VILLAGE OF BENSENVILLE, ILLINOIS Notes to the Financial Statements December 31, 2012
NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued LONG-TERM DEBT Notes Payable The Village enters into notes payable to provide funds for TIF redevelopment costs. The notes are to be paid solely from TIF funds. Notes payable currently outstanding are as follows: Issue
Fund Debt Retired by
Beginning Balances
Real Estate Opportunity Corporation Note Payable of 2001, due in one installment of $1,000,000 plus interest at 8.00% on February 20, 2024.
TIF VI Route 83/ Thorndale
$ 1,000,000
-
-
1,000,000
U.S. Cellular Note Payable of 2001, due in one installment of $2,000,000 plus interest at 8.00% on February 20, 2024.
TIF VI Route 83/ Thorndale
2,000,000
-
-
2,000,000
3,000,000
-
-
3,000,000
Issuances
Retirements
Ending Balances
General Obligation/Alternate Revenue Sources Bonds The Village issues general obligation/alternate revenue source bonds to provide funds for the acquisition and construction of major capital facilities, to pay principal and interest on other outstanding bonds, and to finance corporate purpose projects of the Village. General obligation/alternate revenue source bonds have been issued for governmental activities and business-type activities. General obligation/alternate revenue source bonds are direct obligations and pledge the full faith and credit of the Village. General obligation/alternate revenue source bonds currently outstanding are as follows: Issue General Obligation (Waterworks and Sewerage Alternate Revenue Source) Bonds of 1998, due in annual installments of $150,000 plus interest at 4.25% through May 1, 2014.
Fund Debt Retired by
Utility
Beginning Balances
$ 1,350,000
*Refunded 38
Issuances
-
Retirements
950,000 * 100,000
Ending Balances
300,000