Overview

The City of Greensboro (City) sells bonds to borrow money to help pay for projects such as fire and police facilities, housing and transportation, water and sewer, parks and recreation, and other City-government projects. Debt-financing options include general obligation bonds, combined enterprise system revenue bonds, and limited obligation bonds.

General Obligation Bonds (GO)

• Description: City’s taxing power pledged; voter approval required
• City uses: Fire and police facilities, housing and transportation projects, and parks and recreation projects

Combined Enterprise System Revenue Bonds (CES)

• Description: Specific revenue pledged; taxing power not pledged so no vote required
• City uses: Sewer and water system projects and improvements

Limited Obligation Bonds (LOB)

• Description: Specific property pledged; taxing power not pledged so no vote required
• City uses: recent projects include fire facilities, performing arts center, and parking garage

Ratings

The City’s general obligation bonds are rated AAA, the best possible rating, by two national credit rating agencies. These agencies generally consider combined enterprise system revenue bonds and limited obligation bonds to be higher risk since taxing power is not pledged. However, all the City’s debt carries high ratings because of the City’s financial strength and stability.

Further explanation of the significance of such ratings may be obtained from S&P Global Ratings and Moody’s Investors Service.

Reporting and Filing

The City discloses annual financial and operating information and provides notices of material events on an ongoing basis to nationally recognized municipal securities information repositories (NRMSIRs). This information has been filed by the City at the NRMSIRs before the appropriate deadlines, in accordance with Securities and Exchange Rule 15c-2-12.