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CITY OF GEM LAKE, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2019
<br />
<br />
<br />
<br />(25)
<br />
<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 1,386,401$ -$ -$ 151,229$ 1,537,630$
<br />Less: Accumulated Depreciation (198,009) (28,589) - - (226,598)
<br />Net Capital Assets - Business-Type Activities 1,188,392$ (28,589)$ -$ 151,229$ 1,311,032$
<br /> Depreciation expense was charged to the proprietary funds as follows:
<br />Water 16,065$
<br />Sewer 12,524
<br />Total Depreciation - Business-Type Activities 28,589$
<br />
<br />NOTE 4 CITY INDEBTEDNESS
<br />City indebtedness at December 31, 2019 is composed of the following:
<br />
<br />Final
<br />Issue Maturity Interest Original Balance
<br />Date Date Rate Issue
<br />12/31/19
<br />Governmental Activities
<br />General Obligation Bonds:
<br />2015A Refunding Bonds 06/17/2015 02/01/2028 1.25-2.90% 775,000$ 590,000$
<br />2018A Improvement Bonds 07/12/2018 02/01/2034 3.00-4.00% 660,000 660,000
<br />Total General Obligation Bonds 1,435,000 1,250,000
<br />Unamortized Bond Premium 19,227 17,363
<br />Total 1,472,872$ 1,267,363$
<br /> The following is a schedule of changes in City indebtedness for the year ended
<br />December 31, 2019:
<br />
<br />Balance Balance Due Within
<br />12/31/18 Additions Reductions 12/31/19 One Year
<br />Long-Term Debt
<br />Governmental Activities:
<br />General Obligation Bonds:
<br />2015A Refunding Bonds 655,000$ -$ 65,000$ 590,000$ 60,000$
<br />2018A Improvement Bonds 660,000 - - 660,000 30,000
<br />Unamortized Bond Premium 18,645 - 1,282 17,363 -
<br />Total Long-Term Debt 1,333,645$ -$ 66,282$ 1,267,363$ 90,000$
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<br />All long-term bonded indebtedness outstanding at December 31, 2019 is backed by the full
<br />faith and credit of the City, including special assessment bond issues.
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