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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 />General Obligation Capital Notes <br />The City issues general obligation capital note to provide funds for the acquisition capital equipment. General obligation <br />capital notes have been issued for governmental activities. <br />General obligation capital notes are direct obligations and pledge the full faith and credit of the City. General obligation <br />capital notes currently outstanding are as follows: <br /> <br />Annual debt service requirements for general obligation improvement bonds are as follows: <br /> <br /> <br />Changes in Long-term Liabilities <br />During the year ended December 31, 2021, the following changes occurred in noncurrent liabilities: <br />BeginningEndingDue Within <br />BalanceIncreasesDecreasesBalanceOne Year <br />Governmental Activities <br />G.O. Improvement Bonds$ 2,720,000$ 1,255,000$ (1,705,000)$ 2,270,000$ 365,000 <br />G.O. Capital Notes 40,915 - (6,843) 34,072 6,680 <br />Premium on bonds issued - 66,859 (5,572) 61,287 - <br />Compensated Absences <br />Payable 61,651 58,637 (61,651) 58,637 58,637 <br />Governmental Activities <br />Long-term Liabilities$ 2,822,566$ 1,380,496$ (1,779,066)$ 2,423,996$ 430,317 <br />Business-type Activities <br />Compensated Absences <br />Payable$ 20,453$ 20,502$ (20,454) $ 20,501$ 20,501 <br /> <br /> <br />59 <br /> <br />