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DEBT SERVICE FUNDS (Continued)
<br />December 31, 2001 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 $ 66,278 $ 3,139 $ 69,417 $ 734,544 $ 771,901 12/31/03
<br />Lease Revenue Bonds of 1998 866,464 2,492 868,956 8,008,652 7,206,739 02/01/10
<br />99C Public Project Revenue Bonds 316,355 1,019 317,374 1,040,958 733,498 02/01/10
<br />$ 1,249,097 $ 6,650 $ 1,255,747 $ 9,784,154 $ 8,712,138
<br />Special Assessment Debt:
<br />Improvement Bonds of 1996A 127,023 $ 126,020 $ 253,043 $ 2,925,765 02/01/07
<br />Improvement Bonds of 1998A (41,953) 641,119 599,166 5,330,775 02/01/15
<br />Improvement Bonds of 1998B 296,258 338,106 634,364 2,557,052 2,006,928 02/01/15
<br />Refunding Imp. Bonds of 1999A 96,024 32,180 128,204 1,927,008 1,646,682 02/01/06
<br />477,352 1,137,425 $ 1,614,777 $ 12,740,600 3,653,610
<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 />Schedule of Special Assessment Debt:
<br />Total resources available
<br />+ Scheduled property tax levies
<br />$ 1,614,777
<br />3,653,610
<br />$ 5,268,387
<br />- Debt Service 12,740,600
<br />Deficit in scheduled funding (at 12/31/01) $(7,472,213)
<br />This deficit will need to be funded by future adopted assessment rolls, special assessment levies,
<br />investment earnings, transfers from other funds, property taxes or other available means.
<br />Factors to consider when analyzing debt service funds:
<br />• Are all the anticipated assessment rolls being adopted as soon as appropriate?
<br />• Have all the planned financing sources been identified, such as pledged amounts from the area and
<br />unit fund or future MSA funds?
<br />• Are there significant "prepayments" received from property owners? In the current investment
<br />environment, will the earnings the City will receive on these prepayments be lower than the interest
<br />rate that was being charged on the adopted assessment roll?
<br />• Have the scheduled debt service payments been scheduled around the anticipated assessment
<br />rolls in addition to any anticipated prepayments to avoid accumulating excess balances and
<br />generating excess earnings that potentially could be subject to arbitrage?
<br />(12)
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