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As of December $31,2022,$ Sandy Beach had $$9,500,000$ in $3$ percent serial bonds

outstanding. Cash of $$509,000$ is the debt service fund's only asset as of December

$31,2022,$ and there are no liabilities. The serial bonds pay interest semiannually on

January $1$ and July $1,$ with $$500,000$ in bonds being retired on each interest payment

date. Resources for payment of interest are transferred from the General Fund, and

the debt service fund levies property taxes in an amount sufficient to cover principal

payments.

sired

epare a statement of revenues, expenditures, and changes in fund balances for the debt sen

nd for the year ended December $31,2023.$

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SANDY BEACH

Debt Service Fund

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