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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 />Revenue Bonds <br />The City issues revenue bonds to finance major construction projects in business-type activities. The Airport <br />Revenue Refunding Bonds are not backed by the full faith and credit of the City, but rather, are secured and <br />serviced by pledged net revenues of the airport. The Airport Revenue Refunding Bonds include a rate <br />covenant requiring the airport to maintain net revenues at a minimum of 1.25 times debt service. For the year <br />ended June 30, 2007, the debt service coverage ratio was 4.43. <br />OriginalEnding <br />Business-type activitiesissuanceInterest rates (%)balance <br />Revenue bonds serviced by specific fund revenues: <br /> Airport Revenue Refunding Bonds, Series 2000$3,905,0005.650% to 5.700%590,000 <br />Annual debt service requirements to maturity for revenue bonds are as follows: <br />Business-type activities <br />Fiscal year <br />ending June 30PrincipalInterest <br />2008$590,00033,630 <br />$590,00033,630 <br />Notes Payable <br />The City issues notes to finance major construction projects in governmental and business-type activities. The <br />Oregon Department of Environmental Quality (ODEQ) note pays interest at 4.07% and is secured by a pledge <br />of available net sewer revenues. <br />LoanInterestEnding <br />Governmental activitiesamountratebalance <br />Notes payable: <br />Oregon Department of Environmental Quality - <br />Barger-Greenhill Pump Station and Force Main$2,962,3444.070%841,554 <br />Annual debt service requirements to maturity for notes payable are as follows: <br />Governmental activites <br />Fiscal year <br />ending June 30PrincipalInterest <br />2008$327,71630,540 <br />2009339,52017,069 <br />2010174,3183,112 <br /> $841,55450,721 <br />continued <br />êí <br />