2019 Comprehensive Annual Financial Report (CAFR)

Revenue Bonds/Anticipation Notes Debt Service Requirements to Maturity are:

Business-Type Activities Annual Requirements

Fiscal Year

Principal

Interest

Total

2019-20 (1)

$ 52,716,789 $ 9,627,773 $ 62,344,562

2020-21 2021-22 2022-23 2023-24 2024-29 2029-34 2034-39 2039-44 2044-47

16,330,000 17,810,000 14,910,000 15,645,000 65,455,000 43,400,000 18,580,000 21,995,000 11,980,000

8,043,884 7,237,552 6,544,422 5,902,898 21,651,993 12,462,659 8,202,638 4,788,851

24,373,884 25,047,552 21,454,422 21,547,898 87,106,993 55,862,659 26,782,638 26,783,851

895,813 12,875,813 $ 278,821,789 $ 85,358,483 $ 364,180,272

(1) Includes Direct Placement Bond Anticipation Notes of $37,171,789, in prinicpal and $838,715 in interest, scheduled to mature in Fiscal Year 2020.

9. Certificates of Participation In September 2010, the Greensboro Center City Corporation (GCCC) issued $7,000,000 Certificates of Participation for purposes of the Coliseum Complex Aquatic Center. Certificates of Participation of the GCCC have been issued in prior years for parking facilities, expansion and improvements to the Coliseum Complex, and equipment purchases. All certificates are matured, except those relating to the Coliseum Complex – Aquatic Center, which were defeased with the

Limited Obligation Bonds issued on November 1, 2018. 10. Lease-Purchase and Other Financing Agreements

The City has entered into lease-purchase and other financing agreements for certain energy improvements, and land payable monthly and quarterly through 2026. Principal and interest requirements will be provided by an appropriation in the year in which they become due. The City has an outstanding direct placement Master Lease Agreement totaling $2,450,400 as of June 30, 2019, with PNC Bank for certain energy improvements, at a fixed tax-exempt rate of 4.38%, maturing in 2022. In addition, the City has a direct placement Master Lease agreement with Bank of America at a fixed interest rate of 3.765%, maturing in 2020. This agreement, of which $182,904 is outstanding as of June 30, 2019, was issued for Coliseum energy improvements. In the event of default of either the Master Lease Agreement with PNC Bank or Bank of America, the City agrees to pay to the purchaser, on demand, interest on any and all amounts due and owing by the City under the related agreements. The City has a grand total of $2,633,304 in master lease agreements and installment financings to finance energy improvements. The City also has a total of $13,577,742 in capital leases primarily for information technology systems. In 2015, the City issued $3,578,000 HUD Section 108 Series 2015A notes and refinanced Series 2002A, 2003A and 2006 S. Elm Street interim notes. These notes bear interest at fixed rates ranging from 2.78 to 8.12% maturing in 2026. Total notes outstanding as of June 30, 2019 for HUD funding are $2,982,000 with an original commitment of $10,461,000. In the event of default, the City agrees to pay to the purchaser, on demand, interest on any and all amounts due and owing by the City under the related agreements. In July 2005, the City merged fire operation with Rural Fire District #14 located in eastern Guilford County and assumed an outstanding direct placement obligation of $422,898 at a fixed rate of 5.75% maturing in 2019 which is collateralized by the District’s real property. The outstanding obligation was paid in full as of June 30, 2019.

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