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CITY OF GEM LAKE, MINNESOTA <br />NOTE$ TO. BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2008 <br />NOTE 3 CAPITAL ASSETS (CONTINUED) <br />Beginning Ending. <br />Balance Increases Decreases Balance <br />Sewer Utiility <br />Capital Assets: Being Depreciated: <br />Infrastructure S 570,775 S - $ $ 510,775 <br />Less: Accumulated Depreciation (39;142) (11,416) (50.558) <br />Net Capital Assets.- Sewer Utility' S 531,633:. S. (11,416) S - S 520.217 <br />NOTE 4 CITY INDEBTEDNESS <br />City indebtedness at.December 31, 2008 is composed of the following: <br />Final <br />Issue Maturity <br />interest. <br />original: <br />Balance <br />Dale Date <br />Rate <br />Issue <br />12/31/08 <br />Governmental Activities: <br />- General Obligation Boncls:. <br />2004A Improvemeni Bonds <br />11/03/2004 .02/01/2016 <br />3.7004 <br />$ 586,000. <br />S 458,086 <br />2006A Improvement Bonds <br />08/23/200.6 02/01/2017 <br />4.30% <br />245;000 <br />225;000 <br />2007A Capital Improvement Fonds W20/2007 02/01/2026 <br />4.0o-4.50% <br />a50,000 <br />850,000 <br />Total Long -Term Debt <br />1,681,000 <br />1,533,986 <br />Unamorlized. Bond Discount <br />(33,460) <br />(19,0131 <br />Total <br />S 1,647,540. <br />S 1,514,973. <br />The following is a schedule <br />of changes in City <br />indebtedness for the <br />year ended <br />December 31, 2008:. <br />Balance <br />Balance <br />Oue:Within <br />12131/07 Additiohs <br />Reductions <br />12/31/08 <br />One Year <br />Long -Term Debt <br />Governmental Activities <br />General Obligation: Bonds <br />1,.606,193 S <br />S 72,207 <br />$ 1,533,986 <br />S 89,156, <br />Unamortized Bond Discount <br />(20,786? <br />(1,773) <br />(19;013) <br />Total Long -Term Debt <br />$ 1,585,407 S. <br />S 70,434 <br />$. 1.514,973 <br />S 8.9,156: <br />All long-term bonded indebtedness outstanding at. December. 3i:,.2008 is backed by the. fuII <br />faith and credit of the City,. including .special assessment <br />:bond issues. For the <br />governmental .activities, <br />compensated absences are <br />generally liquidated by <br />the general <br />fund, <br />(24 ) <br />