City of Surrey's Annual Financial Report 2021

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS CITY OF SURREY

For the year ended December 31, 2021 [tabular amounts in thousands of dollars]

10. DEBT (CONTINUED)

ii) Loans payable

2021

2020

Loan payable (Cedar Hills Shopping Plaza), Citizen’s Bank of Canada, 25-year capital financing expiring Nov 1, 2037, 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% per annum.

$

11,141

$

11,636

34,221

35,109

$

45,362

Total Loans Payable

$

46,745

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

MFA payments (i)

Loan payments (ii)

Total

$

12,829 13,236 13,659 14,094 14,405 288,747 356,970

2022 2023 2024 2025 2026

$

11,423

$

1,406

11,782 12,153

1,454 1,506

12,534

1,560 1,617

12,788 250,928

2027 and thereafter

37,819

$

Total

$

311,608

$

45,362

Total interest expense recorded for the year ended December 31, 2021 was $9.3 million (2020 - $10.4 million).

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