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<br />-48- <br />NOTE 10 – COMMITMENTS AND CONTINGENCIES (CONTINUED) <br /> <br />E. Lake Johanna Volunteer Fire Department, Inc. <br /> <br />The City receives fire protection under a contract with the Lake Johanna Volunteer Fire Department, Inc. <br />The contract calls for annual payments and expired December 31, 2018. During the current year, the City <br />extended this contract through December 31, 2023, with extension through December 31, 2038. The <br />contract cost will be based on the budget submitted by the fire department and approved by the City. <br />Capital costs are billed separately in addition to the contract rate. The amount expended under the <br />contract was $541,663 in 2018. <br /> <br /> <br />NOTE 11 – CONDUIT DEBT OBLIGATION <br /> <br />The City has issued private activity bonds to provide financial assistance to private sector entities for the <br />acquisition and construction of industrial and commercial facilities deemed to be in the public interest. <br />The bonds constitute special obligations of the City, payable solely from revenues of the projects pledged <br />to the payment thereof. The bonds do not constitute a debt of the City and the City has no obligation for <br />repayment. Accordingly, the bonds are not reported as liabilities in the City’s financi al statements. Bonds <br />outstanding at December 31, 2018 could not be determined; however, their original issue amounts are as <br />follows: <br /> <br />Amount <br />Bond Description Issued <br />Commercial Facilities Revenue Note, Series 2008 Office facilities 5,500,000$ <br />Senior Housing Revenue Note, Series 2011A Senior housing 10,000,000 <br />Senior Housing Revenue Note, Series 2012A Senior housing 10,000,000 <br />Senior Housing Revenue Note, Series 2015A Senior housing 10,000,000 <br />Total 35,500,000$ <br />