Naples borrowed $923,000 at 0.5% for storm drainage work

The most recent bond on Naples' books is for storm water, according to its fiscal 2025 audit. ^[1]

The audit's long-term debt note lists a 2024 storm water bond with an original borrowing of $923,000, an interest rate of 0.50% and a final maturity in 2044. The full $923,000 was outstanding at June 30, 2025, with $44,000 due within one year. ^[1]

Grant, loan and spending

In the budget worksheet Naples filed with the State Auditor, the road capital projects fund's fiscal 2025 actual column lists $923,000 as a CIB loan and $2,512,000 as a CIB grant. It also lists $561,000 in NRCS contributions, $150,000 from a UDOT canal grant and $99,000 in contributions from other entities. ^[2]

The same fund lists $3,124,192.87 for drainage projects in fiscal 2025 and $1,152,922.13 in fiscal 2026. The fiscal 2026 figure is unaudited. ^[2]

The audit reports $4,471,827 in capital grants and contributions for highways and public improvements in fiscal 2025. Construction in progress rose from $74,371 to $3,332,343 during the year. ^[5][3]

Repayment

The fiscal 2027 budget's debt service fund lists $50,000 for the CIB storm water drain, the same as the amended fiscal 2026 budget. The fund's fiscal 2026 actual column shows $48,358.59. ^[4]

Across all four of the city's bonds, the audit schedules $176,000 in principal and $11,079 in interest for fiscal 2026. ^[1]