Original Issue - 1992 | $ | 12,285,000.00 | ||
Payments thru 12/31/97: | $ | (1,945,000.00) | ||
Refunded Amount 7/2/98 | $ | 10,340,000.00 | ||
Payments thru 12/31/04: | $ | (3,510,000.00) | ||
Total Bond Indebtedness 12/31/04: | $ | 6,830,000.00 | ||
Payments Due in 2005: | ||||
Principal - 9/2005: | $ 730,000.00 | |||
Interest - 3/2005: | $ 151,663.75 | |||
Interest - 9/2005: | $ 151,663.75 | |||
Total Bond Indebtedness 12/31/05: | $ | 6,100,000.00 | ||
DEBT LIMITATIONS | ||||
Assessed Valuation - 8/1/04: | $ | 491,242,172.00 | ||
Debt Limit = 10% of Assessed Valuation: | $ | 49,124,217.20 | ||
Amount of debt applicable to debt limit: | $ | (6,830,000.00) | ||
Legal Available Debt Limit: | $ | 42,294,217.20 | ||
The City of Ballwin currently has one (1) refunded bond issue outstanding (7/2/98), which had an original issue cost of $12,285,000. The original issue was divided into two (2) parts. One was in the amount of $3,000,000 (1992A) and was for the development of the Community Center, also known as the Pointe at Ballwin Commons. The second was in the amount of $9,285,000 (1992B) and was for street and road improvement projects throughout the City. As of December 31, 2004, this debt has been reduced to $6,830,000. The year 2005 Bond Requirement Payments are listed below. This schedule also shows the legal debt limit of the City. The City's legal debt is limited to ten (10%) percent of the current assessed valuation of $491,242,172, which this year equates to $49,124,217.20. Subtracting our current outstanding debt of $6,830,000, the City has an additional available debt capacity of $42,294,217.20. | ||||