City of Surrey's Annual Financial Report 2020

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS  CITY OF SURREY

For the year ended December 31, 2020 [tabular amounts in thousands of dollars]

10. DEBT (CONTINUED)

ii) Loans payable

2020

2019

Loan payable (Cedar Hills mall), 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. Biofuel Processing Facility, 25-year capital financing expiring December 31, 2042, payable in monthly payments of $221,516 including interest calculated at a rate of 5.10% payable.

$ 11,636

$

12,112

35,109

35,953

$ 46,745

Total Loans Payable

$ 48,065

MFA payments and loan payments over the next five years and thereafter are as follows:

MFA payments (i)

Loan payment (ii)

Total 7,859 8,141 8,459 8,791 9,136

$

2021 2022 2023 2024 2025

$

6,476 6,735 7,005 7,285 7,576

$

1,383 1,406 1,454 1,506 1,560

171,844

2026 and thereafter

132,408

39,436

$ 214,230

Total

$ 167,485

$ 46,745

Total interest expense recorded for the year ended December 31, 2020 was $10.4 million (2019 - $10.4 million).

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