Debt Information

At the beginning of Fiscal Year 2017/2018, the total long-term debt owed by the City of White Oak was $7,135,000. All debt are Certificates of Obligation (CO) issued by the Water & Sewer Fund. The General Fund is debt-free. The 2008 Certificate of Obligation was originally issued for $2,900,000 and the current balance due is $2,080,000. The 2013 Certificate of Obligation was originally issued for $5,420,000 and the current balance due is $5,055,000. Both COs were issued for water and wastewater treatment plant improvement projects and equipment.

 

The Water & Sewer Fund (Fund 2) has an Interest & Sinking Fund (Fund 6) that it uses to pay the annual principal payments and semi-annual interest payments on both certificates of obligations. A specific amount is transferred monthly in order to accumulate the funds necessary to pay the annual principal and interest payments. Below is a table that shows how much principal and interest is due every year for each certificate of obligation.