City of Lucas outstanding direct debt is comprised of Certificates of Obligation and General Obligation Refunding bonds. The total amount of tax supported debt for the City of Lucas, as of September 30, 2021 is $15,740,000, revenue supported is $5,775,000 and total combined is $21,515,000. Total tax supported debt obligations expressed as per capita is $1824, revenue supported per capita is $669, and total combined per capita is $2,493.
Certificates of Obligation
Certificates of Obligation are typically issued without voter approval (unless a referendum is petitioned) and backed by tax revenue, fee revenues, or a combination of the two. The City's COs are secured by a combination of property taxes and a limited pledge of the City's water system.
Other Obligations including capital leases
The City currently has no lease purchase/lease revenue obligations.
City of Lucas Certificates of Obligation have been rated AA+ by Standard & Poor’s (S&P) Standard & Poor's CO Rating Report July 26, 2019.
HB 1378: DEBT OBLIGATION REPORTING
The 84th Legislature passed HB 1378 to increase the transparency of local government debt. Under political subdivisions including cities, annually compiling of their debt obligation data from the preceding fiscal year is required.
(Downloadable file detailing all outstanding City of Lucas debt obligations, including principal amount)
Bond and Debt Issue History (The City’s debt is comprised of Certificates of Obligation and Refunded bonds which do not require a bond election. The outstanding debt was authorized by the City Council and can be viewed by clicking the “Bond and Debt Issue History” Link.
Bond election information: The City does not currently have an upcoming bond election.
Budget: (Documents include debt service information for current and previous fiscal years)