2022 Annual Comprehensive Financial Report

On February 27, 2020, the City issued $12,755,000 in Limited Obligation Bonds Series 2020A bearing interest payable semiannually at fixed rates from 2.25% to 5.00 on May 1 and November 1, with final maturity in 2039. The proceeds are being used to fund two new fire stations as well as improved firefighting training facilities and equipment. On January 28, 2021, the City issued $35,780,000 in Taxable Limited Obligation Bonds Series 2021 bearing interest payable semiannually at fixed rates from 0.20% to 2.68% on May 1 and November 1, with final maturity in FY2046. The proceeds of these bonds are being used to build a new downtown parking deck. On October 19, 2021, the City issued $22,705,000 in Taxable Limited Obligation Refunding Bonds (Coliseum Complex Project), Series 2021A bearing interest payable semiannually at fixed rates from 0.21% to 2.99% on April 1 and October 1, with final maturity in FY2040. The proceeds of these bonds were used to refund the Limited Obligation Tax-Exempt Bonds Series 2014 issued on October 7, 2014. The prior net cash flow was $29,326,778 and the net cash flow on the refunding bonds is $28,516,780. The net present value savings as a result of the refunding was $661,953. On October 19, 2021, the City issued $25,140,000 in Taxable Limited Obligation Refunding Bonds (Coliseum Complex Project), Series 2021B bearing interest payable semiannually at fixed rates from 0.23% to 3.05% on April 1 and October 1, with final maturity in FY2044. The proceeds of these bonds were used to refund the Limited Obligation Tax-Exempt Bond Series 2018A issued on November 1, 2018. The prior net cash flow was $35,316,838 and the net cash flow on the refunding bonds is $35,172,931. The net present value savings as a result of the refunding was $135,070. The property is pledged as collateral for the debt while the debt is outstanding. 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 Limited Obligation Bond agreement.

Governmental Activities Annual Requirements

Business-Type Activities Annual Requirements

Total

Interest

Principal

Interest

Principal 3,525,000 3,590,000 3,655,000 3,730,000 3,805,000 20,515,000 23,650,000 27,800,000 15,155,000 105,425,000

Fiscal Year

2022-23 2023-24 2024-25 2025-26 2026-27 2028-32 2033-37 2038-42 2043-46

3,075,000 $

$

1,912,908 1,836,838 1,760,764 1,677,559 1,579,723 6,458,693 4,053,664 1,580,291 157,991 21,018,431

$

$

3,050,537 2,989,851 2,923,733 2,850,498 2,769,393 12,374,777 9,238,957 5,098,423

$

11,563,445 11,536,689 11,514,497 11,483,057 11,454,116 56,318,470 53,292,621 48,428,714 19,527,009 235,118,618

3,120,000 3,175,000 3,225,000 3,300,000 16,970,000 16,350,000 13,950,000 3,435,000

779,018

66,600,000 $

$

$

$

42,075,187

$

5. Combined Enterprise System Revenue Bonds and Anticipation Notes The City has participated in the capital markets by issuing over $400 million Combined Enterprise System Revenue Bonds since 1995, to fund the on-going capital improvement program of the City’s water and sanitary sewer utility. Certain maturities of the debt through 2009 have been defeased, by placing the proceeds of the 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 reflected in the City’s financial Statements. At June 30, 2022, $119,255,000 of Combined Enterprise System Revenue Bonds is considered defeased. The Combined Enterprise System is currently comprised of only the City’s water and sanitary sewer system. Principal and interest requirements will be provided by an appropriation in the year in which they become due. 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 Revenue Bonds or Note agreements. On June 28, 2022 the City issued $87,935,000 Series 2022A Combined Enterprise System Revenue Bonds payable semiannually at a fixed rate ranging from 3.63% to 5.00% on June 1 and December 1. The final maturity is June 1, 2052; the bond was issued to refund the variable rate 2020 Bond Anticipation Note and the Series 2012 Refunding bonds. The

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