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NOTE 4 NOTE 5 CITY OF GENT LAKE, MINNESOTA NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2019 CITY INDEBTEDNESS (CONTINUED) Minimum annual principal and interest payments required to retire long-term debt are as follows; Year Ending December 31 2Q20 - - 2021 2022 2023 2024 .2025-2029. 2030-2034 Total princi al Interest Total $ 90,000 36.,165 $ 126,165 95..1000 34,085. 120106.6 1051000 3.1,669. 136,65.9 105,000 29,029 134,029 1.05,000 26,301 131,301 490,000 .86,424 .576,424 260,000 26,600 .286,600 $ 1;250;040 $---270,243 �$ 1,520243 Descri tion.and Restrictions of Lan -Term Debt General Obligation Bonds The bonds. were. issued for improvements. or projects which benefited the. City as a whale and are, therefore, repaid from ad valorem levies. General Obligation Refunding Bonds — In 2015, the City issued General Obligation Crossover Refunding Bonds to refund the.200.7A General Obligation Bonds. The City was responsible for the February 2016 payment and after the crossover occurred the escrow is responsible for the remaining principal and interest payments of the 2007A band, resulting in a defeasance of the bond: General Obligation Improvement Bonds — In 2018, the City issued General Obligation Improvement Bonds for improvements and projects which benefitted the entire city. STEWARDSHIP COMPLIANCE AND ACCOUNTABILITY Deficit Fund Balances The City has deficit fund balances at December 31, 2019 as follows:. Hoffman. Road fund Scheunernan Road Fund Fund Balance Deficit $ (M,018) (2,210) The City intends to fund these deficits through future tax levies, transfers from other funds, and various other sources. (26)