2021 Annual Comprehensive Financial Report

Table D-1 General Obligation, Limited Obligation, Special Obligation and Revenue Bonds – Outstanding Debt (In thousands of dollars)

The City’s total overall outstanding bonded long-term liabilities increased approximately $22.8 million during the current fiscal year due to the issuance of $16.8 million refunding General Obligation Bonds for public improvements, and $35.8 million of Limited Obligations Bonds related to construction of the February One Parking Deck. As of June 30, 2021 the City had one outstanding construction period type note agreement that provides 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 is expected to be refinanced in fiscal year 2022. 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 $1,984,448,002. The City has $43,785,000 in authorized, but unissued bonds at June 30, 2021 which includes $9.955 million for Transportation Bonds, $12.595 million for Parks and Recreational Facilities, $6.600 million for Housing Bonds and $14.635 million for Community and Economic Development. Each referendum item was voted on separately. More detailed information about the City’s long-term liabilities is presented in Note IV.G.

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