UOSA’s annual debt service for current and future years is funded by each of the participating jurisdictions based on their allocated capacity with certain modifications. As of June 30, 2020, the Authority's future debt service requirements for principal and interest to UOSA, net of UOSA accumulated debt service reserves, are as follows: Years Ending June 30, 2021 2022 2023 2024 2025 2026-2030 2031-2035 2036-2040 2041-2045 2046-2050 2051-2052 Total Total Payment $ 11,537,609 11,744,929 12,103,318 12,103,241 12,105,860 57,962,972 41,568,544 39,213,342 11,261,699 6,374,385 989,553 $ 216,965,452 5 bonds payable Bonds payable as of June 30, 2020 consist of the following: (a) Series 2013 water and sewer system refunding revenue bonds were issued to defease $44,140,000 of the Series 2005 bonds. At June 30, 2020, $37,780,000 remained outstanding. Interest rates range from 3.0% to 5.0% annually on the remaining maturity dates from July 1, 2020 to July 1, 2035. (b) Series 2015 water and sewer system refunding revenue bonds were issued in April 2015 to refund the Series 2005 bonds. At June 30, 2020, $15,075,000 remained outstanding. The interest rate on the bonds is 2.11% with maturity dates from July 1, 2020 to July 1, 2029. For each of the outstanding bond series, interest is payable semi-annually on January 1 and July 1, and principal payments are made annually on July 1. In June 2020 and 2019, advance payments in the amount of $6,400,000 and $6,100,000, respectively, were made to the Trustee toward debt service for each of the subsequent fiscal years. During fiscal years 2020 and 2019, the Authority continued to be in compliance with all covenants associated with the outstanding bond indentures. See Statistical Section Tables 7, 8 and 9, on pages 97 and 98 for debt compliance information. For the year ended June 30, 2020, pledged revenues totaled approximately $159.5 million, and the required debt service payments represented 5.0% of the pledged revenues. The pledge of revenues remains in effect until the debt service requirements are satisfied in fiscal year 2036. At June 30, 2020, total future debt service requirements for bond principal and interest are approximately $65.3 million, as follows: 2013 Series Years ending June 30, 2021 2022 2023 2024 2025 2026-2030 2031-2035 2036 Total Principal $ 1,665,000 1,745,000 1,830,000 1,925,000 2,020,000 11,585,000 13,955,000 3,055,000 $ 37,780,000 Interest $ 1,397,000 1,309,750 1,218,250 1,122,000 1,021,000 3,646,150 1,322,100 – $ 11,036,250 2015 Series Principal $ 1,550,000 1,585,000 1,610,000 1,650,000 1,685,000 6,995,000 – – $ 15,075,000 Interest $ 285,378 251,934 217,963 183,148 147,595 301,305 – – $ 1,387,323 Principal Total Interest $ 3,215,000 $ 1,682,378 3,330,000 3,440,000 3,575,000 3,705,000 18,580,000 13,955,000 3,055,000 1,561,684 1,436,213 1,305,148 1,168,595 3,947,455 1,322,100 – $ 52,855,000 $ 12,423,573 48 FINANCIAL SECTION NOTES TO FINANCIAL STATEMENTS
Prince William County Service Authority | 4 County Complex Court Woodbridge, VA 22192
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