bonded debts of six Seminole cities.
as obtained from the state of Florida auditor general's office. these are 2000 bonds
the cities are listed in the order of THE INDENTURED bonded status of the city.
the 2001 bond figures are now published --- click [
here ]*********************************
the city with the lowest bond debt is listed as number one.
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the heaviest bonded and most indebted city is number six.
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( THESE figures are reported as required by Florida law under -- FS11.45 (3)(a)5. )
(FIGURES as of September 30, 2000)
city number one
Longwood
total bonded debt
$0.00
*NOTE:
Cities must file the audited report if their bonded debt is over
$100,000 dollars.city number two
lake Mary
total bonded debt
$10,126,823 dollars
**************
general long term debt
$10,126,823 dollars
(principal $7,340,000 ------- interest $2,786,823)
*******************
enterprise fund debt
- 0-
city number three
Casselberry
total bonded debt
$17,343,987 dollars
************
general long term debt
$4,531,216 dollars
(principal $3,040,000 -- interest $1,491,216)
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enterprise fund debt
$12,812,771 dollars
(principal $9,915,000 -- interest $2,897,771)
city number four
Oviedo
total bonded debt
$34,543,681 dollars
************
general long term debt
$23,953,204 dollars
(principal $15,987,774 -- interest $7,965,430)
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enterprise fund debt
$10,590,477 dollars
(principal $5,675,000 -- interest $4,915,477)
city number five
Sanford
total bonded debt
$51,871,951 dollars
*************
general long term debt
- 0 -
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enterprise fund debt
$51,871,951 dollars*
(principal $31,655,000 -- interest $20,216,951)
*NOTE
This huge enterprise bond debt load is due to the building and refurbishing of miles of old water and sewerage lines. it also includes some new and expanded facilities at the growing Sanford airport.
city number six
the city of
winter springs
total bonded debt
$73,931,010 dollars
*************
general long term debt
$34,926,903 dollars
(principal $16,738,970 -- interest $18,187,933)*
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enterprise fund debt
$39,004,107 dollars
(principal $22,885,000 -- interest $16,119,107)
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*NOTE
The interest rate is higher than the principal on the General Long term Debt bond. this is the only city with this ratio. Three municipal sources have indicated this could possibly be due to the city's lower/Latest bond ratings, creative financing, or heavily insured/Pledged funds bonds due to ratings.
could this be the reason that the $2,265,000 dollar bond for the Tuscawilla beautification district is backed by a surety reserve, which is a----
$160,000,000 million dollar sales tax pledge !
(The above figure is from the "Tuscawilla Today" June issue)
better hope the city doesn't default !
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NOW THE EVER RISING BOND TOTALS.
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CITY'S BOND DEBTS -$91,194,970(?)
( estimated approaching 110 million )
the figure is climbing probably as you read this article. The City Manager brought before the commission at the last meeting yet another (1995) bond to be refinanced. Once again A commissioner questioned this move. the only one on the dais that is even alarmed.
ask your commissioner about these bonds. they voted on each and every one of them. they should have the figures handy to answer your questions. Better yet --- ask commissioner miller. he says (It's on tape) -
"I Can account for every penny"!
[ 2001 bonds ] ** [ taxes go up ]
