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<br />CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 3 1,2004 <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 obligatiou 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 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 aod 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 />Description <br /> <br /> Balaoce <br />Authorized Interest Issue Maturity at <br />and Issued Rate Date Date Year End <br />$ 615,000 4.25 - 4.50 % 08/01/1998 02/0112009 $ 340,000 <br /> 650,000 4.75 - 5.25 11101/2000 0210112011 100,000 <br /> 990,000 3.20 - 4.45 11/0112001 02/01/2013 915,000 <br /> 635,000 3.00 - 4.10 10/31/2002 02/01/2014 635,000 <br /> <br />G.O.Improvement <br />Bonds of 1998 <br />G.O.Improvement <br />Bonds of 2000 <br />G.O. Improvement <br />Bonds of2001 <br />G.O. Improvement <br />Bonds of 2002 <br />G.O. Temporary <br />Improvement <br />Bonds of 2003 <br />G.O. Temporary <br />Improvement <br />Bonds of 2004A <br />G.O. Improvement <br />Bonds of2004B <br /> <br />740,000 1.50 <br /> <br />07/0112003 <br /> <br />07/0112006 <br /> <br />740,000 <br /> <br />780,000 1.75 <br /> <br />04/01/2004 <br /> <br />04/01/2007 <br /> <br />780,000 <br /> <br />2,200,000 2.25 - 4.50 <br /> <br />06/01/2004 <br /> <br />02/01/2020 <br /> <br />2,200,000 <br /> <br />Total General <br />Obligation Improvement Bonds <br /> <br />$ 5.710,000 <br /> <br />-28- <br />