The City currently has approximately $38 million in outstanding principal on debt issued by the City which will be retired over the next 13 years. All City debt (including GO bonds and Certificates of Obligation) is backed by property taxes. Property taxes are the main repayment source for the city debt. However, the $38 million of outstanding debt includes debt supported by the water/wastewater utility system and the Rosenberg Development Corporation. Due to the growth within the city, the City currently has enough debt capacity to issue these bonds without increasing the current tax rate.