2004-03-10 CC Meeting - Laserfiche WebLink

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CITY OF CENTERVILLE, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER31,2002 Note 3: DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROuPS - CONTINUED D. Deferred Revenue Deferred revenue at December 31, 2002 is comprised of the following: Deht General Service Entemrise Total Delinquent laxes $ 31,781 $ $ $ 31,781 Developer receivable ]43,854 143,854 Special assessments Deferred 15.262 72.435 477.878 565.575 Total $ 190 897 $ 72435 $ 477 R78 $ 741210 E. Long-term Debt General Obligation BOllds. 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 general government 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 foHowing bonds were issued to fmanee 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, AU special assessment debt is backed by the full faith and credit of the City. Each year the combined assessment and tax levy equals l05 percent of the amount required for debt service. The excess of 5 percent is to cover any delinquencies in tax or assessment payments. Authorized Balance and Interest lssue Maturity at Issued Rate Date Date Y ear End G.O. Improvement Bonds of1998 $ 615,000 4.10-4.50% 08-01 -98 02-01-09 $ 455,000 G.O. hnprovement Refunding 50,000 Bonds of1998 245,000 4.71 07-01-98 02.01-03 G.O.hnprovenwntBonds of 2000 650,000 4.65-5.25 11-01-00 02-01-11 475,000 G.O. hnprovement Bonds of 2001 990,000 2.90-4.45 IHI-Ol 02-01-13 990,000 G.O. Improvement Bonds of2001 635,000 3.00-4.]0 10-23-01 02-01-14 635 000 Total General Obligation 1rnprovement Bonds $ 2 605 000