Page 79 - Hudson CAFR Report 2018

HUDSON CITY SCHOOL DISTRICT
SUMMIT COUNTY, OHIO

NOTES TO THE BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2018

NOTE 8 - LONG-TERM OBLIGATIONS - (Continued)

C. Principal and interest requirements to retire the general obligation bonds outstanding at June 30, 2018,
are as follows:

Fiscal Year Energy Conservation Bonds Qualified School Construction Bonds

Ending June 30, Principal Interest Total Principal Interest Total

2019 $ 215,000 $ 31,363 $ 246,363 $ 155,000 $ 17,872 $ 172,872
2020 220,000 155,000
2021 230,000 23,200 243,200 160,000 15,252 170,252
2022 240,000 160,000
2023 - 14,200 244,200 165,000 12,591 172,591
2024 - 2025 - 340,000
4,800 244,800 9,887 169,887

-- 7,140 172,140

-- 5,746 345,746

Total $ 905,000 $ 73,563 $ 978,563 $ 1,135,000 $ 68,488 $ 1,203,488

Fiscal Year School Improvement Bonds

Ending June 30, Principal Interest Total

2019 $ 3,710,000 $ 3,835,635 $ 7,545,635
2020
2021 1,535,000 2,983,913 4,518,913
2022
2023 1,600,000 2,921,213 4,521,213
2024 - 2028
2029 - 2033 1,660,000 2,872,613 4,532,613
2034 - 2038
2039 -2043 1,695,000 2,839,063 4,534,063
2044 - 2048
9,130,000 13,459,252 22,589,252

11,270,000 11,237,365 22,507,365

13,785,000 8,692,890 22,477,890

16,775,000 5,646,690 22,421,690

20,390,000 1,972,071 22,362,071

Total $ 81,550,000 $ 56,460,705 $ 138,010,705

D. Legal Debt Margin

The Ohio Revised Code provides that voted net general obligation debt of the District shall never
exceed 9% of the total assessed valuation of the District. The code further provides that unvoted
indebtedness shall not exceed 1/10 of 1% of the property valuation of the District. The code
additionally states that unvoted indebtedness related to energy conservation debt shall not exceed 9/10
of 1% of the property valuation of the District. The assessed valuation used in determining the
District’s legal debt margin has been modified by House Bill 530 which became effective March 30,
2006. In accordance with House Bill 530, the assessed valuation used in the District’s legal debt
margin calculation excluded tangible personal property used in business, telephone or telegraph
property, interexchange telecommunications company property and personal property owned or leased
by a railroad company and used in railroad operations. The effects of these debt limitations at June 30,
2018, are a voted debt margin of $20,990,875 (including available funds of $6,394,498) and an
unvoted debt margin of $1,090,960.

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