Debt Obligations

General Obligation Bonds (G.O.’s) are used to finance a variety of public projects and require voter approval. Certificates of Obligations (C.O.’s) do not require voter approval and, though used largely for the same projects as General Obligation Bonds, are ordinarily sold to finance smaller, less expensive, projects which tend to have shorter pay-out periods on the debt. General Obligation Bonds, as well as Certificates of Obligation, are backed by the full faith and credit of the City and are paid from property tax receipts. Revenue Bonds are payable from specific sources of non-tax revenue and do not affect the property tax rate.

The City’s practice is to fund capital improvement projects on a “pay as you go” basis whenever possible. If a debt issue is required, then key factors such as an asset’s life and future debt payments will be considered carefully. Issues will not extend longer than an asset’s expected life. The city currently holds an AA- rating from Standard and Poor’s Corporation for both General Obligation and Tax Revenue Certificates of Obligations.  City Debt Data represented in the tables and charts reflects the City’s most recently posted Audited Financial Report. To view the City’s Annual Financial Report, please Click Here.

Tax Rate history to current

There are currently no upcoming bond elections for the City of Richwood.

**The tax supported debt includes a portion of the outstanding Tax and Revenue Certificates of Obligation, Series 2004, Tax and Revenue Certificates of Obligation, Series 2011, and General Obligation Bonds, Series 2019B that the City treats as self-supporting debt payable from revenues of the Enterprise System (the “System”), pursuant to a policy determination by City Council, which is subject to change.  If payments were not made from the System in the future, the difference would be paid from ad valorem taxes or from another revenue sources of the city.