Debt Schedules
Fiscal Year 2023
The City developed a long-range plan to utilize bonds and pay-as-you go for a comprehensive capital improvement plan. This combined strategy allows for continued investment in infrastructure and other capital assets. An advantage of combining borrowed funds with current funding is the ability to structure debt repayment schedules to avoid dramatic tax or rate increases otherwise needed to provide adequate amounts for large capital projects. The constitution of the State of Florida, Florida Statute 200.181 sets no legal debt limit. The City of Stuart has no legal debt limit.
Governmental Outstanding Debt
FL Fire Assessment Note 2021, Series 2021
On April 16, 2021 the City took advantage of favorable interest rates in the bond market and issued a Fire Assessment Note, Series 2021, in the amount of $622,000 with $592,582 used towards the purchase of a new fire engine. The bond is payable from fire assessment revenues appropriated by the City in its annual budget. The bond is payable annually beginning April, 2022 and ending October 1, 2026. Interest is payable semiannually on April 1 and October 1 at a rate of 2.19%.
Non-Ad Valorem Revenue Note, Series 2020
On August 5, 2020 the City took advantage of favorable interest rates in the bond market and issued a Non-Ad Valorem Refunding Note, Series 2020, in the amount of $5,050,000 with $5,000,000 used towards the purchase of the property located at 301 Ocean Blvd, known as Courthouse Commons. This building is the future home of City Hall. The bond is payable from non-ad valorem revenues appropriated by the City in its annual budget. The bond is payable annually beginning October 1, 2021 and ending October 1, 2030. Interest is payable semiannually on April 1 and October 1 at a rate of 1.295%.
General Obligation Bonds, Series 2014
On August 5, 2014 the City took advantage of favorable interest rates in the bond market and issued general obligation bonds, Series 2014, in the amount of $6,900,000 with $6,854,068 being used to refund the Series 2004 general obligation bonds. General obligation bonds are direct obligations and pledge the full faith and credit of the government, which are payable from ad valorem revenues appropriated by the City in its annual budget. The Bonds are payable annually beginning July 1, 2015 through July 2034. The interest is payable semiannually on January 1 and July 1, at an interest rate of 3.26%.
Non-Ad Valorem Refunding Revenue Note, Series 2012
On March 29, 2012 the City took advantage of favorable interest rates in the bond market and issued a Non-Ad Valorem Refunding Note, Series 2012, in the amount of $1,830,000 with $994,385 used to refund the Florida Municipal Loan Council Revenue Bonds, Series 2002A (“FMLC”). The original FMLC issue was for improvements to the Fire Station, the Recreation Center, and sidewalks with the remainder to fund stormwater improvements. The bonds are payable from non-ad valorem revenues appropriated by the City in its annual budget. The bonds are payable annually beginning May 2013 through May 2027. Interest is payable semiannually on May 1 and November 1 at a rate of 2.45%.
Enterprise Fund Outstanding Debt
Public Utilites Revenue Refunding Bonds and Notes
The City issued Public Utilities Revenue Refunding Bonds and Notes in the amounts of $8,129,000 in 2006, and $7,142,000 and $4,923,000 in 2007 for the purposes of making improvements and extensions to the Water and Sewer Utility of the City and to refund certain then outstanding revenue bonds. The City refunded $14,430,000 of the 2003 issuance in 2007 and $4,061,000 of the 2007B issuance in 2011.
Public Utilities Revenue Bonds, Series 2006
The Bonds are payable annually. The interest is payable on October 1 and April 1, at a fixed interest rate of 3.96%.
Public Utilities Revenue Bonds, Series 2007
The Bonds are payable annually. The interest is payable on October 1 and April 1, at a fixed interest rate of 4.05%.
Public Utilities Revenue Bonds, Series 2011
The Bonds are payable annually. The interest is payable on October 1 and April 1, at a fixed interest rate of 2.3%.
State Revolving Fund Loan, 2010
In 2010, the City entered into a loan agreement with the State of Florida Department of Environmental Protection to construct a reclaimed water system. The loan is payable semiannually beginning June 2011 through December 2030. Interest is payable semiannually on June 15 and December 15 at a rate of 2.42%.
State Revolving Fund Loan, 2015
In 2015, the City entered into a loan agreement with the State of Florida Department of Environmental Protection to construct a reclaimed water system. The loan is payable semiannually beginning December 2017 through December 2037. Interest is payable semiannually on June 15 and December 15 at a rate of 1.59%.
State Revolving Fund Loan, 2021
In 2021, the City entered into a loan agreement with the State of Florida Department of Environmental Protection to construct a reclaimed water system and deep injection well. The loan is payable semiannually beginning June 2021 through June 2041. Interest is payable semiannually on June 15 and December 15 at a rate of s 0.08 percent per annum.