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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2019 <br />NOTE 4 CITY INDEBTEDNESS (CONTINUED) <br />minimum annual principal and interest payments required to. retire long-term debt are. as <br />follows: <br />Year Ending December 31 <br />2020 <br />.2021 <br />2022 <br />2023 <br />2024 <br />2025-202.9 <br />2030-2034 <br />Total <br />Principal <br />.Interest <br />Total. <br />$ 90;.000 <br />36,165 <br />$ 126,165 <br />95;000 <br />34,065 <br />129,065 <br />105;00.0 <br />31,659 <br />1 n,659 <br />105000 <br />29,029 <br />134jQ29 <br />105,000 <br />26;3.01 <br />131,301 <br />490,000 <br />86;424 <br />576,424 <br />2.60,000 <br />26,600 <br />286,600 <br />$ 1,250.000 _ <br />$ 270.243 <br />1.520 243 <br />Description and Restrictions of Long -Term Debt <br />General Obligation Bonds — The bonds were issued for improvements or projects which <br />benefited the City as a whole and are, therefore, repaid from ad valorem levies. <br />.General Obligation Refunding Bonds w In 2015, the City issued General Obligation <br />Crossover Refunding Bonds to refund the 2007A General Obligation. Bonds. The City was <br />responsible for the February. 2016 payment.and: after the crossover occurred the escrow is <br />responsible for the remaining principal and interest payments of the 2007A bond, resulting <br />in a defeasance ,of the bond. <br />General Obligation Improvement Bonds — In 2018, the City issued General Obligation <br />Improvement Bonds for improvements and projects which benefitted the entire city. <br />NOTE 5 STEWARDSHIP COMPLIANCE AND ACCOUNTABILITY <br />Deficit Fund Balances <br />The City nas deficit.fund balances at'December 31, 2019 as follows: <br />Hoffman Road. Fund <br />Scheuneman Road Fund <br />Fund: Balance <br />Deficit <br />$ (232,01 S} <br />(2,210) <br />The City intends to fund these. deficits through future tax levies, transfers from. other funds <br />and various other sources. <br />(26) <br />