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NOTE 10 — COMMITMENTS AND CONTINGENCIES (CONTINUED) <br />F. Construction Contract Commitments <br />At year-end, the City had the following construction contract commitments: <br />ect Amount <br />Permanent Improvement Revolving Fund <br />2022 pavement management program $ 87,011 <br />Lexington Avenue project 432,529 <br />Total $ 519,540 <br />NOTE 11— CONDUIT DEBT OBLIGATION <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 financial statements. Bonds <br />outstanding at December 31, 2023 are as follows: <br />Bond <br />Commercial Facilities Revenue Note, Series 2008 <br />Housing Facility Revenue Note, Series 2011A <br />Housing Facility Revenue Note, Series 2012A <br />Housing Facility Revenue Note, Series 2015 <br />Total <br />Amount <br />Description Outstanding <br />Office facilities <br />$ 1,964,136 <br />Senior housing <br />6,924,253 <br />Senior housing <br />6,924,253 <br />Senior housing <br />7,639,753 <br />$ 23,452,395 <br />-45- <br />