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NOTE 3 <br />NOTE 4 <br />CITY OF GEM LAKE, MINNESOTA <br />NOTES TO.BASIC FINANCIAL STATEMENTS: <br />DECEMBER 31, 2019 <br />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 5 - 5 151,229 5 1,537,630 <br />Less: Accumulated Depreciation. (198,009 {28;5BEI - - 2{ <br />Net Capital Assets. -Business -Type Activities 1 188,392 28;589) �$� 151,229. $ 11311,03 <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 />CITY INDEBTEDNESS <br />City indebtedness at December 31, 2019 is composed of the following: <br />Final <br />Issue Maturity <br />Interest <br />Original <br />Balance <br />Date Dale <br />Rate <br />Issue <br />12131119. <br />Governmental Activities <br />General Obligation bonds: <br />201.5A Refunding Bonds <br />0611712015 02101/2028 <br />1.25-2:90% $ <br />775;000 <br />$ 590,000 <br />2018A Improvement Bonds. <br />0711212018 0210112034 <br />3.00.4.00%a <br />660000 <br />660;000 <br />Total General Obligation: Bonds <br />1,435,000 <br />1,250,000 <br />Unannortiaed Bond Premium <br />19,227 <br />17,363 <br />Total <br />$ <br />1,472,872. <br />$ 1;267,363 <br />The following is a schedule <br />of changes in City <br />indebtedness. <br />for the <br />year :ended <br />December 31, 2019: <br />Balance <br />Balance <br />Due Within <br />12131118 Additions <br />Reductions. <br />12131110 <br />One Year <br />Long -Term Debt <br />Governmental Activities: <br />General.Obligation Bonds: <br />.2015A Refunding Bonds <br />$ 655,000. $ - <br />$ 65,000 <br />5901000 <br />$ 60,000 <br />2018A Improvement Bonds <br />660,006 - <br />660,000. <br />30,000 <br />Unamortized Bond Premium <br />18,645 - <br />1,282 <br />171.363 <br />- <br />Total Long Term Debt <br />$ 1,333,645 $ - <br />$ 66;282 $ <br />1,267,363 <br />$ 90,000 <br />All long-term bonded indebtedness <br />outstanding' at December 31, 2019 is backed. by the full <br />faith and credit of the City, including <br />special assessment bond. issues. <br />(25) <br />