Debt Management
Current Debts
The Town of Garner ' s long-term debt currently consists of general obligation bonds , installment purchase contracts , promissory notes , leases , and subscriptions . The Town has no revenue bond issues ; the general obligation bonds are collateralized by the full faith , credit , and taxing power of the Town .
Bonds payable on June 30 , 2023 are comprised of the following issues :
� $ 14,670,000 2015 general obligation bonds with annual installments through August 2036 . o Interest varying from 2.00 % to 5.00 %. o Outstanding principal is $ 10,545,000
� $ 9,805,000 2014 general obligation bonds with annual installments through August 2034 . o Interest varying from 2.00 % to 4.00 %. o Outstanding principal is $ 7,190,000
� $ 4,050,000 2018 general obligation bonds with annual installments through August 2038 . o Interest varying from 3.0 % to 5.0 % o Outstanding principal is $ 3,560,000
� $ 7,190,000 2019 public improvement bonds with annual installments through August 2039 . o Interest varying from 3.0 % to 5.0 %. o Outstanding principal is $ 6,630,000
� $ 4,740,000 2020 refunding of public improvements 2010 bonds with annual installments through
August 2031 . o Interest rate of 1.81 %. o Outstanding principal is $ 3,597,000
� $ 21,620,000 2023 public improvement bonds with annual installments through February 2043 . o Interest varying from 4.0 % to 5.0 %. o Outstanding principal is $ 21,620,000
Other long-term debt includes :
� $ 5,519,000 Refunding agreement loan for various projects with annual installments through
September 2026 . o Interest rate of 1.84 %. o Outstanding principal is $ 2,157,000
� $ 927,692 installment loan for vehicles with annual installments through October 2024 . o Interest rate of 1.093 %. o Outstanding principal is $ 468,691 � $ 562,037 in lease liabilities with $ 149,112 due within one year . � $ 365,785 in subscription liabilities with $ 262,520 due within one year .
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