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<br />-36- <br />NOTE 4 – CAPITAL ASSETS (CONTINUED) <br /> <br />C. Depreciation Expense by Function <br /> <br />Depreciation expense was charged to the following functions: <br /> <br />Governmental activities <br />General government 92,811$ <br />Public safety 6,562 <br />Public works 581,549 <br />Parks and recreation 245,015 <br />Economic development 61,386 <br />987,323$ <br />Business-type activities <br />Water 363,882$ <br />Sewer 198,444 <br />Surface water management 151,558 <br />713,884$ <br /> <br />NOTE 5 – 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$ 1,785,000$ <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, special <br />revenue, enterprise, and internal service funds will be used to liquidate this 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, special revenue, Water, Sewer, and <br />Surface Water Management Funds will be used to liquidate this liability.