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CITY OF GEM LAKE, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2016 <br />NOTE 4 CITY INDEBTEDNESS (CONTINUED) <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 - 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',erassover occurred. and the . <br />escrow will be. responsible for the remaining principal and interest payments of the 2007A <br />bond, resulting in a defeasance of the bond. The. refuhding.resulted in. a net present value <br />cash savings of $41.,308. <br />NOTE 5 STEWARDSHIP COMPLIANCE AND ACCOUNTABILITY <br />Deficit Fund Balances <br />The: City has a deficit fund balance at Decerb66 31-k 16 as follo►nis-. <br />Fund Balance <br />Deficit <br />Hoffman Road Fund $ 39 i 685 <br />The City intends to fund this deficit through fbture tax levies transfers from other funds,. and <br />various other .sources: <br />NOTE 6 INTERFUND BALANCES AND ACTIVITIES <br />Due To/From Other Funds <br />Individual f. d.receivable,and payable balances at December 3.1, 2016 are as follows; <br />Interfund Interfund <br />Receivable Payable <br />Governmental Activity:: <br />Hoffrrsan Road Fund - 391252 <br />Business=Type Activity; <br />Sewer 397,252 - <br />3971252. $ 397,252. <br />InterPund receivable and payable balances represent the elimination of negative cash <br />between funds, <br />(27) <br />