|
CITY OF CENTERVILLE, MINNESOTA
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />DECEMBER 31, 2012
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />
<br />C.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 facilities.
<br />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 bonds
<br />currently outstanding are as follows:
<br />
<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 />
<br />Balance
<br />Interest
<br />AuthorizedIssueMaturityat
<br />DescriptionRate
<br />and IssuedDateDateYear End
<br />G.O. Improvement
<br />Bonds of 2005A$ 827,7504.00 - 4.30%04/27/0501/01/21509,981$
<br />G.O. Improvement
<br />Bonds of 2009A 3,715,0002.65 - 5.6008/19/0908/01/253,585,000
<br />G.O. Crossover
<br />Bonds of 2009B 2,430,0002.00 - 3.0010/29/0909/01/182,120,000
<br />G.O. Improvement
<br />Bonds of 2011A 2,760,000.70 - 2.4504/14/1107/01/192,565,000
<br />G.O. Improvement Refunding
<br />Bonds of 2012A 515,0001.00 - 1.7006/14/1202/01/21515,000
<br />Total General Obligation Improvement Bonds$ 9,294,981
<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 />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$ 9,294,981$ 1,746,459$ 11,041,440
<br />
<br />-63-
<br />
<br />
|