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2009 Annual Audit
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2009 Annual Audit
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CITY OF CENTERVILLE, MINNESOTA <br />NOTES TO THE FINANCIAL STATEMENTS <br />DECEMBER 31, 2009 <br />Note 3:DETAILED NOTES ON ALL FUNDS - CONTINUED <br />Crossover Refunding <br /> <br />On October 29, 2009 the City issued $2,430,000 of General Obligation ImprovementCrossover Refunding Bonds, <br />Series 2009B. The bonds issued will crossover refund the 2006AGeneral Obligation ImprovementBonds. The <br />proceeds of the bonds were deposited in an escrow account and will be used to pay issuance costs and to purchase <br />government obligations. The government obligations will bear interest rates that will provide sufficient funds to <br />refund the old bonds. The bonds will be refunded on March1, 2010. The escrow account will also provide debt <br />servicepayments on the new bond until the crossover dates. The old bonds are not considered defeased until the <br />crossover dates, and therefore will not be removed as liabilities. As a result of the crossover refunding issue, the City <br />will save $263,562in debt service payments and achieve an economic gain (the present value of the difference <br />between the old and the new debt service) of $169,271. <br />G.InterfundTransfers <br />The following is a schedule of interfund transfers as of December 31, 2009: <br />Transfer in <br />2009 <br />GeneralDebt ServiceStreet & UtilityOther <br />Fund <br />FundFundsImprovementsGovernmentalTotal <br />Transfer out <br />General$-$357,900$-$-$357,900 <br />Debt Service72,964--360,440433,404 <br />2009 Street & Utility Improvements <br />172,785---172,785 <br />Water--229,121-229,121 <br />Sewer--140,492-140,492 <br />Storm Water-99,500--99,500 <br />Other Governmental4,395---4,395 <br />Total$250,144$457,400$369,613$360,440$1,437,597 <br />A transferof $357,900from the Generalfund to the Debt Service funds was made for debt payments. <br />A transfer of $99,500 from the Storm Water fund to the debt service funds for debt payments. <br />A transfer of $229,121 from the Water fund to the 2009 Street & Utility Improvements fund to fund project <br />costs. <br />A transfer of $140,492 from the Sewer find to the 2009 Street & Utility Improvements fund to fund project <br />costs. <br />A transfer of $177,180from the General fund to the Other Governmental funds to fundprojects. <br />Thebalance of the transfers weretoclose funds. <br />óêíó <br />
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