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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 /> Changes in General Long -term Liabilities. During the year ended December 31, 1999, the following changes
<br /> occurred in liabilities reported in the general long -term debt account group.
<br /> Balance Balance
<br /> January 1, December 31,
<br /> 1999 Additions Reductions 1999
<br /> G.O. Improvement Bonds $1,515,000 - $ 305,000 $ 1,210,000
<br /> G.O. Revenue Bonds 410,000 - 30,000 380,000
<br /> Lease Purchase Payable 269,284 - 50,579 218,705
<br /> Compensated Absences 11.130 5039 - 16.169
<br /> Total $2.205. 5,,M $ 385,579 $1._824,874
<br /> The annual service requirements to maturity for all bonds and leases outstanding at December 31, 1999 are as
<br /> follows:
<br /> G.O. Special G.O. Capital
<br /> Year Ending Assessment Revenue Lease
<br /> December 31, Bonds Bonds Payable Total
<br /> 2000 288,432 144,764 64,264 497,460
<br /> 2001 268,015 140,521 62,575 471,111
<br /> 2002 262,688 146,018 60,832 469,538
<br /> 2003 125,071 141,225 59,034 325,330
<br /> 2004 76,450 141,248 - 217,698
<br /> Thereafter 379.699 659,485 - 1,039,184
<br /> Total 1,400,355 1,373,261 246,705 3,020,321
<br /> Less interest (190.355) (273.261) (28,000) (491,616)
<br /> Principal $ 1. 210.000 0$11 0044 $ 218.705 S
<br /> Amounts Available for Long -term Debt. Available fund balance in the debt service funds for repayment of
<br /> long -term debt totaled $1,249,127 at year end.
<br /> Amounts to be Provided for Long -term Debt. This represents future revenue to be generated for debt payments
<br /> and severance benefits payable, generally including interest earnings, tax increments, scheduled tax levies and
<br /> deferred (future) special assessment levies.
<br /> The City is the administering authority for the following tax increment financing districts:
<br /> District Number 1-4
<br /> Adjusted Original Tax Capacity $ 1,596
<br /> Current Tax Capacity (Payable 1998) 18.641
<br /> Captured Tax Capacity
<br /> Retained by the City L 7.,045
<br /> Type of District Economic
<br /> -18-
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