04012008 Regular Meeting - Laserfiche WebLink

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4. DETAILED NOTES ON ALL FUNDS (Continued) Long -term Debt General Obligation Bonds and Combination Tax and Revenue Bonds The government issues general obligation bonds and combination tax and revenue bonds to provide funds for the acquisition and construction of major capital facilities. These debt issues have been issued for both governmental and business -type activities. These bonds are reported in the proprietary funds if they are expected to be repaid from proprietary fund revenue. The original amount of general obligation and combination tax and revenue bonds issued in prior years was $125,180,000. During the year, general obligation and combination tax and revenue bonds totaling $47,335,000 were issued to fund both general obligation and revenue projects. General obligation bonds are direct obligations and pledge the full faith and credit of the government. Combination Tax and Revenue bonds constitute direct obligations of the City and are payable from a combination of the levy of ad valorem taxes and a limited pledge of surplus revenues of the City's water and wastewater system. Both bonds generally are issued as 20 -year serial bonds with equal amounts of principal maturing each year. Bonds currently outstanding are as follows: Purpose Interest Rates Amount Governmental activities 4.00-8.40% $ 9,86000 Governmental activities - refunding 3.50 - 5.375% 61,55000 Business -type activities 3.30-6.00% 104,58000 $ 175,99000 Annual debt service requirements to maturity for general obligation bonds are as follows: Year Ending Governmental Activities September 30, Principal Interest 2008 $ 3,93500 $ 3,955,250 2009 2,65000 3,082,305 2010 2,76500 2,969,548 2011 3,46500 2,841,239 2012 3,610,000 2,692,456 2013 -2017 18,56500 11,028,644 2018 -2022 17,73000 6,709,984 2023 -2027 11,36000 3,098,078 2028 -2032 7,33000 935,150 Total $ 71,410,000 $ 37,312,654 (continued) 43