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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2008 <br />NOTE 3 CAPITAL ASSETS (CONTINUED). <br />Beginning Ending <br />Balance Increases Decreases. Balance. <br />Sewer Utility <br />Capital Assets Being Depreciated: <br />Infrastructure $ 570,775 $ - $ $ 570,775 <br />Less: Accumulated Depreciation (39,142) (11,416) - (50,558) <br />Net Capital Assets.:- Sewer Utility $ 531,633 $ (11,416) $ - $ 520,217 <br />NOTE 4 CITY INDEBTEDNESS <br />City indebtedness at December 31, 2008 is composed of the following: <br />Final <br />Issue Maturity Interest original <br />Date Date Rate Issue <br />Balance <br />12/31/08 <br />Governmental Activities: <br />General Obligation Bands; <br />2004A Improvement Bonds 11/03/2004 02l0112016 3.70% $ 586,000 $ 458,986 <br />2006A Improvement Bonds 08/23/2006 02/01/2017 4,30% 245,000 225,000 <br />2007A Capital Improvement Bonds 06/20/2007 02/01/2028 4.00-4,50% 850,000 850,000 <br />Total Long -Term Debt 1,681,000 1,$33,986 <br />Unamortized Bond Discount (33;460) (19,01.3) <br />Total $ 1:6:47,540 $ 1,514,973 <br />The following is a schedule of changes in City :indebtedness for the year ended <br />December 31.,.2008: <br />Balance Balance Due Within <br />12/31/07 Additions Reductions 12/31/08 One Year <br />Long -Term Debt <br />Governmental Activities <br />General Obligation Bonds $ 1,606,193 $ $ 72,207 $ 1,533,986 $ 89;156 <br />Unamortized Bond Discount (20,786) (1,773) (19,013) <br />Total Long -Term Debt $ 1,585,407 $ - $ 70,434 $ 1,514,973 $ 89,156 <br />MI long-term bonded indebtedness outstanding at December 31, 2008 is backed by the full <br />faith and credit of the City, including special assessment bond issues. For the governmental <br />activities, compensated absences` are generally liquidated by the general fund. <br />(24) <br />