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Soldotna Approves Field House Debt Service Payment

KSRM News Desk

Through Soldotna City Ordinance 2023-013, the City of Soldotna approved a funds transfer for debt payment for the approved Soldotna Fieldhouse.

 

Soldotna City manager Stephanie Queen explained the need process of debt payment for pr0oposed Soldotna Field House.

“One payment is due in the current fiscal year on the initial $10 million of general obligation debt that we’ve already been granted for the Fieldhouse project. And this would provide supplemental funding in the current fiscal year to be able to make that first debt payment.”

 

The City of Soldotna issued general obligation bonds on February 15, 2023 for construction of the Soldotna Field House. These bonds are 30-year bonds with debt service payments due each fiscal year on June 1st and December 1st.

 

For the year ending June 30, 2023, one debt service payment (interest only) is due in the amount of $132,794.44 which this appropriation will Estimated revenues and appropriations are increased in an amount not to exceed the following:

General Fund

Increase Estimated Revenues: Appropriation of Fund Balance $132,794.44

Increase Appropriations: Operating Transfers   $ 132,794.44

Debt Service Fund

Increase Estimated Revenues: Transfer from General Fund  $ 132,794.44

Increase Appropriations: 2023 Bonds –Interest    $ 132,794.44

 

Beginning in FY24, debt service payments (including principal and interest) will range from $577,875 to $582,750 per year and will be included in the Biennial Operating Budgets.

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