The Accounting Division is responsible for debt management. Each individual debt issue is accounted for separately. During the years the City has refinanced some of its existing debt to take advantage of favorable interest rates and reduce total future debt service payments.

General Obligation bonds are backed by the full-faith and credit of the City. Revenue bonds are secured solely by specified revenue sources. Notes payable are collateralized by ad valorem tax revenue within the boundaries of the Community Redevelopment Area, water and sewer non-ad valorem, and special assessment revenue. Special assessment debt is collateralized by special assessments levied against the benefited property owners. Capital leases are collateralized by the related equipment.

Chart of City’s Total Debt Outstanding as of September 30, 2003 (PDF)

Chart of City’s Long-term Debt at September 30, 2003 (PDF)