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CITY OF CENTERV I L L E, MINNESOTA
<br />NOTESTOTHE FINANCIAL STATEMENTS
<br />DECEMBER 31, 2011
<br />Note 3: DETAILED NOTES ON ALL FUNDS- CONTINUED
<br />D. Long -term debt
<br />General obligation bonds
<br />The City issues general obligation bonds to provide fundsfor the acquisition and construction of major capital facilities.
<br />General obligation bonds have been issued for governmental activities.
<br />General obligation bonds are direct obl i gati ons and pl edge the f ul I faith and credit of the City. General obligation bonds
<br />currently outstanding areas fol lows:
<br />General obligation improvement bonds
<br />The fol I owi ng bonds were i ssued to fi nance vari ous i mprovements and wi I I be repai d pri mari I y from sped al assessments
<br />collections and tax levies.
<br />Description
<br />G.O. I mprovement
<br />Bonds of 2005
<br />G.O. I mprovement
<br />Bonds of 2009A
<br />G.O. Crossover
<br />Bonds of 2009B
<br />G.O. I mprovement
<br />Bonds of 2011 A
<br />Balance
<br />Authorized Interest Issue Maturity at
<br />and Issued Rate Date Date Year End
<br />$ 827,750 4.00-4.30 % 04/27/05 01/01/21 $ 560,585
<br />3,715,000 2.3-5.60
<br />2,430,000 2.00-3.00
<br />2,760,000 .50-2.45
<br />08/19/09 08/01/25 3,715,000
<br />10/29/09 09/01/18 2,290,000
<br />04/14/11
<br />07/01 /19 2,760,000
<br />$ 9,325,585
<br />Total General Obligation Improvement Bonds
<br />Annual debt service requirements for general obligation improvement bonds are as fol lows:
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<br />General Obligation Improvement Bonds
<br />Year Ending
<br />Governmental Activities
<br />December 31,
<br />Pri nci pal
<br />Interest
<br />Total
<br />2012
<br />$ 545,604
<br />$ 303,885
<br />$ 849,489
<br />2013
<br />713,958
<br />283,245
<br />997,203
<br />2014
<br />850,854
<br />269,253
<br />1,120,107
<br />2015
<br />874,208
<br />251,020
<br />1,125,228
<br />2016
<br />881,104
<br />228,838
<br />1,109, 942
<br />2017 -2021
<br />4,239,857
<br />645,450
<br />4,885,307
<br />2022 -2025
<br />1,220,000
<br />134,734
<br />1,354,734
<br />Total
<br />$ 9,325,585
<br />$ 2,116,425
<br />$ 11,442,010
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