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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2017 <br /> <br /> <br /> <br />(25) <br /> <br />NOTE 3 CAPITAL ASSETS (CONTINUED) <br />Beginning Ending <br /> Balance Increases Decreases Balance <br />Sewer Utility <br />Capital Assets Being Depreciated: <br />Infrastructure 617,539$ -$ -$ 617,539$ <br />Less: Accumulated Depreciation (149,257) (12,457) - (161,714) <br />Net Capital Assets - Sewer Utility 468,282$ (12,457)$ -$ 455,825$ <br /> <br /> <br /> <br />NOTE 4 CITY INDEBTEDNESS <br />City indebtedness at December 31, 2017 is composed of the following: <br /> <br />Final <br />Issue Maturity Interest Original Balance <br />Date Date Rate Issue <br />12/31/17 <br />Governmental Activities <br />General Obligation Bonds: <br />2015A Refunding Bonds 06/17/2015 02/01/2028 1.25-2.90% 775,000$ 715,000$ <br /> <br />The following is a schedule of changes in City indebtedness for the year ended <br />December 31, 2017: <br /> <br />Balance Balance Due Within <br />12/31/16 Additions Reductions 12/31/17 One Year <br />Long-Term Debt <br />Governmental Activities: <br />General Obligation Bonds: <br /> 2015A Refunding Bonds 775,000$ -$ 60,000$ 715,000$ 60,000$ <br />All long-term bonded indebtedness outstanding at December 31, 2017 is backed by the full <br />faith and credit of the City, including special assessment bond issues.