City of New Albany
Summary of Financing Scenarios for Proposed Economic Development Income Tax Revenue Bonds for 2008
City of New Albany Debt Limit
Pay 2007 Net Assessed Valuation.......$1,532,260,987
One third of Net Assessed
Valuation Times: 2% Debt Limit.........$510,753,66
_________________________________2%
City of New Albany Debt Limit...........$10,215,073
Economic Development Income Tax [EDIT] Revenue
2008 EDIT Revenue...........................$2,731,466
Existing Pledge of EDIT
for 2006 Lease Rental........................$114,250 - 116,750
Annually through 2021
Financing Scenarios
Maximum Proceeds with Annual Debt Service of Approximately $875,000
Par Amount of Bonds: $7,940,000
Interest Rate: 7.00%
Maximum Annual Debt Service: $874,350
Final Maturity: 1/15/2024
Approximate Term
[In Years]: 15
Project Fund: $6,800,000
Financing Scenarios
Maximum Proceeds with Annual Debt Service of Approximately $875,000
Par Amount of Bonds: $9,170,000
Interest Rate: 4.83%
Maximum Annual Debt Service: $874,622
Final Maturity: 1/15/2024
Approximate Term [In Years]: 15
Project Fund: $7,975,000
Freedom Of Speech would like to say:
The problem with New Albany in the eyes of most taxpayers is that this is not a priority. Why would we want to put this debt on our children and grandchildren?
"Just to line someone else's pockets!"
Hasn't anyone ever taught these idiots the different between a WANT and a NEED?
Good Grief!
