At the beginning of Fiscal Year 2023-2024, the total long-term debt owed by the City of White Oak was $9,309,676.71. All debt General Obligation Refunding Bonds (GO), SIB 2021 loan, and SIB 2022 loan issued by the Water & Sewer Fund. The General Fund has one loan in the amount of $98.998.01 with a current balance of $69,676.71. The General Obligation Refunding Bond was originally issued for $4,580,000 and the current balance due is $4,350.000, this GO Refunding bond was originally for CO’s that were issued for water and wastewater treatment plant improvement projects and equipment. The SIB 2021 loan was originally issued for $2,060,000 and the current balance is $2,060,000, issued to relocate utility lines at George Richey. SIB 2022 loan was originally issued for $2,950,000 and the current balance is $2,830,000, issued to relocate utility lines at Hwy 42.
The Water & Sewer Fund (Fund 2) has an Interest & Sinking Fund that it uses to pay the annual principal payments and semi-annual interest payments on General Obligation Refunding Bonds (GO). 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 the General Obligation Refunding Bond and the two SIB Loans.Download Water Fund - Long Term Debt Form