Page 479 - 2020-21 Budget Summary

Revenue Forecast Report
Discussion

General Obligation Bond Payments

Exhibit 10 lists the City’s General Obligation Bonds (GOB) debt service
requirements for principal and interest for 2020-21, which are estimated at
$129 million. GOBs are general obligations of the City payable from ad
valorem taxes levied upon all of the taxable property in the City. Taxes levied
for the GOB debt service requirement are separate from the General Fund
property tax revenue. The City issues GOB debt for capital improvement
projects, including the acquisition of property and the construction of new
facilities and improvements to existing facilities.

EXHIBIT 10

GENERAL OBLIGATION BONDS
DEBT SERVICE REQUIREMENTS
FOR FISCAL YEAR 2020-21

Total
Principal Interest Requirement
GOB - Series 2011-B 32,590,000 3,203,000 35,793,000
GOB - Series 2012-A 22,815,000 4,353,225 27,168,225
GOB - Series 2016-A 17,060,000 3,197,348 20,257,348
GOB - Series 2017-A 4,320,000 2,287,508 6,607,508
GOB - Series 2017-B 11,460,000 1,888,750 13,348,750
GOB - Series 2018-A 13,815,000 9,354,627 23,169,627
GOB - Series 2018-B - 1,733,250 1,733,250
GOB - Series 2018-C - 378,015 378,015

Total $ 102,060,000 $ 26,395,723 $ 128,455,723

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