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CITY OF SUNNY ISLES BEACH, FLORIDA <br />NOTES TO FINANCIAL STATEMENTS <br />FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 <br />NOTE 6 — LONG-TERM LIABILITIES (CONTINUED) <br />GOVERNMENTAL ACTIVITIES (CONTINUED) <br />2012 Series Capital Improvement Revenue Refunding Bonds (Revenue Bonds) <br />On April 20, 2012, the City issued the Capital Improvement Revenue Refunding Bonds, <br />Series 2012, in the amount $10,000,000. The bonds bear interest at 2.43% and matured in <br />November 2022. Interest is payable semiannually on the first day of May and November. <br />The proceeds plus $2,211,150 of City funds were used to refund $11,510,000 of <br />outstanding 2002C Series Florida Municipal Loan Council Revenue Bonds. The City <br />covenants to budget and appropriate non -ad valorem revenues in amounts sufficient to pay <br />the principal of and interest on the bonds. <br />The bond contains provisions in the event of default of any payment due to the lender, <br />written admission or inability to pay or filing a petition of bankruptcy, judgment of <br />insolvency, or other similar events by the City, the lender may declare all obligations under <br />this bond immediately due and payable. <br />BUSINESS -TYPE ACTIVITIES <br />2013 Series Stormwater Utility Revenue Refunding Bonds <br />On April 22, 2013, the City issued the 2013 Series Stormwater Utility Revenue Refunding <br />Bonds in the amount of $4,450,000. The bonds bear interest at 1.82% and matured in <br />February 2023. Interest is payable quarterly on the first day of February, May, August and <br />November. The principal and interest are secured by a pledge of and lien on the stormwater <br />utility fees. The Bond Indenture also requires the maintenance of a minimum debt service <br />coverage ratio of 1.35:1.00. <br />Annual debt service requirements to maturity for revenue bonds and note payable are as <br />follows: <br />For the Fiscal Year Ending Governmental Activities <br />September 30, Principal Interest <br />2024 $ 1,899,259 $ 379,993 <br />2025 1,965,988 308,800 <br />2026 2,034,363 236,044 <br />2027 2,104,968 160,668 <br />2028 1,378,140 94,440 <br />2029 1,437,520 37,022 <br />Total $10,820,238 $ 1,216,967 <br />47 <br />