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CITY OF GEM LAKE, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2018
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<br />
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<br />(25)
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<br />NOTE 3 CAPITAL ASSETS (CONTINUED)
<br />Beginning Ending
<br /> Balance Increases Decreases Transfers Balance
<br />Business Type Activities
<br />Capital Assets Being Depreciated:
<br />Infrastructure 617,539$ 350,506$ -$ 418,356$ 1,386,401$
<br />Less: Accumulated Depreciation (161,714) (23,744) - (12,551) (198,009)
<br />Net Capital Assets - Sewer Utility 455,825$ 326,762$ -$ 405,805$ 1,188,392$
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<br />Depreciation expense was charged to the proprietary funds as follows:
<br />Water 9,827$
<br />Sewer 13,917
<br />Total Depreciation - Business-Type Activities 23,744$
<br />NOTE 4 CITY INDEBTEDNESS
<br />City indebtedness at December 31, 2018 is composed of the following:
<br />
<br />Final
<br />Issue Maturity Interest Original Balance
<br />Date Date Rate Issue
<br />12/31/18
<br />Governmental Activities
<br />General Obligation Bonds:
<br />2015A Refunding Bonds 06/17/2015 02/01/2028 1.25-2.90% 775,000$ 655,000$
<br />2018A Improvement Bonds 07/12/2018 02/01/2027 3.00-4.00% 660,000 660,000
<br />Total General Obligation Bonds 1,435,000 1,315,000
<br />Unamortized Bond Premium 19,227 18,645
<br />Total 1,454,227$ 1,333,645$
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<br />The following is a schedule of changes in City indebtedness for the year ended
<br />December 31, 2018:
<br />
<br />Balance Balance Due Within
<br />12/31/17 Additions Reductions 12/31/18 One Year
<br />Long-Term Debt
<br />Governmental Activities:
<br />General Obligation Bonds:
<br />2015A Refunding Bonds 715,000$ -$ 60,000$ 655,000$ 65,000$
<br />2018A Improvement Bonds - 660,000 - 660,000 -
<br />Unamortized Bond Premium - 19,227 582 18,645 -
<br />Total Long-Term Debt 715,000$ 679,227$ 60,582$ 1,333,645$ 65,000$
<br />All long-term bonded indebtedness outstanding at December 31, 2018 is backed by the full
<br />faith and credit of the City, including special assessment bond issues.
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