1993-07-15 Resolution 79 - Laserfiche WebLink

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NOTES TO BONDED INDEBTEDNESS (Cont'd) (9) 1987 General Obligation Refunding Bonds $ 1,370,000 1982 General Obligation Bonds 520,000 Total 1 890 000 (10) Poor Relief Bonds of 1992 $ 1,600,000 (11) 1993 Sewage Works Refunding Revenue Bonds $10,080.000 (12) 1985 Tax Increment Revenue Bonds $ 750,000* 1986 Tax Increment Revenue Bonds 350,000* 1988 Tax Increment Revenue Bonds 1,775,000 1992 Tax Increment Refunding Revenue Bonds 4,760,000 Total 7 635 000 * Unrefunded portion In addition, the Redevelopment Commission has a $2.6 million BAN outstanding to finance certain costs associated with the planning of the College Football Hall of Fame. The City anticipates issuing approximately $14 million of debt to complete the project. Private donations are expected to help fund this project. DEBT RATIOS The following schedule presents the ratios relative to the property tax supported indebtedness of the City of South Bend and the taxing units overlapping its jurisdiction as of June 16, 1993. Allocable Total Direct Debt Portion of Direct and Including All Other Tax Overlapping Proposed Supported Supported Issue Debt Debt $34,595,000 $29,334,458 $63,929,458 Per capita (1) $327.88 $278.02 $605.90 Percent of net assessed valuation (2) 5.55 % 4.70 % 10.25 % Percent of assumed true tax value (3) 1.85 % 1.57 % 3.42 (1) Based upon 1990 census data, the population of the City of South Bend is estimated at 105,511. (2) The net assessed valuation of the City of South Bend for taxes payable in 1993 is $623,329,408 according to the St. Joseph County Auditor's office. (3) Assumes that the net assessed valuation is 33 1/3% of true tax value, which is not the equivalent of fair market value. True tax value is equal to the reproduction value of property based on material and labor costs in the State of Indiana in 1985. A-22