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2019 2018 2019 2018 2019 2018
<br />Land $ 84,734,183 77,293,927 17,168,640 17,168,640 101,902,823 94,462,567
<br />Construction in progress 39,799,697 18,524,079 5,626,782 6,944,090 45,426,479 25,468,169
<br />Buildings and equipment 131,652,337 134,215,642 57,281,912 58,243,003 188,934,249 192,458,645
<br />Improvements other
<br /> than buildings 39,549,185 42,278,221 41,408,148 38,727,235 80,957,333 81,005,456
<br />Storm sewers and
<br /> trunk sewers 0 0 135,086,069 136,321,360 135,086,069 136,321,360
<br />Infrastructure 187,625,768 190,054,211 0 0 187,625,768 190,054,211
<br />Intangible 7,441,318 4,678,846 0 0 7,441,318 4,678,846
<br />$ 490,802,488 467,044,926 256,571,551 257,404,328 747,374,039 724,449,254
<br />City of Eugene's Capital Assets, Net of Accumulated Depreciation
<br />Business-type ActivitiesGovernmental Activities Total
<br />The primary capital asset increases during FY19 were a $13.2 million donation from ODOT for a section of Highway 99 that
<br />will now be maintained by the City.
<br />Additional information on the City’s capital assets can be found in the Notes to Basic Financial Statements (Note 4E).
<br />Bonded Debt. At the end of the fiscal year, the City had total liabilities and deferred inflows of resources of $381.8 million. Of
<br />this amount, $87.5 million represented outstanding bonded indebtedness. Outstanding bonded debt included $36.0 million in
<br />general obligation bonds and revolving credit facilities 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 $49.7 million in
<br />limited tax pension bonds to be repaid from existing revenue sources, all backed by the full faith and credit of the City.
<br />2019 2018 2019 2018 2019 2018
<br />General obligation bonds $ 35,990,000 8,695,000 0 0 35,990,000 8,695,000
<br />Limited tax bonds 41,187,655 43,992,044 8,638,019 9,221,483 49,825,674 53,213,527
<br />Bond premium 1,720,357 540,009 0 0 1,720,357 540,009
<br />$ 78,898,012 53,227,053 8,638,019 9,221,483 87,536,031 62,448,536
<br />City of Eugene's Bonded Debt
<br />Governmental Activities Business-type Activities Total
<br />The City’s bonded debt increased $25.1 million during the year as the result of issuance of new debt less current year debt
<br />service payments.
<br />Moody’s Investors Service rates the City’s publicly offered bond issues. The City’s most recent ratings from Moody’s are as
<br />follows:
<br />Aa1 for general obligation bonds (Jan 2019).
<br />The Oregon Local Governments Limited Tax Pension Obligations, Series 2002, are insured by Ambac Assurance and
<br />were rated Aaa at issuance. Subsequent to issuance, Ambac Assurance was downgraded by Moody’s Investors Service
<br />to Caa2. In July 2018, Moody’s Investors Service upgraded the underlying rating on Oregon Local Governments Limited
<br />Tax Pension Obligations, Series 2002 to Aa3 from A2. In April 2011, Ambac Assurance severed their relationship with
<br />Moody’s requesting that Ambac ratings be withdrawn. Moody’s ratings on securities insured by Ambac will be maintained
<br />at the published underlying rating, or Aa3. The pension obligations were issued as one offering for certain Oregon cities,
<br />counties, and special districts. The City of Eugene’s share of the total pension obligations on which the rating was based
<br />is 29.7%.
<br />Under Oregon Revised Statutes, general obligation debt issues are limited to 3.0% of the real market value of all taxable
<br />property within the City’s boundaries. The $36.0 million in general obligation debt applicable to this limit is well below the
<br />$866.4 million ceiling. The City’s net direct general obligation bonded debt per capita is $212.
<br />Additional information on the City’s bonded debt can be found in the Notes to Basic Financial Statements (Note 4H).
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<br />December 9, 2019, Meeting - Item 2CCC Agenda - Page 63
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