Five Year Capital Improvements Program
This section provides information on the long-term debt obligations outstanding at December 31, 2009, the projected long-term income tax supported debt, a calculation of the long-term debt capacity and a recap of the annual debt service obligations.
The Projected Long-Term Debt Schedule reflects that the estimated principal outstanding at the end of each year is within the recommended maximum amount. The Debt Service Payments Due (Income tax supported debt) schedule reflects that the total actual and estimated debt service obligations each year are within the actual and projected income tax revenue available for debt retirement. The difference between the two, or the "surplus", will be used to "buy down" other capital project costs and issue less debt or be used to fund other capital projects. A schedule of debt service payments that are supported by sources other than income tax revenues is also included.