2009 Kitsap County Budget Book - Kitsap County Government

DEBT SERVICE FUNDS
The following chart shows Kitsap County’s limited tax general obligation (LTGO) bond debt service for
each year that the County currently has debt.
Millions
$12
$10
$8
$6
Kitsap County Debt Service
$4
$2
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Principal
2020
2021
2022
Interest
2023
2024
2025
2026
2027
2028
2029
2030
2031
Under State law, the County may issue general obligation bonds for general County purposes in an
amount not to exceed 2.5% of the assessed value of all taxable property within the County. Unlimited tax
general obligation bonds require an approving vote of the people. Any election to validate general
obligation bonds must have a voter turnout of at least 40% of those who voted in the last State general
election. Of those voting, 60% must be in the affirmative. The Board may, by resolution, authorize the
issuance of limited tax general obligation bonds in an amount up to 1.5% of the assessed valuation of all
taxable property within the County without a vote of the people. No combination of limited or unlimited tax
bonds may exceed 2.5% of the assessed valuation. The County has no unlimited tax general obligation
bonds outstanding.
On January 1, 2009 the County’s maximum debt capacity for limited tax general obligation debt (nonvoted)
is $488,959,512. Subtracting the January 1, 2009 outstanding limited tax general obligation debt
and financing leases and contracts of $192,318,994 leaves a capacity of $296,640,518. The total general
obligation debt capacity, voted and non-voted, is $814,932,520. Subtracting the outstanding limited tax
general obligation debt and financing leases and contracts of $192,318,994 leaves a remaining capacity
for voted and non-voted bonds of $622,613,526.
The table on the next two pages shows the County’s annual LTGO bond debt for current issues.
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