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CITY OF EUGENE, OREGON
<br />
<br />Notes to Basic Financial Statements
<br />
<br />continued
<br />(4) Detailed Notes on All Funds, continued
<br />
<br /> (H) Noncurrent Liabilities, continued
<br />
<br />Limited Tax Bonds
<br />
<br />The City issues limited tax bonds in governmental and business-type activities. Limited tax bonds in governmental
<br />activities include limited tax improvement bonds and limited tax pension bonds. Limited tax improvement bonds
<br />finance public improvements that benefit private parties. Improvement bonds are secured by the benefited properties
<br />and are to be repaid in installments from property owners. Limited tax pension bonds finance a portion of the
<br />estimated unfunded actuarial liability with the Oregon Public Employees Retirement System. The pension bonds are
<br />to be repaid from existing revenue sources. All limited tax bonds are backed by the full faith and credit of the City,
<br />within the limitations of Article XI of the Oregon Constitution.
<br />
<br />Original Ending
<br />Governmental activities issuance Interest rates (%)balance
<br />Limited tax bonds:
<br /> Limited Tax Pension Bonds, Series 2002 $ 69,613,281 2.000% to 7.410% 41,033,381
<br /> Limited Tax Improvement Bonds, Series 2011 580,000 7.050%154,274
<br /> Total limited tax bonds governmental activities $70,193,281 41,187,655
<br />Business-type activities
<br />Limited tax bonds:
<br /> Limited Tax Pension Bonds, Series 2002 $ 14,721,179 2.000% to 7.410% 8,638,019
<br /> Total limited tax bonds business-type activities 14,721,179 8,638,019
<br /> Total limited tax bonds $84,914,460 49,825,674
<br />
<br />The Limited Tax Pension Bonds, Series 2002 are deep discount bonds and reported net of accretion. However, the
<br />annual debt service requirements to maturity are reported on a cash basis and do not account for accreted amounts.
<br />The following table reconciles the ending balance of limited tax bonded debt and the annual debt service
<br />requirements to maturity schedule:
<br />
<br />Total limited tax bonds $ 49,825,674
<br />Less: Accretion of deep discount (919,975)
<br /> Total debt service requirements for limited tax bonds $ 48,905,699
<br />
<br />Annual debt service requirements to maturity for limited tax improvement bonds are as follows:
<br />
<br />Fiscal year
<br />ending June 30 Principal Interest Principal Interest
<br />2020 $0 11,317 0 0
<br />2021 0 11,317 0 0
<br />2022 0 11,317 0 0
<br />2023 0 11,317 0 0
<br />2024 0 11,317 0 0
<br />2025-2027 154,274 28,292 0 0
<br />Improvement bonds $ 154,274 84,877 0 0
<br />Governmental activities Business-type activities
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<br />December 9, 2019, Meeting - Item 2CCC Agenda - Page 104
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