Page 381 - FY 2022-23 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 7/1/22 1 Authorization 7/1/22 2 2022-23 2022-23 3

General Obligation Bonds 4 $ 2,880,248,000 $ 2,194,298,000 $ 685,950,000 $ 739,015,000 $ 388,710,000 $ 114,743,690

Zoo Facilities 47,600,000 47,600,000 -- 643,137 -- 669,130

Fire Facilities 378,506,000 378,506,000 -- 15,517,578 -- 10,729,334

Animal Shelter Facilities 154,142,000 154,142,000 -- 4,022,599 -- 4,176,906

Citywide Security 600,000,000 600,000,000 -- 43,109,814 -- 24,702,827

Storm Water Projects 500,000,000 439,500,000 60,500,000 159,896,872 37,000,000 28,694,278

Homelessness 1,200,000,000 574,550,000 625,450,000 515,825,000 351,710,000 45,771,215

Lease Obligations N/A 2,611,804,160 N/A 1,401,266,021 -- 176,530,838

Pershing Square (Mello-Roos) N/A 8,500,000 N/A -- -- --

Convention Center
Lease Obligations N/A 532,309,709 N/A 12,905,000 -- 13,136,774

Staples Arena N/A 45,580,000 N/A 3,385,000 -- 3,445,795

DEBT SERVICE TO GENERAL FUND REVENUES AND SPECIAL TAXES** $ 307,857,097
(% of General Revenues) 4.1%
Revenue Bonds
Wastewater 5 $ 3,500,000,000 $ 3,683,361,474 N/A $ 2,536,220,000 -- $ 230,099,127
Solid Waste Resources N/A 605,150,000 N/A 147,015,000 -- 24,159,175
Parking 6 N/A 120,605,000 N/A -- -- --
Special Assessment/Mello-Roos 7
Playa Vista 8 N/A 135,000,000 N/A 59,225,000 -- 6,953,875

Cascades Business Park/
Golf Course 9 N/A 11,750,000 N/A 605,000 -- 624,360

Legends at Cascades N/A 6,000,000 N/A 5,470,000 -- 306,777

Ponte Vista N/A 22,410,000 N/A 22,410,000 -- 896,400

Notes:
1 Does not include refundings and commercial paper notes, only new money bond issues.
2 Total General Fund debt outstanding is $2,156,571,021. Total outstanding City debt including revenue and assessment obligations is $4,927,516,021.
3 Debt service amounts for 2022-23 do not include debt service for anticipated issuances in 2022-23.
4 The Charter limits general obligation indebtedness to 3.75% of assessed valuation. Outstanding general obligation indebtedness as of June 30, 2021 was 0.09% of
assessed valuation. The ratio for June 30, 2022 is estimated at 0.10%.
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 7/1/22" includes bonds issued pursuant to the voter authorization limit and under Procedural Ordinance No. 182531. These amounts do not include
repayment of State Revolving Fund Loans outstanding in the amount of $39,338,723.
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, 2022, the outstanding taxable lease revenue commercial paper notes is $14,000,000.
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 2022-23 plus incremental revenue from self-supporting debt, including General Obligation Bonds and the Staples Arena debt.
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