Bond Funds in the amount of $2.155 Million in addition to the $2.5 Million loan from the City General Fund as proceeds to call the bonds.
The City of Palm Desert loaned the Energy Fund $2.5 Million to call the $5.225 Million Energy Independence Program Lease Revenue Bonds, Series 2009 (Federally Taxable). The $2.5 Million is included as Special Assessment Collections.
During the Fiscal Year 2015-16 the Communities Facilities District 2005-1 (University Park Series, Special Tax Bonds Series 2006A and Series 2007 defeated $20.885M of the original issued $67.715M.
During the Fiscal Year 2016-17 the Successor Agency issued four series of bonds (1) the Tax Allocation Refunding Bonds, 2017 Series A ($52.39M), (ii) Taxable Tax Allocation Refunding Bonds, 2017 Series B ($140.130M), Tax allocation Refunding Bonds, 2017 Series H-A ($7.365M), and (iv) Taxable Tax Allocation Refunding Bonds, 2017 H-B ($45.815M). See Note 18 Tax Allocation Bonds. The 2017 Refunding Bonds refunded all of the tax allocation revenue bonds; with the exception of the Project Area No. 1 2007A Bonds, and the Project Area No. 2 2003 Bonds.
During the Fiscal Year 2021-22, the City of Palm Desert issued CFD 2021-1 Special Tax Bonds Series 2021 and CFD 2005-1 Special Tax Refunding Bonds Series 2021A. The purpose of these bonds is to refund the CFD 2005-1 Special Tax Bonds Series 2006A.
k During the Fiscal Year 2021-22, the City of Palm Desert issued Section 29 Assessment District 2004-02 Limited Obligation Refunding Improvement Bonds Series 2021. The purpose of this issuance is to refund the Section 29 AD 2004-02 Limited Obligation Improvement Bonds Series 2007.