2025 Annual Comprehensive Report

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, 2025, $30,940,000 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 Bonds/BANs Debt on pages 178-179.

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

Governmental Activities Annual Requirements

Fiscal Year

Principal

Interest

Total

2025-26 2026-27 2027-28 2028-29 2029-30

$

23,080,000 $

12,984,519 $

36,064,519 36,496,381 35,422,075 30,847,975 29,888,463 127,498,456 90,199,044 27,132,000 413,548,913

24,425,000 24,415,000 21,005,000 21,025,000 95,965,000 76,815,000 24,435,000

12,071,381 11,007,075 9,842,975 8,863,463 31,533,456 13,384,044 2,697,000

2031-2035 2036-2040 2041-2045

$

311,165,000 $

102,383,913 $

4. Limited Obligation Bonds 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 these bonds were used to retire the 2014 Installment Financing Agreements with PNC Bank issued in November 2014, and additional proceeds needed for acquiring, constructing and equipping the Steven Tanger Center for the Performing Arts. On November 1, 2018, the City issued $11,450,000 taxable Limited Obligation Bonds Series 2018B bearing interest payable semiannually at fixed rates of 3.32% to 4.31% on April 1 and October 1, with a final maturity in 2031. The proceeds of the Series 2018 bonds were used together with any other available funds to repay the 2016 limited obligation notes, prepay the outstanding 2010 Certificates of Participation and pay for additional improvements to the City’s Coliseum Complex. On October 29, 2019, the City issued $29,685,000 in Taxable Limited Obligation Bonds Series 2019 bearing interest payable semiannually at fixed rates from 1.88% to 3.51% on May 1 and November 1, with final maturity in 2044. The proceeds of these bonds were used to build a new downtown parking deck. 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 were 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 were 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

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