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City of Eugene's Capital Assets, Net of Accumulated Depreciation <br />Governmental ActivitiesBusiness-type ActivitiesTotal <br />201520142015201420152014 <br />Land$71,767,28469,351,97317,202,64017,142,70588,969,92486,494,678 <br />Construction in progress10,783,0595,113,2549,003,2153,209,38219,786,2748,322,636 <br />Buildings and equipment146,135,111156,682,78340,428,11440,393,457186,563,225197,076,240 <br />Improvements othe <br />r <br /> than buildings39,843,00241,840,80545,955,62248,970,99385,798,62490,811,798 <br />Storm sewers and <br /> trunk sewers00133,177,786132,307,773133,177,786132,307,773 <br />Infrastructure163,746,200162,956,89000163,746,200162,956,890 <br />$432,274,656435,945,705245,767,377242,024,310678,042,033677,970,015 <br />Major capital asset changes during the fiscal year include additions of $12.4 million in street and sidewalk infrastructure <br />and deletions of $12.0 million in buildings primarily related to the disposal of the old City Hall. <br />Additional information on the City’s capital assets can be found in the Notes to Basic Financial Statements (Note 4E). <br />Bonded Debt. <br /> At the end of the fiscal year, the City had total liabilities and deferred inflows of resources of $198.8 <br />million. Of this amount, $83.4 million represented outstanding bonded indebtedness. Outstanding bonded debt <br />included $19.0 million in general obligation bonds to be serviced by general property taxes, $0.3 million in limited tax <br />improvement bonds to be serviced by payments from property owners benefitting from the improvements, and $60.1 <br />million in limited tax pension bonds to be repaid from existing revenue sources, all backed by the full faith and credit of <br />the City. The remainder of the City’s bonded debt includes $0.6 million in certificates of participation serviced by <br />specific fund revenues and $3.3 million in tax increment bonds to be repaid from tax increment revenues. <br />City of Eugene's Bonded Debt <br />Governmental ActivitiesBusiness-type ActivitiesTotal <br />201520142015201420152014 <br />General obligation bonds$18,990,30023,245,0000018,990,30023,245,000 <br />Certificates of participation 570,000735,00000570,000735,000 <br />Limited tax bonds 49,893,21461,975,59710,489,166060,382,38061,975,597 <br />Tax increment bonds3,300,0005,135,000003,300,0005,135,000 <br />Deferred amounts154,306215,256(13,865)0140,441215,256 <br /> $72,907,82091,305,85310,475,301083,383,12191,305,853 <br />The City’s bonded debt decreased $7.9 million during the year as the result of debt service payments. <br />Moody’s Investors Service rates the City’s publicly offered bond issues. The City’s most recent ratings from Moody’s <br />are as follows: <br /> Aa1 for general obligation bonds (November 2011) with the following exceptions: <br /> The General Obligation Refunding Bonds, Series 2006, are insured by Ambac Assurance and were rated Aaa <br />at issuance. Subsequent to issuance, Ambac Assurance was downgraded by Moody’s Investors Service to <br />Caa2. In April 2011, Ambac Assurance severed their relationship with Moody’s requesting that Ambac ratings <br />be withdrawn. Moody’s ratings on securities insured by Ambac will be maintained at the published underlying <br />rating, or Aa1. <br /> Aa2 for the Atrium full faith and credit obligations. <br />22 <br />