City of Surrey 2016 Annual Report

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS  CITY OF SURREY

For the year ended December 31, 2016 [tabular amounts in thousands of dollars]

10. DEBT

2015

2016

Debt (i)

$

196,316

$

190,993

Loans payable (ii)

31,602

33,569

$

227,918

$

224,562

i) 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 2015

Net debt 2016

Gross debt

General Capital Fund

$ 212,335

$ 21,342

$ 196,316

$ 190,993

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

121 126

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.

54