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CITY OF CENTERVILLE,MINNESOTA
<br /> NOTES TO THE FINANCIAL STATEMENTS
<br /> DECEMBER 31,2014
<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 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 /> Authorized Interest Issue Maturity Balance at
<br /> Description and Issued Rate Date Date Year End
<br /> G.O.Improvement
<br /> Bonds of 2009A S 3,715,000 2.65-5.60 % 08/19/09 08/01/25 S 3,190,000
<br /> G.O.Crossover
<br /> Bonds of 2009B 2,430,000 2.00-3.00 10/29/09 09/01/18 1,770,000
<br /> G.O.Improvement
<br /> Bonds of 2011A 2,760,000 .70-2.45 04/14/11 07/01/19 1,855,000
<br /> G.O.Improvement Refunding
<br /> Bonds of 2012A 515,000 1.00- 1.70 06/14/12 02/01/21 395,000
<br /> G.O.Improvement
<br /> Bonds of 2013A 1,465,000 1.63 -3.00 06/01/13 02/01/29 1,485,000
<br /> Total General Obligation Improvement Bonds S 8,695,000
<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 /> 2015 S 880,000 S 276,077 S 1,156,077
<br /> 2016 895,000 255,532 1,150,532
<br /> 2017 920,000 231,464 1,151,464
<br /> 2018 1,935,000 190,040 2,125,040
<br /> 2019 730,000 149,195 879,195
<br /> 2020-2024 2,210,000 443,792 2,653,792
<br /> 2025-2029 1,125,000 67,274 1,192,274
<br /> Total $ 8,695,000 S 1,613,374 S 10,308,374
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