2019 Comprehensive Annual Financial Report (CAFR)

On April 12, 2017, the City entered into an agreement with PNC Bank, National Association for a direct placement General Obligation Bond Anticipation Note drawdown program in the amount of $50,000,000. The funds were used for improvements at the Greensboro Science Center, Street Improvements and Parks and Recreation Facilities. The note was refunded as part of the 2018 General Obligation Bonds issued on October 17, 2018 at which time $37,410,964 of the notes had been drawn down. On June 27, 2018, the City entered into agreements with Oppenheimer & Co., Inc. and Wells Fargo Bank, N.A. for taxable and non-taxable direct placement General Obligation Bond Anticipation Note drawdown programs for $14,570,000 with $5,325,000 being taxable and $9,245,000 being non-taxable. The non-taxable funds were spent for Parks and Recreation, Transportation, and Community & Economic Development projects. The taxable funds were spent for housing projects. These notes were refunded as part of the 2018 General Obligation Bonds issues on October 17, 2018. On October 17, 2018, the City issued $135,360,000 tax-exempt General Obligation Bonds Series 2018B bearing interest payable semiannually at fixed rates of 3.25% to 5.00% on April 1 and October1, with final maturity in 2038. On October 17, 2018, the City issues $10,400,000 taxable General Obligation Bonds Series 2018A bearing interest payable semiannually at fixed rates of 2.70% to 2.90% on April 1 and October 1, with final maturity in 2020. The proceeds of the Series 2018 bonds were used to refund Series 2017 Bond Anticipation Notes and Series 2018A&B Bond Anticipation Notes and to provide funds for public improvement projects. General Obligation Bonds $283,566,068 2. Internal Services Improvement General Obligation Bonds This obligation, issued in 1998, relates to a public safety communications system and is recorded in the Technical Services Fund. Debt service will be covered by fees charged to other internal departments. General Obligation Bonds 438,932 Total $284,005,000 3. Limited Obligation Notes On May 17, 2016, the City entered into an agreement with Wells Fargo Bank, N.A. for direct placement Limited Obligation Notes in the amount of $20,000,000, for coliseum improvements with a principal amount of $14,000,000 being non-taxable and $6,000,000 being taxable. The notes were refunded as part of the 2018 Limited Obligation Bonds issued on November 1, 2018, at which time $14,250,706 of the notes had been drawn down. 4. Defeased Bonds In prior years, the City defeased General Obligation Bonds by placing the proceeds of new bonds in an irrevocable trust to provide for all future debt service payments on the old debt. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the City’s financial statements. At June 30, 2019, $19,795,000 of General Obligation Bonds outstanding are considered defeased. For details of all General Obligation outstanding bond issues refer to the Schedule of General Long Term Debt on pages 167-170.

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