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SUBJECT: RETIREMENT OF GENERAL OBLIGATION LIBRARY BONDS AND OTHER <br />FINANCING OPPORTUNITIES <br />DATE: DECEMBER 16, 2015 <br />PAGE3OF4 <br />1,600,000 - <br />1,400,000 <br />1,200.000 <br />1,000,000 <br />800.000 <br />600.000 <br />400,000 <br />200,000 <br />Debt Service Fund Forecast <br />Advanced Calls <br />Began in 2013 . <br />Filial Call <br />Projected for 2018 <br />C1C5 b,` C11 CJ 0 C3 i1 O CP �] h4 r,.A ti N'S 41' h ^� 41/4 N%E <br />.f tLti .i3 '1? `l' 1> .15' nl .10 oi5" V `tip `Fa IP PP PP PP 1, ,1O , <br />Revenue <br />■.Expendifures <br />Fund Balance <br />Mill Levy for 2018 <br />Projected at 0,076 <br />If voters approved a new levy of the same amount as the existing Library Bond Debt <br />Service levy (1.526 mills) to start in 2019 after the Library bonds are paid off, depending <br />on the continued growth in assessed valuation, the term of the bonds, the municipal <br />bond interest rate environment, and overall structure of the new bonds, the 1.526 mills <br />would support a new bond issue of approximately $10 -$15 million. <br />Other than a new property tax, the City could consider requesting voter approval for an <br />increase in the sales tax rate. The City could also consider pledging existing General <br />Fund or Capital Fund revenue for a bond issue. <br />In 2013, the City made final payment on the 2003 Sales Tax Revenue Refunding <br />Bonds. These bonds refinanced the City's 1993 Sales Tax Revenue Bonds that were <br />issued to finance certain capital improvements, including the Recreation Center. The <br />annual payment on these bonds was approximately $450,000 and was paid for using <br />the 1% capital projects sales tax. <br />The following schedule gives a general idea of the amount of additional property tax and <br />sales tax required to fund the debt service on various size debt issuances. <br />RECREATION CENTER TASK FORCE <br />COMMUNICATION <br />6 <br />