Page 355 - City of Bedford FY21 Budget

of Official Statements and take responsibility for the accuracy of all financial
information released.

E. Federal Requirements. The City will maintain procedures to comply with
arbitrage rebate and other federal requirements.

F. Debt Limit. The State of Texas limits the ad valorem tax rate to $2.50 per $100
valuation. The City of Bedford’s 2020-2021 proposed tax rate as presented falls
well below this limit.

G. Authorized but Unissued General Obligation Bonds. The City currently has
voter authorization for the following projects with a remaining balance that has
not been issued. Decisions on issuing bonds are considered by the City Council
in accordance with long-range planning. Bond authorizations do not expire, but
projects under those authorizations may have been completed under budget or are
no longer beneficial to City operations and no further issuances may be
forthcoming.

Purpose Date Amount Previously Unissued
Authorized Authorized Issued Balance
Police Facility Improvements 9/12/1995 $ 6,625,000 $ 6,295,000 $ 330,000
Street Improvements & Drainage 9/12/1995 13,200,000 12,675,000 525,000
City Building Improvements 11/6/2001 1,075,000 885,000 190,000
Animal Control 11/6/2001 240,000 - 240,000
Public Safety Improvements 11/6/2001 4,060,000 2,885,000 1,175,000
Thoroughfares and Traffic 11/6/2001 5,430,000 3,265,000 2,165,000
Signalization Improvements
Residential Street Improvements 11/6/2001 3,730,000 1,725,000 2,005,000
Totals 34,360,000 27,730,000 6,630,000

H. Bond Ratings. Bedford’s bonds currently have the following ratings:

General Obligation Bonds AA (S & P)
Revenue Bonds AA (S & P)

These ratings directly affect the cost of debt. The City’s policies are focused on
issues that maintain high bond ratings and keep debt costs reasonable.

The grand total of all bonds for the City of Bedford is $143,345,000.

Details are on the following pages and will highlight the debt issues with
schedules and graphs.

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