WHAT IT IS: Harvey County's total outstanding debt, as of Jan. 1, 2013. Of that, $5.5 million is general obligation debt.
WHAT IT MEANS: A general obligation bond is secured by a state or local government's pledge to use legally available resources, including tax revenues, to repay bond holders. Harvey County's general obligation debt per capita is $156, and total debt per capita is $189.
DEBT LIMITS: According to Kansas statute, Harvey County's debt capacity is limited to 3 percent of the county's equalized assessed tangible valuation. As of Jan. 1, Harvey County's debt capacity was $8.8 million, with $4.6 million of debt currently applicable to this limit. The county is left with $4.2 million in additional debt capacity.
BUDGET BREAKOUT: Here are some of the county's outstanding general obligation bonds, and what they are being used for:
- $145,000: Current balance of bonds issued in 2010 for the jail/law enforcement center roof. The bonds mature in November 2014.
- $3.27 million: Current balance on bonds issued in 2011 for the Kansas Logistics Park. The bonds mature in November 2031.
- $300,000: Current balance on bonds issued in 2012 for the airport runway. The bonds mature in November 2022.
2014 OUTLOOK: The county's bond and interest fund is used to pay for debt service. The county will spend an anticipated $805,000 on bond principal next year, and $189,596 on interest. Projected spending in debt service for 2014 is down from previous years.
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