2025 Annual Comprehensive Report

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. On August 7, 2024, the City issued $40,580,000 in Limited Obligation Bonds Series 2024 bearing interest payable semiannually at fixed rates from 2.86% to 4.00% on April 1 and October 1, with final maturity in FY2045. The proceeds of these bonds will be used to build a new Facilities Equipment Garage, purchase yard carts and for miscellaneous repairs for the City. On March 27, 2025, the City issued $2,550,000 in Taxable Limited Obligation Bonds Series 2025A bearing interest payable semiannually at fixed rates from 4.35% to 4.70% on April 1 and October 1, with final maturity in FY2032. The proceeds of these bonds are being used for demolition of the Bellemeade Parking Deck. On March 27, 2025, the City issued $18,655,000 in Limited Obligation Bonds Series 2025B bearing interest payable semiannually at fixed rates from 2.69% to 4.34% on April 1 and October 1, with final maturity in FY2045. The proceeds of these bonds will be used to build a new fire station, land purchases, and additional fire and police equipment needs. 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

Fiscal Year

Principal

Interest

Principal

Interest

Total

2025-26 2026-27 2027-28 2028-29 2029-30 2031-35 2036-40 2041-45 2046-50

$

5,325,000 $

4,679,802 $

3,730,000 $

2,850,497 $

16,585,299 18,384,884 18,247,424 18,077,133 17,915,900 80,865,945 70,252,553 47,394,410 1,930,499 289,654,047

7,345,000 7,495,000 7,625,000 7,765,000 34,745,000 30,375,000 18,340,000

4,465,491 4,171,359 3,876,808 3,573,467 13,229,194 6,981,754 1,895,110

3,805,000 3,900,000 3,990,000 4,095,000 22,285,000 26,015,000 24,930,000 1,905,000

2,769,393 2,681,065 2,585,325 2,482,433 10,606,751 6,880,799 2,229,300

25,499

$ 119,015,000 $ 42,872,985 $

94,655,000 $ 33,111,062 $

5. Combined Enterprise System Revenue Bonds and Anticipation Notes The City has participated in the capital markets by issuing over $500 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 2012 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, 2025, $73,455,000 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.

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