11-Debt Service - 2021Debt Service Fund
Purpose:
This fund accumulates the resources necessary to service all general long-term debt, which is recorded in the City’s General Long-Term Debt Account Group. The interest and principal
of the following governmental debt obligation is accounted for in this fund:
( SunTrust Revenue Refunding Bonds
Status: Matures December 1, 2013
Rate: 4.20%
Payments: Principal annually, interest semiannually
Security: Utilities Service Tax
Funding: Gas Tax and Water and Sewer Operating revenues
Purpose: Refund City of Gulf Breeze Note #2 to reduce interest rate on debt
Issues, Trends and Highlights:
After FY2014, this fund will be eliminated unless new Governmental Debt is issued.