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<br />NOTE 4 – LONG-TERM LIABILITIES
<br />
<br />A. Components of Long-Term Debt
<br />
<br />Final Balance –
<br />Original Issue Interest Rate Issue Date Maturity Date End of Year
<br />Governmental activities
<br />General obligation (G.O.) bonds
<br />G.O. Refunding Bonds of 2015A 775,000$ 1.25–2.90%06/17/2015 02/01/2028 470,000$
<br />G.O. Improvement Bonds of 2018A 660,000$ 3.00–4.00%07/12/2018 02/01/2034 595,000
<br />1,065,000
<br />Unamortized premiums 14,799
<br />Total governmental activities long-term debt 1,079,799$
<br />
<br />B. Changes in Long-Term Debt
<br />
<br />Balance –Balance –
<br />Beginning End Due Within
<br />of Year Additions Retirements of Year One Year
<br />Governmental activities
<br />G.O. bonds
<br />G.O. Refunding Bonds of 2015A 530,000$ –$ 60,000$ 470,000$ 65,000$
<br />G.O. Improvement Bonds of 2018A 630,000 – 35,000 595,000 40,000
<br />Unamortized premiums 16,081 – 1,282 14,799 –
<br />Total 1,176,081$ –$ 96,282$ 1,079,799$ 105,000$
<br />
<br />C. Minimum Debt Payments
<br />
<br />Minimum annual principal and interest payments required to retire bonds payable are as follows:
<br />
<br />Year Ending
<br />December 31,Principal Interest
<br />2022 105,000$ 31,659$
<br />2023 105,000 29,029
<br />2024 105,000 26,301
<br />2025 105,000 23,476
<br />2026 110,000 20,488
<br />2027–2031 375,000 59,260
<br />2032–2034 160,000 9,800
<br />Total 1,065,000$ 200,013$
<br />Governmental
<br />Activities
<br />
<br />D. Description of Long-Term Debt
<br />
<br />General Obligation Bonds – The bonds were issued for improvements or projects, or to refund
<br />previously issued bonds, which benefited the City as a whole and are, therefore, repaid from ad valorem
<br />levies.
<br />
<br />E. Ultimate Responsibility for Debt
<br />
<br />All general obligation bonds are backed by the full faith and credit of the City.
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