Page 185 - 2019 Budget Detail.xlsx

DRAINAGE UTILITY FUNDS

The Drainage Utility fund is divided into (1) operating fund, (2) debt service funds, and
(1) construction fund.

Drainage Utility Operating Fund (022) – is used to account for the general operations
of the fund.

Drainage Debt Service Funds – These funds were established to separately account
and pay for debt obligations incurred by the Enterprise Fund in the name of the City.
Expenses include payment of principal, interest and agent fees. There are no other
operating expenditures included in these funds. Debt Service payments are funded
through operating transfers from the Drainage Utility fund. These issuances include:

- Combination Tax and Water and Sewer Revenue Certificates of Obligations,
Series 2010
A series of bonds dated March 1, 2010 issued to acquire, construct, install and
equip improvements of the City’s stormwater and drainage system. Interest rate
range from 3% to 4.125% and obligations mature serially through 2030.

- Combination Tax and Water and Sewer System Revenue Certificates of
Obligation, Series 2015
This bond series dated April 21, 2015 issued to acquire, construct, install and
equip improvements of the City’s stormwater and drainage system. The
Certificates mature in 2030 and bear interest at the rate of 2.56% per annum.

Drainage Construction Fund (083) - This fund is used to account for major drainage
construction/improvement projects. These projects are mainly funded through operating
transfers from the Drainage operating fund.

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