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<br />-39- <br />NOTE 4 – LONG-TERM LIABILITIES (CONTINUED) <br /> <br />C. Minimum Debt Payments <br /> <br />Minimum annual payments required to retire bonds are as follows: <br /> <br />Year Ending <br />December 31, Principal Interest <br />2019 –$ 94,286$ <br />2020 200,000 87,000 <br />2021 210,000 78,800 <br />2022 220,000 70,200 <br />2023 225,000 61,300 <br />2024–2028 1,275,000 161,875 <br />2029 285,000 4,275 <br />2,415,000$ 557,736$ <br />Business-Type Activities <br />Utility Revenue Bonds <br /> D. Descriptions of Long-Term Liabilities <br /> <br />• Utility Revenue Bonds – Water and Sewer Enterprise Fund revenues will be used to repay <br />this debt. The liability is recorded in the applicable enterprise fund. <br /> <br />• Net Pension Liability – The liability represents the City’s pension benefit obligations as <br />further described later in these notes. The General, Special Revenue, Water, Sewer, and <br />Surface Water Management Funds will be used to liquidate this liability. <br /> <br />• Compensated Absences – This liability represents vested benefits earned by employees <br />through the end of the year, which will be paid or used in future periods. The General, <br />Special Revenue, Water, Sewer, and Surface Water Management Funds will be used to <br />liquidate this liability. <br /> <br />E. Revenue Pledged <br /> <br />Future revenue pledged for the payment of long-term debt is as follows: <br /> <br />Percent of Remaining Principal Pledged <br />Use of Total Term of Principal and Interest Revenue <br />Debt Issue Proceeds Type Debt Service Pledge and Interest Paid Received <br />Utility Revenue Bonds of 2018A Utility improvements Utility charges 100% 2018–2029 2,972,736$ –$ 4,261,545$ <br />Revenue Pledged Current Year <br />