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CITY OF CENTERVILLE, MINNESOTA
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />DECEMBER 31, 2015
<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 />Total General Obligation Improvement Bonds
<br />Issue
<br />Authorized
<br />Interest
<br />Description
<br />and Issued
<br />Rate
<br />G.O. Improvement
<br />08/01/25
<br />$ 2,925,000
<br />Bonds of 2009A
<br />$ 3,715,000
<br />2.65-5.60 %
<br />G.O. Improvement
<br />02/01/21
<br />330,000
<br />Bonds of 2011A
<br />2,760,000
<br />.70-2.45
<br />G.O. Improvement Refunding
<br />02/01/25
<br />1,385,000
<br />Bonds of 2012A
<br />515,000
<br />1.00-1.70
<br />G.O. Improvement
<br />3,280,000 398,927
<br />3,678,927
<br />Bonds of 2013A
<br />1,465,000
<br />1,63-3.00
<br />G.O. Improvement Refunding
<br />$ 7,6152000 $ 1,395,589 $
<br />9,010,589
<br />Bonds of 2015A
<br />1,385,000
<br />.85-2.25
<br />Total General Obligation Improvement Bonds
<br />Issue
<br />Maturity
<br />Balance at
<br />Date
<br />Date
<br />Year End
<br />08/19/09
<br />08/01/25
<br />$ 2,925,000
<br />04/14/11
<br />07/01/19
<br />1,490,000
<br />06/14/12
<br />02/01/21
<br />330,000
<br />06/01/13
<br />02/01/29
<br />1,485,000
<br />01/15/15
<br />02/01/25
<br />1,385,000
<br />$ 7,615,000
<br />The G.O. Improvement and Refunding Bonds, Series 2012A were issued by the City of Circle Pines, refunding the
<br />Capital Improvement Plan Bonds of 2005A. The 2005A issue was for the construction of a police station per the joint
<br />powers agreement in Note 5. The $330,000 represents the City of Centerville's remaining portion of the 2012A issue.
<br />Annual debt service requirements for general obligation improvement bonds are as follows:
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<br />General Obligation Improvement Bonds
<br />Year Ending
<br />Governmental Activities
<br />December 31,
<br />Principal Interest
<br />Total
<br />2016
<br />$ 725,000 $ 233,830 $
<br />958,830
<br />2017
<br />745,000 215,420
<br />960,420
<br />2018
<br />765,000 194,709
<br />959,709
<br />2019
<br />945,000 170,554
<br />1,115,554
<br />2020
<br />500,000 144,368
<br />644,368
<br />2021-2025
<br />3,280,000 398,927
<br />3,678,927
<br />2026-2029
<br />655,000 37,781
<br />692,781
<br />Total
<br />$ 7,6152000 $ 1,395,589 $
<br />9,010,589
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