2019 Comprehensive Annual Financial Report (CAFR)

Table D-1 General Obligation, Limited Obligation, Special Obligation and Revenue Bonds – Outstanding Debt (In thousands of dollars) Governmental Business-Type Activities Activities Total 2019 2018 2019 2018 2019 2018

$

$

$ 284,005

$ 152,730 50,622 13,684 66,070

$ 284,005

$ 152,730 50,622 13,684 22,620 5,335

General Obligation Bonds General Obligation BANS Limited Obligation Notes Limited Obligation Bonds Certificate of Participation Special Obligation Bonds Revenue Bonds

43,450

43,450

97,510

54,060

5,335 1,535 257,785

785 241,650 37,172

1,535 257,785

785 241,650 37,172

Revenue BANS

8,553

8,553

Total

$ 338,065 $ 244,991 $ 323,057 $ 311,323 $ 661,122 $ 556,314

The City’s total overall outstanding bonded long-term liabilities increased approximately $106.8 million during the current fiscal year due to the issuance of $145.8 million General Obligation Bonds for public improvements and $32.1 million of Limited Obligations Bonds related to coliseum improvements. As of June 30, 2019 the City had one outstanding construction period type note agreement that provide a privately placed commitment to fund capital projects as the expenditures are being incurred, effectively delaying actual long-term debt issuances for several years. An $85 million Combined Enterprise System Revenue BAN has a variable interest rate and will be refinanced in fiscal year 2020. In fiscal year 2014, the City’s Series 1994B variable rate general obligation swap matured, leaving $3.0 million in one “effective” hedging derivative instrument, which carried a negative mark-to-market valuation of ($52,895) as of June 30, 2019. The City of Greensboro has a general obligation bond rating of Aaa from Moody’s Investors Service and a AAA rating from both S&P Global Ratings and Fitch Ratings. These bond ratings are a clear indication of the sound financial condition of the City of Greensboro. Greensboro’s credit worthiness is a major factor in securing the highest possible general obligation bond rating. This credit worthiness, according to recent rating reports, is the result of diversifying businesses, a stable and consistent growth in the taxpayer base, the conservative fiscal policies for reserve and debt management and the operating performance, as well as financial flexibility. Other factors considered and affecting the high-grade credit position is the history of budgeting, the moderate debt position and the oversight provided by the North Carolina Local Government Commission. North Carolina general statutes limit the amount of general obligation debt that a unit of government can issue to 8 percent of the total assessed value of taxable property located within that government’s boundaries. The legal debt margin for the City of Greensboro is $1,822,980,487. The City has $89,074,302 in authorized, but unissued bonds at June 30, 2019 which includes $17.260 million for Transportation Bonds, $24.200 million for Parks and Recreational Facilities, $14.600 million for Housing Bonds, $31.830 million for Community and Economic Development, and $1.184 million for Greensboro Science Center Bonds. Each referendum item was voted on separately. More detailed information about the City’s long-term liabilities is presented in Note IV.G.

2v