1998-10-19 Resolution 130 - Laserfiche WebLink

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Direct Debt Issuance Limitation The City is limited to the issuance of direct general obligation debt in an amount not to exceed 2% of the assessed valuation. The Bonds being issued herein are not subject to the 2% debt limitation. Assessed Valuation -1997 Payable 1998 Statutory Limitation - 2% Thereof General Obligation Bonds subject to limit Economic Development Income Tax Revenue Bonds of 1997 - subject to limitation Issuance Margin Per Capita and Debt Ratio Analysis Population -1990 Assessed Valuation Description Total Direct Debt and Lease Obligations Total Overlapping and Underlying Direct Debt and Lease Obligations Total Amount $ 59,665,000 75,176,403 $ 134,841,403 $ 619,151,749 $ 12,383,035 -0- (11,715,000) ~ 668,035 105,511 $ 619,151,749 Ratio of Debt Debt/Assessed Per Carta Valuation $ 565.49 9.6% 712.50 12.2% ~ 1,277.99 21.8% City Economic Development Income Tax Revenue Bonds The. City presently has outstanding $11,715,000 South Bend Economic Development Income Tax Revenue Bonds (EDIT Bonds). These EDIT Bonds are payable solely from the City's share of the St. Joseph County Economic Development Income Tax and do not constitute a claim against the base property taxes collected or other income of the City. Statement of City Utility Revenue Debt LJ The City of South Bend owns and operates the municipal water and sewer utilities which have heretofore issued and have outstanding the following revenue bonds. All such revenue bonds constitute a lien on the revenues of the utilities and are not, pursuant to Indiana statutes, direct obligations of the City. Revenue bonds issued and outstanding as of October 2, 1998 were as follows: Final Outstanding U~tv Maturi October 2,1998 Sewage Works -1993 2008 $ 7,600,000 Waterworks -1993 2009 4,185,000 Waterworks -1997 2012 22,500,000 B-3