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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