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The Improvement Refunding Bonds of 1999A and the Improvement Bonds 1996A have future debt
<br />service requirements (principal and interest) totaling $1,144,773 and $1,609,630, respectively.
<br />During 2003, transfers of $391,554 and $276,656 were made to the Improvement Refunding Bonds of
<br />1999A debt service fund and the Improvement Bond of 1996A debt service fund, respectively.
<br />The Water Revenue Bonds of 1999B and 1996B have future debt service requirements totaling
<br />$573,893 and $3,179,748 (principal and interest). The City annually transfers amounts from the Area
<br />and Unit Charge Fund to the Water Fund sufficient to help cover the debt services of these bonds.
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<br />During 2003, a transfer of $301,355 was made to the Water Fund.
<br />It is the City's intention to repay the Water Revenue Bonds of 1999B and 1996B with revenues of the
<br />- Water Fund. If revenues are not sufficient to meet the debt requirements, funds will be transferred from
<br />the Area and Unit Charge Fund.
<br />- DEBT SERVICE FUNDS
<br />Debt service funds are a type of governmental fund used to account for the accumulation of resources
<br />for the payment of principal and interest on general obligation debt (other than enterprise fund debt).
<br />Debt service funds may have one or a combination of revenue sources pledged to retire debt including
<br />property taxes, tax increments, special assessments and area and unit charges.
<br />The diverse nature of the type of debt included in the same fund type requires careful analysis to
<br />determine the adequacy of the fund balance and projected fund balance. The following schedule
<br />extracts information from Exhibits 1, 2 and 3 of the 2003 Annual Financial Report to assist in this
<br />analysis. The following schedule compares outstanding debt with assets pledged for debt retirement.
<br />This comparison provides a means to judge (at least on a preliminary basis) the financial position of
<br />each individual debt service fund.
<br />December 31, 2003 Remaining Scheduled Final
<br />Fund Deferred Debt Service Property Maturity
<br />Fund Description Balance Revenue Total Scheduled Taxes Date
<br />General Debt:
<br />Certificates of Indebtedness $ 84,095 $ 5,853 $ 89,948 $ 590,550 $ 620,078 12/31/05
<br />Lease Revenue Bonds of 1998A 890,557 6,158 896,715 4,406,525 6,521,892 02/01/10
<br />99C Public Project Revenue Bonds 319,833 2,221 322,054 796,778 495,466 02/01/10
<br />$ 1,294,485 $ 14,232 $ 1,308,717 $ 5,793,853 $ 7,637,436
<br />Special Assessment Debt:
<br />Improvement Bonds of 1996A $ 433,511 $ 30,652 $ 464,163 $ 1,609,630 $ 02/01/04
<br />Improvement Bonds of 1998A 14,451 190,060 204,511 4,406,525 02/01/15
<br />Improvement Bonds of 1998B 340,930 331,196 672,126 2,171,896 1,702,463 02/01/15
<br />Refunding Imp. Bonds of 1999A 119,619 14,420 134,039 1,144,773 808,669 02/01/06
<br />Improvement Bonds of 2002A 205,355 448,598 653,953 728,380 53,142 02/01/12
<br />Improvement Bonds of 20028 521,795 1,590,050 2,111,845 2,696,010 02/01/13
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<br />Improvement Bonds of 2003A 226,755 344,056 570,811 2,454,151 02/01/19
<br />Improvement Bonds of 2003B 692 135,074 135,766 331,285 02/01/14
<br />$ 1,863,108 $ 3,084,106 $ 4,947,214 $ 15,542,650 $ 2,564,274
<br />IMMO
<br />Note: Deferred revenue in the above table does not include the future scheduled "interest portion" of
<br />the adopted assessment rolls. The 1996A and 1999A Improvement Bonds also include a pledge from
<br />the Area and Unit Fund that has not been included above.
<br />The above table provides a means for the monitoring the status of the debt service funds. For the
<br />General Debt funded solely by property taxes, it appears that there are adequate planned levies to
<br />- retire the debt when the future lease revenues scheduled to be received from the school district are
<br />included.
<br />(9)
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