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City of Centerville, Minnesota <br />Notes to the Financial Statements <br />December 31, 2021 <br />Note 3: Detailed Notes on All Funds (Continued) <br />D.Long-term Debt <br />General Obligation Improvement Bonds <br />General obligation improvement bonds are direct obligations and pledge the full faith and credit of the City. The following <br />bonds were issued to finance various improvements and will be repaid primarily from special assessments collections <br />and tax levies. General obligation improvement bonds currently outstanding are as follows: <br /> <br />The G.O. Improvement and Refunding Bonds, Series 2021A were issued by the City of Centerville, refunding the G.O. <br />Improvement Bonds of 2013A. As a result of the refunding issue, the City will save $70,304 in debt service payments and <br />achieve an economic gain (the present value of the difference of the old and the new debt service) of $73,476. <br />Annual debt service requirements for general obligation improvement bonds are as follows: <br />General Obligation Improvement Bonds <br />Governmental Activities <br />Year Ending <br />December 31,PrincipalInterestTotal <br />2022$ 365,000$ 48,226$ 413,226 <br />2023 360,000 33,178 393,178 <br />2024 355,000 26,595 381,595 <br />2025 340,000 20,150 360,150 <br />2026 240,000 14,600 254,600 <br />2027 - 2029 610,000 17,600 627,600 <br />Total$ 2,270,000$ 160,349$ 2,430,349 <br /> <br /> <br />58 <br /> <br />