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City Debt
About City Debt
Cities issue debt for a variety of purposes and projects.  A city may issue debt as a general obligation of the city or secured by a specific revenue source.  City debt normally is then repaid over a number of years.  
               
On this page the City of Coralville’s debt is categorized in two basic ways:
  • Purpose: What the debt was issued to finance
  • Repayment source: What type of funds will repay the debt

Purpose
The graph characterizes the currently outstanding debt of the City by the type of expenditure financed by its issuance.
 Coralville Outstanding Debt by Purpose chart
                   Coralville Outstanding Debt by Purpose Chart (PDF)

Repayment Source
When debt is issued, a source is designated for repayment.  The sources available to cities include, but are not necessarily limited to, the following:
  • PILOT (Payments in Lieu of Taxes)
  • Property taxes

For any city debt issued a source of repayment is designated at the time of issuance.  That provides the security that investors require and facilitates the analysis that investors and the credit rating agencies do to evaluate the plan in place for repayment of the debt.

The graph* characterizes the currently outstanding debt of the City by the type of repayment source pledged to the debt and by the year of repayment of principal.
 Existing and Proposed Debt Principal Repayment by Source
  Coralville Debt Principal Repayment by Source (PDF)*

*This chart includes construction financing principal maturities.  The City converts these into permanent financings.

The speed of repayment of debt is based upon a number of factors, including the following:
  • Type of project financed
  • Useful economic life of the project financed
  • Fund source available for repayment
  • Prevailing interest rates at the time of borrowing
  • Repayment pattern of already existing debt

About This Information
The above information was last updated September 13, 2013.

Credit Rating
In 2013, the City of Coralville engaged Springsted, Incorporated, a public sector advisory firm, to advise the City in credit rating agency management strategies. The work of Springsted, Inc., includes recommendations for adoption and implementation of policies and procedures and improved communication with credit rating agencies such as Moody’s Corporation and Standard and Poor’s Financial Services.

The report from Springsted, Inc., was presented to the City Council on January 28, 2014.  View Springsted, Inc. report

A discussion of the presentation with Springsted, Inc.’s, Barry Fick is also available on CoralVision. View presentation video.

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