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<br />-I
<br />
<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
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<br />Annual debt service requirements for general obligation improvement bonds are as follows:
<br />
<br /> General Obligation Improvement Bonds
<br />Year Ending Governmental Activities
<br />December 31, Principal Interest Total
<br />2008 $ 1,293,750 $ 336,924 $ 1,630,674
<br />2009 305,354 309,583 614,937
<br />2010 462,104 296,085 758,189
<br />20 II 473,854 279,222 753,076
<br />2012 495,604 261,105 756,709
<br />2013-2017 2,849,584 990,020 3,839,604
<br />2018-2022 3,020,397 353,903 3,374,300
<br />2023 245,000 5,206 250,206
<br />Total $ 9.145,647 $ 2,832.048 $ 11,977,695
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<br />Changes in Long-term Liabilities. During the year ended December 31, 2007, the following changes occurred in
<br />noncurrent liabilities:
<br />
<br /> Beginning Ending Due Within
<br /> Balance Increases Decreases Balance One Year
<br />Governmental activities
<br />Bonds payable
<br />General obligation
<br />bonds $ 7,652,291 $ 2,580,320 $ (1,086,964) $ 9,145,647 $ 1,293,750
<br />Compensated absences
<br />payable 31,000 53,824 (54,796) 30,028 30,028
<br />Governmental activities
<br />long-term liabilities $ 7.683,291 $ 2,634.144 $ (1.141,760) $ 9,175,675 $ 1,323,778
<br />Business-type activities
<br />Compensated absences
<br />payable $ 9,554 $ 11,778 $ 01,955) $ 9,377 $ 9.377
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