Debt service requirements for future principal payments are presented in the accompanying Statements of Net Position, inclusive of the following amounts: Unamortized Bond Premiums June 30, 2020 $ 1,493,671 June 30, 2019 $ 1,917,028 Deferred losses on refunding are presented in the accompanying Statements of Net Position, as follows: June 30, 2020 Deferred Amounts on 2015 Refunding Deferred Amounts on 2013 Refunding Total $ 45,269 2,046,420 $ 2,091,689 June 30, 2019 $ 55,649 2,315,369 $ 2,371,018 6 virginia resources authority loans payable VRA loans were issued under the Virginia Water Facilities Revolving Fund (VWFRF) program and used for the purpose of construction for expansion and improvements at the HLM AWRF. Each loan is secured by a pledge of revenues from the Authority’s water and wastewater system, with interest and principal payable on a semi-annual basis. All balances owed to VRA under the financing agreements are deemed to be parity indebtedness under the terms of the Local Master Indenture. At June 30, 2020, VRA loans payable consist of the following: Loans to finance improvements for biological nutrient removal and related expenses: (a) December 2000 loan - The outstanding loan balance at June 30, 2020 was $2,662,948, with interest payable at 3.85% per annum, and principal due through March 2022. (b) June 2004 loan - The outstanding loan balance at June 30, 2020 was $3,786,092 with interest payable at 1.95% (reduced from 3.10% effective December 1, 2016) per annum, and principal due through June 2025. Loans to finance the expansion and upgrade of the HLM AWRF: (c) June 2007 loan - The outstanding loan balance at June 30, 2020 was $23,716,827, with interest payable at 2.52% (reduced from 2.77% effective September 1, 2014) per annum, and principal due through March 2029. (d) June 2009 loan - The outstanding loan balance at June 30, 2020 was $23,748,952, with interest payable at 2.72% (reduced from 3.55% effective September 1, 2014) per annum, and principal due through March 2030. At June 30, 2020, total future VRA debt service requirements for principal and interest are approximately $60.7 million, as follows: 2000 and 2004 Loans Years ending June 30, 2021 2022 2023 2024 2025 2026-2030 Total Principal $ 2,034,209 $ 2,099,244 756,933 771,766 786,888 – $ 6,449,040 $ Interest 2007 Loan Principal 160,368 $ 2,379,048 $ 95,333 41,482 26,649 11,527 – 2,439,378 2,501,237 2,564,666 2,629,703 11,202,795 Interest 2009 Loan Principal 582,770 $ 2,096,709 522,440 460,581 397,152 332,115 644,476 2,154,128 2,213,118 2,273,725 12,337,422 2,673,850 335,359 $ 23,716,827 $ 2,939,534 $ 23,748,952 $ Interest 631,810 574,392 515,401 454,795 1,305,177 54,669 $ 3,536,244 Principal Total Interest $ 6,509,966 $ 1,374,948 6,692,750 5,471,288 5,610,157 15,754,013 13,876,645 1,192,165 1,017,464 878,596 1,648,819 699,145 $ 53,914,819 $ 6,811,137 NOTES TO FINANCIAL STATEMENTS FINANCIAL SECTION 49
Prince William County Service Authority | 4 County Complex Court Woodbridge, VA 22192
.png?v=1724343087134)
