2024 Annual Comprehensive Report

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 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

Fiscal Year

Principal

Interest

Principal

Interest

Total

2024-25 2025-26 2026-27 2027-28 2028-29 2030-34 2035-39 2040-44 2045-46

$ 3,175,000 $

1,760,764 $

3,655,000 $

2,923,733 $

11,514,497 11,483,057 11,454,116 11,440,656 11,403,366 54,888,707 53,018,324 41,173,698 5,642,063 212,018,484

3,225,000 3,300,000 3,375,000 3,435,000 16,505,000 17,065,000 10,325,000

1,677,559 1,579,723 1,484,590 1,393,040 5,490,519 3,064,144

3,730,000 3,805,000 3,900,000 3,990,000 21,660,000 25,180,000 26,880,000 5,510,000

2,850,498 2,769,393 2,681,066 2,585,326 11,233,188 7,709,180 3,150,352

818,346

132,063

$ 60,405,000 $ 17,268,685 $

98,310,000 $ 36,034,799 $

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, 2024, $87,965,000 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

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