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<br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31,2003 <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED <br /> <br />D. Long-term Debt <br /> <br />General Obligation Bonds <br /> <br />The government issues general obligation bonds to provide funds for the acquisition and construction of major <br />capital 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 government. General <br />obligation bonds currently outstanding are as follows: <br /> <br />General Obligation Improvement Bonds <br /> <br />The following bonds were issued to finance 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 of the City. Each year <br />the combined assessment and tax levy equals 105 percent of the amount required for debt service. The excess of 5 <br />percent is to cover any delinquencies in tax or assessment payments. <br /> <br /> Authorized Balance <br /> and Interest Issue Maturity at <br /> Issued Rate Date Date Year End <br />G.O. Improvement <br />Bonds of 1998 $ 615,000 4.25-4.50% 08-01-98 02-01-09 $ 400,000 <br />G.O. Improvement <br />Bonds of 2000 650,000 4.70-5.25 11-01-00 02-01-11 300,000 <br />G.O. Improvement <br />Bonds of 2001 990,000 2.90-4.45 11-01-01 02-01-13 990,000 <br />G.O. Improvement <br />Bonds of 2002 635,000 3.00-4.10 10-31-02 02-01-14 635,000 <br />G.O. Temporary Improvement <br />Bonds of 2003 740,000 1.50 07-01-03 07-01-06 740.000 <br />Total General Obligation Improvement Bonds $ 3.065.000 <br />General Obligation Revenue Bonds <br /> <br />The following bonds were issued to finance improvements to the water system. They will be retired by user charges <br />and are backed by the full faith and credit of the City. <br /> <br />Governmental activities: <br />G.O. Water Revenue <br />Bonds of1996 $ 410,000 5.05-5.40% <br />Business-type activities: <br />G.O. Water and Sewer Revenue <br />Bonds of 1998 720,000 4.15-4.80 <br /> <br />08-01-96 <br /> <br />02-01-08 $ 230,000 <br /> <br />07-01-98 <br /> <br />02-01-09 470.000 <br /> <br />Total General Obligation Revenue Bonds <br /> <br />$ 700.000 <br /> <br />-26- <br />