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<br />NOTE 4 – LONG-TERM LIABILITIES
<br />
<br />A. General Obligation Bonds Payable
<br />
<br />The City currently has the following general obligation bonds payable outstanding:
<br />
<br />Final
<br />Maturity Authorized Balance –
<br />Issue Date Date and Issued End of Year
<br />Business-type activities
<br />General Obligation Bonds
<br />Utility Revenue Bonds of 2018A 07/18/2018 02/01/2029 3.00–4.00 %2,415,000$ 2,415,000$
<br />Interest Rate
<br />
<br />
<br />These bonds were issued to finance acquisition, construction, and/or improvements of capital facilities.
<br />Water and Sewer Enterprise Fund revenues will be used to repay this debt. The liability is recorded in the
<br />applicable enterprise fund.
<br />
<br />B. Other Long-Term Liabilities
<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, Enterprise, and Internal Service Funds will be used to liquidate this
<br />liability.
<br />
<br />• Net Pension Liability – This liability represents the City’s pension benefit obligations as
<br />further described later in these notes. The General, Water, Sewer, and Surface Water
<br />Management Funds will be used to liquidate this liability.
<br />
<br />C. Changes in General Obligation Bonds and Compensated Absences Payable
<br />
<br />Beginning Ending Due Within
<br />Balance Additions Deletions Balance One Year
<br />Governmental activities
<br />Compensated absences 78,302$ 108,173$ 99,795$ 86,680$ 65,011$
<br />Business-type activities
<br />Utility revenue bonds 2,415,000 – – 2,415,000 200,000
<br />Premium 156,952 – 15,558 141,394 –
<br />Total bonds 2,571,952 – 15,558 2,556,394 200,000
<br />Compensated absences 46,744 64,617 59,373 51,988 38,992
<br />Total business-type activities 2,618,696 64,617 74,931 2,608,382 238,992
<br />Total government-wide 2,696,998$ 172,790$ 174,726$ 2,695,062$ 304,003$
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