Annual Report 2014

City of Surrey

Notes to the Consolidated Financial Statements For the year ended December 31, 2014 [tabular amounts in thousands of dollars]

10. Debt

2014

2013

$ 201,435

Debenture debt (i) Loans payable (ii)

$ 206,356

40,541

39,223

$ 241,976

$ 245,579

i)

Debenture debt Pursuant to security issuing by-laws 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 2014

Gross debt

Net debt 2013

$

201,435

General Capital Fund

$ 212,335

$

10,900

$ 206,356

Current borrowing includes:

MFA Issue

Term (yrs.)

Interest Rate

* Refinancing Date

Issue Date

Maturity

116

April 4, 2011

25

April 4, 2036

4.20% April 4, 2021

121 126

October 4, 2012

25 30

October 4, 2037

2.90% October 4, 2022

September 26, 2013

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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