2017 Finance Annual Report

NOTESTOTHE CONSOLIDATED CITY OF SURREY FINANCIAL STATEMENTS

For the year ended December 31, 2017 [tabular amounts in thousands of dollars]

8. DEBT

2016

2017

Debt (i)

$

190,993

$

185,457

Loans payable (ii)

33,569

81,762

$

224,562

$

267,219

i) Debt Pursuant to security issuing bylaws under authority of the Community Charter, the City obtains debt instruments through the Municipal Finance Authority of British Columbia (MFA) to finance certain capital expenditures.

Gross amount of the debt less sinking fund installments and actuarial adjustments to date are as follows:

Sinking fund installments and actuarial adjustments

Net debt 2016

Net debt 2017

Gross debt

General Capital Fund

$ 212,335

$ 26,878

$ 190,993

$ 185,457

Current borrowing includes:

MFA Issue

Issue Date

Term (yrs.)

Maturity

Interest Rate * Refinancing Date

116

April 4, 2011

25

April 4, 2036

4.20%

April 4, 2021

121

October 4, 2012

25

October 4, 2037

2.90%

October 4, 2022

126

September 26, 2013

30

September 26, 2043

3.85% September 26, 2023

*On the Refinancing Date, the City has the option to retire the debt early or refinance the borrowing at a new interest rate.

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