The future debt service requirements on the Limited Obligation Improvement Bonds Series 2009B (Taxable) are as follows:
Year Ending
| June 30 | Principal | Interest | Total |
|---|
| 2026 | $ 6,000 | $ 1,170 | $ 7,170 |
| 2027 | $ 7,000 | $ 960 | $ 7,960 |
| 2028 | $ 7,000 | $ 720 | $ 7,720 |
| 2029 | $ 7,000 | $ 480 | $ 7,480 |
| 2030 | $ 5,000 | $ 240 | $ 5,240 |
| Totals | $ 32,000 | $ 3,570 | $ 35,570 |
| Balance | Balance | Due Within |
|---|
| June 30, 2024 | Additions | Deletions | June 30, 2025 | One Year | |
|---|
| Direct Borrowing: | | | | | | | |
|---|
| GPSI Leasing, LLC | $ 232,952 | $ - | $ 88,395 | $ 144,557 | $ | 90,632 | |
|---|
| Total | $ 232,952 | $ - | $ 88,395 | $ 144,557 | $ | 90,632 | |
|---|
The City entered into a financed purchase agreement with GPSI Leasing, LLC for the purchase of golf carts. The financed purchase bears interest at a rate of 5.75%. On December 20, 2022 the finance purchase agreement was amended to extend additional the term for an 48 months resulting in a revised annual payment of $93,213 beginning February 1, 2024.
The future debt service requirements on the financed purchases are as follows:
Year Ending
| June 30 | Principal | Interest | Total |
|---|
| 2026 | $ 90,632 | $ 2,580 | $ 93,212 |
| 2027 | $ 53,925 | $ 450 | $ 54,375 |
| Totals | $ 144,557 | $ 3,030 | $ 147,587 |