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Q - Have we prepared a spreadsheet and structured some debt to be the responsibility of
<br />some other project areas?
<br />A - To repay the loan, the low/mod-housing fund will need to borrow from other funds with
<br />excess revenues until such time as the low/mod fund's revenues exceed its expenses.
<br />The proposed debt repayment plan is illustrated in Figure 2 with Mt. Vernon, West
<br />Valley, and Cooley Ranch sharing the burden to repay the low/mod fund in the event
<br />that low/mod revenues are insufficient. The project areas will share in the shortfall to
<br />the extent noted by percentage in Figure 2. This repayment plan will need to be
<br />evaluated every year. The actual payments are contingent upon the availability of funds
<br />in each of the contributing project areas.
<br />Debt Repayment Plan
<br />Santa Ana River Housing Loan
<br />Source of Repayment
<br />Jbu/0
<br />-
<br />Begin
<br />5.50%
<br />End
<br />Low/Mod
<br />Mt
<br />0
<br />West
<br />3570
<br />Cooley
<br />FY End
<br />Balance
<br />Pymt
<br />Interest
<br />Principal
<br />Balance
<br />Surplus
<br />Vernon
<br />Valley
<br />Ranch
<br />Total
<br />1999
<br />$1,500,000
<br />$0
<br />$82,500
<br />($82,500)
<br />$1,582,500
<br />$0
<br />$0
<br />$0
<br />$0
<br />$0
<br />2000
<br />$1,582,500
<br />$209,947
<br />$87,038
<br />$122,909
<br />$1,459,591
<br />$0
<br />$73,481
<br />$62,984
<br />$73,481
<br />$209,947
<br />2001
<br />$1,459,591
<br />$209,947
<br />$80,277
<br />$129,669
<br />$1,329,922
<br />$0
<br />$73,481
<br />$62,984
<br />$73,481
<br />$209,947
<br />2002
<br />$1,329,922
<br />$209,947
<br />$73,146
<br />$136,801
<br />$1,193,120
<br />$0
<br />$73,481
<br />$62,984
<br />$73,481
<br />$209,947
<br />2003
<br />$1,193,120
<br />$209,947
<br />$65,622
<br />$144,325
<br />$1,048,795
<br />$0
<br />$73,481
<br />$62,984
<br />$73,481
<br />$209,947
<br />2004
<br />$1,048,795
<br />$209,947
<br />$57,684
<br />$152,263
<br />$896,532
<br />$0
<br />$73,481
<br />$62,984
<br />$73,481
<br />$209,947
<br />2005
<br />$896,532
<br />$209,947
<br />$49,309
<br />$160,637
<br />$735,895
<br />$0
<br />$73,481
<br />$62,984
<br />$73,481
<br />$209,947
<br />2006
<br />$735,895
<br />$209,947
<br />$40,474
<br />$169,473
<br />$566,422
<br />$0
<br />$73,481
<br />$62,984
<br />$73,481
<br />$209,947
<br />2007
<br />$566,422
<br />$209,947
<br />$31,153
<br />$178,794
<br />$387,629
<br />$0
<br />$73,481
<br />$62,984
<br />$73,481
<br />$209,947
<br />2008
<br />$387,629
<br />$209,947
<br />$21,320
<br />$188,627
<br />$199,002
<br />$0
<br />$73,481
<br />$62,984
<br />$73,481
<br />$209,947
<br />2009
<br />$199,002
<br />$209,947
<br />$10,945
<br />$199,002
<br />$0
<br />$0
<br />$73,481
<br />$62,984
<br />$73,481
<br />$209,947
<br />Figure 2
<br />After the loan of funds from the Santa Ana River Project Area, the budget still calls for a
<br />$2.1 million public improvement program in the upcoming fiscal year. This includes a
<br />reimbursement to Centex of $770,000 for prior public works, a $250,000 contribution to
<br />OH Kruse, and $1 million of improvements to be designated. Santa Ana River will still
<br />have approximately $1 million in reserve in the event that a high priority project arises.
<br />Should additional funding be required, Santa Ana River could request that other project
<br />areas advance their loan repayments through the low/mod fund before their scheduled
<br />payment date.
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