2021 Annual Comprehensive Financial Report

Transfers are made to the Debt Service Fund for the City’s governmental debt outstanding to account for the principal and interest payments as they become due during the year. The Greensboro ABC Board transferred $6,557,400 to the General Fund in Fiscal Year 2021, which was recorded as Intergovernmental Revenue. G. Long-Term Debt Long-term Bonded Debt of the City consists of General Obligation Bonds, which are collateralized by the full faith, credit and taxing power of the City and are issued for both general governmental improvements and for Proprietary Fund purposes. The City’s legal debt margin as of June 30, 2021 is $1,984,448,002. Long-term Bonded Debt consists of the following: 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 July 8, 2020, the City issued $16,755,000, General Obligation Refunding Bonds Series 2020D bearing interest payable semiannually at a fixed rate of 5.00% on April 1 and October 1, with final maturity in 2030. These funds were used to advance refund Federally Taxable Direct Subsidy Build America Bonds; Series 2010B. The prior net cash flow was $23,510,391 and the net cash flow on the refunding bonds is $21,589,985. The net present value savings as a result of the refunding was $1,802,978. General Obligation Bonds $276,585,000 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, 2021, $59,455,000 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 176-179. 3. General Obligation Bonds Debt Service Requirements to Maturity are:

Governmental Activities Annual Requirements

Fiscal Year

Principal 23,990,000 21,285,000 19,250,000 19,305,000 19,200,000 79,830,000 60,865,000 32,860,000 276,585,000

Interest

Total

2021-22 2022-23 2023-24 2024-25 2025-26 2027-31 2032-36 2037-40

$

$

10,801,045 9,832,195 8,997,581 8,240,193 7,394,593 25,004,695 10,871,419 1,753,895 82,895,616

$

34,791,045 31,117,195 28,247,581 27,545,193 26,594,593 104,834,695 71,736,419 34,613,895 359,480,616

$

$

$

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

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