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<br />-28- <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 405,000$ <br />G.O. Improvement Bonds of 2018A 660,000$ 3.00–4.00%07/12/2018 02/01/2034 555,000 <br />960,000 <br />Unamortized premiums 13,517 <br />Total governmental activities <br /> long-term debt 973,517$ <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 470,000$ –$ 65,000$ 405,000$ 65,000$ <br />G.O. Improvement Bonds of 2018A 595,000 – 40,000 555,000 40,000 <br />Unamortized premiums 14,799 – 1,282 13,517 – <br />Total 1,079,799$ –$ 106,282$ 973,517$ 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 />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 115,000 17,270 <br />2028–2032 310,000 47,390 <br />2033–2034 110,000 4,400 <br />Total 960,000$ 168,354$ <br />Governmental <br />Activities <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.