Presentation on General Obligation Bonds Updated 5/15/23

General Obligation Bonds
May 16, 2023

2
General Obligation (G.O.) Bonds
• Paid for using secondary property tax
– Assumes a flat levy
• Must be authorized by voters
• Constitutional limits
– Based on Net Assessed Full Cash Value
– Outstanding G.O. debt may not exceed:
• 20% for combined water, sewer, public safety, streets, transportation, 
open space, and parks
• 6% for general municipal purposes
• 2021 legislation allows for repurposing bond authority

Property Tax
3
• Primary Levy Limit
– Any general fund expense
– Allowable 2% increase per year
• Secondary Levy Limit
– Debt service on General Obligation (G.O.) bonds only
– Currently flat levy 
• Assumes slight growth from new construction

Property Tax
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Schools
~61%
City of 
Glendale 
(Prim.)
~4%
City of 
Glendale 
(Voter 
Approved)
~14%
County
~14%
Special 
Districts
~7%
Total Tax 
Bill 100%

Property Tax Bill Example ($339k Home)
5
2021
2022
Changes
Assessed Value
$341,448
$358,520
$17,072 
Full Cash Value
$353,200
$377,500
$24,300 
Property Tax Levy Calculation
2021
2022
Rate
Levy
Rate
Levy
$ Change
Schools/Education (62%)
$2,116.39 
$1,973.65 ($142.74)
Glendale Primary (4%)
$0.38 
$131.39 
$0.37 
$133.51 
$2.12 
Glendale Secondary (13%)
$1.34 
$457.85 
$1.40 
$465.25 
$7.40 
County (14%)
$459.56 
$447.18 
($12.38) 
Special Districts (7%)
$232.31 
$217.51 
($14.80) 
Total
$3,397.50 
$3,237.10 ($160.40)

Debt Management Policy
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• Adopted by City Council in October 2020
• The City Council will not authorize the issuance of new 
G.O. bonds if the levy amount required to pay the debt 
service on the existing G.O. bonds plus the new G.O. 
bonds exceeds the amount of the current year’s tax levy 
plus an amount of up to 2% per year for new growth 
(i.e. new property added to the tax rolls)
• Existing G.O. Debt Service + New G.O. Debt Service ≤ 
Current Levy + 2% Growth

Secondary Property Tax History
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$19,065 $19,269 $19,588 $19,807 $20,071 $20,409 $20,689 $21,217 $21,837 
$22,838 
$0
$5,000
$10,000
$15,000
$20,000
$25,000
FY15
FY16
FY17
FY18
FY19
FY20
 FY21
 FY22
FY23
FY24
Secondary Property Tax History (In Thousands)
Secondary Property Tax

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G.O. Bond Debt Service Capacity
 $-
 $5,000,000
 $10,000,000
 $15,000,000
 $20,000,000
 $25,000,000
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
G.O Bonds Annual Debt Service
Principal
Interest

Questions?
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