Debt Service Funds

Description

Debt Service Funds are used to account for accumulation of resources for payment of interest and principal on the City's general bond debt. Debt Service Funds include:

REVENUE BONDS


  • Tax Allocation Bonds. Successor Agency obligation approved by the California Department of Finance to defease and retire the 2004 Tax Allocation Bonds and retire the Concord Joint powers Financing Authority Revenue bonds secured by a reimbursement agreement between the Successor Agency and the City of Concord for pledged tax increment revenues from the Central Concord Redevelopment Project.

CERTIFICATES OF PARTICIPATION


  • 2021 Certificates of Participation. The City issued Certificates of Participation in order to refund the outstanding 2015 Lease Revenue Agreement and to finance the cost of various capital improvements, primarily street/road improvements within the City of Concord.

LEASE AGREEMENTS


  • Infrastructure Lease Agreement Fund. To account for lease agreement in connection with the financing of street and other infrastructure improvements.

ENTERPRISE FUNDS DEBT


Long-term debt associated with the Enterprise funds are accounted for in the Enterprise funds themselves. The Sewer fund has the following debt:


  • 2018 Wastewater Revenue Refunding Bonds. Debt issued to provide for a refunding of the City’s outstanding 2007 Certificates of Participation Wastewater System Improvement Bonds. Repayment of these bonds is from a pledge of revenue from the Sewer Enterprise Fund.

  • 2012 Wastewater Revenue Refunding Bonds. Debt issued to provide for a refunding of the City’s outstanding 2004 Certificates of Participation Wastewater System Improvement Bonds. Repayment of these bonds is from a pledge of revenue from the Sewer Enterprise Fund.

The City of Concord's bond rating is AA.