HB 1378 requires governmental entities (including municipalities) to annually compile and report their debt obligation data from the preceding fiscal year.
There are various types of debt instruments available to the City of Victoria to finance debt; however, the City mainly uses the following debt instruments for debt financing.
Certificate of Obligation (C.O.)
Legal debt instruments used to finance capital improvement projects. Certificates of Obligation are backed by the full faith and credit of the government entity and are fully payable from a property tax levy. Certificate of Obligation differ from general obligation debt in that they are approved by the City council.
General Obligation Bonds (G.O.)
Legal debt instruments used to finance a variety of public projects such as streets, buildings and capital improvement. General Obligations are backed by the full faith and credit of the City and are a voter approved tax levy.
Legal debt instruments used to finance water and wastewater works. Revenue Bonds principal and interest are payable exclusively from user fees (i.e. revenue generated by the water and wastewater system).