Page 377 - FY 2021-22 Proposed Budget

STATEMENT OF BONDED INDEBTEDNESS AND OTHER OBLIGATIONS
Charter Section 312(g) requires that the budget provide all essential facts regarding the bonded and other indebtedness of the
City government. Under the California Constitution, the City may issue general obligation bonds subject to the approval of two-
thirds of the voters voting on the bond proposition. An ad valorem tax on real property is levied without limitation as to rate and
amount to pay principal and interest on general obligation bonds. The City may also levy special taxes on real property based
on the size of improvements (rather than assessed valuation) with two-thirds voter approval. These taxes may secure bonded
obligation. The City may issue revenue bonds under the State 1941 Act with approval by 50 percent plus one of the voters, and
under the City Charter, the City may establish its own procedures for issuing revenue bonds. Under State law, the City may also
enter into long-term lease obligations without obtaining voter approval. Lease revenue bonds and certificates of participation
may be issued, which are secured by such lease-purchase agreements. Under various sections of State law, the City may
establish assessment or Mello-Roos districts and issue bonds for infrastructure improvements. The bonds are secured solely by
the properties in the district. The table below summarizes the outstanding general obligation bonded indebtedness of the City,
judgment obligation bonds, lease revenue bonds, certificates of participation, revenue bonds and special assessment and
Mello-Roos districts. .

Amount
Amount Outstanding Projected
Voter Issued as of Remaining as of Issuance Debt Service
Authorization 7/1/21 1 Authorization 7/1/21 2 2021-22 2021-22 3
General Obligation Bonds 4 $ 3,058,548,000 $ 2,160,658,000 $ 897,890,000 $ 627,460,000 $ 329,000,000 $ 119,324,986
Zoo Facilities 47,600,000 47,600,000 -- 2,721,419 -- 1,943,968

Library Facilities 178,300,000 178,300,000 -- 1,515,101 -- 1,552,979

Fire Facilities 378,506,000 378,506,000 -- 29,005,958 -- 18,335,591
Animal Shelter Facilities 154,142,000 154,142,000 -- 15,449,203 -- 7,908,456

Citywide Security 600,000,000 600,000,000 -- 71,643,472 -- 30,713,281
Storm Water Projects 500,000,000 439,500,000 60,500,000 185,104,847 -- 29,751,477
Homelessness 1,200,000,000 362,610,000 837,390,000 322,020,000 329,000,000 29,119,234
Lease Obligations N/A 2,457,599,160 N/A 1,377,419,781 175,000,000 164,993,875
Pershing Square (Mello-Roos) N/A 8,500,000 N/A 220,000 -- 225,500

Convention Center
Lease Obligations N/A 532,309,709 N/A 58,860,000 -- 47,207,135
Staples Arena N/A 45,580,000 N/A 6,660,000 -- 3,452,788

DEBT SERVICE TO GENERAL FUND REVENUES AND SPECIAL TAXES** $ 335,204,284
(% of General Revenues) 4.6%
Revenue Bonds
Wastewater 5 $ 3,500,000,000 $ 3,514,036,474 N/A $ 2,529,940,000 $ 359,000,000 $ 227,047,629
Solid Waste Resources N/A 605,150,000 N/A 164,495,000 -- 23,953,175
Parking 6 N/A 120,605,000 N/A -- -- --
Special Assessment/Mello-Roos 7
Playa Vista 8 N/A 135,000,000 N/A 62,995,000 -- 6,825,500

Cascades Business Park/
Golf Course 9 N/A 11,750,000 N/A 1,175,000 -- 626,960

Legends at Cascades N/A 6,000,000 N/A 5,520,000 -- 396,725

Notes:
1 Does not include refundings and commercial paper notes, only new money bond issues.
2 Total General Fund debt outstanding is $2,070,619,781. Total outstanding City debt including revenue and assessment obligations is $4,834,744,781.
3 Debt service amounts for 2021-22 do not include debt service for anticipated issuances in 2021-22.
4 The Charter limits general obligation indebtedness to 3.75% of assessed valuation. Outstanding general obligation indebtedness as of June 30, 2020 was 0.11% of assessed
valuation. The ratio for June 30, 2021 is estimated at 0.09%.
5 Procedural Ordinance No. 182531 effective June 10, 2013 was adopted to enable revenue bond issuances that are not subject to the voter authorization limit. "Amount Issued
as of 7/1/21" includes bonds issued pursuant to the voter authorization limit and under Procedural Ordinance No. 1825312. These amounts do not include repayment of State
Revolving Fund Loans outstanding in the amount of $51,973,777.
6 The Parking System Revenue Bonds, Series 1999-A and Series 2003-A (the "Parking Bonds") were redeemed in full effective November 1, 2013. Taxable lease revenue
commercial paper notes were issued to redeem the Parking Bonds. As of July 1, 2021, the outstanding taxable lease revenue commercial paper notes is $18,000,000.
7 Backed solely by assessments on participating properties.
8 Series 2003-A issued $135,000,000 in bonds for the project; was refunded as Series 2014-A during 2014-15.
9 Formerly known as "Silver Oaks."
**Based on projected revenues for 2021-22 plus incremental revenue from self-supporting debt, including General Obligation Bonds and the Staples Arena debt.

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