2005-12-31 Annual Finance Report

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CITY OF CENTERVILLE, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2005 Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED D. Long-term Debt General Obligation Bonds The City issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds have been issued for governmental activities. General obligation bonds are direct obligations and pledge the full faith and credit of the City. General obligation bonds currently outstanding are as follows: General Obligation Improvement Bonds The following bonds were issued to finance various improvements and will be repaid primarily from special assessments levied on the properties benefiting from the improvements. Some issues, however, are partly financed by ad valorem tax levies. All special assessment debt is backed by the full faith and credit of the City. Each year the combined assessment and tax levy equals 105 percent of the amount required for debt service. The excess of 5 percent is to cover any delinquencies in tax or assessment payments. Description G.O. Improvement Bonds of 2000 G.O. Improvement Bonds of 2001 G.O. Improvement Bonds of 2002 G.O. Temporary Improvement Bonds of 2003 G.O. Temporary Improvement Bonds of 2004A G.O. Improvement Bonds of2004B G.O. Improvement Bonds of 2005 Balance Authorized Interest Issue Maturity at and Issued Rate Date Date Year End $ 650,000 4.75 - 5.25 % 11/01/00 02/01/11 $ 90,000 990,000 3.50 - 4.45 11/01/01 02/01/13 835,000 635,000 3.00 - 4.10 10/31/02 02/01/14 580,000 740,000 1.50 07/01/03 07/01/06 740,000 780,000 1.75 04/01/04 04/01/07 780,000 2,200,000 06/01/04 02/01/20 2,200,000 2.25 - 4.50 827,750 04/27/05 01/01/21 827,750 3.50 - 4.30 $ 6.052.750 Total General Obligation Improvement Bonds -31-