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CITY OF EUGENE, OREGON
<br />Notes to Basic Financial Statements
<br />(4) Detailed Notes on All Funds, continued
<br /> (J) Noncurrent Liabilities
<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 Airport Refunding Bonds are accounted for as a business-type
<br />activity and are also backed by the full faith and credit of the City, although the debt payments are to be paid
<br />from airport revenues. The City’s G.O. bonded debt is subject to a debt margin of 3% of real market value per
<br />ORS 287.004. For the year ended June 30, 2007, the City had 93% of capacity available. G.O. bonds
<br />currently outstanding are as follows:
<br />OriginalEnding
<br />Governmental activitiesissuanceInterest rates (%)balance
<br />General obligation bonds serviced by
<br />general property taxes:
<br />Parks and Open Spaces Bonds, Series 1999$19,000,0004.600% to 5.250%1,760,000
<br />Fire Projects Bonds, Series 20028,680,0003.000% to 4.650%6,860,000
<br />Parks and Open Spaces Bonds, Series 20046,305,0002.500% to 4.650%5,300,000
<br />General Obligation Refunding Bonds, Series 200624,990,0003.500% to 4.125%23,900,000
<br />58,975,00037,820,000
<br />Business-type activities
<br />General obligation bonds serviced by
<br />specific fund revenues:
<br />Airport Refunding Bonds, Series 19973,935,0004.625% to 4.700%415,000
<br />Total general obligation bonds$62,910,00038,235,000
<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 />2007, $23.4 million of bonds outstanding are considered defeased.
<br />Annual debt service requirements to maturity for general obligation bonds are as follows:
<br />Governmental activitiesBusiness-type activities
<br />Fiscal year
<br />ending June 30PrincipalInterestPrincipalInterest
<br />2008$2,670,0001,527,315415,00019,505
<br />20092,755,0001,424,40900
<br />20102,870,0001,316,34400
<br />20112,965,0001,206,61300
<br />20123,070,0001,087,81200
<br />2013-201715,725,0003,512,12000
<br />2018-20227,435,000857,55500
<br />2023330,00015,34500
<br />$37,820,00010,947,513415,00019,505
<br />continued
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