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City of Eugene's Capital Assets, Net of Accumulated Depreciation
<br />Governmental ActivitiesBusiness-type ActivitiesTotal
<br />201020092010200920102009
<br />Land$67,499,02466,965,65013,834,86513,834,86581,333,88980,800,515
<br />Construction in progress23,684,57315,230,29314,144,1087,250,79737,828,68122,481,090
<br />Buildings and equipment144,072,303146,130,37336,144,99336,982,294180,217,296183,112,667
<br />Improvements other
<br /> than buildings40,722,52039,236,07947,581,16547,854,89288,303,68587,090,971
<br />Storm sewers and
<br /> trunk sewers00132,140,278131,579,634132,140,278131,579,634
<br />Infrastructure132,060,310126,566,35200132,060,310126,566,352
<br />$408,038,730394,128,747243,845,409237,502,482651,884,139631,631,229
<br />Major capital asset additions during the current fiscal year included infrastructure and construction in progress, including
<br />the purchase of a police facility building.
<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 $160.6 million. Of this amount,
<br />$107.2 million represented outstanding bonded indebtedness. Outstanding bonded debt included $35.4 million in
<br />general obligation bonds to be serviced by general property taxes, $0.9 million in certificates of participation to be
<br />serviced by general property taxes, $0.5 million in limited tax improvement bonds to be serviced by property owners
<br />subject to the improvements, and $64.4 million in limited tax pension bonds to be repaid from existing revenue sources,
<br />all backed by the full faith and credit of the City. The remainder of the City’s bonded debt includes $4.8 million in limited
<br />tax bonds and $1.3 million in certificates of participation, all serviced by specific fund revenues.
<br />City of Eugene's Bonded Debt
<br />Governmental ActivitiesBusiness-type ActivitiesTotal
<br />201020092010200920102009
<br />General obligation bonds$35,389,41440,176,2000035,389,41440,176,200
<br />Certificates of participation 2,160,0004,840,000002,160,0004,840,000
<br />Limited tax bonds 64,862,22365,031,6434,810,0005,180,00069,672,22370,211,643
<br />Deferred amounts(17,799)498(10,507)(13,149)(28,306)(12,651)
<br /> $102,393,838110,048,3414,799,4935,166,851107,193,331115,215,192
<br />The City’s total bonded debt decreased by $8.0 million (7.0%) during the current fiscal year, due to $15.7 million in
<br />scheduled debt payments, less $6.5 million in General Obligation Bond and Revolving Credit Facility draws, and $1.2
<br />million in accretion of deep discounts on limited tax pension bonds.
<br />Moody’s Investors Service rates the City’s public bond issues. The City’s most recent ratings from Moody’s are as
<br />follows:
<br /> Aa1 for general obligation bonds (May 2010) 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.
<br /> Aa2 for full faith and credit obligations, which includes the Atrium Obligations, the Santa Clara Fire Station
<br />Obligations, and the Broadway Garages Limited Tax Bonds (May 2010).
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