Last week, I wrote about the county bonds tied to sales tax revenues and how they have been continually refinanced – 1993 and 2002. Read County bonds that never got paid.
In 1993, Escambia County issued $50,355,000 in bonds. It had $102,327.51 in accrued interest, $904,536.75 in 1989B Bonds Debt Service Fund and added $6,025,359 from county funds for total of $57,387,223.26.
$56,298,266.06 was used to pay off the 1989B Bonds, $102,327.51 paid off the accrued interest, $615,009 was for issuance fees, insurance and reserve fund premiums, and $371,619.90 went to underwriters…Attorneys, banks, underwriters, insurance companies made $986,630.
The new debt – $50,355,000 – was back loaded with small payments the first 10 years and the bulk paid in 2004-2008….which was the incentive to refinance in 2002.
Payment Schedule
1994 $435,000
1995 115,000
1996 120,000
1997 130,000
1998 140,000
1999 140,000
2000 150,000
2001 145,000
2002 150,000
2003 160,000
2004 2,950,000
2005 3,105,000
2006 3,280,000
2007 3,460,000
2008 3,655,000
Stay tuned for more.
