FY 2018-19 and 2019-20 Adopted Operating and CIP Budget

Budget Overview (continued)

for the Police facility and library/development service center.

During FY 13-14, the Successor Agency of the former Redevelopment Agency sold $88.7 million in bonds to refund the outstanding 07- 08 Redevelopment Agency bonds, which were sold to finance projects located in the Ojo de Agua plan area, including the City’s downtown revitalization. The refunding bonds will be repaid from the County Auditor-Controller’s real property tax trust fund established under AB1x26, the State legislation that abolished redevelopment. All principal and interest payments due on bonds, certificates of participation and loans during FY 18-19 and 19-20 are included in the budget. Legal Debt Limit Within the Comprehensive Annual Financial Report (CAFR), the City calculates its legal debt limit (the maximum amount of debt the City can issue) and compares it to the debt outstanding at the end of the year to produce the legal debt margin (the amount of debt the City can issue in future years). The City is within its legal debt margin as reported in the FY 16-17 CAFR.

40 GENERAL INFORMATION

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