HomeMy WebLinkAboutFYI - Bond Debt Historycrw OF ST. josl' PH
MEETING DATE: April 6, 2011
AGENDA ITEM: FYI Only
SUBMITTED BY: Finance
BOARD /COMMISSION /COMMITTEE RECOMMENDATION: None
PREVIOUS COUNCIL ACTION: None
FYI
BACKGROUND INFORMATION: Councilor Loso requested a history of the bonded debt liability from
2000 through 2010. Enclosed is a graph that shows the liability trend for the specified time period. The
liability grew in the mid- 2000's as a result of the City issuing 5 -year general obligation special
assessment bonds to assist developers with creating housing developments within the City. As of
December 31, 2010 the only developer special assessment bond that remains is for the Rivers Bend
development. The developer portion of the bonds will be paid in full on December 1, 2012.
In addition, the City issued an advanced cross -over refunding bond in 2010 to refund the 2005 Hill
Street /Cloverdale improvement bonds. The 2005 bonds are not callable until December 1, 2012 so
proceeds from the 2010 refunding bonds are held in escrow until that date. The City will show an
additional liability of $1,035,000 (and offsetting investment with fiscal agent) until the refunding date.
I enclosed a second graph titled Bond Payoff by Year to show the reductions in the bonded liability over
the remaining lives of the current bonds. The payoff of the Rivers Bend development bonds and cross-
over refunding bonds in 2012 is the reason 2012 has such a large spike on the graph.
BUDGET /FISCAL IMPACT: Information Only
ATTACHMENTS: Request for Council Action — Bonded Debt History
Graph — Bonded Debt Liability
Graph —Bond Payoff by Year
REQUESTED COUNCIL ACTION: None.
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