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CITY OF CENTERVILLE, MINNESOTA <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31, 1999 <br /> Note 3: DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS - CONTINUED <br /> General Long -term Debt <br /> General Obligation Special Assessment Bonds <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 <br /> financed by ad valorem tax levies. All special assessment debt is backed by the full faith and credit of the City. <br /> Each year the combined assessment and tax levy equals 105% of the amount required for debt service. The <br /> excess of 5% is to cover any delinquencies in tax or assessment payments. <br /> Authorized Balance at <br /> and Issued Interest Rate Issue Date Maturity Date Year End <br /> G.O. Improvement Bonds <br /> of 1979 $ 215,000 6.30% 6 -01 -79 4 -01 -00 $ 15,000 <br /> G.O. Improvement Refunding <br /> Bonds of 1996 605,000 4.30 -4.50 11 -01 -96 2 -01 -02 380,000 <br /> G.O. Improvement Bonds <br /> of 1998 615,000 4.10 -4.50 08 -01 -98 02 -01 -09 615,000 <br /> G.O. Improvement Refunding <br /> Bonds of 1998 245,000 4.71 07 -01 -98 02 -01 -03 200,000 <br /> Total General Obligation Special Assessment Bonds $1.210.000 <br /> General Obligation Revenue Bonds <br /> The following bonds were issued to finance improvements to the water system. They will be retired by user <br /> charges and are backed by the full faith and credit of the City. <br /> G.O. Water Revenue Bonds <br /> of 1996 $ 410,000 5.05 -5.40% 8 -01 -96 2 -01 -08 $ 380,000 <br /> G.O. Water and Sewer Revenue <br /> Bonds of 1998 720,000 4.10 -4.80 7 -01 -98 2 -01 -09 720,000 <br /> Total General Obligation Revenue Bonds $1.10 <br /> Other General Long -Term Debt <br /> Capital Lease Payable <br /> During 1992, the City entered into a lease, with option to purchase, agreement as lessee for financing the <br /> construction of the City administration office and fire department. Title remains with the City so long as they <br /> are not in default of terms in the lease agreement. The lease agreement qualifies as a capital lease for accounting <br /> purposes and, therefore, has been recorded at the present value of the future minimum lease payments as of the <br /> date of its inception. <br /> $ 500,000 6.28% 9 -16 -92 2 -01 -03 5 21 M <br /> Compensated Absences <br /> This liability represents vested benefits earned by employees through the end of the year, which will be paid at <br /> termination of employment in future years. <br /> Total Compensated Absences 16.169 <br /> -17- <br />