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CITY OF EUGENE, OREGON
<br />Notes to Basic Financial Statements
<br />(4) Detailed Notes on All Funds, continued
<br /> (H) Noncurrent Liabilities, continued
<br />Limited Tax Bonds, continued
<br />Annual debt service requirements to maturity for limited tax pension bonds are as follows:
<br />Governmental activities
<br />Fiscal year
<br />ending June 30PrincipalInterest
<br />2013$899,4574,344,915
<br />2014949,7984,559,574
<br />2015978,8614,805,512
<br />20161,003,9225,065,451
<br />20171,027,4545,336,919
<br />2018-202214,923,23021,833,565
<br />2023-202731,005,0008,690,594
<br />20284,940,000338,390
<br /> 55,727,72254,974,920
<br />Total limited tax bonds$56,449,59055,531,389
<br />Tax Increment Bonds
<br />The City’s Urban Renewal Agency issues tax increment bonds to finance major construction projects in
<br />governmental activities. The purpose of the Urban Renewal Agency is to stimulate economic development by
<br />financing public improvements within designated districts. Tax increment bonds are serviced by property tax
<br />increment revenues. When an urban renewal district is first created, the property assessed value within the
<br />district boundaries is established as a “frozen base”. The Urban Renewal Agency receives property taxes
<br />related to the incremental increase in the property assessed value that is in excess of the “frozen base”.
<br />OriginalEnding
<br />Governmental activitiesissuanceInterest rates (%)balance
<br />Tax increment bonds:
<br /> URA Tax Increment Bonds, Series 2011$7,900,0005.200%7,183,000
<br /> Total limited tax bonds$7,900,0007,183,000
<br />continued
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