City of Surrey 2016 Annual Report

NOTESTOTHE CONSOLIDATED CITY OF SURREY  FINANCIAL STATEMENTS

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

10. DEBT (CONTINUED) ii) Loans payable

Loans payable by Surrey City Development Corporation are as follows:

2015

2016

Murray Latta loan payable, Bank of Montreal, 7-year term maturing May 1, 2020, payable in monthly payments of $22,942, including interest calculated at a rate of 3.86% per annum, secured by a mortgage on the commercial property Boundary Park loan payable, Citizen’s Bank of Canada, 10-year term maturing January 1, 2023, payable in monthly payments of $77,625, including interest calculated at a rate of 4.05% per annum, secured by a mortgage on the commercial property Cedar Hills loan payable, Citizen’s Bank of Canada, 10-year term maturing November 1, 2022, payable in monthly payments of $78,497, including interest calculated at a rate of 3.95% per annum, secured by a mortgage on the commercial property Term loan, Beedie LP, 5-year term maturing November 1, 2021, payable in monthly payments of $90,473, including interest calculated at the BA Swap Rate plus 1.60% per annum, secured by a mortgage on the commercial property Construction loan, Surrey Centre LPs, in the form of bankers’ acceptances, bearing interest at the bank’s prime lending rate, secured by the underlying property, and repayable upon the earlier of the receipt of the net proceeds from sales, take-out financing, lease prepayments, or upon the maturity date of October 31, 2017

$ 4,138

$

-

13,624

-

13,840

13,433

-

9,727

-

10,409

$ 31,602

$ 33,569

Sinking fund installments and mortgage payments on net outstanding debt and loans payable over the next five years and thereafter are as follows:

Sinking fund installments and actuarial adjustments

Loan payments

Total

2017 2018 2019 2020 2021

$

5,536 5,757 5,988 6,227 6,476

$

11,106

$

16,642

720 748 774 750

6,477 6,736 7,001 7,226

2022 and thereafter

161,009 190,993

19,471 33,569

180,480 224,562

Total

$

$

$

Interest charges on debt are as follows:

2015

2016

Cash for interest payments

$ $

8,097 8,097

$ $

8,097 8,097

Total interest expense

55