Title
Presentation of the Calendar Year 2014 and 2015 Annual Reports on the City of Lee's Summit Debt
Body
Issue/Request:
Presentation of the Annual Debt Reports for Calendar Year 2014 and Calendar Year 2015.
Key Issues:
The City's Debt Management Policy adopted during the year 2008 requires Staff to at least annually furnish a report to the City Council regarding all debt for which the City is regarded as the Issuer, including but not limited to: General Obligation Bonds, Revenue Bonds, Special Obligation Bonds, Certificates of Participation and TIF Revenue Bonds. Attached to this packet form are Annual Reports for Calendar Year 2014 and Calendar Year 2015.
Proposed City Council Motion:
N/A
Background:
The City adopted a Debt Management Policy during calendar year 2008, which among other things provided for Staff to present an Annual Report to the City Council regarding the City's debt for which the city would be regarded as the Issuer, including General Obligation Bonds, Revenue Bonds, Special Obligation Bonds, Certificates of Participation and TIF Revenue Bonds. The Report is to include information for each debt issue specifying the remaining outstanding principal balance, the expected debt service required for hte next fiscal year, the expected revenue which will be available for debt service during the next fiscal year and the number of years remaining until the debt is expected to be paid in full. The Reports for Calendar Year 2014 and Calendar Year 2015 are attached.
Impact/Analysis:
While Staff, during 2014, discussed various aspects of the City's debt, the 2014 Annual Debt Report was not formally submitted to the City Council. Thus, it is being submitted at this time.
General Obligation Bonds:
The City began Calendar Year 2014 with $50,655,000 in outstanding principal on its General Obligation Debt and ended the year with $44,455,000. During the year, no new General Obligation Bonds were issued, and, $6,200,000 of principal was retired....
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