FY 2022-23 Adopted Policy Budget
LEGAL DEBT LIMIT MARGIN
The City of Oakland has undertaken responsibility for gathering information relating to debt issuances for which the City of Oakland, the Oakland Joint Powers Financing Authority, the Oakland-Alameda County Coliseum Authority, and the Redevelopment Successor Agency of the City of Oakland have Continuing Disclosure Obligations.
The City of Oakland's underlying ratings for its bonds as of July 1, 2021 were as follows:
GENERAL OBLIGATION BONDS. As of July 1, 2021, the City had outstanding a total of $450,075,000 aggregate principal amount of general obligation bonds. The bonds are general obligations of the City, approved by at least two-thirds of the voters. The City has the power and is obligated to levy ad valorem taxes upon all property within the City, subject to taxation without limitation, as to the rate or the amount (except certain property taxable at limited rates) for the payment of principal and interest on these bonds.
SEWER REVENUE DEBT. The City has also issued bonds secured by revenues of its sewer system. These bonds were issued to refund the outstanding Sewer Revenue Bonds, 2004 Series A.
LEASE OBLIGATIONS. The City has entered into various long-term lease arrangements that secure lease revenue bonds or certificates of participation, under which the City must make lease payments, payable by the City from its General Fund to occupy public buildings or use equipment. The table below summarizes the City’s outstanding long-term lease obligations.
The lease payments securing OACCA bonds are joint and several obligations of both the City and the County of Alameda. Each entity has covenanted to budget and appropriate one-half of the annual lease payments, and to take supplemental budget action if required to cure any deficiency. Principal amounts shown represent half of total original and outstanding par, representing the amount that is directly attributable to the City.
PENSION OBLIGATION BONDS. The City has two series of pension obligation bonds outstanding to fund a portion of the current balance of the City’s Unfunded Actuarial Accrued Liability (“UAAL”) for retirement benefits to members of the Oakland Police and Fire Retirement System (“PFRS”). The table below summarizes the current out-standing pension obligation bond issues.
OTHER LONG-TERM BORROWINGS. The City has debt outstanding for three bond issues supported by assessment districts. Debt service on each of these assessment and reassessment bond issues is paid solely from assessments levied on real property within the respective districts. The City is not responsible for debt service on the bonds in the event that assessment collections are not sufficient. The table below summarizes the City’s outstanding assessment bonds.
REDEVELOPMENT SUCCESSOR AGENCY OF THE CITY OF OAKLAND. The City’s Former Redevelopment Agency and Redevelopment Successor Agency have issued several series of tax allocation bonds to provide funding for blight alleviation and economic development in parts of the City or for the construction of low-income housing. The bonds are payable from the revenues deposited into the Redevelopment Property Tax Trust Fund which were formerly tax increment revenues received from the specific redevelopment project areas. Tax allocation bonds have been issued for the Central District Redevelopment Project Area, the Coliseum Area Redevelopment Project Area, the Central City East Redevelopment Project Area, and the Broadway/MacArthur/San Pablo Redevelopment Project Area. In addition, bonds have been issued that are secured by dedicated housing set-aside revenues from all the City’s redevelopment project areas.
The tables below summarize the Redevelopment Successor Agency’s outstanding tax allocation debt, including the final maturity date, original par amounts and amounts outstanding. All information below is presented as of July 1, 2021.