Debt Service Fund
The Debt Service Fund is used to account for the accumulation of resources for, and the payment of, general long term debt principal and interest. Debt instruments such as certificates of obligation and general obligation bonds are issued to finance construction and major improvements to the city's infrastructure, streets, and drainage systems.
Repaying the Debt
This debt is repaid over the term of the bond issued - usually 20 years. Bond issues are structured so that the expenditures from this fund each year are consistent in order to minimize the fluctuation in the property tax levy and rate that primarily fund the debt. Repaying debt in this manner allows the city to maintain its future capacity to issue additional debt when needed.
Continuing Disclosure Reports
When bonds are issued, the City commits to provide certain annual financial information and material event notices to the public. In accordance with SEC Rule 15c2-12, those filings must be made electronically at the Electronic Municipal Market Access (EMMA) portal. Below are the City's most recent reports: