F. Long-Term Debt and Liabilities (Continued)

City Council · 2026-04-21 · agenda_item

The City of West Melbourne is reviewing its long-term debt and liabilities, specifically focusing on outstanding revenue bonds for business-type activities. This includes the Water and Sewer Revenue Refunding Bonds, Series 2014, with a remaining balance of $515,300, and the Water and Sewer Revenue Bonds, Series 2024D, with a remaining balance of $54,055,000. The Series 2014 bonds mature in October 2026, while the Series 2024D bonds mature in October 2054 and were issued to finance capital projects. The city is also managing a contract termination payable related to an interlocal agreement for water services, with a remaining liability of $1,250,000 being paid in installments through 2027. This item is currently under review as part of the city's financial reporting. The ongoing management of these bonds and liabilities may involve future financial planning, consulting, and potentially capital project work related to water and sewer infrastructure. Contractors, suppliers, and service providers in the utility and finance sectors should monitor future city announcements for potential opportunities as these financial instruments are managed and capital projects are planned.

Water and Sewer Revenue Refunding Bonds, Series 2014 remaining

515,300 $

Water and Sewer Revenue Bonds, Series 2024D remaining

54,055,000 $

Total business-type activities

54,570,300 $

Water and Sewer Revenue Refunding Bonds, Series 2014 original issuance

5,778,300 $

Water and Sewer Revenue Refunding Bonds, Series 1999 refunded

960,000 $

Water and Sewer Revenue Refunding and Improvement Bonds, Series 2004 refunded

1,300,000 $

Florida Municipal Loan Council Series 2005D partially refunded

2,925,000 $

Water and Sewer Revenue Bonds, Series 2007 partially refunded

1,200,000 $

Series 2014 bonds interest rate

2.30 %

Series 2014 bonds principal due annually range

1,039,500 $

Series 2014 bonds principal due annually minimum

104,700 $

Water and Sewer Bonds, Series 2024D original issuance

54,055,000 $

Series 2024D Bonds interest rate

5.00 %

Series 2024D Bonds principal due annually range

3,300,000 $

Series 2024D Bonds principal due annually minimum

945,000 $

Contract termination fee

2 million

Annual reduction percentage

4 %

Contract termination liability recognized

1,250,000 $

Contract termination payable installments

250,000 $