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CITY OF EUGENE, OREGON
<br />Notes to Basic Financial Statements
<br />continued
<br />(4) Detailed Notes on All Funds, continued
<br />(H) Noncurrent Liabilities, continued
<br />General Obligation Bond and Revolving Credit Facility (POS), continued
<br />To issue these bonds, on May 31, 2007, the City entered in to a General Obligation Bond and Revolving Credit
<br />Facility with Bank of America, N.A. with a variable interest rate. The credit facility matured on June 1, 2019. Draws
<br />on this credit facility are recorded as a financing source in the General Capital Projects Fund. As of June 30, 2019,
<br />the City had a $0 balance on the credit facility.
<br /> Beginning Ending
<br />Governmental activities balance Increase Decrease balance
<br /> G.O. bond and revolving
<br /> credit facility (POS) $ 0 1,130,000 (1,130,000) 0
<br />General Obligation (G.O.) Bonds
<br />The City issues general obligation bonds to finance major construction projects in governmental activities. G.O.
<br />bonds in governmental activities are approved by voters, backed by the full faith and credit and unlimited taxing power
<br />of the City, and are serviced by general property tax revenues. The City’s G.O. bonded debt is subject to a debt limit
<br />of 3.0% of real market value per Oregon Revised Statutes 287A.050. For the fiscal year ended June 30, 2019, the
<br />City had 96.0% of its legal debt capacity available.
<br />On May 15, 2018, Eugene voters passed Measure 20-289, authorizing the City to issue a maximum of $39,350,000 of
<br />general obligation (G.O.) bonds. The proceeds from the sale of the bonds are to be used for capital costs related to
<br />park renovation projects, trail and habitat projects, safety/lighting improvements, infrastructure projects, school district
<br />partnerships, recreation and pool facility renovation and improvement projects, and new park development. As of
<br />June 30, 2019, the City had $10,700,000 in authorized but unissued borrowing remaining.
<br />Original Ending
<br />Governmental activities issuance Interest rates (%)balance
<br />General obligation bonds serviced by
<br />general property taxes:
<br />General Obligation Refunding Bonds, Series 2011 $ 10,975,000 2.000% to 3.000% 2,085,000
<br />General Obligation and Refunding Bonds, Series 2016 10,125,000 2.000% to 5.000% 3,805,000
<br />General Obligation, Series 2019A (tax-exempt)23,620,000 3.000% to 5.000% 23,620,000
<br />General Obligation, Series 2019B (taxable)5,030,000 2.510% to 2.700% 4,230,000
<br />Total general obligation bonds $ 49,750,000 33,740,000
<br />Annual debt service requirements to maturity for general obligation bonds are as follows:
<br />Fiscal year
<br />ending June 30 Principal Interest
<br />2020 $ 2,805,000 1,134,042
<br />2021 2,815,000 1,069,341
<br />2022 2,825,000 989,676
<br />2023 1,955,000 907,431
<br />2024 1,880,000 823,931
<br />2025-2029 8,185,000 2,896,505
<br />2030-2034 7,375,000 1,576,405
<br />2035-2038 5,900,000 462,781
<br />$ 33,740,000 9,860,112
<br />Governmental activities
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<br />December 9, 2019, Meeting - Item 2CCC Agenda - Page 103
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