|
CITY OF EUGENE, OREGON
<br />Notes to Basic Financial Statements
<br />(4) Detailed Notes on All Funds, continued
<br /> (I) Noncurrent Liabilities, continued
<br />Tax Increment Bonds, continued
<br />OriginalEnding
<br />Governmental activitiesissuanceInterest rates (%)balance
<br />Tax increment bonds:
<br /> URA Tax Increment Bonds, Series 2011$7,900,0005.200%7,900,000
<br /> Total limited tax bonds$7,900,0007,900,000
<br />Annual debt service requirements to maturity for tax increment bonds are as follows:
<br />Governmental activities
<br />Fiscal year
<br />ending June 30PrincipalInterest
<br />2012$717,000410,800
<br />2013754,000373,516
<br />2014794,000334,308
<br />2015835,000293,020
<br />2016878,000249,600
<br />2017-20203,922,000517,348
<br />$7,900,0002,178,592
<br />Notes Payable
<br />In July 2008, the City borrowed $2,706,000 from the U.S. Department of Housing and Urban Development
<br />(HUD) to finance the purchase of the historic Washburne and Centre Court buildings in the Urban Renewal
<br />Downtown District. The note pays interest at a variable rate equal to the three-month LIBOR rate plus 0.2%.
<br />The rate adjusts monthly on the first day of each month.
<br />On November 16, 2010, the City entered into a contract with HUD to borrow $5,189,000 to support the
<br />rehabilitation of the historic Washburne and Centre Court buildings in the Urban Renewal Downtown District.
<br />As of June 30, 2011, the City had borrowed $3,412,000 against the note. The note pays interest at a variable
<br />rate equal to the three-month LIBOR rate plus 0.2%. The rate adjusts monthly on the first day of each month.
<br />LoanInterestEnding
<br />Governmental activitiesamountratebalance
<br />Notes payable:
<br />Housing and Urban Development -
<br />$varies
<br />Washburne and Centre Court Building2,706,0002,706,000
<br />varies
<br />Washburne and Centre Court Building Rehabilitation5,189,0003,412,000
<br />7,895,0006,118,000
<br />$
<br />continued
<br />65
<br />
|