FY 2021 2122 ADOPTED OPERATING AND FY 2021 2526 CIP BUDGETS

Budget Overview (continued)

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 20-21a nd 21-22 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 18-19 CAFR.

34 GENERAL INFORMATION