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City of Eugene's Capital Assets, Net of Accumulated Depreciation
<br />Governmental ActivitiesBusiness-type ActivitiesTotal
<br />201220112012201120122011
<br />Land$68,567,56269,611,01117,142,70513,834,86585,710,26783,445,876
<br />Construction in progress27,953,37522,316,6368,805,7313,540,45836,759,10625,857,094
<br />Buildings and equipment135,882,841138,962,58737,484,44139,017,367173,367,282177,979,954
<br />Improvements other
<br /> than buildings42,354,43643,418,97451,409,31555,404,20393,763,75198,823,177
<br />Storm sewers and
<br /> trunk sewers00128,187,140129,737,598128,187,140129,737,598
<br />Infrastructure146,598,496139,371,74500146,598,496139,371,745
<br />$421,356,710413,680,953243,029,332241,534,491664,386,042655,215,444
<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 $158.0 million. Of this amount,
<br />$102.3 million represented outstanding bonded indebtedness. Outstanding bonded debt included $28.9 million in
<br />general obligation bonds to be serviced by general property taxes, $0.4 million in certificates of participation to be
<br />serviced by general property taxes, $0.7 million in limited tax improvement bonds to be serviced by property owners
<br />subject to the improvements, and $63.6 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 $1.0 million in
<br />certificates of participation serviced by specific fund revenues and $7.2 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 />201220112012201120122011
<br />General obligation bonds$28,910,00032,844,1640028,910,00032,844,164
<br />Certificates of participation 1,465,0001,820,000001,465,0001,820,000
<br />Limited tax bonds 64,290,72865,030,2810064,290,72865,030,281
<br />Tax increment bonds7,183,0007,900,000007,183,0007,900,000
<br />Deferred amounts410,295(33,274)00410,295(33,274)
<br /> $102,259,023107,561,17100102,259,023107,561,171
<br />In December 2011, the City issued $11.0 million of General Obligation Refunding Bonds. The bonds were sold at a
<br />premium of $489,606. The proceeds of the bonds were used to refund the 2002 Fire Projects bonds ($5.4 million),
<br />2008 Parks and Open Spaces bonds ($4.4 million), and $1.4 million of the GO Revolving Credit Facility. This refunding
<br />in addition to scheduled debt payments resulted in a $5.3 million decrease in bonded debt during the current year.
<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.
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