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NOTE 4 — CAPITAL ASSETS (CONTINUED) <br />C. Depreciation Expense by Function <br />Depreciation expense was charged to the following functions: <br />Governmental activities <br />General government <br />$ 108,921 <br />Public safety <br />6,562 <br />Public works <br />628,947 <br />Parks and recreation <br />242,867 <br />Economic development <br />58,172 <br />$ 1,045,469 <br />Business -type activities <br />Water $ 376,642 <br />Sewer 221,567 <br />Surface water management 163,437 <br />$ 761,646 <br />NOTE 5 — LONG-TERM LIABILITIES <br />A. General Obligation Bonds Payable <br />The City currently has the following general obligation bonds payable outstanding: <br />Final <br />Maturity Authorized Balance — <br />Issue Date Date Interest Rate 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 $ 1,560,000 <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 />B. Other Long -Term Liabilities <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 />• 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. <br />IRS2 <br />