2020 Comprehensive Annual Financial Report

1. General Governmental Improvement General Obligation Bonds These outstanding tax-exempt and taxable bonds bear interest, payable monthly at fixed rates from 2.00% to 5.00%. Principal is payable annually in varying amounts through 2040. On March 3, 2020, the City issued $13,440,000 taxable General Obligation Bonds Series 2020A bearing interest payable semiannually at a fixed rate of 2.00% on April 1 and October 1, with final maturity in 2024. Part of the proceeds of Series 2020A were used to refund the Series 1998 Bonds. The net present value savings as a result of the refunding was $48,367. The City also issued Series 2020B, tax-exempt General Obligation Bonds on March 3, 2020 in the amount of $36,105,000 bearing interest payable semiannually at fixed rates of 2.00% to 5.00% on April 1 and October 1, with final maturity in 2040. The Series 2020B bonds will provide funds for public improvement projects. On March 31, 2020, the City issued $27,035,000, tax-exempt General Obligation Refunding Bonds Series 2020C bearing interest payable semiannually at fixed rates of 1.13% to 4.00% on February 1 and August 1, with final maturity in 2028. These funds were used to refund variable rate bonds; Series 2003B, 2006, and 2008B. The net present value savings as a result of the refunding was $711,714. General Obligation Bonds $303,680,000 2. 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, 2020, $48,830,000 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 168-171.

3. General Obligation Bonds Debt Service Requirements to Maturity are:

Governmental Activities Annual Requirements

Total

Fiscal Year

Principal

Interest

2020-21 2021-22 2022-23 2023-24 2024-25 2026-30 2031-35 2036-40

$ 23,850,000 $ 11,720,982 $ 35,570,982

24,435,000 21,700,000 19,640,000 19,665,000 85,820,000 64,045,000 44,525,000

10,831,140 9,867,530 9,037,531 8,283,633 28,968,450 13,167,662 3,066,794

35,266,140 31,567,530 28,677,531 27,948,633 114,788,450 77,212,662

47,591,794 $ 303,680,000 $ 94,943,722 $ 398,623,722

4. Limited Obligation Bonds On October 7, 2014, the City issued $24,450,000 in Limited Obligation Bonds Series 2014 bearing interest payable semiannually at fixed rates from 2.0% to 5.0% on April 1 and October 1, with final maturity in 2040. The original issue premium amounted to $1,587,051. The proceeds of these bonds were used to retire the $24,000,000 limited obligation notes issued on June 1, 2012. The proceeds of the note were used for coliseum improvements. On February 14, 2018, the City issued $43,450,000 in Limited Obligation Bonds Series 2018 bearing interest payable semiannually at fixed rates from 2.0% to 4.0% on February 1 and August 1, with final maturity in 2043. The proceeds of 37z