City of Surrey's Annual Financial Report 2020

NOTESTOTHE CONSOLIDATED CITY OF SURREY  FINANCIAL STATEMENTS

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

10. DEBT

2020

2019

$

167,485 46,745 214,230

MFA debt (i)

$

173,712 48,065 221,777

Loans payable (ii)

$

$

i)

MFA 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 2020 $ 74,589

Net debt 2019

MFA Issue

Gross debt $ 100,000

116 121 126

$ 25,411

$ 77,875

35,044 57,852

45,000 67,335

9,956 9,483

36,465 59,372

$ 167,485

$ 212,335

$ 44,850

$ 173,712

Current borrowing includes:

MFA Issue

Issue Date April 4, 2011

Term (yrs.)

Maturity

Interest Rate

*Refinancing Date

116 121 126

25 25 30

April 4, 2036

4.20% April 4, 2021 2.90% October 4, 2022 3.85% Sept. 26, 2023

October 4, 2012 Sept. 26, 2013

October 4, 2037 Sep. 26, 2043

*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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