The Certificates of Participation represent debt of the Larimer County Building Authority and are not general obligations of the County. The certificates were issued to finance the construction of buildings leased to the County. $71,010,000, Series 1998, Certificates of Participation due in varying installments through December 15, 2012; interest ranges from 4.00% to 5.00% payable each June 15 and December 15.
A summary of annual requirements to repay these certificates is as follows:
|
Year |
Principal |
Interest |
Total |
|
1999 |
$ 2,775,000 |
$ 3,294,444 |
$ 6,069,444 |
|
2000 |
3,385,000 |
3,187,606 |
6,572,606 |
|
2001 |
3,540,000 |
3,026,819 |
6,566,819 |
|
2002 |
3,720,000 |
2,849,819 |
6,569,819 |
|
2003 |
3,880,000 |
2,693,579 |
6,573,579 |
|
2004-2008 |
22,340,000 |
10,518,644 |
32,858,644 |
|
2009-2012 |
28,700,000 |
4,148,112 |
32,848,112 |
|
Total |
$ 68,340,000 |
$ 29,719,023 |
$ 98,059,023 |
Underlying the Certificates is an annually renewable lease, subject to annual appropriation, entered into between the County and the Larimer County Building Authority. The certificates are payable from a voter approved sales tax.
A reserve fund of $6,574,429 is required and is included in the Larimer County Building Authority Debt Fund.
Back to 1998 Financial Report