HomeMy WebLinkAboutDebt Service-Fishers Isl-1977~I A{visors, Inc.
A~ril ~R
_ ~, 1977
RevisEd ~fay !0, 1972
PROPOSED MATURITY SCHEDULE
TOWN OF SOUTHOLD, SUFFOLK COL~TY, NEW YORK
$589,000
FISHERs ISLA~ND FERRY DISTRICT SERIAL BONDS-1977
Bonds Dated: AuguSt 1, 1977
Interest Due: February 1, 1978
and semi-annually thereafter
Principal
Due
Feb. 1st.
1979 - $24,000 1989
1980 ~ 25,000 1990
1981 - 25,000 1991
1982 - 25,000 1992
1983 - 25,000. 1993
1984 - 25,000 1994
1985 - 30,000 1995
1986 - 30,000 1996
1987 - 30,000 1997
1988 - 35,000
Total
Date Authorized 1/11/77
Period of Use 20 Years
No ~ond Anticipation Notes outstanding at present
$35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,000
35,~0q
$589,000
FISCAL ADVISORS, INC.
NORTH BROADWAY
HICKSVILLE, N. Y. 11801
(518) 433-8855
5768 CRABTREE LA..
CICERO. N. ¥. 13039
(315) 699-7912
May 10, 1977
Robert W. Tasker, Esq.
Town Atto~ne7
Town of Southold
425 )~ain Street
Greenport, New York 11944
Re: To~n of Southela, Suffolk County, New York - $589,000
Fishers Island Ferry District Serial Bonds
Dear Bob,
Per my conversations with Jack Evans, we have revised the
maturity schedule enclosed. Hr. Ceiser should be notified if tbs
schedule is deemed appropriate by the Commissioners. H~. Evans
believes that it will be acceptable since iC fits iu rich the-
finances of the District.
With beat wishes,
VerY truly yours,
FISCAL ADVISORS, INC.
JJD:ak
Encl.
cee:
}~rtin A. Gei§er, Esq.
Hon. Albert M. Martocchia
Jehu J. Durcan
RECEIVED
]SOUTgOLD TO'BO
STATE OF NEW YORK
DEPARTMENT OF AUDIT AND CONTROL'
1979
sat. com.tro.o, nay
MAY 2 1979J
TOWN OF SOUTHOLD )
TO: Fiscal Officials
FROM: Agnes E. Nash, Director,
SUBJECT: Debt Service Fund
Municipal
Accounting
Systems
The National Council on Governmental Accounting has issued
Statement 1 which is a restatement of the Principles of Governmental
Accounting, Auditing and Financial Reporting (GAAFR). Concerning
Debt Service Funds the restatement says:
"Debt Service Funds are required if they are legally
mandated and/or if financisl resources are being
accumuIated for principaI and interest payments
maturing in future years."
Because of this restatement, Debt Service Funds will be ~e-
quired in municipaiities and schooi districts to:
(1)
Account for funds in a Reserve for Bonded Debt
(V884) or in a Mandatory Reserve for Bonded Debt
(V888), used for debt service payments,
(2)
Account for funds set aside pursuant to special
Iegisiation for the payment of principai and in-
terest on long-term debt.
The Debt Service Fund may be maintained for administrative
purposes at the option of a local governmental unit. Once the
option has been exercised, it should be consistently applied. Keep
in mind this principle of accounting: that governmental units should
establish and maintain those funds required by law and sound fin-
ancial administration. Too many funds result in inflexibility, undue
complexity and inefficient financial administration. (See Principle
#4 on page 8 of the above mentioned restatement).
If a Debt Service Fund is not maintained, municipalities and
school districts will appropriate For and expend for debt service
as they did prior to the establishment of a Debt Service Fund.