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<br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />DECEMBER 31, 2007 <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED <br /> <br />E. Construction commitments <br /> <br />The City has active construction projects as of December 31, 2007. The amount spent and remaining on the contract <br />is listed below. <br /> <br /> Spent <br /> Project to Date <br /> Backage Road $ 1,140,776 <br /> Hidden Spring Park 213,112 <br /> Old Mill Road 260,394 <br /> Total $ 1,614,282 <br />F. Long-term Debt <br /> General Obligation Bonds <br /> <br />Remaining <br />Commitment <br /> <br />$ 17,515 <br />5,169 <br />37,101 <br /> <br />$ 59,785 <br /> <br />The City issues general obligation bonds to provide funds for the acquisition and construction of major capital <br />facilities. 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 <br />bonds currently outstanding are as follows: <br /> <br />General Obligation Improvement Bonds <br />The following bonds were issued to [mance various improvements and will be repaid primarily from special <br />assessments collections and tax levies. <br /> Balance <br /> Authorized Interest Issue Maturity at <br />Description and Issued Rate Date Date Year End <br />G.O. Improvement <br />Bonds of2001 $ 990,000 3.50 - 4.45 % 11/01/01 02/01/13 $ 660,000 <br />G.O. Improvement <br />Bonds of2002 635,000 3.00 - 4.10 10/31/02 02/01/14 470,000 <br />G.O. Improvement <br />Bonds of2004B 2,200,000 2.25-4.50 06/01/04 02/01/20 1,970,000 <br />G.O. Improvement <br />Bonds of2005 827,750 3.50-4.30 04/27/05 01/01/21 745,647 <br />G.O. Improvement <br />Bonds of 2006A 2,700,000 3.70 - 4.30 09/01/06 03/01/22 2,700,000 <br />G.O. Improvement <br />Bonds of2007A 2,600,000 3.55-4.25 12/01/07 06/01/23 2,600,000 <br />Total General Obligation Improvement Bonds $ 9.145,647 <br /> <br />-33- <br />