2024 Annual Comprehensive Report

Transfers are used to move unrestricted revenues to finance various programs that the government must account for in other funds in accordance with budgetary authorizations, including amounts provided as matching funds for various grant programs.

I. 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. The City’s legal debt margin as of June 30, 2024 is $2,684,868,433. 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 2043.

General Obligation Bonds

$286,595,000

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, 2024, $32,010,000 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 176-177.

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

Governmental Activities Annual Requirements

Total

Principal

Interest

Fiscal Year

2024-25 2025-26 2026-27 2027-28 2028-29

$

23,230,000 $

11,911,756 $

35,141,756 34,004,719 31,732,431 30,788,125 26,338,775 113,836,219 85,199,681 19,894,613 376,936,319

23,125,000 21,925,000 21,920,000 18,510,000 86,400,000 73,600,000 17,885,000

10,879,719 9,807,431 8,868,125 7,828,775 27,436,219 11,599,681 2,009,613

2030-2034 2035-2039 2040-2043

$

286,595,000 $

90,341,319 $

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

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