Page 477 - FY 2022-23 Proposed Budget

General Obligation Bond Payments

Exhibit 10 lists the City’s General Obligation Bonds (GOB) debt service
requirements for principal and interest for 2022-23, which are estimated at
$114.7 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. In fiscal year 2021-22 City
Issued GOB Series 2021-A Social and Series 2021-B Refunding Bonds.

EXHIBIT 10

GENERAL OBLIGATION BONDS
DEBT SERVICE REQUIREMENTS
FOR FISCAL YEAR 2022-23

Total
Principal Interest Requirement
GOB - Series 2016-A 16,535,000 2,470,329 19,005,329
GOB - Series 2017-A 4,320,000 2,076,908 6,396,908
GOB - Series 2017-B 7,025,000 1,074,875 8,099,875
GOB - Series 2018-A 13,815,000 8,325,410 22,140,410
GOB - Series 2018-B - 1,733,250 1,733,250
GOB - Series 2018-C - 378,015 378,015
GOB - Series 2021-A 10,600,000 6,633,898 17,233,898
GOB - Series 2021-B 36,475,000 3,281,006 39,756,006

Total $ 88,770,000 $ 25,973,691 $ 114,743,691

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