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City of Eugene's Capital Assets, Net of Accumulated Depreciation
<br />Governmental ActivitiesBusiness-type ActivitiesTotal
<br />201120102011201020112010
<br />Land$69,611,01167,499,02413,834,86513,834,86583,445,87681,333,889
<br />Construction in progress22,316,63623,684,5733,540,45814,144,10825,857,09437,828,681
<br />Buildings and equipment138,962,587144,072,30339,017,36736,144,993177,979,954180,217,296
<br />Improvements other
<br /> than buildings43,418,97440,722,52055,404,20247,581,16598,823,17688,303,685
<br />Storm sewers and
<br /> trunk sewers00129,737,598132,140,278129,737,598132,140,278
<br />Infrastructure139,371,745132,060,31000139,371,745132,060,310
<br />$413,680,953408,038,730241,534,490243,845,409655,215,443651,884,139
<br />Major capital asset additions during the current fiscal year included infrastructure and improvements other than
<br />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 $161.3 million. Of this amount,
<br />$107.6 million represented outstanding bonded indebtedness. Outstanding bonded debt included $32.8 million in
<br />general obligation bonds to be serviced by general property taxes, $0.6 million in certificates of participation to be
<br />serviced by general property taxes, $0.9 million in limited tax improvement bonds to be serviced by property owners
<br />subject to the improvements, and $64.1 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 $1.2 million in
<br />certificates of participation serviced by specific fund revenues and $7.9 million in tax increment bonds to be repaid from
<br />tax increment revenues.
<br />City of Eugene's Bonded Debt
<br />Governmental ActivitiesBusiness-type ActivitiesTotal
<br />201120102011201020112010
<br />General obligation bonds$32,844,16435,389,4140032,844,16435,389,414
<br />Certificates of participation 1,820,0002,160,000001,820,0002,160,000
<br />Limited tax bonds 65,030,28164,862,22304,810,00065,030,28169,672,223
<br />Tax increment bonds7,900,0000007,900,0000
<br />Deferred amounts(33,274)(17,799)0(10,507)(33,274)(28,306)
<br /> $107,561,171102,393,83804,799,493107,561,171107,193,331
<br />The City’s total bonded debt increased by $0.4 million (0.3%) during the current fiscal year, due to $7.9 million in new
<br />tax increment bonds issued offset by the $4.8 million refunding of the Broadway Garages limited tax bonds and
<br />scheduled debt payments.
<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 (November 2011) 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 to
<br />Caa2. In April 2001, Ambac Assurance severed their relationship with Moody’s requesting that Ambac ratings
<br />be withdrawn. Moody’s ratings on securities insured by Ambac will be maintained at the published underlying
<br />rating, or Aa1.
<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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