Capital and Economic Development Projects

Capital leases payable at June 30, 2021 are comprised of the following:

• Motorola Solutions (radio equipment) semi-annual installments of $56,700 to $78,539 through 2022; interest at 3.4593% - paid from the General Fund with allocations to the Enterprise funds and Storm Water Sales Tax fund
  • $155,742
• PNC Equipment Finance (fire truck) annual installments of $51,525 to $71,106 through 2026; interest at 3.00% - paid from the Fire Sales Tax fund
  • $335,451
• Motorola Solutions (radio equipment) annual installments of $158,096 to $178,587 through 2027; interest at 2.48% - paid from the General fund and Police Sales Tax fund with allocations to the Enterprise funds and Storm Water Sales Tax fund
  • $1,192,500
• Caterpillar Financial Services (wheel loader) annual installments of $34,830 to $38,053 through 2025; interest at 3.025% - paid from the Street Improvements Sales Tax fund
  • $185,011
• Total Capital Lease Obligations: $1,868,704

The net book value of assets acquired under the capital leases described above amounted to $3,496,508 as of June 30, 2021.

The future minimum lease obligations and the net present value of these minimum lease payments as of June 30, 2021 were as follows:

The capital lease obligations are privately placed.

For additional information please refer to page 67 of our 2021 ACFR.