Buford, GA, City of (GA)

Transcription

1 Buford, GA, City of (GA) 1 City of Buford (Georgia) General Obligation Bonds,, $33,050,000, Dated: June 17, 2015 FY Security and Sources of Payment for the Bonds and June 30, 2016 Security from Ad Valorem Taxation The Bonds will constitute general obligation debt of the City within the meaning of Article IX, Section V, Paragraph I of the Constitution of Georgia and shall count against the limitation on debt contained therein. Said limitation requires that the debt of the City shall never exceed 10% of the assessed value of taxable property within the territorial limits of the City. The principal of and interest on the Bonds will be payable from ad valorem taxes levied, without limitation as to rate or amount, upon all taxable property within the City which is subject to taxation for general obligation bond purposes, in an amount sufficient to pay the principal of and interest on the Bonds. Prior to the issuance of the Bonds, the Commission, as required by Article IX, Section V, Paragraph VI of the Constitution of Georgia, will provide for the assessment and collection of an ad valorem tax on all taxable property within the territorial limits of the City subject to taxation for general obligation bond purposes in an amount, which will be sufficient to pay the principal of and interest on the Bonds as the same become due and payable. The proceeds of the ad valorem tax assessed to pay the principal of and interest on the Bonds, together with any other moneys collected for such purpose, shall be placed, pursuant to Article IX, Section V, Paragraph VI of the Constitution of the State of Georgia, in the Sinking Fund, to be used exclusively for paying the principal of and interest on the Bonds. Such money shall be held and kept separate and apart from all other revenues collected by the City or the School System. Additional Security Provided by State of Georgia Intercept Program Prior to the issuance of the Bonds, the Board of Education, pursuant to O.C.G.A , will notify the State of Georgia Board of Education (the State Board ) of the proposed issuance of the Bonds and authorize and direct the State Board to withhold and transfer School System funds as hereinafter set forth. Under the terms of a resolution to be adopted by the Board of Education, the Sinking Fund Custodian is required to transfer to the Paying Agent for the Bonds such amounts of moneys as are necessary to provide for the payment of the interest, or principal and interest, on the Bonds coming due each Interest Payment Date. Under the terms of such resolution, if on the 15th day of the calendar month preceding each Interest Payment Date (or, if such 15th day is not a business day, the next succeeding business day) there shall not be on deposit in the Sinking Fund an amount sufficient to pay in full the interest, or principal and interest, coming due on the Bonds on such Interest Payment Date, as the case may be, and the City or the Board of Education does not immediately remedy the deficiency, the Sinking Fund Custodian shall notify the State Board of the amount of any such deficiency. Upon such notification, the State Board will withhold such amount from any State appropriation to which the School System may be entitled and thereafter transfer the amount so withheld to the Sinking Fund Custodian not less than two business days prior to such payment date, for immediate deposit into the Sinking Fund. Debt Structure of the City of Buford Summary of City Debt by Category Amount Authorized Amount to be Outstanding Category of Obligation or Issued Amount Outstanding Upon Issuance of the Bonds General Obligation Bonds 33,050,000 33,050,000 33,050,000 Reoffering Premium Bonds 4,720,016 4,471,594 4,020,754 General Obligation Bonds Series 2010 Private Placement 10,000,000 6,503,236 5,503,236 Total 47,770,016 44,024,830 42,573,990

2 Summary of City Debt by Category Amount Authorized Amount to be Outstanding Category of Obligation or Issued Amount Outstanding Upon Issuance of the Bonds General Obligation Bonds 33,050,000 33,050,000 33,050,000 Reofferring Premium Bonds 4,720,016 4,720,016 4,020,754 General Obligation Bonds Series 2010 Private Placement 10,000,000 7,003,236 5,503,236 Total 47,770,016 44,773,252 42,573,990 Debt Limitation Computation of Legal Debt Margin Gwinnett County Gross Tax Digest for the City 796,181,379 Less M&O Exemptions 142,167,523 Net M&O Tax Digest 654,013,856 Debt Limit (10% of Net M&O Tax Digest) 65,401,386 Less Amount of Debt Outstanding, after Issuance of the Bonds, Applicable to Debt Limit 33,795,257 Legal Debt Margin 31,606, Computation of Legal Debt Margin Hall County Gross Tax Digest for the City 228,619,413 Less M&O Exemptions 30,654,283 Net M&O Tax Digest 197,965,130 Debt Limit (10% of Net M&O Tax Digest) 19,796,513 Less Amount of Debt Outstanding, after Issuance of the Bonds, Applicable to Debt Limit 10,229,573 Legal Debt Margin 9,566,940 Debt Limitation Computation of Legal Debt Margin Gwinnett County Gross Tax Digest for the City 778,795,222 Less M&O Exemptions 130,215,023 Net M&O Tax Digest 648,580,199 Debt Limit (10% of Net M&O Tax Digest) 64,858,020 Less Amount of Debt Outstanding, after Issuance of the Bonds, Applicable to Debt Limit 36,020,067 Legal Debt Margin 28,837,953 Computation of Legal Debt Margin Hall County Gross Tax Digest for the City 186,852,531 Less M&O Exemptions 29,241,992 Net M&O Tax Digest 157,610,539 Debt Limit (10% of Net M&O Tax Digest) 15,761,054 Less Amount of Debt Outstanding, after Issuance of the Bonds, Applicable to Debt Limit 8,753,185 Legal Debt Margin 7,007,869

3 City of Buford Ad Valorem Taxation M&O Tax Digest Gwinnett Hall Gwinnett Hall Real and Personal $833,837,160 $230,915,285 $741,501,160 $228,761,572 Public Utility $33,053,200 $800,234 $31,124,800 $778,823 Motor Vehicles $11,773,700 $4,035,940 $15,170,850 $4,972,170 Mobile Homes $1,999,560 $28,235 $3,141,880 $28,235 Timber $0 $0 $0 $0 Gross Tax Digest $880,663,620 $235,779,694 $790,938,690 $234,540,800 Less Bond Exemptions $0 $0 $0 $0 Net Bond Tax Digest $880,663,620 $235,779,694 $790,938,690 $234,540,800 Gross M&O Tax Digest $880,663,620 $235,779,694 $790,938,690 $234,540,800 Less M&O Exemptions $154,116,106 $36,876,763 $130,215,023 $29,486,281 Net M&O Tax Digest $726,547,514 $198,902,931 $660,723,667 $205,054,519 Estimated Actual Value $2,201,659,050 $589,449,235 $1,977,346,725 $586,352,000 Ten Largest Taxpayers Assessed Value as a 2016 Taxable Assessed Percent of 2016 Gross 2016 Taxes Levied for Taxpayer Type of Business Value for the School System Assessed Values the School System 1 MAKITA MANUFACTURING $42,546,370 4 $207,932 2 ELRINGLINGER USA MANUFACTURING $15,660,426 2 $202,020 3 INDUSTRIAL DEVELOPMENTS INTL WAREHOUSE $12,988,440 1 $167,550 4 CARDINAL CG MANUFACTURING $14,573,820 2 $146,500 5 CARDINAL HEALTH MANUFACTURING $15,277,200 2 $136,589 6 AN T IMPORTS OF NORTH GA RETAIL $9,455,590 1 $121,977 7 DAIMER TRUCKS OF NORTH GA RETAIL $14,343,440 2 $101, SATELLITE LLC DISTRIBUTION $7,757,000 1 $100,065 9 GPT BUFORD OWNER, LLC MANUFACTURING $7,000,000 1 $90, TEACHERS INSURANCE & ANNUITY DISTRIBUTION $7,000,000 1 $90,300 Totals: $146,602, $1,364,307 Ten Largest Taxpayers Assessed Value as a 2015 Taxable Assessed Percent of 2015 Gross 2015 Taxes Levied for Taxpayer Type of Business Value for the School System Assessed Values the School System 1 MAKITA MANUFACTURING $41,402,760 5 $182,910 2 INDUSTRIAL DEVELOPMENTS INTL WAREHOUSE $13,962,000 1 $180,808 3 CARDINAL 200 MANUFACTURING $18,879,700 2 $161,173 4 ELRINGKLINGER USA MANUFACTURING $15,315,025 2 $157,253 5 CARDINAL CG MANUFACTURING $13,187,380 1 $122,940 6 AN T IMPORTS OF ATLANTA RETAIL $9,228,100 1 $119, SATELLITE LLC DISTRIBUTION $7,857,000 1 $100,153 8 HICKHAM, LLC WAREHOUSE $7,000,000 1 $90,650 9 TEACHERS INSURANCE & ANNUITY DISTRIBUTION $7,000,000 1 $90, PLAZA MALL NORTH 08 RETAIL $6,413,360 1 $83,053 Totals: $140,245, $1,289,094

4 M&O Tax Levies and Collections for the City and the School System Current Year's M&O Tax Levy School District's M&O Tax Levy $10,482,003 $9,695,637 Total Current Year's Net M&O Tax Levy $10,482,003 $9,695,637 Tax Collections School District's Current Year's Collections $10,227,923 $9,427,562 School District's Prior Years' Collections $401,446 $410,503 Total Tax Collections $10,629,369 $9,838,065 Total Current Year's Tax Collections as a Percent of Total Current Year's M&O Tax Levy Uncollected Current Year's M&O Property Taxes $254,080 $268,077 Due Date of Taxes November 20 November 20 Tax Period Begins January 1 January 1 Tax Period Ends December 31 December 31 Millage Rates Millage Rates of the City, Gwinnett County, and the State of Georgia Incorporated County Wide System Wide Calendar Year Buford School System Gwinnett County County Wide Services Debt Service State of Georgia Incorporated Total Millage Rates of the City, Hall County, and the State of Georgia Incorporated County System Wide Calendar Year Buford School System Hall County Fire District State of Georgia Incorporated Total Employee Pension Plan Pension Cost Percentage of Plan Year Beginning Annual Pension Cost APC Contributed Net Pension Obligation 1/1/ , % 0 1/1/ , % 0

5 Funding Status and Funding Progress FY 2015 As Of January 1, 2015, the most recent valuation date, the actuarial value of plan assets was $7,364,762, the actuarial accrued liability for benefits was $9,990,565, and the actuarial value of assets as a percentage of that actuarial accrued liability was 73.72% (funded ratio). The unfunded actuarial accrued liability was $2,625,803. The covered payroll (annual payroll of active employees covered in the plan) was $5,393,065, and the ratio of the unfunded actuarial accrued liability to the covered payroll was 48.69%. FY 2016 As Of January 1, 2016, the most recent valuation date, the actuarial value of plan assets was $8,122,383, the actuarial accrued liability for benefits was $12,385,088, and the actuarial value of assets as a percentage of that actuarial accrued liability was 65.58% (funded ratio). The unfunded actuarial accrued liability was $4,262,705. The covered payroll (annual payroll of active employees covered in the plan) was $5,475,883, and the ratio of the unfunded actuarial accrued liability to the covered payroll was 77.85%. Other Post Employment Benefits Funding Policy Annual Fiscal Year Ending OPEB Cost OPEB Cost Contributed OPEB Obligation 6/30/ , ,963 3,880,665 6/30/ , ,775 4,552,752 Governmental Immunity and Insurance Coverage Insurance Coverage Limits of Liability Type Each Occurrence Annual Aggregate General Liability 1,000,000 2,000,000 Public Officials 2,000,000 2,000,000 Auto Liability 1,000,000 Combined Single Limit Umbrella Liability 1,000,000 1,000,000 Employee Benefit Liability 1,000,000 3,000,000 Insurance Coverage Limits of Liability Type Each Occurrence Annual Aggregate General Liability 1,000,000 2,000,000 Public Officials 2,000,000 2,000,000 Auto Liability 1,000,000 Combined Single Limit Umbrella Liability 1,000,000 1,000,000 Employee Benefit Liability 1,000,000 3,000,000