BN21_Financial_Trends_BONDED_DEBT_online_CW_os_PrinFINANCIAL TRENDS - BONDED DEBT
In the last several years, the City has issued debt to fund large public infrastructure improvement and replacement projects such as the Lake
Oswego Interceptor Sewer ($110 million), and the Lake Oswego Tigard Water Partnership ($96 million). A City Council adopted policy is for total
outstanding indebtedness not to exceed $250 million, not including voter approved general obligation bonds. There are new Parks and Streets
bonds included beginning in fiscal year 2019‐20.
$0
$50,000
$100,000
$150,000
$200,000
$250,000
LO‐Tigard Water
Partnership
Lake Oswego Interceptor
Sewer
Boones Ferry Road / East End
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City‐wide Outstanding Debt Principal
Stormwater Parks Streets WEB Sewer Water LORA Parks ‐ Projected
FINANCIAL TRENDS ‐ BONDED DEBT
The columns in the above graph show the City's total general obligation (G.O.) debt. ORS 287A.050 sets a legal limit on G.O. bonded
indebtedness at 3% of the total real market value in the city. The City's G.O. bonded indebtedness has stayed less than 1%, well below this
limit. The graph reflects existing general obligation bond issues only and does not project for any future ballot measures that may increase
general obligation debt.
This graph depicts the City of Lake Oswego's debt service (principal and interest payments) on its bonded indebtedness. Bond issues are
20 and 25‐years; however, the graph is only extended out to fiscal year 2025‐26. Debt service payments have included street improvement
bonds and open space and field bonds. The steady decrease from fiscal year 2015‐16 reflects two GO Bond issues retiring. The increase in
fiscal year 2019‐20 reflects a Parks bond and the remaining bonds will be for the Boones Ferry Road project.
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$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
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$400,000,000
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‐21
General Obligation Bonded Indebtedness
All GO bonds Bonded Debt Limitation (3%) RMV
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
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Annual Debt Service on General Obligation Bonds
FINANCIAL TRENDS - BONDED DEBT
GENERAL OBLIGATION BONDS
General obligation bonds are used to finance a variety of public projects and require voter approval. These bonds are
backed by the full faith and credit of the City. The City currently has three general obligation bond issues outstanding:
Interest Issued Maturity Original Principal Annual Bond
rates (1) date date principal outstanding debt service Rating (2) Payment source
Series 2011A Refunding 2.00 9/20/11 6/1/20 3,540,000 425,000 434,000 Aaa/AAA Property taxes
Series 2015 Lake Grove/Refunding 2.00 ‐ 5.00 2/26/15 6/1/39 10,245,000 5,500,000 940,000 Aaa/AAA Property taxes
Series 2019 Parks (estimated)3.00 ‐ 5.00 12/1/19 6/1/40 20,600,000 20,600,000 587,000 Aaa/AAA Property taxes
Total General Obligation Bonds $34,385,000 $26,525,000 $1,961,000
(1) Interest rates represent the rates on the remaining bond principal outstanding.
(2) Bond ratings received from Moody's / Standard & Poor's reflect the City's strong financial performance.
Principal Interest
payable payable Total
June 30, 2020 $1,175,000 $784,612 $1,959,612
June 30, 2021 800,000 1,204,584 2,004,584
June 30, 2022 890,000 1,164,584 2,054,584
June 30, 2023 525,000 1,120,084 1,645,084
June 30, 2024 590,000 1,096,834 1,686,834
June 30, 2025 660,000 1,070,434 1,730,434
June 30, 2026 735,000 1,040,634 1,775,634
June 30, 2027 810,000 1,008,009 1,818,009
June 30, 2028 895,000 970,809 1,865,809
June 30, 2029 985,000 929,459 1,914,459
June 30, 2030 1,080,000 883,709 1,963,709
June 30, 2031 1,185,000 833,309 2,018,309
June 30, 2032 1,290,000 777,859 2,067,859
June 30, 2033 1,405,000 717,259 2,122,259
June 30, 2034 1,530,000 651,009 2,181,009
June 30, 2035 1,655,000 578,353 2,233,353
June 30, 2036 1,800,000 499,540 2,299,540
June 30, 2037 1,945,000 413,500 2,358,500
June 30, 2038 2,105,000 320,188 2,425,188
June 30, 2039 2,270,000 219,050 2,489,050
June 30, 2040 2,195,000 109,750 2,304,750
$26,525,000 $16,393,564 $42,918,564
ORS 287A.050
Debt Debt Debt as % Statutory
outstanding per capita of RMV maximum
G.O. Bonds, debt ratios $26,525,000 $685 0.22% 3.00%
Schedule of Future Principal & Interest Payments due
Fiscal year ended
FINANCIAL TRENDS ‐ BONDED DEBT
FULL FAITH AND CREDIT BONDS
Full faith and credit bonds are long‐term obligations that are payable solely from a designated source of revenue. They do not
carry any taxing power.
Interest Original Maturity Original Principal Annual
rates (1) date date principal outstanding debt service Payment source
Series 2010A Full Faith & Credit 2.50 ‐ 4.00 9/30/10 6/1/35 35,000,000 26,565,000 2,214,000 Sewer rates
Series 2011A Full Faith & Credit 2.50 ‐ 5.00 9/20/11 6/1/31 11,500,000 7,790,000 827,000 LORA
Series 2013A Full Faith & Credit 4.00 ‐ 5.00 9/11/13 6/1/38 75,290,000 68,660,000 5,473,000 Water rates
Series 2017 Full Faith & Credit 2.00 ‐ 5.00 12/21/17 12/1/35 44,160,000 44,160,000 3,657,000 Sewer rates
Series 2018 Full Faith & Credit* 2.00 ‐ 5.00 5/2/18 12/1/42 51,640,000 49,720,000 3,376,000 LORA/Water/Stormwater
Series 2019 Full Faith & Credit (Est.)3.00 ‐ 5.00 12/1/19 6/1/40 10,400,000 10,400,000 800,000 Street gas tax revenue
Total Full Faith & Credit Bonds $227,990,000 $207,295,000 $16,347,000
(1) Interest rates represent the rates on the remaining bond principal outstanding.
Principal Interest Estimated
payable payable Total
June 30, 2020 $8,172,000 $8,174,676 $16,346,676
June 30, 2021 8,507,000 7,862,182 16,369,182
June 30, 2022 8,807,000 7,533,532 16,340,532
June 30, 2023 9,168,000 7,187,329 16,355,329
June 30, 2024 9,515,000 6,822,506 16,337,506
June 30, 2025 9,713,000 6,421,640 16,134,640
June 30, 2026 10,092,000 6,007,951 16,099,951
June 30, 2027 10,551,000 5,544,199 16,095,199
June 30, 2028 11,006,000 5,082,775 16,088,775
June 30, 2029 11,118,000 4,639,985 15,757,985
June 30, 2030 11,530,000 4,220,328 15,750,328
June 30, 2031 11,973,000 3,771,336 15,744,336
June 30, 2032 11,652,000 3,267,479 14,919,479
June 30, 2033 12,142,000 2,791,778 14,933,778
June 30, 2034 12,619,000 2,312,918 14,931,918
June 30, 2035 13,097,000 1,836,291 14,933,291
June 30, 2036 7,670,000 1,398,722 9,068,722
June 30, 2037 7,986,000 1,083,578 9,069,578
June 30, 2038 8,312,000 755,837 9,067,837
June 30, 2039 3,180,000 412,941 3,592,941
June 30, 2040 2,495,000 300,219 2,795,219
June 30, 2041 2,575,000 217,831 2,792,831
June 30, 2042 2,665,000 132,681 2,797,681
June 30, 2043 2,750,000 44,688 2,794,688
$207,295,000 $87,823,402 $295,118,402
*Series 2018 Debt Service payments includes refunded Surface Water (Stormwater) Series 2005 and Water Series 2007.
Schedule of Future Principal & Interest Payments due
Fiscal year ended