2003-06-25 CC Packet - Laserfiche WebLink

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CITY OF CENTERVILLE, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2002 Note 3: DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS - CONTINUED D. Deferred Revenue Deferred revenue at December 31, 2002 is comprised of the following: Debt General Service Entemrise Total Delinquent taxes $ 31,781 $ - $ - $ 31,781 Developer receivable 143,854 143,854 Special assessments Deferred 15.262 72.435 477.878 565.575 Total $ 190.897 $ 72 435 $ 477 878 $ 741210 E. Long-term Debt General Obligation Bonds. The City issues general obligation bonds to provide funds for the a~quisition and construction of major capital facilities. General obligation bonds have been issued for general government activities. General obligation bonds are direct obligations and pledge the full faith and credit of the City. General obligation bonds currently outstanding are as follows: General Obligation Improvement Bonds The following bonds were issued to finance various improvements and will be repaid primarily from special assessments levied on the properties benefiting from the improvements. Some issues, however, are partly financed by ad valorem tax levies. All special assessment debt is backed by the full faith and credit of the City. Each year the combined assessment and tax levy equals 105 percent of the amO\IDt required for debt service. The excess of 5 percent is to cover any delinquencies in tax or assessment payments. Authorized Balance and Interest Issue Maturity at Issued Rate Date Date Year End G.O. Improvement Bonds of 1998 $ 615,000 4.10-4.50% 08-01-98 02-01-09 $ 455,000 G.O. Improvement Refunding Bonds of 1998 245,000 4.71 07-01-98 02-01-03 50,000 G.O. Improvement Bonds of2000 650,000 4.65-5.25 11-01-00 02-01-11 475,000 G.O. Improvement Bonds onOOl 990,000 2.90-4.45 11-01-01 02-01-13 990,000 G.O. Improvement Bonds of2001 635,000 3.00-4.10 10-23-01 02-01-14 635.000 Total General Obligation Improvement Bonds $ 2.605 000