HomeMy WebLinkAboutCouncil Presentation 06-04-2019 CFD Bond Security Sample YK with FC RevisionsYear
Cumulative
Tax Levy CMADS
New debt
Service MADS 3 x Shortfall
Required
Security
1 20,000 40,000 40,000 60,000 60,000
3 50,000 90,000 50,000 120,000 60,000
5 100,000 130,000 40,000 90,000 10,000
7 190,000 190,000 60,000 ‐ ‐
10 220,000 240,000 50,000 60,000 110,000
Explanation
3xshortfall>MADS, so security is set at 3xshortfall
3xshortfall>CMADS, so cumulative security is set at 3xshortfall
CMADS>3xshortfall, so cumulative security is set at CMADS
CMADS is covered by cumulative tax levy, so no additional security is required
CMADS>3xshortfall, so cumulative security is set at CMADS