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NOTE 4 — LONG-TERM LIABILITIES (CONTINUED) <br />l3. Changes in Long-Term.Debt <br />Balance -- <br />Beginning <br />Balancc - <br />Due Within <br />of Ycar Additions <br />Retirements <br />End ofYcar <br />One Year <br />Governmcntal activities <br />CIA tionds <br />G.b..Refitnding Bonds or2015A <br />S 340.000 S. - <br />$ 65,000 <br />S 275.000 <br />S 65000 <br />G:O. Improvement Bonds of 20'18A <br />S 15,0 <br />40,000 <br />475,000 <br />40..000 <br />t;tuunonkzed premiums <br />12,235. — <br />1,282. <br />10.953. <br />Total <br />5 867.235 S — <br />S 106 282 <br />S 760,953 <br />S. 105.000 <br />C. Minimum Debt Payments <br />Minimum- annuai principal and interest payments required to retire. bonds payable are. -as follows: <br />Year Ending. <br />December 31, <br />2025 <br />?02b <br />2027 <br />.2028. <br />2029 <br />2030--2034 <br />Total <br />p. DesjcriptiQn df Long -Term Debt <br />Goverttmcntal <br />Activities <br />Principal Tntcrest <br />S 105.,P0 <br />110,906 <br />T t5,0oo. <br />I 1 %000 <br />45,000 <br />260.000 <br />S 73,476 <br />.2q,488 <br />17,270 <br />b.1i90 <br />i 1,3.0.0 <br />-26.600 <br />S 750,000 S 113.024 <br />General Obligation Bonds — The bonds: were issued for improvements or projeots, of to refilnd <br />previously issued bonds, which benefited the City as a whole- and .are, therefore. repaid from ad -valorem <br />.levies. <br />E. Ultimate Responsibility for Debt <br />All general obligation bonds .ate backed by the full faith -and credit of the City: <br />F. Conduit Debt-Obligatiops <br />Conduit -debt obligations am certain limited obligatioir revenue bonds or similar- debt.instrurn6its issued <br />for the express purpose of providing capital financing for specific third: parties. The. City leas issued <br />Educational Facilities. Revenue Notes, Series 1024 for a school in the .amount of $3,260,06U with a <br />maturity date -of 2045 to provide funding to private=sector and/or nonprofit entity f6r a project deemed w <br />be in the public interest. Although these bonds bear the name of the City; the City has no obligation for <br />such debt. As. of Decembei 11, 2024, these bonds have. an outstanding balance in the amount of <br />_29_ <br />