Item 3C: Adoption of Resolution Acknowleding CAFR

Home Browse Search

CITY OF EUGENE, OREGON Notes to Basic Financial Statements (4) Detailed Notes on All Funds, continued (J) Noncurrent Liabilities, continued Certificates of Participation, continued Annual debt service requirements to maturity for certificates of participation are as follows: Governmentalactivities Fiscal year ending June 30 Principal Interest 2010 $ 2,680,000 175,247 2011 340,000 103,463 2012 355,000 89,230 2013 360,000 73,823 2014 370,000 57,855 2015-2018 735,000 105,365 $ 4,840,000604,983 Limited Tax Bonds The City issues limited tax bonds in governmental and business-type activities. Limited tax bonds in governmental activities include limited tax improvement bonds and limited tax pension bonds. Limited tax improvement bonds finance public improvements that benefit private parties. Improvement bonds are secured by the benefited properties and are to be repaid in installments from property owners. Limited tax pension bonds finance a portion of the estimated unfunded actuarial liability with the Oregon Public Employees Retirement System. The pension bonds are to be repaid from existing revenue sources. Limited tax bonds in business-type activities financed the Broadway Garages construction project and are serviced from available parking revenues. All limited tax bonds are backed by the full faith and credit of the City, within the limitations of Article XI of the Oregon Constitution. OriginalEnding Governmental activitiesissuance Interest rates (%) balance Limited tax bonds: Limited Tax Pension Bonds, Series 2002 $ 84,335,000 2.000% to 7.410% 64,444,534 Limited Tax Improvement Bonds, Series 2006 1,036,427 5.100% 587,109 Subtotal 85,371,427 65,031,643 Business-type activities Limited tax bonds: Broadway Garages Limited Tax Bonds, Series 1997 7,000,000 6.125% to 7.000% 5,180,000 Total limited tax bonds $ 92,371,427 70,211,643 continued