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City of Eugene's Capital Assets, Net of Accumulated Depreciation
<br />Governmental Activities Business-type Activities Total
<br />2009 2008 2009 2008 2009 2008
<br />Land $ 66,965,650 54,946,065 13,834,865 13,475,026 80,800,515 68,421,091
<br />Construction in progress 15,230,293 24,101,519 7,250,797 14,512,503 22,481,090 38,614,022
<br />Buildings and equipment 146,130,373 150,286,856 36,982,294 37,326,831 183,112,667 187,613,687
<br />Improvements other
<br /> than buildings 39,236,079 35,424,116 47,854,892 43,125,594 87,090,971 78,549,710
<br />Storm sewers and
<br /> trunk sewers 0 0 131,579,634 126,544,765 131,579,634 126,544,765
<br />Infrastructure 126,566,352 123,725,706 0 0 126,566,352 123,725,706
<br />$ 394,128,747 388,484,262 237,502,482 234,984,718 631,631,229 623,468,980
<br />Major capital asset additions during the current fiscal year included land and improvements other than buildings.
<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 current fiscal year, the City had total liabilities of $161.7 million. Of this amount,
<br />$115.2 million represented outstanding bonded indebtedness. Outstanding bonded debt included $40.2 million in
<br />general obligation bonds to be serviced by general property taxes, $1.1 million in certificates of participation to be
<br />serviced by general property taxes, $2.3 million in certificates of participation to be serviced by tax increment revenues,
<br />$0.6 million in limited tax improvement bonds to be serviced by property owners subject to the improvements, and $64.4
<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 $5.2 million in limited tax bonds and $1.4 million in
<br />certificates of participation, all serviced by specific fund revenues.
<br /> City of Eugene's Bonded Debt
<br /> Governmental Activities Business-type Activities Total
<br />2009 2008 2009 2008 2009 2008
<br />General obligation bonds $ 107,867,141 40,130,000 00 107,867,141 40,130,000
<br />Certificates of participation 65,031,643 7,365,000 00 65,031,643 7,365,000
<br />Limited tax bonds 0 64,999,879 0 5,505,000 0 70,504,879
<br />Deferred amounts 4,074,572 20,699 103,975 (15,994) 4,178,547 4,705
<br />$ 176,973,356 112,515,578 103,975 5,489,006 177,077,331 118,004,584
<br />
<br />The City’s total bonded debt decreased by $2.8 million (2.4%) during the current fiscal year, due to $14.3 million in
<br />scheduled debt payments, less $10.4 million in General Obligation Bond and Revolving Credit Facility draws and $1.1
<br />million in accretion of deep discounts on limited tax pension bonds.
<br />Moody’s Investors Service rates most of the City’s bond issues. The City’s most recent ratings from Moody’s are as
<br />follows:
<br /> Aa2 for general obligation bonds (February 2006) with the following exceptions:
<br /> The General Obligation Refunding Bonds, Series 2006 are insured by Ambac Assurance and were rated Aaa
<br />at issuance. Subsequent to issuance, Ambac Assurance was downgraded by Moody’s Investors Service.
<br />Ambac Assurance is currently rated as Caa2.
<br /> The General Obligation Fire Projects Bonds, Series 2002 are insured by MBIA Insurance Corporation and were
<br />rated Aaa at issuance. Subsequent to issuance, MBIA Insurance Corporation was downgraded by Moody’s
<br />Investors Service. MBIA Insurance Corporation is currently rated as B3.
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