|
CITY OF EUGENE, OREGON
<br />Notes to Basic Financial Statements
<br />(4) Detailed Notes on All Funds. continued
<br />(I) Noncurrent Liabilities. continued
<br />General Obligation Bond and Revolving Credit Facility, continued
<br />Beginning Ending
<br />balance Increase Decrease balance
<br />Governmental activities
<br />G.O. bond and revolving credit facility $ 1,425,000 5,200,000 (1,645,000) 4,980,000
<br />General Obligation Bonds
<br />The City issues general obligation bonds to finance major construction projects in governmental and business-
<br />type activities. G.O. bonds in governmental activities are backed by the full faith and credit of the City and are
<br />serviced by general property tax revenues. The City's G.O. bonded debt is subject to a debt margin of 3% of
<br />real market value per Oregon Revised Statutes 287.004. For the year ended June 30, 2008, the City had 94%
<br />of capacity available. G.O. bonds currently outstanding are as follows:
<br />Original Ending
<br />Govemmental activities Issuance Interest rates (%) balance
<br />General. obligation bonds serviced by
<br />general property taxes:
<br />Parks and Open Spaces Bonds, Series 1999
<br />Fire Projects Bonds, Series 2002
<br />Parks and Open Spaces Bonds, Series 2004
<br />General Obligation Refunding Bonds, Series 2006
<br />Total general obligation bonds
<br />$ 19,000,000 4.800% 900,000
<br />8,680,000 3.125% to 4.650% 6,520,000
<br />6,305,000 3.000% to 4.650% 4,965,000
<br />24,990,000 3.750% to 4.125% 22,765,000
<br />$ 58,975,000 35,150,000
<br />In prior years, the City defeased certain general obligation bonds by placing the proceeds of new bonds in an
<br />irrevocable trust to provide for all future debt. service payments on the old bonds. Accordingly, the trust account
<br />assets and the liability for the defeased bonds are not included in the City's financial statements. At June 30,
<br />2008, $22.4 million of bonds outstanding are considered defeased.
<br />Annual debt service requirements to maturity for general obligation bonds are as follows:
<br /> Governmental activities
<br />Fiscal year
<br />ending June 30 Princi al Interest
<br />2009 $ 2,755,000 1,424,409
<br />2010 2,870,000 1,316,344
<br />2011 2,965,000 1,206,613
<br />2012 3,070,000 1,087,812
<br />2013 3,190,000 966,963
<br />2014-2018 14,825,000 2,878,215
<br />2019-2023 5,475,000 539,842
<br />$ 35,150,000 9,420,198
<br />continued
<br />61
<br />
|