DEBT SERVICE BUDGET. This section is organized in the following manner: Page. Debt Service Budget 6-1. Debt Service Budget Fund Summary 6-2

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1 DEBT SERVICE BUDGET Local governments traditionally issue debt to pay for capital projects for several reasons. First, the cost of these projects is normally too high to absorb into an annual budget. Second, due to inflationary increases, the cost of delaying a project until it can be financed on a pay-as-you-go basis can approach the costs of financing. Third, financing spreads the cost of the project to future populations who also benefit from the use of the facility or improvement paid for with the borrowed funds. The revenue sources pledged to debt costs are diverse. There are two outstanding "general obligation" bond issues, which are funded through voter-approved property tax levies. The remainder of the County's bond issues use other revenue sources for repayment. Some debt service issues pledge a specific source such as airport rents and landing fees, or water and sewer charges. The County has also issued long-term debt which pledges other "non-ad valorem revenue" sources including sales taxes, interest earnings, state revenue sharing, and other miscellaneous fees and charges. The Certificates of Participation, the Loan Pool and Courthouse Bonds utilize non-ad valorem revenue sources as the primary pledge. The County has utilized short-term borrowing to obtain funds for capital items with short asset lives such as vehicles and equipment. The FY15 total debt service budget is approximately $773.7 million, which is 3% more than the FY14 modified debt service budget of $749.3 million. The net increase in debt service is primarily due to the $24.5 million increase in Aviation debt service reserve for future debt service and the retirement of the 24 Convention Center Bonds. The remaining variances in debt service budgets reflect programmed changes in debt service schedules. This section is organized in the following manner: Page Debt Service Budget 6-1 Debt Service Budget Fund Summary 6-2 Debt Service Budget Appropriations Overview 6-3 Debt Service Budget Revenue Summary 6-4 Bonded Debt Per Capita 6-6 Debt Service - Bond Issue Descriptions

2 GENERAL DEBT SERVICE DEBT SERVICE FUND SUMMARY Modified FY14 FY15 Libraries General Obligation Bonds 11,956,68 11,953,5 Parks/Land Preservation General Obligation Bonds 23,939,25 23,935,8 22 Loan Pool 277,62 279,52 25 Loan Pool 624,62 625,73 26 Civic Arena Refunding Bonds 28,168,6 31,8,59 26 Loan Pool 414,95 415,35 27 Loan Pool 3,779,7 3,3,25 Convention Center (24 Refunding Bonds) 2,54,7 21 Courthouse Bonds 24,819,42 25,346,7 Subtotal General Debt Service 96,484,37 97,359,36 Less Transfers (1,17,76) (13,84,36) General Debt Service (Net of Transfers) 86,313,61 83,555, ENTERPRISE DEBT SERVICE Aviation Bonds 528,425,46 552,879,2 Port Everglades Bonds 43,348,39 42,221,1 Water/Wastewater Bonds 8,993,65 81,193,46 Subtotal Enterprise Debt Service 652,767,5 676,293,67 All Debt Funds (Including Transfers) $749,251,87 $773,653,3 Less Transfers (1,17,76) (13,84,36) TOTAL DEBT SERVICE (Net of Transfers) $739,81,11 $759,848,67 6-2

3 OVERVIEW OF FY15 DEBT SERVICE APPROPRIATIONS Water/Waste Water 1.5% General Fund Non-Ad Valorem.6% Courthouse Bonds 3.3% Port Everglades 5.5% General Obligation 4.6% Civic Arena 4.1% Aviation 71.5% FY15 FY15 FY15 FY15 Debt Service Reserves Transfers Libraries General Obligation Bonds 11,953,5 11,953,5 Parks/Land Pres. General Obligation Bonds 23,935,8 23,935,8 22 Loan Pool 279,52 279,52 25 Loan Pool 625,73 625,73 26 Civic Arena Refunding Bonds 13,996,23 4,, 13,84,36 31,8,59 26 Loan Pool 415,35 415,35 27 Loan Pool 931,63 2,71,62 3,3,25 21 Courthouse Bonds 15,457,61 9,888,46 25,346,7 Aviation Bonds 124,567,48 428,311,72 552,879,2 Port Everglades Bonds 31,894,2 1,326,99 42,221,1 Water/Wastewater Bonds 37,564, 43,629,46 81,193,46 TOTAL DEBT SERVICE $261,62,42 $498,228,25 $13,84,36 $773,653,3 6-3

4 FY15 DEBT SERVICE REVENUE SUMMARY GENERAL DEBT SERVICE Taxes Charges Libraries General Obligation Bonds 11,953,5 12,331,5 Parks/Land Pres. General Obligation Bonds 23,935,8 24,976,69 22 Loan Pool 279,52 25 Loan Pool 625,73 26 Civic Arena Refunding Bonds 31,8,59 26 Loan Pool 415,35 27 Loan Pool 3,3,25 21 Courthouse Bonds 25,346,7 General Debt Service $97,359,36 $37,37,74 $ ENTERPRISE DEBT SERVICE Aviation 552,879,2 16,89,72 Port Everglades 42,221,1 43,863,17 Water/Wastewater 81,193,46 37,29,85 Enterprise Debt Service $676,293,67 $ $188,44,74 TOTAL DEBT SERVICE $773,653,3 $37,37,74 $188,44,74 6-4

5 FY15 DEBT SERVICE REVENUE SUMMARY (continued) Fund Intergov Other Less 5% Transfers Balance 9, (617,) 23, 39,94 (1,25,83) 17, 279,52 621,23 4,5 4,6,23 (2,31) 23,794,67 4,2, 415,35 165, (1,75) 2,84, 2,7,6 12,866,1 9,78, $ $7,541,46 ($2,69,89) $37,36,5 $17,22, 198,937,35 3,244,31 243,86,82 58, (2,222,16) 287,53 (14,38) 43,629,46 $198,937,35 $4,111,84 ($2,236,54) $ $287,436,28 $198,937,35 $11,653,3 ($4,36,43) $37,36,5 $34,656,28 6-5

6 As can be seen in the following charts, Broward County continues to maintain favorable General Obligation Debt ratios. BONDED DEBT PER CAPITA (as of October 1st) General Obligation General Obligation Fiscal Year Debt Population Debt Per Capita ,62, 1,428, ,795, 1,467, ,1, 1,56, ,34, 1,542, ,655, 1,579, ,88, 1,623, ,175, 1,653, ,2, 1,678, ,95, 1,71, ,14, 1,722, ,65, 1,742, ,775, 1,747, ,92, 1,741, ,615, 1,739, ,33, 1,738, ,665, 1,748, ,215, 1,753, ,5, 1,771, ,445, 1,783, ,345, 1,79, ,135, 1,784, RATIO OF BONDED DEBT TO ASSESSED VALUE General Ratio Debt/ Fiscal Obligation Assessed Property Year Debt Value Value ,62, 51,147,589,843.77% ,795, 54,44,266,55.69% ,1, 57,33,947,84.62% ,34, 6,431,721,329.55% ,655, 64,855,561,395.49% 2 292,88, 69,579,998,9.42% 21 45,175, 74,984,33,876.54% ,2, 81,987,37,728.45% ,95, 91,14,63,162.37% ,14, 11,79,83,191.48% ,65, 113,935,918,177.54% ,775, 132,,679,684.44% ,92, 157,396,26,36.34% ,615, 175,937,539,663.28% ,33, 166,433,893,384.27% ,665, 148,81,59,176.26% ,215, 129,964,271,186.27% ,5, 126,414,14,99.26% ,445, 127,87,774,573.24% ,345, 132,15,781,266.22% ,135, 14,996,733,219.19% 6-6

7 Libraries 21A/27A General Obligation Refunding Bonds To refinance a portion of the Series 21A General Obligation Bonds, which provided funding to construct, renovate, improve, and equip new and expanded libraries. The debt service costs for those projects are supported with ad valorem taxes. FY13 Actual FY14 Budget FY15 Budget Ad Valorem Taxes Income Less 5% 12,95,839 12,576,98 12,331,5 1,723 9, 9, (629,3) (617,) 59, 23, 12,165,562 11,956,68 11,953,5 Other Costs 7,86, 8,24, 8,65, 4,89, 3,77,68 3,297,5 2,31 9, 6, 11,951,31 11,956,68 11,953,5 County voters authorized issuance of $139.9 million in General Obligation Bonds in March 1999 to construct, renovate, improve, and equip libraries countywide. Bonds were issued in 21. A portion of the 21A General Obligation Bonds were refunded in May 27. The refunding generated savings of more than $4 million over the original debt. The refunded rate is 5.25 percent, and interest payments are scheduled semi-annually in January and July. The debt will be completed in fiscal year

8 Parks and Land Preservation Series 24, 25, 27B, and 212 General Obligation Refunding Bonds These Bonds provided funding to purchase and restore various forms of environmentally sensitive lands, and for the renovation and expansion of Broward County regional and neighborhood parks. The debt service costs are funded by ad valorem taxes and interest income. FY13 Actual FY14 Budget FY15 Budget Ad Valorem Taxes Income Less 5% 24,48,474 24,88,96 24,976,69 63,117 42,92 39,94 (1,242,59) (1,25,83) 326, 329,96 17, 24,437,591 23,939,25 23,935,8 Other Costs Issuance Costs 13,195, 1,738,125 2,31 7,797 13,86, 14,56, 1,74,25 9,37,8 5, 5, 23,943,232 23,939,25 23,935,8 County voters authorized the issuance of General Obligation Bonds in November 2 for parks projects and land acquisitions not to exceed $4 million. Up to $2 million was approved for land acquisition and up to $2 million was approved for park system expansion and improvements. In 24, $187,77, was issued for 2 years. In 25, $154,135, was issued for 2 years, for a total of $341,95, of debt. The bond issue was reduced from the $4 million authorized by voters due to the accrual of tax dollars, which occurred in the period after the voter approval and before the debt was issued. A portion of the Series 24 Parks and Land Preservation General Obligation Bonds was refunded in FY7, yielding a savings exceeding $2.6 million over the term of the loan. rates of the refunded series range between 4.6 and 4.16 percent. A portion of the Series 24 and 25 Parks and Land Preservation General Obligation Bonds was refunded in FY12, yielding a present value savings of $11.4 million over the term of the loan. rates of the refunded Series range between 2 and 5 percent. The debt will be completed in fiscal year

9 22 Loan Pool To fund the purchase of new voting equipment and the completion of the Women s Detention Facility. The loan also refinanced the 1992 Loan Pool, which provided for a wide variety of replacement and new equipment needs. Debt will be repaid using non-ad valorem revenues. Income Transfer from General Fund FY13 FY14 FY ,27 277,62 279,52 28, ,62 279,52 Other Costs 17, 175, 185, 14,263 96,62 88,52 4,691 6, 6, 278, ,62 279,52 Improvement and refunding revenue bonds were issued in April 22 for $33.9 million to fund the purchase of new voting equipment and a portion of the cost of completing the Women s Detention Facility, and to refund Broward County s portion of the Series 1992C First Florida Loan. The bonds issued for voting equipment were repaid in FY12. Debt service will continue through fiscal year 222 for the Women s Detention Facility. payments range between 3.5 percent and percent and are paid in January and July. 6-9

10 25 Loan Pool To refinance a portion of the 2 loan attributable to the completion debt for the Civic Arena Project. The cost is entirely supported by payments from the Broward County Civic Arena. Income Reimbursement from Arena Operator Transfer from Arena Debt Service FY13 FY14 FY15 (193) 624,37 62,62 621,23 6,5 4, 4,5 (2,) 628, ,62 625,73 Other Costs 275, 285, 3, 349,37 335,62 321,23 3,996 4, 4,5 628, ,62 625,73 The Florida Panthers are obligated by various agreements to pay the debt service associated with this borrowing. A portion of the 2 Loan attributable to the completion debt for cost increases on the Broward County Civic Arena was refunded in FY5. Refunding has yielded savings of $482, over the previous loan. paid on the refunding averages 5 percent. Payments will be concluded in fiscal year

11 26 Civic Arena Refunding Bonds To refinance the 1996 Broward County Civic Arena Bonds. The 26 Civic Arena Refunding Bonds are primarily payable from the Professional Sports Franchise Facilities Taxes, the Professional Sports Franchise Sales Tax Rebate, a portion of the County's share of arena operating income, and investment earnings. These bonds are backed by a secondary pledge of County non-ad valorem revenues to cover debt service shortfalls if necessary. Income Guaranteed Rent Payment Less 5% Transfer from Two Cent Tourist Tax Revenue Fund FY13 FY14 FY15 2,592 1, 3,998,585 3,997,3 3,996,23 (199,87) (2,31) 2,828,13 2,212,63 23,794,67 6,954, 4,158, 4,2, 31,81,37 28,168,6 31,8,59 Other Costs Transfer to Convention and Visitor's Bureau Transfer to 25 Loan Pool Reserve for Arena Trustee 6,445, 6,73, 7,45, 7,553,585 7,263,3 6,947,23 3,5 4, 4, 11,5,27 1,166,76 13,799,86 6,5 4, 4,5 4,, 4,, 25,58,855 28,168,6 31,8,59 The Civic Arena is a multi-purpose sports and entertainment facility, which serves as the home ice of the Florida Panthers Hockey Club (a National Hockey League franchise). The Civic Arena Bonds are secured with three primary pledged revenue sources. The Professional Sports Franchise Facilities Tax is a two percent transient lodging tax ("Bed Tax") imposed on the same base as Tourist Development Taxes. The Professional Sports Franchise Sales Tax Rebate consists of $2 million received annually from the Florida Department of Revenue for facilities associated with new professional sport franchises. These two revenues are transferred from the Two Cent Tourist Tax Revenue Fund. The Guaranteed Rent Payment is the annual amount equal to the difference between $1 million and the actual amount of debt service on the Civic Arena Bonds. The Guaranteed Rent Payment is paid by the Arena Operator from operating revenues. Surplus two cent tourist taxes are transferred to the Convention and Visitor's Bureau fund for marketing the destination, in accordance with Florida Statutes. Using these funds for marketing enables a portion of the three cent tourist taxes to be allocated for beach renourishment projects. 6-11

12 26 Loan Pool To provide a portion of the funds needed to construct a fire station in the Pembroke Park/West Park area. Income Transfer from Fire Rescue Fund FY13 FY14 FY15 (49) 413,69 414,95 415,35 1, 414, ,95 415,35 Other Costs 23, 24, 25, 179,188 17,45 16,85 4,5 4,5 4,5 413, ,95 415,35 In June 26, the Series 26 First Florida Refunding Bonds were issued to partially finance the Pembroke Park/West Park Fire Station. The debt service will be repaid in FY26. The total issuance amount is $5,3,. payments are paid semi-annually in January and July based on interest rates ranging from 3.8 to 4.7 percent. 6-12

13 27 Loan Pool To refund the 1997 Loan Pool debt service, which provided funding for the construction and expansion of corrections facilities and to assist the Housing Finance Authority in the purchase of an office building. Non-ad valorem revenues continue to be pledged toward the repayment of this debt. Income Less 5% Reimbursement from Housing Finance Authority FY13 FY14 FY15 48,284 5, 35, (2,5) (1,75) 123,8 119,4 13, 4,372, 3,612,17 2,84, 4,544,84 3,779,7 3,3,25 Other Costs Reserve for Future Debt Service 77, 8, 835, 154, ,33 91,63 5,156 5, 5, 2,85,74 2,71,62 929,281 3,779,7 3,3,25 In May 27, the Series 27 First Florida Refunding Bonds were issued to refinance the 1997 First Florida Loan Pool bonds, with a net savings of $571,35. The debt on the issuance of $9.2 million will be retired in FY15 (Housing Finance portion only) and in FY17. payments are made semi-annually in January and July based on rates ranging between 3.7 to 4.38 percent. A reserve was established in FY9 to pay down the corrections expansion debt for the remaining years of debt service until fiscal year

14 Convention Center (24 Refunding Bonds) To refinance the 1994 Convention Center Refunding Bonds, which provided funding for the construction of the Broward County Convention Center. The 24 bonds are special and limited obligations of the County and will be payable from a) the Tourist Development Tax Revenues, b) net revenues of the Convention Center and, c) investment earnings on certain accounts created by bond resolution. The bonds are not general obligations of the County. Income Transfer from Convention Center FY13 FY14 FY15 18,1 2,53,68 2,687, 2,54,7 5,28,69 2,54,7 2,34, 124,188 2,42, 84,7 2,464,188 2,54,7 The Tourist Development Tax Special Revenue Refunding Bonds, Series 1994 were refinanced in fiscal year 24. The Tourist Development Tax Bonds were secured by the first 3 cents of Tourist Development Tax receipts and the gross revenues of the Convention Center. The debt was repaid in FY

15 21 Courthouse Bonds To provide financing for the construction of a replacement Courthouse. Half-cent sales tax revenues are pledged for the repayment of these bonds. Income Transfer from Courthouse Fund ( Income) Annual Rebates from the Federal Government Transfer from General Fund Transfer from Court Facility Fee Fund Transfer from 244 GO Debt Service FY13 FY14 FY15 (4,32) 466,63 178,56 2,782,979 2,656,42 2,7,6 8,355,335 8,319,9 8,366,1 4,13,56 4,5, 4,5, 15,78 8,38, 9,164,54 9,78, 23,757,937 24,819,42 25,346,7 Other Costs Reserve Trustee Debt Service Payment 2,65, 3,235, 3,535, 12,138,15 12,5,26 11,917,61 4,68 5, 5, 9,529,16 9,888,46 14,27,695 24,819,42 25,346,7 The County issued $218 million in revenue bonds in June 21. The bonds will be retired in October 24. The 21 Courthouse Bonds were issued to complete the funding package for the replacement of the outdated central and west wings of the existing main courthouse. The bonds are supplementing existing funds from General Capital Outlay. The total cost of the replacement courthouse and parking garages is projected at $319 million. This debt service is paid for primarily with transfers from the General Fund and the Court Facility Fee Fund and annual rebates from the federal government. The sequester reduction was decreased to 7.2% from 8.7%, resulting in an increase of the annual rebates from the federal government, but the impact of the sequester reductions still results in a budgeted increase from the general fund. 6-15

16 Aviation Debt Service To provide funds for the expansion and improvement of airport facilities, runways, and land at the Fort Lauderdale/Hollywood International Airport. Passenger Facility Charges State Grants Federal Grants Earnings Operating Revenue Modified FY13 FY14 FY15 24,22,473 3,818,736 38,18,94 3,93,892 96,516,339 41,682,42 69,2,62 18,799, ,254,93 218,16 1,27,5 3,244,31 62,124,94 67,644,359 68,871,78 151,619, ,86,82 186,649, ,425,46 552,879,2 Reserve for Future Debt Service Payments¹ Debt Service Reserve 58,417,512 77,7,267 43,945, 42,58, 341,55,773 76,552,48 48,15, 327,73,33 67,332,42 11,238,39 12,362, ,425,46 552,879,2 ¹ This represents funding for future principal and interest payable on Airport System Revenue Bonds issued for the South Runway Expansion project. The total amount of outstanding debt as of FY14 is $1,568,955, (based on current debt). Airport System Revenue Bonds, Series 21J2 provided $149.2 million toward a new joint-use facility to house the 12 rental car company services and to provide additional public parking. paid on the Series J2 bonds ranges from 5.8 percent to 6.9 percent. and interest payments continue until the year 221. Airport System Revenue Bonds, Series 24L provided $142 million toward pedestrian bridges and exit roadways. paid on the Series L bonds ranges from 3. percent to 5. percent. and interest payments for Series L continue until the year 227. As of FY11, $41.2 million of the $111.1 million outstanding principal was refunded in Series 212P. Airport System Revenue Refunding Bonds, Series 29O refunded the outstanding debt on Series 28N. paid on the Series O bonds range from 2. percent to percent. and interest payments for Series O will be paid from airport system revenues and continue until the year

17 Airport System Revenue Bonds, Series 212P refunded the outstanding debt on the following bond series resulting in net present value savings of approximately $39.9 million over 15 years: Airport System Revenue Refunding Bonds, Series 1998E, issued for $75.6 million, which defeased the outstanding debt of Series B Airport System Revenue Bonds, Series 1998G issued for $63.5 million Airport System Revenue Bonds, Series 21J1 (taxable) issued for $136. million Passenger Facility Charge/Airport System Revenue Convertible Lien Bonds, Series 1998H issued for $126.6 million Passenger Facility Charge/Airport System Revenue Convertible Lien Bonds, Series 21I issued for $41.9 million Part of Airport System Revenue Bonds, Series 24L issued for $142. million paid on the Series P bonds ranges from 3. percent to 5. percent. and interest payments continue until the year 222. Airport System Revenue Bonds, Series 212Q provided $621.3 million toward the South Runway Expansion project, terminal renovations, ground transportation facilities, maintenance building, utilities, taxiway repairs and land acquisition. paid on the Series Q bonds ranges from 3. percent to 5. percent. and interest payments continue until the year 242. Airport System Revenue Bonds, Series 213A-B-C provided $431.7 million for the balance of the runway 9R/27L project, Terminal 4 (Concourse G and ramp), Terminal 1 (Concourse A), terminal renovations, and Ground Transportation land and facilities. paid on the Series A-B-C bonds ranges from 1.25 percent to 5.5 percent. and interest payments continue until the year 243. The Aviation Department anticipates future financing of approximately $816 million through FY21 for Concourse G (T-4), terminal renovations, Concourse A (T-1), FIS design, utilities, roads, rehabilitation of the 1L/28R runway, FIS renovation, and access roadways. 6-17

18 Port Everglades Debt Service Debt issues provide funds for the expansion and improvement of Port facilities and defeasance of prior bond issues. Debt service is funded from Port revenues. FY13 FY14 FY15 Operating Revenues Income Less 5% 32,559, ,627 45,49,88 58, (2,281,49) 43,863,17 58, (2,222,16) 33,227,273 43,348,39 42,221,1 Other Debt Service Costs Reserves 19,985, 2,425, 12,39,335 11,62,9 851, ,5 1,326,99 33,227,273 43,348,39 2,945, 1,332,92 616,1 1,326,99 42,221,1 The Port Facilities Refunding Revenue Bonds, Series 28 were issued in the amount of $46,16, to refund the outstanding Subordinate Port Facilities Refunding Revenue Bonds, Series 1998 with an outstanding principal of $43,16,, to fund a deposit to the Debt Service Reserve Fund, and to pay a portion of the termination payment related to the termination of the 1998 Rate Swap. The Series 28 bonds are due to retire in 227. The Port Facilities Revenue Bonds, Series 29A (Non-AMT) (the "Series 29 Bonds") were issued by the County to fund the Terminal 18 expansion project and miscellaneous infrastructure improvements throughout the Port. The issue amount was $83,235,. The Series 29 bonds are due to retire in 229. The Port Facilities Refunding Bonds, Series 211A (the Series 211A Bonds ) in the amount of $12,37,; Port Facilities Refunding Bonds, Series 211B (the Series 211B Bonds ) in the amount of $1,695,; and Port Facilities Refunding Bonds Series 211C (the Series 211C Bonds ) in the amount of $54,195, (collectively, the Series 211 Bonds ) were issued to (i) refund and defease all or a portion of the Series 1998B, 1998C, and Series 1989A Bonds, (ii) fund the cost of a municipal bond debt service reserve insurance policy, and (iii) pay certain costs of issuance and expenses relating to the Series 211 Bonds, including the premium for a municipal bond insurance policy. The Series 211 bonds are due to retire in

19 Water & Wastewater Debt Service To provide funds for the expansion and improvement of water and wastewater facilities. Debt service is supported by the net revenue of the water and wastewater fund, which includes user charges and interest income. Operating Charges Income Less 5% FY13 FY14 FY15 37,383,29 37,77,75 37,29,85 137,5 512,4 287,53 (25,6) (14,38) 43,429,46 43,429,46 43,629,46 8,95,25 8,993,65 81,193,46 Other Costs Reserves 13,36, 13,75, 13,875, 24,136,65 23,793,19 23,623, 24,14 66, 66, 43,429,46 43,629,46 37,52,79 8,993,65 81,193,46 The water and wastewater debt service budget includes debt service payments for the following bond issues: The Series 25 Bonds totaling $76,74, are comprised of $23,65, of Current Bonds due serially on October 1, from 26 to 226 with interest at 5.%, and $53,675, of Term Bonds due on October 1, 23 with interest at 5.%. The Series 29A Bonds totaling $175,38, are comprised of $63,555, of Current Bonds due serially on October 1, from 21 to 229 with interest at 2.1% to 5.2%; $9,75, of Term Bonds due on October 1, 234 with interest at 5.3%, and $12,12, of Term Bonds due on October 1, 234 with interest at 5.25%. The Series 212A Bonds totaling $14,625, are comprised of $51,295, of Current Bonds due serially on October 1, from 213 to 233 with interest at 1.% to 5.%, and $89,33, of Term Bonds due on October 1, 237 with interest at 5%. The Series 212B Bonds totaling $11,92, are comprised of Current Bonds due serially on October 1, from 218 to 227 with interest at 4.% to 5.%. The Series 212C Bonds totaling $47,655, are comprised of Current Bonds due serially on October 1, from 213 to 218 with interest at.44% to 1.9%. 6-19