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The City and its related entities are projected to have a combined outstanding debt <br />principal of $26.7 million at June 30, 2026. <br />In addition, the City has outstanding Home Mortgage Revenue Bonds the proceeds of <br />which were used to fund mortgage loans to finance the acquisition and construction of <br />multi -family rental housing facilities located in the City. The bonds are repaid solely from <br />payments received on the underlying mortgage loans. The City is not obligated in any <br />manner for repayment of the bonds. <br />Debt Limit <br />The City's debt limit as defined under California Government Code, Section 43605 as 15 <br />percent of assessed valuation of all real and personal property of the City is $1.1 billion as of <br />June 30, 2024. Within the meaning of Section 43605 "indebtedness" means bonded <br />indebtedness of the city payable from the proceeds of taxes levied upon taxable property in <br />the City. <br />Debt Policy <br />The City's Debt Policy is defined in the Financial Policies section of the budget book. <br />273 <br />