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General Comparison of Bond Options <br /> <br />Lease Revenue <br /> <br />General Obligation <br /> <br />IVoter approval required? <br /> <br />I No I Yes I <br /> <br />ITax levy allowed? <br />Tax based on - <br /> <br /> Yes <br /> <br />Tax Capacity <br /> <br /> Yes <br /> <br />Market Value <br /> <br />Debt payments subject to <br />annual appropriation? <br />Debt service reserve required? <br /> <br /> Yes <br /> <br />Yes - I year annual <br />debt service <br /> <br />No <br /> <br />Issue size <br /> <br />Capitalized Interest (1) <br />Issuance Costs <br />Debt Service Reserve (2) <br /> <br />Proceeds available <br />Project fund interest earnings <br /> <br />Total available for project <br /> <br />Items Specific to This Issue <br /> <br />Lease Revenue <br /> <br />$ 6,000,000 <br /> <br /> General Obligation <br />$ 6,OOO,OOO <br /> <br />160,742 157,811 <br />155,000 130,000 <br />511,885 - <br /> <br /> 5,172,373 5,712,189 <br /> 57,627 62,811 <br /> <br />$ 5,230,000 $ 5,775,000 <br /> <br />Notes: <br />(1) Capitalized interest is required for both issues because tax revenue will not be collected until <br /> July 2003. The capitalized interest will be used to meet debt payments until tax revenue <br /> is available. <br />(2) The Debt Service Reserve is the City's money held in reserve to meet bond payments in the <br /> unlikely case that the City did not appropriate funds for the lease payment. Interest earnings on <br /> this reserve are used to reduce annual debt payments. The reserve may be used to make the <br /> final debt payment so a tax levy is not required in the final year. <br /> <br />1/11/02 <br /> <br /> <br />