Introduction
Presented for your information is the City of Pensacola, Florida's eleventh annual
"Report to Bondholders". It is our effort to provide useful information to current and
potential investors, rating agencies, bond insurers, municipal analysts and other
interested parties. It is also the mechanism used to fulfill the obligation the City has
undertaken to annually make available to the secondary market updated information
consistent with that provided in official statements.
Included in the report is background information about the City and its services,
key staff, demographics and finances; particularly as such finances relate to revenues
that have been pledged to support debt service requirements on outstanding bonds. In
addition, the Report includes details about each outstanding bond issue for which the
City has a legal obligation including economically, but not legally, defeased issues. All
of the information presented is as of the close of our most recent fiscal year, September
30, 2004 unless the information is specifically noted as of a different date.
The Report to Bondholders and a Comprehensive Annual Financial Report
(CAFR) will be submitted to the Nationally Recognized Municipal Securities Information
Repositories (NRMSIRs) on an annual basis. The CAFR will remain as the City’s
official financial document. Copies of the Report are being furnished to current or
potential bondholders, rating agencies, insurers of municipal debt, NRMSIRS and other
interested parties. In addition, copies of the City's CAFR are being filed with each
NRMSIR for anyone desiring to review the entire document. The City’s internet home
page also provides an electronic copy of the 2004 Report (http://www.ci.pensacola.fl.us)
under “City Financial Reports”.
Any request for financial information must be submitted in writing, to the address
noted below. If it is determined that the requested information should be available to
the "market" and is not included i