|
CITY OF CENTERVILLE, MINNESOTA
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />DECEMBER 31, 2014
<br />
<br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED
<br />
<br />
<br />D.Long-term debt
<br />
<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 />
<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 />Interest
<br />AuthorizedIssueMaturityBalance at
<br />DescriptionRate
<br />and IssuedDateDateYear End
<br />G.O. Improvement
<br />Bonds of 2009A$ 3,715,0002.65 - 5.60%08/19/0908/01/25$ 3,190,000
<br />G.O. Crossover
<br />Bonds of 2009B 2,430,0002.00 - 3.0010/29/0909/01/18 1,770,000
<br />G.O. Improvement
<br />Bonds of 2011A 2,760,000.70 - 2.4504/14/1107/01/19 1,855,000
<br />G.O. Improvement Refunding
<br />Bonds of 2012A 515,0001.00 - 1.7006/14/1202/01/21 395,000
<br />G.O. Improvement
<br />Bonds of 2013A 1,465,0001.63 - 3.0006/01/1302/01/29 1,485,000
<br />Total General Obligation Improvement Bonds$ 8,695,000
<br />
<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 />2015$ 880,000$ 276,077$ 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
<br /> 443,792 2,653,792
<br />2025-2029 1,125,000 67,274 1,192,274
<br />Total$ 8,695,000$ 1,613,374$ 10,308,374
<br />
<br />-59-
<br />
<br />
<br />
|