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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, continued
<br />Limited Tax Bonds
<br />The City issues limited tax bonds in governmental and business-type activities. Limited tax bonds in
<br />governmental activities include limited tax improvement bonds and limited tax pension bonds. Limited tax
<br />improvement bonds finance public improvements that benefit private parties. Improvement bonds are secured
<br />by the benefited properties and are to be repaid in installments from property owners. Limited tax pension
<br />bonds finance a portion of the estimated unfunded actuarial liability with the Oregon Public Employees
<br />Retirement System. The pension bonds are to be repaid from existing revenue sources. Limited tax bonds in
<br />business-type activities financed the Broadway Garages construction project and are serviced from available
<br />parking revenues. All limited tax bonds are backed by the full faith and credit of the City, within the limitations of
<br />Article XI of the Oregon Constitution.
<br />OriginalEnding
<br />Governmental activitiesissuanceInterest rates (%)balance
<br />Limited tax bonds:
<br /> Limited Tax Improvement Bonds, Series 1999 S$970,0004.550% to 4.650%40,000
<br /> Limited Tax Pension Bonds, Series 2002 84,335,0005.850% to 7.410%63,952,884
<br /> Limited Tax Improvement Bonds, Series 20061,036,4275.100%876,370
<br /> Subtotal86,341,42764,869,254
<br />Business-type activities
<br />Limited tax bonds:
<br /> Broadway Garages Limited Tax Bonds, Series 1997 (taxable)7,000,0006.750% to 7.000%5,790,000
<br /> Total limited tax bonds$93,341,42770,659,254
<br />The Limited Tax Pension Bonds, Series 2002, in governmental activities, are deep discount bonds and reported
<br />net of accretion. However, the annual debt service requirements to maturity are reported on a cash basis and
<br />do not account for accreted amounts. The following table reconciles the ending balance of limited tax bonded
<br />debt and the annual debt service requirements to maturity schedule:
<br />Total limited tax bonds$64,869,254
<br />Less: Accretion of deep discount(4,737,904)
<br /> Total debt service requirements for limited tax bonds$60,131,350
<br />On June 1, 2007, the City exercised an optional redemption provision on its Limited Tax Pension Bond, Series
<br />2002. The bonds, with a maturity date of June 1, 2025, were called at par in the amount of $7,665,000.
<br />continued
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