|
CITY OF EUGENE, OREGON
<br />Notes to Basic Financial Statements
<br />(4)Detailed Notes on All Funds, continued
<br /> (J) Noncurrent Liabilities, continued
<br />General Obligation Bonds, continued
<br />In prior years, the City defeased certain general obligation bonds by placing the proceeds of new bonds in an
<br />irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the trust account
<br />assets and the liability for the defeased bonds are not included in the City’s financial statements. At June 30,
<br />2009, $21.4 million of bonds outstanding are considered defeased.
<br />Annual debt service requirements to maturity for general obligation bonds are as follows:
<br />Governmentalactivities
<br />Fiscal year
<br />ending June 30PrincipalInterest
<br />2010$3,290,0001,591,234
<br />20113,435,0001,458,808
<br />20123,560,0001,315,527
<br />20133,705,0001,169,051
<br />20143,855,0001,015,856
<br />2015-201917,065,0002,680,401
<br />2020-20233,085,000315,824
<br />$37,995,0009,546,701
<br />Certificates of Participation
<br />The City issues certificates of participation (COPs) to finance major construction projects in governmental
<br />activities. The Library Obligations are backed by the full faith and credit of the City, although the debt
<br />payments are serviced from Urban Renewal Agency tax increment revenues under an intergovernmental
<br />agreement. Pursuant to the intergovernmental agreement between the City and the Urban Renewal Agency,
<br />the tax increment revenues provided by the Urban Renewal Agency are recorded as a transfer into the Library
<br />Debt Service Fund. The Atrium Obligations are also backed by the full faith and credit of the City, although the
<br />debt payments are to be paid from rental payments made by property occupants, including City departments.
<br />The Santa Clara Fire Obligations are also backed by the full faith and credit of the City and the debt payments
<br />are made by the General Fund.
<br />OriginalEnding
<br />Governmental activitiesissuanceInterest rates (%)balance
<br />Certificates of participation serviced
<br />by tax increment revenues:
<br />Library Obligations, Series 2000 $18,500,0004.500% to 5.000% 2,350,000
<br />Certificates of participation serviced
<br />by general property taxes:
<br />Santa Clara Fire Station, Series 20032,090,0002.000%to 4.000% 1,065,000
<br />Certificates of participation serviced
<br />by specific fund revenues:
<br />Atrium Obligations, Series 1998A (tax-exempt)1,200,0003.700% to 4.900% 690,000
<br />Atrium Obligations, Series 1998B (taxable)1,200,0006.125% to 6.200% 735,000
<br />Total certificates of participation$22,990,0004,840,000
<br />continued
<br />
|