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CITY OF CENTERVILLE, MINNESOTA
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />FOR THE YEAR ENDEDDECEMBER 31, 2010
<br />
<br />Note 3:DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />
<br />E.Long-term debt
<br />
<br />
<br />General obligation bonds
<br />
<br />The City issues general obligation bonds to provide funds for the acquisition and construction of major capital
<br />facilities. General obligation bonds have been issued for governmental activities.
<br />
<br />General obligation bonds are direct obligations and pledge the full faith and credit of the City. General obligation
<br />bonds currently outstanding are as follows:
<br />
<br />General obligation improvement bonds
<br />
<br />The following bonds were issued to finance various improvements and will be repaid primarily from special
<br />assessments collections and tax levies.
<br />
<br />Balance
<br />Interest
<br />AuthorizedIssueMaturityat
<br />DescriptionRate
<br />and IssuedDateDateYear End
<br />G.O. Improvement
<br />Bonds of 2004B$ 2,200,0003.60 - 4.40%06/01/0402/01/201,595,000$
<br />G.O. Improvement
<br />Bonds of 2005 827,7503.50 - 4.3004/27/0501/01/21609,439
<br />G.O. Improvement
<br />Bonds of 2007A 2,600,0003.60 - 4.2512/01/0706/01/232,460,000
<br />G.O. Improvement
<br />Bonds of 2009A 3,715,0002.3 - 5.6008/19/0908/01/253,715,000
<br />G.O. Crossover
<br />Bonds of 2009B 2,430,0002.00 - 3.0010/29/0909/01/182,430,000
<br />Total General Obligation Improvement Bonds$ 10,809,439
<br />
<br />Annual debt service requirements for general obligation improvement bonds are as follows:
<br />
<br />General Obligation Improvement Bonds
<br />Governmental Activities
<br />Year Ending
<br />December 31,PrincipalInterestTotal
<br />2011$ 843,854$ 414,382$ 1,258,236
<br />2012 635,604 397,600 1,033,204
<br />2013 658,958 377,942 1,036,900
<br />2014 805,854 354,709 1,160,563
<br />2015 834,208 327,575 1,161,783
<br />2016-2020 4,804,833 1,050,688 5,855,521
<br />2021-2025 2,226,128 253,557 2,479,685
<br />Total$ 10,809,439$ 3,176,453$ 13,985,892
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