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<br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />DECEMBER 31, 2006 <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED <br /> <br />D. Long-term Debt <br /> <br />General Obligation Bonds <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 /> <br />The following bonds were issued to fmance various improvements and will be repaid primarily from special <br />assessments levied on the properties benefiting from the improvements. Some issues, however, are partly financed <br />by ad valorem tax levies. All special assessment debt is backed by the full faith and credit ofthe City. Each year <br />the combined assessment and tax levy equals 105 percent of the amount required for debt service. The excess of5 <br />percent is to cover any delinquencies in tax or assessment payments. <br /> <br /> Balance <br /> Authorized Interest Issue Maturity at <br />Description and Issued Rate Date Date Year End <br />G.O. Improvement <br />Bonds of 200 1 $ 990,000 3.50 - 4.45 % 11/01/01 02/01/13 $ 750,000 <br />G.O. Improvement <br />Bonds of2002 635,000 3.00-4.10 10/31/02 02/01/14 525,000 <br />G.O. Temporary <br />Improvement <br />Bonds of2004A 780,000 1.75 04/0 1/04 04/01/07 780,000 <br />G.O. Improvement <br />Bonds of2004B 2,200,000 2.25 - 4.50 06/0 1/04 02/01/20 2,090,000 <br />G.O. Improvement <br />Bonds of2005 827,750 3.50 - 4.30 04/27/05 01/01/21 807,291 <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 />Total General Obligation Improvement Bonds $ 7,652,291 <br /> <br />-33- <br />