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FUND <br />Debt Retirement <br />OBJ-DESCRIPTION <br />PERSONAL SERVICES <br />ANNUAL BUDGET <br />DEPARTMENT <br />Debt Retirement <br />EXPENDITURE <br />1989 1990 <br />ACTUAL BUDGET <br />SUPPLIES <br />MISC. SERVS. & CHGS. 3,306,669 <br />CAPITAL OUTLAY <br />TOTAL 3,306,669 <br />Program: Debt Retirement <br />3,306,669 <br />3,306,669 <br />ACCT. NO. <br />1991 <br />RECMD <br />2,208,308 <br />2,208,308 <br />50-00 <br />1991 <br />ADOPTED <br />2,208,305 <br />2,208,308 <br />Objective: <br />The Debt Retirement Fund provides for the payment of principle <br />and interest on all bonds issued by the City. The principal <br />sources of funding are special assessments, the ad valorem <br />property tax, and revenue from public enterprise activities. <br />Expenditure Comments: <br />1. The 1991 Debt Service requirement has decreased by $1,098,361, <br />or 33.2 percent, due to the early retirement of several bond <br />issues through calls and defeasance using bond sinking fund <br />reserves. This has reduced the amount of bonds outstanding, <br />and consequently has reduced the City's debt service require- <br />ment. <br />45 <br />