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CITY OF CENTERVILLE, MINNESOTA
<br /> NOTES TO THE FINANCIAL STATEMENTS
<br /> DECEMBER 31, 2012
<br /> Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br /> C. Long -term debt
<br /> General oblation bonds
<br /> The City issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities.
<br /> General obligation bonds have been issued for governmental activities.
<br /> General obligation bonds are direct obligations and pledge the full faith and credit of the City. General obligation bonds
<br /> currently outstanding are as follows:
<br /> General obligation improvement bonds
<br /> The following bonds were issued to finance various improvements and will be repaid primarily from special assessments
<br /> collections and tax levies.
<br /> Balance
<br /> Authorized Interest Issue Maturity at
<br /> Description and Issued Rate Date Date Year End
<br /> G.O. Improvement
<br /> Bonds of 2005A $ 827,750 4.00-4.30 % 04/27/05 01/01/21 $ 509,981
<br /> G.O. Improvement
<br /> Bonds of 2009A 3,715,000 2.65-5.60 08/19/09 08/01/25 3,585,000
<br /> G.O. Crossover
<br /> Bonds of 2009B 2,430,000 2.00-3.00 10/29/09 09/01/18 2,120,000
<br /> G.O. Improvement
<br /> Bonds of 2011A 2,760,000 .70-2.45 04/14/11 07/01/19 2,565,000
<br /> G.O. Improvement Refunding
<br /> Bonds of 2012A 515,000 1.00-1.70 06/14/12 02/01/21 515,000
<br /> Total General Obligation Improvement Bonds $ 9,294,981
<br /> Annual debt service requirements for general obligation improvement bonds are as follows:
<br /> General Obligation Improvement Bonds
<br /> Year Ending Governmental Activities
<br /> December 31, Principal Interest Total
<br /> 2013 $ 1,229,980 $ 275,712 $ 1,505,692
<br /> 2014 855,000 255,683 1,110,683
<br /> 2015 880,000 239,058 1,119,058
<br /> 2016 885,000 218,595 1,103,595
<br /> 2017 910,000 194,689 1,104,689
<br /> 2018 -2022 3,615,000 485,872 4,100,872
<br /> 2023 -2025 920,001 76,850 996,851
<br /> Total $__9,294 $ 1,746,459 $ 11,041,440
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