Two 2024 USDA loans bring Mount Pleasant's utility debt to $11 million

Mount Pleasant's utility debt rose in fiscal 2025 from $5,976,000 to $10,998,543, after the city added two loans from the U.S. Department of Agriculture, according to its audited financial statements. ^[1]

The two loans

The debt note lists a 2024 USDA loan with an original principal of $4,220,000 at 1.125%, maturing Sept. 5, 2064, and a second 2024 USDA loan of $1,200,000 at 2.125%, maturing Aug. 5, 2064. ^[1]

The city paid $63,000 and $14,457 of principal on them during the year, leaving balances of $4,157,000 and $1,185,543. ^[1]

The proprietary fund statements show the water fund carrying $250,468 of long-term debt due within a year and $8,801,075 due later. The electric fund carried $178,000 and $1,769,000, and the sewer and irrigation funds reported none. ^[2]

Other utility debt

The city's other utility debt at June 30, 2025, was $2,739,000 on 2023 secondary water improvement bonds, $1,947,000 on 2014 electric system bonds at 1.92% and $970,000 on 2011 water revenue bonds. ^[1]

The note schedules $379,468 in principal and $156,614 in interest in fiscal 2026, and $13,007,125 in principal and interest through 2065. ^[1]

Utility construction

Construction in progress in the utility funds rose from $8,869,457 to $11,083,959 during the year. ^[4]

The water fund reported $859,931 in operating revenue, $810,973 in operating expenses and $206,528 in interest on long-term debt in fiscal 2025. With $240,120 in impact fees and $704,169 in capital grants, its net position rose $819,436. ^[3]