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39

City of Raleigh

Financial Section

F. Long‐term obligations 

1. General obligation bonds 

The City issues general obligation bonds to fund the acquisition and/or construction of major Parks and Recreation, 

Transportation and Housing Program capital and noncapital needs.  General obligation bonds have been issued for 

both the governmental and business‐type activities. The bonds are direct obligations and pledge the full faith and 

credit of the City.  The portion issued for Public Utility purposes is expected to be repaid with utility system user 

charges while the remaining bonds are expected to be repaid with general fund revenues.  Interest on the bonds is 

payable semi‐annually.  

General obligation bonds outstanding at June 30, 2016 are as follows: 

Balance

Date

Amount of

Outstanding

Interest

Date

Series

Original

June 30,

Purpose

Rates

Issued

Matures

Issue

2016

Governmental Activities

Housing Series 2007 Taxable

5.20% to 5.40% 3/1/2007

3/1/2027

7,000,000

$        

350,000

$              

Public Improvement, Series 2009A

2.25% to 4.25% 3/10/2009

2/1/2029

11,130,000

1,665,000

Public Improvement Refunding ‐

     Series 2009B

2.50%

3/11/2009

2/1/2017

13,778,981

924,246

Housing, Series 2009C ‐ Taxable

3.70% to 5.50% 3/11/2009

2/1/2029

10,000,000

1,500,000

GO Refunding, Series 2009D

4.00% to 5.00% 7/28/2009

12/1/2020

33,640,000

20,630,000

GO Refunding, Series 2009E

4.00% to 5.00% 7/28/2009

12/1/2018

14,180,000

10,745,000

Public Improvement, Series 2009F

4.00% to 5.00% 9/3/2009

2/1/2029

57,665,000

6,900,000

Housing, Series 2009G

4.00% to 5.30% 9/3/2009

2/1/2030

10,000,000

1,500,000

GO Refunding, Series 2011A

2.50% to 5.00% 10/27/2011

9/1/2022

32,055,000

32,055,000

Public Improvement, Series 2012A

3.00% to 5.00% 5/15/2012

4/1/2032

9,000,000

3,450,000

Public Improvement, Series 2012B

3.00% to 5.00% 5/16/2012

4/1/2032

138,600,000

53,150,000

Public Improvement, Series 2014

3.00% to 3.25% 6/26/2014

6/1/2032

15,000,000

13,600,000

Street Improvement, Series 2015A

3.00% to 5.00% 6/24/2015

6/1/2034

5,050,000

4,800,000

GO Bonds, Series 2015B

3.00% to 5.00% 6/25/2015

6/1/2034

20,000,000

19,000,000

Housing Bonds, Series 2015C ‐ Taxable

3.00% to 4.00% 6/25/2015

6/1/2034

10,000,000

9,500,000

General Obligation Refunding, Series  2016A

2.25% to 5.00% 3/2/2016

9/1/2030

101,850,000

101,850,000

General Obligation Refunding, Series  2016B

.5% to 1.99% 3/2/2016

9/1/2022

16,255,000

16,255,000

Housing Bonds, Series  2016C

2.00% to 3.375% 3/2/2016

2/1/2036

6,000,000

6,000,000

              Total Governmental Activities

303,874,246

$       

During fiscal year 2015‐16 the City issued $6,000,000 of general obligation taxable housing bonds.  These bonds 

mature serially over 20 years, and carry fixed coupon rates of 2.0% to 3.375%.   

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