Resolution No. 5176 - Laserfiche WebLink

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CITY OF EUGENE, OREGON Notes to Basic Financial Statements (4) Detailed Notes on All Funds, continued (H) Noncurrent Liabilities, continued General Obligation (G.O.) Bonds, continued Annual debt service requirements to maturity for general obligation bonds are as follows: General Obligation Bond and Revolving Credit Facility (Streets 2012) On November 6, 2012, Eugene voters passed Measure 20-197, authorizing the City to issue a maximum of $43,000,000 of general obligation (G.O.) bonds. The proceeds from the sale of the bonds are to be used for street preservation. The bonds can be issued to provide interim financing and to refund the bonds that provide interim financing. As of June 30, 2016, the City had $26,620,300 in authorized but unissued borrowing remaining. These bonds are issued through a G.O. and revolving credit facility with Bank of America, N.A. which matures on June 1, 2017 and has an authorized limit of $5,000,000. The City elects from either a LIBOR based taxable or tax exempt interest rate for each draw. As of June 30, 2016, the City had a $0 balance on the credit facility. Draws on this credit facility are recorded as a financing source in the Transportation Capital Projects Fund. The debt will be repaid from general property tax revenues or by the future issuance of long-term general obligation bonds, which can be issued at the City’s discretion. The General Obligation Bond and Revolving Credit Facility (Streets and Off-Street Bike and Pedestrian Paths) is backed by the full faith and credit of the City and is included in the City’s G.O. debt limit. General Obligation Bond and Revolving Credit Facility (POS) On November 7, 2006, Eugene voters passed Measure 20-110, authorizing the City to issue a maximum of $27,490,000 of general obligation (G.O.) bonds. The proceeds from the sale of the bonds are to be used for the purchase of land for parks and open space, and the construction and improvement of athletic fields. The bonds can be issued to provide interim financing and to refund the bonds that provide interim financing. As of June 30, 2016, the City had $3,920,000 in authorized but unissued borrowing remaining. To issue these bonds, on May 31, 2007, the City entered into a General Obligation Bond and Revolving Credit Facility with Bank of America, N.A. with a variable interest rate with and a maturity date of June 1, 2017. The facility has an authorized limit of $6,875,000 outstanding at any given time and is further limited to a maximum of the amount authorized under the bond measure. As of June 30, 2016, the City had a $50,000 balance on the credit facility, in addition to $2,185 in accrued interest expense. continued 61