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CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br />(4) Detailed Notes on All Funds, continued <br /> (G) Operating Leases, continued <br />The following is a schedule of future minimum rental payments required under operating leases that have initial or <br />remaining non-cancelable lease terms in excess of one year as of June 30, 2015: <br /> (H) Noncurrent Liabilities <br /> <br />General Obligation (G.O.) Bonds <br />The City issues general obligation bonds to finance major construction projects in governmental activities. G.O. <br />bonds in governmental activities are approved by voters, backed by the full faith and credit and unlimited taxing power <br />of the City, and are serviced by general property tax revenues. The City’s G.O. bonded debt is subject to a debt limit <br />of 3.0% of real market value per Oregon Revised Statutes 287A.050. For the fiscal year ended June 30, 2015, the <br />City had 96.0% of its legal debt capacity available. <br />Annual debt service requirements to maturity for general obligation bonds are as follows: <br />continued <br />61 <br />