2012 Budget - South Suburban Parks and Recreation

South Suburban Park and Recreation District
Summary of Significant Financial Policies
Debt Management
The District’s debt policy states that all general obligation debt must be approved by a vote
of the District’s residents. The Board of Directors authorizes each individual debt issuance
in accordance with the Colorado Revised Statues Section 32-1-1101. Below is a listing of
the District’s current outstanding debt and the 2012 payment due:
Outstanding Debt as of December 31, 2011
Balance as of
December 31, Moody's
Description 2011 Debt Type Rating
(2006) - $19,805,000 General Obligation $ 18,925,000 GO Debt Aaa, Aa3
Refunding Bonds
(2008) - $10,000,000 General Obligation
Refunding Bonds
Total General Obligation Bonds Outstanding $ 23,505,000
4,580,000 GO Debt not rated,
private sale
(1999) - $2,920,000 Golf Course and Ice Arena $ 1,380,000 Revenue Bonds Baa3
Facilities Revenue Bonds
(2007) - $3,555,000 Golf Course and Ice Arena 1,935,000 Revenue Bonds Baa2
Facilities Revenue Bonds
Total Revenue Bonds Outstanding $ 3,315,000
(2010) - $9,620,000 Certificates of Participation $ 8,855,000 COP not rated
Total COPs Outstanding $ 8,855,000
(2001) - $999,863 Capital Lease Baystone $ 32,705 Capital Lease not rated
Financial Group - Energy Saving Improvements
(2009) - $135,992 Wells Fargo Fitness
47,009 Capital Lease not rated
Equipment Lease
Total Leases $ 79,714
Total Outstanding Debt as of December 31, 2011 $ 35,754,714
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