City of Port St . Lucie , Florida Community Redevelopment Agency Notes to the Financial Statements For the Year Ended September 30 , 2021
NOTE 5 . LONG-TERM LIABILITIES ( CONTINUED )
B . COMMUNITY REDEVELOPMENT AGENCY REDEVELOPMENT TRUST FUND REFUNDING BONDS , SERIES 2016 ( CONTINUED )
Refunded and Defeased Debt :
Bonds are refunded to retire all or a portion of an outstanding bond issue . Typically , the purpose of refundings is to refinance at a lower interest rate to reduce overall debt service . Refunding provides an irrevocable deposit with an escrow agent of sufficient funds to pay principal and interest , when due , on the refunded bonds to the earliest call date . These obligations are no longer considered a liability of the City .
The deferred and amortized amounts of accounting gains / losses on bond refundings ( which are deferred outflows / inflows of resources ) at September 30 , 2021 , are amortized as follows :
Deferred Amount |
Additions ( Gains / Losses ) |
Reductions due to Refunding |
Amortization Gains /( Losses ) |
Deferred Amount |
CRA TIF Refunding Bonds , Series 2016 $ 313,082 $ - $ - $ ( 31,498 ) $ 281,584
$ 313,082 $ - $ - $ ( 31,498 ) $ 281,584
C .
DEBT SERVICE REQUIREMENTS
Long-term debt service requirements for each of the years subsequent to September 30 , 2021 are : |
CRA TIF Refunding Bonds , Series 2016 |
September 30 , |
|
Principal |
Interest |
|
Total |
2022 |
$ |
3,770,000 $ |
1,109,250 |
$ |
4,879,250 |
2023 |
|
3,955,000 |
916,125 |
|
4,871,125 |
2024 |
|
5,185,000 |
687,625 |
|
5,872,625 |
2025 |
|
5,445,000 |
421,875 |
|
5,866,875 |
2026 |
|
5,715,000 |
142,875 |
|
5,857,875 |
Total |
$ |
24,070,000 $ |
3,277,750 |
$ |
27,347,750 |
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