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City of Eugene's Capital Assets, Net of Accumulated Depreciation
<br />Governmental ActivitiesBusiness-type ActivitiesTotal
<br />201620152016201520162015
<br />Land$73,650,73871,767,28417,202,64017,202,64090,853,37888,969,924
<br />Construction in progress13,785,63210,783,05920,384,4659,003,21534,170,09719,786,274
<br />Buildings and equipment140,792,683146,135,11139,555,10940,428,114180,347,792186,563,225
<br />Improvements other
<br /> than buildings39,812,03439,843,00242,201,88945,955,62282,013,92385,798,624
<br />Storm sewers and
<br /> trunk sewers00131,772,476133,177,786131,772,476133,177,786
<br />Infrastructure162,219,695163,746,20000162,219,695163,746,200
<br />$430,260,782432,274,656251,116,579245,767,377681,377,361678,042,033
<br />Major capital asset changes during the fiscal year include additions of $14.4 million in construction in progress and
<br />deletions of $6.2 million in buildings and equipment.
<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 $225.7
<br />million. Of this amount, $76.6 million represented outstanding bonded indebtedness. Outstanding bonded debt
<br />included $16.6 million in general obligation bonds to be serviced by general property taxes, $0.2 million in limited tax
<br />improvement bonds to be serviced by payments from property owners benefitting from the improvements, and $58.2
<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 $0.4 million in certificates of participation serviced by
<br />specific fund revenues and $1.2 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 />201620152016201520162015
<br />General obligation bonds$15,625,00018,990,3000015,625,00018,990,300
<br />Certificates of participation 390,000570,00000390,000570,000
<br />Limited tax bonds 48,267,92849,893,21410,137,54010,489,16658,405,46860,382,380
<br />Tax increment bonds1,222,0003,300,000001,222,0003,300,000
<br />Deferred amounts949,320154,3060(13,865)949,320140,441
<br /> $66,454,24872,907,82010,137,54010,475,30176,591,78883,383,121
<br />The City’s bonded debt decreased $6.8 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 (June 2016) with the following exceptions:
<br /> Aa2 for the Atrium full faith and credit obligations.
<br /> The Oregon Local Governments Limited Tax Pension Obligations, Series 2002, are insured by Ambac Assurance
<br />and were rated Aaa at issuance. Subsequent to issuance, Ambac Assurance was downgraded by Moody’s
<br />Investors Service to Caa2. In January 2014, Moody’s Investors Service downgraded the underlying rating on
<br />Oregon Local Governments Limited Tax Pension Obligations, Series 2002 to A3 from Aa3 in conjunction with a
<br />rating methodology change related to pool financings. In April 2011, Ambac Assurance severed their relationship
<br />with Moody’s requesting that Ambac ratings be withdrawn. Moody’s ratings on securities insured by Ambac will be
<br />maintained at the published underlying rating, or Aa3. The pension obligations were issued as one offering for
<br />certain Oregon cities, counties, and special districts. The City of Eugene’s share of the total pension obligations on
<br />which the rating was based is 29.7%.
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