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DEBT SERVICE C I T Y A N D C O U N T Y O F B U T T E – S I L V E R B O W P a g e E - 1A Program Description The Debt Service Funds at Butte-Silver Bow are utilized to account for the debt service payments on various loans and bonds in the governmental funds. Summary is below with the detail following in this section. . Actual Actual Projected Budgeted Increase Percent Expenditure Category FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change Personnel Services - $ - $ - $ - $ - $ Operating Expenditures 14,060 41,496 27,550 27,550 0.0% Debt Service 17,503,851 13,294,899 3,845,120 3,744,583 (100,537) -2.6% Capital Outlay - - - - - Transfers Out 3,120,768 1,583,382 1,513,117 1,380,022 (133,095) Total Expenditures 20,638,679 $ 14,919,777 $ 5,385,787 $ 5,152,155 $ (233,632) $ -4.3% Actual Actual Projected Budgeted Increase Percent Function FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change General Government - $ - $ - $ - $ - $ Public Works 52,028 55,303 53,365 56,183 2,818 5.3% Public Safety 1,036,933 9,436,598 1,212,753 1,140,759 (71,994) -5.9% Public Health - - - - - Social & Economic Services - - - - - Culture & Recreation 683,899 1,959,964 544,895 550,611 5,716 1.0% Housing & Community Developm 15,745,051 1,884,530 2,061,657 2,024,581 (37,076) -1.8% Transfers Out 3,120,768 1,583,382 1,513,117 1,380,022 (133,095) -8.8% Total Expenditures 20,638,679 $ 14,919,777 $ 5,385,787 $ 5,152,155 $ (233,632) $ -4.3% TOTALS Summary by Activity Summary by Function DEBT SERVICE FUNDS ---PAGE BREAK--- DEBT SERVICE 1994 TAX INCREMENT BOND C I T Y A N D C O U N T Y O F B U T T E – S I L V E R B O W P a g e E - 1 Program Description Tax Increment Bond, Series 1994 were issued with a final maturity date July 1, 2014. Future revenue from the tax increment financing district has been pledged to pay bond principal and interest as due. This series of bonds was originally issued in the amount of $915,000 with variable interest rate between 4.25% and 7.50% and a balance at June 30, 2013 of $155,000. Actual Actual Projected Budgeted Increase Percent Expenditure Category FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change Summary of Expenditures: Personnel Services - $ - $ - $ - $ - $ Operating Expenditures - - - - - Debt Service 83,970 84,313 84,250 83,813 (438) -0.5% Capital Outlay - - - - - Transfers Out - - - - - Total Expenditures 83,970 $ 84,313 $ 84,250 $ 83,813 $ (438) $ -0.5% Actual Actual Projected Budgeted Increase Percent Function FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change General Government - $ - $ - $ - $ - $ Public Works - - - - - Public Safety - - - - - Public Health - - - - - Social & Economic Services - - - - - Culture & Recreation - - - - - Housing & Community Dev 83,970 84,313 84,250 83,813 (438) -0.5% Transfers Out - - - - - Total Expenditures 83,970 $ 84,313 $ 84,250 $ 83,813 $ (438) $ -0.5% Summary by Function Tax Increment Bond Fund Department: Uptown Revitalization Activity: Bond Construction Account Summary by Activity ---PAGE BREAK--- DEBT SERVICE TAX INCREMENT TRANSFER TO URA C I T Y A N D C O U N T Y O F B U T T E – S I L V E R B O W P a g e E - 2 Program Description The fund accounts for the transfer of tax receipts to the URA fund for operation of the Urban Revitalization Agency Tax Increment District within the approved boundaries of uptown Butte. Per the bond covenants, all increment is deposited to the bond fund for the bond payment. All excess funds are transferred to the URA for operations. Actual Actual Projected Budgeted Increase Percent Expenditure Category FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change Summary of Expenditures: Personnel Services - $ - $ - $ - $ - $ Operating Expenditures - - - - - Debt Service - - - - - Capital Outlay - - - - - Transfers Out 3,120,768 1,450,000 1,323,022 1,323,022 - - Total Expenditures 3,120,768 $ 1,450,000 $ 1,323,022 $ 1,323,022 $ - $ 0.0% Actual Actual Projected Budgeted Increase Percent Function FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change General Government - $ - $ - $ - $ - $ Public Works - - - - - Public Safety - - - - - Public Health - - - - - Social & Economic Services - - - - - Culture & Recreation - - - - - Housing & Community Dev - - - - - Transfers Out 3,120,768 1,450,000 1,323,022 1,323,022 - - Total Expenditures 3,120,768 $ 1,450,000 $ 1,323,022 $ 1,323,022 $ - $ 0.0% Summary by Function Tax Increment Bond Fund Department: Uptown Revitalization Activity: Transfer To URA Fund Summary by Activity ---PAGE BREAK--- DEBT SERVICE 2002 BOND TRANSFER TO GO REFUND C I T Y A N D C O U N T Y O F B U T T E – S I L V E R B O W P a g e E - 3 Program Description The City and County of Butte-Silver Bow issued General Obligation Bond Series 2002 in July, 2002 for the voter approved renovation of the existing jail into administration offices and a 911 dispatch center. The main project was the construction of a new detention facility. These bonds were called in September 2011. Any remaining taxes collected for these bonds are transferred to the GO Bond Refunding to reduce the taxes for that fund. Actual Actual Projected Budgeted Increase Percent Expenditure Category FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change Summary of Expenditures: Personnel Services - $ - $ - $ - $ - $ Operating Expenditures - - - - - Debt Service - - - - - Capital Outlay - - - - - Transfers Out - 101,212 156,637 48,000 (108,637) Total Expenditures - $ 101,212 $ 156,637 $ 48,000 $ (108,637) $ -69.4% Actual Actual Projected Budgeted Increase Percent Function FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change General Government - $ - $ - $ - $ - $ Public Works - - - - - Public Safety - - - - - Public Health - - - - - Social & Economic Services - - - - - Culture & Recreation - - - - - Housing & Community Dev - - - - - Transfers Out - 101,212 156,637 48,000 (108,637) Total Expenditures - $ 101,212 $ 156,637 $ 48,000 $ (108,637) $ -69.4% Summary by Function GO Bond Det & Admin Proj Department: Sheriff Activity: Transfer to GO Bond Refunding Summary by Activity ---PAGE BREAK--- DEBT SERVICE 2010 TAX INCREMENT BOND C I T Y A N D C O U N T Y O F B U T T E – S I L V E R B O W P a g e E - 4 Program Description On December 22, 2010, the Tax Increment Industrial Infrastructure Development Revenue Bonds, Series 1996 and Series 1997 were called and a Series 2010 Taxable Tax Increment Industrial Infrastructure Development Improvement and Refunding Revenue Bonds were issued in the amount of $13,705,000. The Bonds will bear interest at the annual rate of 4.5%, payable semiannually on January 1 and July 1 of each year, commencing July 1, 2011, will mature on July 1, 2022, and will be subject to optional redemption at any time. The previous letter of credit was not renewed at time of refunding. The purchaser of the bonds is REC Advanced Silicon Materials LLC, a Delaware limited liability company. The total bonds outstanding on June 30, 2013 are $11,650,000. Actual Actual Projected Budgeted Increase Percent Expenditure Category FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change Summary of Expenditures: Personnel Services - $ - $ - $ - $ - $ Operating Expenditures 12,660 1,396 25,000 25,000 - 0.0% Debt Service 15,648,421 1,756,268 1,449,613 1,452,875 3,262 0.2% Capital Outlay - - - - - Transfers Out - - - - - Total Expenditures 15,661,081 $ 1,757,664 $ 1,474,613 $ 1,477,875 $ 3,262 $ 0.2% Actual Actual Projected Budgeted Increase Percent Function FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change General Government - $ - $ - $ - $ - $ Public Works - - - - - Public Safety - - - - - Public Health - - - - - Social & Economic Services - - - - - Culture & Recreation - - - - - Housing & Community Dev 15,661,081 1,757,664 1,474,613 1,477,875 3,262 0.2% Transfers Out - - - - - Total Expenditures 15,661,081 $ 1,757,664 $ 1,474,613 $ 1,477,875 $ 3,262 $ 0.2% Summary by Function ASiMI Bond Fund Department: TIFID Industrial Activity: Tax Increment Development Summary by Activity ---PAGE BREAK--- DEBT SERVICE 2011 TAX INCREMENT BOND C I T Y A N D C O U N T Y O F B U T T E – S I L V E R B O W P a g e E - 5 Program Description On September 27, 2011, Tax Increment Bond, Series 2011 was issued with a final maturity date July 1, 2022. Future revenue from the Tax Increment Industrial Infrastructure District No. 2 has been pledged to pay bond principal and interest as due. This series of bonds was issued in the amount of $4,050,000 with variable interest rate between 3.00% and 5.14%. The total bonds outstanding on June 30, 2013 are $3,705,000. . Actual Actual Projected Budgeted Increase Percent Expenditure Category FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change Summary of Expenditures: Personnel Services - $ - $ - $ - $ - $ Operating Expenditures - - - - - Debt Service - 42,553 502,794 462,894 (39,900) -7.9% Capital Outlay - - - - - Transfers Out - - - - - Total Expenditures - $ 42,553 $ 502,794 $ 462,894 $ (39,900) $ -7.9% Actual Actual Projected Budgeted Increase Percent Function FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change General Government - $ - $ - $ - $ - $ Public Works - - - - - Public Safety - - - - - Public Health - - - - - Social & Economic Services - - - - - Culture & Recreation - - - - - Housing & Community Dev - 42,553 502,794 462,894 (39,900) -7.9% Transfers Out - - - - - Total Expenditures - $ 42,553 $ 502,794 $ 462,894 $ (39,900) $ -7.9% Summary by Function ASiMI Bond Fund Department: TIFID Industrial Activity: Tax Increment Development Summary by Activity ---PAGE BREAK--- DEBT SERVICE 1999 BOND TRANSFER TO GO REFUND C I T Y A N D C O U N T Y O F B U T T E – S I L V E R B O W P a g e E - 6 Program Description The City and County of Butte-Silver Bow issued General Obligation Bond Series 1999 in July, 1999 for the voter approved renovation of the Civic Center. These bonds were called in September 2011. Any remaining taxes collected for these bonds are transferred to the GO Bond Refunding to reduce the taxes for that fund. Actual Actual Projected Budgeted Increase Percent Expenditure Category FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change Summary of Expenditures: Personnel Services - $ - $ - $ - $ - $ Operating Expenditures - - - - - Debt Service - - - - - Capital Outlay - - - - - Transfers Out - 32,170 33,458 9,000 (24,458) Total Expenditures - $ 32,170 $ 33,458 $ 9,000 $ (24,458) $ -73.1% Actual Actual Projected Budgeted Increase Percent Function FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change General Government - $ - $ - $ - $ - $ Public Works - - - - - Public Safety - - - - - Public Health - - - - - Social & Economic Services - - - - - Culture & Recreation - - - - - Housing & Community Dev - - - - - Transfers Out - 32,170 33,458 9,000 (24,458) Total Expenditures - $ 32,170 $ 33,458 $ 9,000 $ (24,458) $ -73.1% Summary by Function Civic Center Debt Service Department: Civic Center Activity: Transfer to GO Bond Refunding Summary by Activity ---PAGE BREAK--- DEBT SERVICE 2007 GO BOND LADDER TRUCK C I T Y A N D C O U N T Y O F B U T T E – S I L V E R B O W P a g e E 7 Program Description On November 7, 2006 the voters of the City and County approved a ballot measure to sell up to $1.1 million in general obligation bonds for the purpose of financing the purchase of a 100’ Super HD Aerial Ladder Truck and associated equipment. On September 28, 2007 the City and County issued a $978,554 General Obligation Bond to the Montana Board of Investments (MBOI). The Bond had an initial interest rate of 4.85% and this will vary annually on the unpaid principal installments until the Bond is paid off on August 15, 2017. The current interest rate is 1.00%. The total bonds outstanding related to this project, as of June 30, 2013 are $450,998. . Actual Actual Projected Budgeted Increase Percent Expenditure Category FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change Summary of Expenditures: Personnel Services - $ - $ - $ - $ - $ Operating Expenditures - - - - - Debt Service 114,378 112,424 106,790 104,471 (2,319) -2.2% Capital Outlay - - - - - Transfers Out - - - - - Total Expenditures 114,378 $ 112,424 $ 106,790 $ 104,471 $ (2,319) $ -2.2% Actual Actual Projected Budgeted Increase Percent Function FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change General Government - $ - $ - $ - $ - $ Public Works - - - - - Public Safety 114,378 112,424 106,790 104,471 (2,319) -2.2% Public Health - - - - - Social & Economic Services - - - - - Culture & Recreation - - - - - Housing & Community Dev - - - - - Transfers Out - - - - - Total Expenditures 114,378 $ 112,424 $ 106,790 $ 104,471 $ (2,319) $ -2.2% Summary by Function Ladder Truck Debt Service Department: Fire Activity: Fire Prevention Summary by Activity ---PAGE BREAK--- DEBT SERVICE 2008 GO BOND ARCHIVES C I T Y A N D C O U N T Y O F B U T T E – S I L V E R B O W P a g e E - 8 Program Description On November 14, 2007 the voters of the City and County approved a ballot measure to issue $7.5 million in general obligation bonds to construct an archives vault, and remodel and renovate the historic archives building. On July 9, 2008 the City and County issued $4,500,000 of general obligation bonds with varying interest rates of 3.50% to 5.50% with average coupon of 4.18% and final maturity of July 1, 2028. On February 18, 2009 the City and County issued the remaining $3,000,000 of General Obligation Bonds. These bonds had varying interest rates of 3.00% to 4.65% with average coupon rate of 4.06% and carry a final maturity on July 1, 2029. The total bonds outstanding related to this project, as of June 30, 2013 are $6,625,000. . Actual Actual Projected Budgeted Increase Percent Expenditure Category FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change Summary of Expenditures: Personnel Services - $ - $ - $ - $ - $ Operating Expenditures 550 550 1,200 1,200 - 0.0% Debt Service 495,033 537,370 543,695 549,411 5,716 1.1% Capital Outlay - - - - - Transfers Out - - - - - Total Expenditures 495,583 $ 537,920 $ 544,895 $ 550,611 $ 5,716 $ 1.0% Actual Actual Projected Budgeted Increase Percent Function FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change General Government - $ - $ - $ - $ - $ Public Works - - - - - Public Safety - - - - - Public Health - - - - - Social & Economic Services - - - - - Culture & Recreation 495,583 537,920 544,895 550,611 5,716 1.0% Housing & Community Dev - - - - - Transfers Out - - - - - Total Expenditures 495,583 $ 537,920 $ 544,895 $ 550,611 $ 5,716 $ 1.0% Summary by Function Archives Debt Service Department: Archives Activity: Archives Summary by Activity ---PAGE BREAK--- DEBT SERVICE 2003 SID BOND BLACKTAIL LOOP C I T Y A N D C O U N T Y O F B U T T E – S I L V E R B O W P a g e E - 9 Program Description On July 15, 2003 the City and County of Butte-Silver issued $400,000 in Special Improvement District bonds referred to SID #1025. The special improvement district was created by Council Resolution #00- 74 on December 20, 2000 in accordance with Section 7-12-4113, MCA. The proceeds from the bonds were used to pave 2.6 miles of the Blacktail Loop, a primary roadway through the McGuinness Tracts. The bonds carry an interest rate varying of 1.85%-4.30% with a final maturity of July 1, 2013. The total bonds outstanding on June 30, 2013 are $55,000. . Actual Actual Projected Budgeted Increase Percent Expenditure Category FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change Summary of Expenditures: Personnel Services - $ - $ - $ - $ - $ Operating Expenditures - - - - - Debt Service 52,028 55,303 53,365 56,183 2,818 5.3% Capital Outlay - - - - - Transfers Out - - - - - Total Expenditures 52,028 $ 55,303 $ 53,365 $ 56,183 $ 2,818 $ 5.3% Actual Actual Projected Budgeted Increase Percent Function FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change General Government - $ - $ - $ - $ - $ Public Works 52,028 55,303 53,365 56,183 2,818 5.3% Public Safety - - - - - Public Health - - - - - Social & Economic Services - - - - - Culture & Recreation - - - - - Housing & Community Dev - - - - - Transfers Out - - - - - Total Expenditures 52,028 $ 55,303 $ 53,365 $ 56,183 $ 2,818 $ 5.3% Summary by Function SID 1025-Blacktail Loop DS Department: Maintenance Sids Activity: Unallocated Costs Summary by Activity ---PAGE BREAK--- DEBT SERVICE 2011 GO BOND REFUNDING C I T Y A N D C O U N T Y O F B U T T E – S I L V E R B O W P a g e E - 10 Program Description On September 27, 2011, the General Obligation Bonds Series 1999, Series 2002 and Series 2003 were called and a Series 2011 General Obligation Refunding Bonds were issued in the amount of $9,505,000. The Bonds bear interest at varying annual rates between 2.0% and 3.5%, payable semiannually on January 1 and July 1 of each year, commencing January 1, 2012, will mature on July 1, 2022. Bonds with stated maturities in the years 2012 through 2016 will not be subject to optional redemption prior to their stated maturities. Bonds maturing July 1, 2017 and thereafter shall be subject to redemption at the option of the City-County on July 1, 2016. This bond refunding was undertaken to reduce total debt services for the remainder of the life of the bonds. This refunding resulted in a reduction of debt payments by $792, 011 and resulted in a net present value savings of $693,803. The total bonds outstanding on June 30, 2013 are $8,660,000. . Actual Actual Projected Budgeted Increase Percent Expenditure Category FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change Summary of Expenditures: Personnel Services - $ - $ - $ - $ - $ Operating Expenditures - 37,600 1,350 1,350 - 0.0% Debt Service - - 1,104,613 1,034,938 (69,676) -6.3% Capital Outlay - - - - - Transfers Out - - - - - Total Expenditures - $ 37,600 $ 1,105,963 $ 1,036,288 $ (69,676) $ -6.3% Actual Actual Projected Budgeted Increase Percent Function FY 2011 FY 2012 FY 2013 FY 2014 (Decrease) Change General Government - $ - $ - $ - $ - $ Public Works - - - - - Public Safety - 37,600 1,105,963 1,036,288 (69,676) -6.3% Public Health - - - - - Social & Economic Services - - - - - Culture & Recreation - - - - - Housing & Community Dev - - - - - Transfers Out - - - - - Total Expenditures - $ 37,600 $ 1,105,963 $ 1,036,288 $ (69,676) $ -6.3% Summary by Function GO Bond Refunding Department: Sheriff Activity: Detention & Correction Summary by Activity