b"City of Dover Tuscarawas County, Ohio Notes to the Basic Financial Statements For the Year Ended December 31, 2019 The state infrastructure bank loan was issued for the Citys share of the costs related to the Tuscarawas Avenue Bridge project; the bridge belongs to the Ohio Department of Transportation. The Citys outstanding OPWC loans from direct borrowings and direct placements related to governmental activities of $40,688 contain provisions that in the event of default (1) OPWC may apply late fees of 8 percent per year, (2) loans more than 60 days late will be turned over to the Attorney Generals office for collection, and as provided by law, OPWC may require that such payment be taken from the Citys share of the county undivided local government fund, and (3) the outstanding amounts shall, at OPWCs option, become immediately due and payable.The City has pledged future water revenues to repay the Waterworks System Refunding and Waterworks Land Purchase Bonds.The bonds are payable solely from net revenues and are payable through 2022.Net revenues include operating revenues, transfers, and interest income receivedby the water utility less all operating expenses other than depreciation expense.Annual principal and interest payments on the loans are expected to require about 50 percent of net revenues and about 19 percent of total revenues.The total principal and interest remaining to be paid on the bonds is $1,483,446.Principal and interest paid for the current year were $499,004, net revenues were $993,804 and total revenues were $2,597,015.The Citys outstanding revenue bonds from direct placement related to business-type activities of $1,425,000 contain a provision that upon the occurrence and during the continuation of an event of default, the Trustee may declare, with the consent of the holders of not less than 25 percent in aggregate principal amount of the bonds outstanding, the principal of all the bonds outstanding and the interest accrued thereon to be due and payable immediately, subject to certain conditions.On December 3, 2015, the City issued $2,245,000 in Municipal Electric System Improvement Bonds through directplacementforthepurposeofimprovingthemunicipalelectricsystembyacquiring,constructing, installing and equipping pollution control facilities.The bonds were issued with an interest rate of 1.72 percent.The bonds were issued for a five year period with final maturity on December 1, 2020.The Citys outstanding OWDA loan from direct borrowings of $7,044,301 related to business-type activities contains provisions that in an event of default (1) the amount of such default shall bear interest at the default rate from the due date until the date of payment, (2) if any of the charges have not been paid within 30 days, in addition to the interest calculated at the default rate, a late charge of 1 percent on the amount of each default shall also be paid to the OWDA, and (3) for each additional 30 days during which the charges remain unpaid, the City shall continue to pay an additional late charge of 1 percent on the amount of the default until such charges are paid.As of December 31, 2019, the City's overall legal debt margin (the ability to issue additional amounts of generalobligationbondeddebt)was$25,793,583andtheunvotedlegaldebtmarginwas$12,641,549.Principal and interest requirements to retire the Citys long-term obligations outstanding at December 31, 2019, are as follows:- 53 53 -"